Venture debt pioneer Trifecta Capital has launched its third venture debt fund, targeting a corpus of Rs 1,500 crore for its latest fund. The fund, with a target corpus of Rs 1,000 crores (the US $ 133 million) and a greenshoe option of Rs 500 crore (the US $ 67 million), will be the largest in the series of venture debt funds managed by the firm.

The fund aims to serve the rapidly growing financing opportunities for Indian start-ups. Earlier this year, the firm had announced the final close and oversubscription of its Venture Debt Fund II, as well as the first close of its late-stage equity offering, Trifecta Leaders Fund I.

Trifecta Venture Debt Fund I, raised in 2015, has returned 100 per cent of the corpus to its investors and is now harvesting the capital gains from the equity options it holds across most portfolio companies.
The firm has made 140 investments over the last six years. Trifecta Capital’s Venture Debt Funds have invested approximately Rs2,200 crore ($293 million) in 85+ start-ups. The Trifecta Venture Debt Fund’s portfolio now has 11 Unicorns and more than 15 Soonicorns, with businesses including Big Basket, Pharmeasy, Cars24, Vedantu, Infra. Market, ShareChat, Dailyhunt, UrbanCompany, CarDekho, Blackbuck, Ninjacart, NoBroker, Kreditbee, Dehaat, Turtlemint, Servify, Livspace and BharatPe, amongst several others. The portfolio is cumulatively valued at $33 billion. Focus sectors where the firm plans to deploy its third fund include emerging sectors with high growth prospects such as SaaS (Software as a Service), D2C (Direct-to-consumer), B2B commerce, Fintech, E-commerce Sellers, etc. Trifecta Capital aims to complete the first close in the calendar year 2021.