The move provides RBL Bank the opportunity to support the emerging venture debt market in India.
New Delhi-based venture debt firm Trifecta Capital, founded last September, has announced raising Rs 50 crore ($8 million) from RBL Bank (formerly known as Ratnakar Bank) and has pushed up the total target corpus of its maiden fund to Rs 400 crore ($64 million), according to various media reports.
The move provides RBL Bank the opportunity to support the emerging venture debt market in India.
The fund, which has been registered as category II AIF (normally associated with private equity firms) under SEBI's new norms, has brought RBL Bank as an anchor investor and has already got commitments of around Rs 200 crore.
“We expect to have a first close in 60 days which is likely to be up to 60 per cent of the total fund size,” Rahul Khanna, Co-founder, Trifecta Capital, told VCCircle.
Its maiden fund will focus on providing structured debt to high growth startups that have raised Series A or B rounds of equity funding. The fund plans to deploy around Rs 125-150 crore per annum.
Trifecta Capital has been founded by Rahul Khanna, former managing director, Canaan Partners; and Nilesh Kothari, former managing director of Accenture. The two jointly have 40 years of investing, lending and operating experience in institutional platforms.
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