India, July 29 -- Alternative investment firm Anicut Capital has launched its second early-stage investment vehicle, Grand Anicut Seed Fund, with a target corpus of Rs.175 Cr (about $18.2 Mn). The fund will also have a greenshoe option of Rs.75 Cr ($7.8 Mn).

The SEBI-registered Category I fund will look to back more than 20 startups across deeptech, enterprise tech, consumer and financial services. It plans to dish out initial cheque sizes in the range of Rs.5 Cr to Rs.8 Cr.

Speaking with Inc42, Anicut Capital partner Ajay Anand said that the fund is close to achieving its first close at around $10 Mn, which is likely to be announced next month.

The fund is primarily targeting domestic family offices and high net-worth individuals (HNI...