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Angel fund (Cat I) · Curated list

Anicut Capital

Multi-stage · Private credit / Debt · Bengaluru

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Contact on file — shared on accepted request

At a glance

Stage focus: Multi-stage
Primary sector: Private credit / Debt
City: Bengaluru
HQ / office: Chennai office: 89, Bishop Garden, Greenways Rd, Raja Annamalai Puram, Chennai, Tamil Nadu 600028. Other offices: New Delhi (2nd Floor, Archana Arcade, Ekasur Vithi Rd, Block B, Greater Kailash I, New Delhi 110048); Bengaluru (5, Crescent Rd, Madhava Nagar, Gandhi Nagar, Bengaluru, Karnataka 560001); Ahmedabad (Unit 419-421, 4th Floor, Pragya Tower, GIFT SEZ, Gandhinagar 382355).
Fund registered: 2015
Investments on record: 168
Corpus (as reported): ~INR 3,500 crore AUM across debt and equity strategies (confirmed verbatim on firm's about-us page, 2024-25); Venture Debt Fund II closed at INR 875 crore (Jan 2022). Note: firm publicly stated a target to grow AUM toward INR 7,500 crore in FY25.
Website: anicutcapital.com
LinkedIn: Profile ↗

About

Anicut Capital is a private multi-asset alternative investment manager founded in September 2015, launching its first private credit fund in 2016 and entering equity via a seed fund in 2020. It is co-founded and led by Managing Partner Ashvin Chadha (ex-Morgan Stanley, General Atlantic, India Equity Partners) alongside Co-founder and Managing Partner IAS Balamurugan (a career banking/financial-services professional). The firm operates across venture debt/private credit, seed and growth equity, and late-stage PE.

Investment focus

Multi-stage: seed equity (~INR 3-4 cr cheques), growth equity, private credit / venture debt (~INR 50-60 cr), and late-stage PE. Sectors: D2C/consumer brands, fintech, space-tech, clean-tech, tech services, SMEs.

SEBI registration

SEBI AIF Category II — reported as “Venture debt + equity (multi-asset alternative investment manager) / Cat I/Cat II”

IN/AIF2/15-16/0196
IN/AIF2/18-19/0613
IN/AIF1/19-20/0738
IN/AIF1/22-23/1048
IN/AIF2/22-23/1173
IN/AIF2/25-26/2016
IN/AIF1/25-26/2017
IN/AIF2/26-27/2193
IN/AIF2/26-27/2139

SIDBI Fund of Funds

On the SIDBI FFS list

Funds: Grand Anicut Fund 2; Grand Anicut Fund 3

Yes — on official SIDBI FFS supported-AIF list (Grand Anicut Fund 2; Grand Anicut Fund 3)

Notable portfolio

AgniKul Cosmos; Wow! Momo; SUGAR Cosmetics; Bira 91; Lendingkart; Milky Mist; Blue Tokai Coffee Roasters; Wingreens Farms

Team & organisation

Approx 33 people including 5 partners

LLP-managed (Anicut Capital LLP) multi-fund alternative manager; Investment Manager to Grand Anicut Fund 1 & 2 (Category II debt AIFs), Grand Anicut Angel Fund (Category I), plus equity (GAF-3) and seed funds

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Frequently asked

What does Anicut Capital invest in?: Multi-stage: seed equity (~INR 3-4 cr cheques), growth equity, private credit / venture debt (~INR 50-60 cr), and late-stage PE. Sectors: D2C/consumer brands, fintech, space-tech, clean-tech, tech services, SMEs.
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About this record

⚑ Not an early-stage-only VC — multi-asset manager whose largest activity is private credit/venture debt plus late-stage PE; treat venture-debt fit accordingly. Private firm (no government/DFI linkage found). Legal entity is Anicut Capital LLP. No name-collision or fraud concerns found. CORRECTED: original record named the second co-founder "I.A.S. Balasubramaniam" — actual name per firm's own team page and all sources is "IAS Balamurugan" (IAS is his given name, not the civil-service title).

Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://anicutcapital.com/contact; https://in.linkedin.com/company/anicut-capital-llp