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Trifecta Capital raises $100 mn in first close of third venture debt fund

Mumbai: Trifecta Capital has raised ₹750 crore ($100 million) as part of the first close of its third venture debt fund, Trifecta Venture Debt Fund-III, the venture debt firm said in a statement on Wednesday.

Trifecta Capital had launched its third venture debt fund with a target corpus of ₹1,000 crore and a greenshoe option to raise another ₹500 crore, VCCircle had reported in September. The home-grown venture debt fund had back then said that it was expecting to mark the first close by the end of 2021. Trifecta said that it witnessed strong domestic and global interest which helped the company mark the first close within two months of launching the fund.

The fund will be deployed in growth and acquisition financing in Indian startups, which have raised as much as $35 billion in equity financing in 2021 till date, Trifecta said. It aims to deploy funds in as many as 75 startups seeking alternative sources of growth capital, the statement said.

“Equipped with Venture Debt Fund – III, a customised technology platform offering financial advisory solutions and a late-stage equity fund, Trifecta Capital aims to consolidate its position as an innovator and financial partner of choice for the rapidly growing start-up ecosystem,” Nilesh Kothari, managing partner at Trifecta said.

Trifecta also aims to use the funds to continue backing portfolio companies by making follow-on and large investments in the companies, it said. Trifecta is focusing on sectors like Software as a service (SaaS), direct-to-consumer (D2C), business-to-business (B2B) commerce, fintech, e-commerce and more. It aims to mark the final close for this fund in the fourth quarter of 2021-22 (FY22). Trifecta said it has begun deployment from this vehicle, and has already identified a pipeline of credit opportunities.

Trifecta had launched the third debt fund just months after it had marked the final close of its second fund at ₹1,025 crore (around $140 million), slightly higher than the target of ₹1,000 crore that included a greenshoe option of ₹250 crore. In July, Trifecta Capital also marked the first close of its separate late-stage venture fund with commitments of over ₹1000 crore.

“It is rare to raise two funds in the same year, and we have been fortunate to do it,” said Rahul Khanna, managing partner at Trifecta Capital. “We will endeavor to deliver consistent and healthy returns from this fund as well,” he added.

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