New fundFinancial Services
Canonicus Capital raises ₹192 crore in first close
By Abha Lohia · Editor ·
First closeNCR
- Canonicus Capital is an NCR-based investment firm, backed by a team from ISB and IIMs, focused on special situations
- It closed ₹192 crore of a ₹500 crore special situations fund, taking total fundraising across two funds to ₹503 crore
- Rajan Gupta is promoted to Managing Director; investor roadshows in the Middle East and Singapore are paused
What happened
- First close of ₹192 crore against a ₹500 crore target.
- Fund launched in 2025.
- First fund raised and deployed ₹311 crore.
- Total across both funds is ₹503 crore.
Why it matters
- Capital will go into select opportunities across the NCR.
- Firm aims to unlock value through governance and hands-on execution.
The business
- Follows an execution-led approach it calls the Canonicus Method.
- Mixes careful underwriting, structured capital and on-ground involvement.
In numbers
₹500 CrTarget corpus · 2026
What happens next
- Resume overseas investor outreach
The numbers around it
Financial Services in November 2026: 6 rounds with a disclosed amount, $176 million in all; the biggest was Kissht (₹832 Cr). Every sector this year →
Terms in this story
- Special situations fund: A special situations fund is an investment fund that puts money into companies in trouble or at a turning point, such as firms with stressed loans, a debt restructuring or a stalled project. In India, SEBI has a Special Situation Fund category inside Category I alternative investment funds, set up in 2022.
- First close: A first close is the point at which a venture capital or private equity fund accepts its first batch of investor commitments and can start work. The final close is the last date on which new investors may join, which fixes the fund's size.
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