Singularity AMC has received investor commitments worth Rs 1,800 crore for its Growth Opportunities Fund II, exceeding its original target even as the final close is taking longer than expected, according to an announcement on Tuesday.
Founded in 2o21 and backed by former Reliance Capital executive Madhusudan Kela, Singularity has invested in early- and growth-stage Indian startups such as Servify, mCaffeine, Pernia’s Pop-Up Shop, Exotel, WebEngage, and XYXX, among others. The firm invests in sectors such as energy transition, consumer, financial services, enterprise software, and differentiated manufacturing.
In Oct 2023, Singularity secured the first close of its Rs 1,500-crore Growth Opportunities Fund II at $60 million (Rs. 500 crore) and said it expects to hit the final close in 2-4 quarters. The fund also has a greenshoe option of Rs 500 crore.
Without giving a specific timeline, Singularity said it expects the fund to close soon.
The fund, which plans to invest Rs 75-175 crore across 12-15 companies over the next two years, has already backed eight firms including battery recycling firm Lohum; data centre EPC provider Sterling and Wilson Data Centre; Sabine, an integrated IVF healthcare company; maker of JAWA motorcycles Classic Legends; Qucev, a maker of EV vehicles; and Deal 7, a luxury watch retailer.
In a response to DealStreetAsia’s queries, Yash Kela, founder & CIO of Singularity AMC, said he expects the next significant growth within its portfolio to come from the consumer sector and next-generation industrials.
The fund will invest over 40% in late-stage companies; over 40% in classic, profitable growth-stage companies; and over 20% in the high-conviction OP-VC stage, the firm said in a statement.
In 2021, Singularity AMC launched its maiden fund of Rs 560 crore, which hit its final close in March 2023. The fund has invested in 16 companies across consumer goods, enterprise SaaS, and fintech infra platforms, including notable investments in m-caffeine, Servify, Lohum, Jana Small Finance Bank, ORO Inc, Veeda, and NSE.
While five companies in the portfolio from Singularity’s maiden fund have been listed, four more are in advanced conversations to get listed in the next 12-15 months.
