Ambit Pragma raises $77 mn for second fund

Ambit Pragma on Monday raised $77 million through its new fund Ambit Pragma Fund II. The fund anticipates a final close by March 2013. The total size of the fund is around $150 million. CDC and IFC, existing investors from Fund I anchored the new fund, and new institutional investors Unilever and DEG have also committed to Ambit Pragma Fund II.

Ambit Pragma Fund II is a small cap buyout and growth capital fund with a goal to invest in five high growth sectors - entertainment, healthcare, FMCG, logistics and infrastructure services,'' said Ambit in a statement. The average investment size will be US$15 million in companies with revenues between US$ 5 - 15 million,'' it said.

"India's emerging businesses showcase strong entrepreneurial flair, yet have limited fund raising options to help realize their strategic leadership ambitions. This presents a compelling opportunity for Ambit Pragma to invest in high potential companies and support them with capital and real world operating expertise,'' said Atul Kunwar, Partner at Ambit Pragma

Ambit Pragma I is a $60 million fund. The fund has 5 investments including Spear Logistics (asset-light, contract logistics), Prasanna Purple (City bus operations) and Beams (Minimal Access Surgery centers chain) among others.