Singularity Progress raises Rs 500 crore

Funding agency Singularity Progress on Wednesday mentioned it has raised Rs 500 crore within the first tranche through Singularity Progress Alternatives Fund II. The overall corpus deliberate underneath the fund is Rs 1,500 crore with a greenshoe choice of Rs 500 crore.

Singularity Progress Founder and Chief Funding Officer Yash Kela advised PTI that the total closure of the fund is predicted within the subsequent two to 4 quarters.

“We’ve raised Rs 500 crore out of Rs 1,500 crore and have already made the primary funding from Fund II. We’ll take a look at making investments of round Rs 75-175 crore per funding throughout 14-18 offers,” Kela mentioned.

He mentioned the time interval of utilising or investing funds for the agency is three years.

The corporate had a corpus of Rs 600 crore in Fund I, from which it made investments in Allcargo Logistics, Servify, mCaffeine, Pernia’s Pop-Up store, Exotel, WebEngage, and XYXX.

Singularity Progress plans to put money into startups that function within the discipline of vitality transition, client, monetary providers, enterprise software program, and manufacturing.

He mentioned the agency will begin exiting from 3-4 portfolio firms yearly 2024 onwards.

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