Ankur Capital secures commitments from British International Investment, MacArthur Foundation for third fund

Early-stage venture investor Ankur Capital, which backs startups in agritech, climate and deeptech, has raised fresh capital commitments from existing backers British International Investment (BII) and MacArthur Foundation for its third fund.

The latest fund, for which the target is Rs 1,200 crore ($150 million), has already raised capital from US International Development Finance Corporation and Self-Reliant India Fund, a central government initiative under the Ministry of Micro, Small and Medium Enterprises.

“BII and MacArthur Foundation are returning investors in this fund as they were limited partners in our second fund…We continue to be a pre-series A investor and continue to look at companies at that stage,” Ritu Verma, managing partner, Ankur Capital, told ET.


She said the firm has raised around Rs 400 crore for the third fund and plans to close it by early next year.

Ankur Capital, which has previously backed companies such as Captain Fresh, String Bio and Cropin, Vegrow and BigHaat, said it will maintain its focus on pre-series A investments of $1-2 million each through the third fund.

The firm’s first fund, launched in 2017-2018, had a corpus of Rs 50 crore, while the second fund, launched in 2020, raised Rs 380 crore. The second fund is now nearly fully deployed, said Verma.

Ankur Capital, having a portfolio of companies looking to address issues such as market supply chain efficiency, agricultural productivity, climate and health-linked innovations, aims to expand into newer themes, tapping into the digital transformation and decarbonisation opportunities for both India and globally, the company said in a statement.

Currently, it manages about $200 million in assets and has invested in nearly 30 companies through its first two funds.

“Through our partnership with Ankur and the innovative businesses it supports, we can reach more smallholder farmers and vulnerable communities in India for better productivity and inclusion," said Abhinav Sinha, managing director, British International Investment.