Closing Announcement for Singularity AMC's Second Investment Fund
Singularity AMC Closes Second Investment Vehicle at Rs 2,000 Crore
Singularity AMC, a venture capital firm established in 2021, has successfully closed its second investment vehicle, the Singularity Growth Opportunities Fund II, at Rs 2,000 crore ($228 million). The fundraising target was initially set at Rs 1,500 crore, with a Rs 500 crore green-shoe option.
The fund will focus on investments across sectors such as energy transition, consumer products, next-gen industrials, healthcare, and financial services. The deployment of the fund is already underway, with 52% of the corpus already committed.
One of the prominent investments made by Singularity AMC includes Mahindra & Mahindra subsidiary Qucev, a sustainable EV venture. The firm has also invested in luxury watch retailer Deal 7, IVF healthcare platform Sabine, Jawa motorcycles maker Classic Legends, and battery recycling firm Lohum. Additionally, Singularity AMC has picked stakes in Bhilwara Energy.
The success of the Singularity Growth Opportunities Fund II can be attributed to the strong participation from large family offices. Many of these investors have doubled down after their participation in the first fund. Notable portfolio companies backed by the debut fund, including WebEngage, mCaffeine, and various healthcare platforms, have since raised follow-on rounds at higher valuations.
Industry veteran Madhu Kela mentors Singularity AMC, and the fund follows the debut Singularity Growth Opportunities Fund I, a Rs 1,400 crore vehicle launched in 2021. Besides Singularity AMC, the Self Reliant India Fund, and Small Industries Development Bank of India's fund of funds scheme are the only specific investors mentioned in the available sources.
In December 2022, the Self Reliant India Fund and Small Industries Development Bank of India's fund of funds scheme invested in Singularity AMC's second investment vehicle. Around 22% of the capital for the fund came from institutions, including leading domestic DFIs, public and private banks, insurance partners, and endowments.
The Singularity Growth Opportunities Fund II aims to support innovative and growth-oriented companies that are poised to make a significant impact in their respective industries. With a strong focus on sectors that are crucial for the future, Singularity AMC is set to continue its mission of fostering the growth of promising startups in India.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Cars' Environmental Impact Explained
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- Union IG Metall advocates for a swifter expansion of electrical mobility in the Eastern region.
