New Delhi, May 26 -- Veloce Fintech, part of the Lemon Consultech group, has invested Rs 20 crore (around $2.1 million) in pharma-grade ethanol manufacturer Shakti Distilleries.
The firm said it made the investment through its two Category-II alternative investment funds (AIFs), along with co-investments from fund investors.
Separately, the firm has committed Rs 18 crore to Gupta Foods, the operator of restaurant brands Quattro and Spice Club. Of this, it has already deployed Rs 7.5 crore in the restaurant brand operator, the company said in a press note.
Overall, the Surat-based firm has made 50 investments through its two funds. These include Goldie Solar, Jaipur Watch Co, Purple Style Labs, and Skyways Air Services among others.
The company's first fund was launched with a corpus of Rs 200 crore. The second fund, launched in 2025, has already received over Rs 160 crore in commitments from ultra-high-net-worth individuals (UHNIs), non-resident Indians (NRIs), family offices, and business groups.
The fund invests through a combination of structured debt and equity instruments, with ticket sizes ranging between Rs 5 crore and Rs 25 crore. Across both funds, Veloce has backed businesses in fintech, alternate energy, agritech, manufacturing, real estate, consumer-focussed businesses, and asset reconstruction.
""India's mid-market is full of businesses with strong fundamentals, proven cash flows, and real growth ahead of them, but they have historically been underserved by institutional capital," Nirav Jogani, director at Veloce AIF, said in the note.
"With around 50 investments across two funds and several companies now on the path to public listings, we have demonstrated that structured capital combined with active operational support is a model that works," Jogani added.
Veloce is part of the Lemon Consultech group, which provides consultancy and technology services to industries including gems and jewellery, pharma and chemicals, financial services. The group also has an office in Dubai.
The consolidated net profit of Veloce's parent, Lemon Technologies, rose to Rs 2.8 crore in FY24 from Rs 1.6 crore a year ago, aided by growth in revenue. The company's revenue rose to nearly Rs 35 crore in FY24 from Rs 16 crore a year ago.
In FY25, the company's consolidated net profit was around Rs 8 crore, while revenue was around Rs 100 crore, it said. Veloce contributes about one-third of the parent's bottom line.
Published by HT Digital Content Services with permission from VC Circle.