New fund · Financial Services
Steptrade Capital closes first tranche of new fund
By Startup Enthusiast ·
- Date
- Company
- Steptrade Capital
- What it does
- Ahmedabad-based AIF manager for unlisted equities
- Kind
- New fund
- Amount
- ₹100 crore
- Stage
- first close
- Based in
- Ahmedabad
- Sector
- Financial Services
What they do
Steptrade Capital manages a Category II Alternative Investment Fund (AIF) focused on pre-IPO and growth-stage investments in unlisted Indian companies
What happened
The firm raised over ₹100 crore in its first close for Chanakya Opportunities Fund II, targeting a total corpus of ₹500 crore
Why it matters
Capital deployment begins in August 2026, focusing on advanced manufacturing, energy transition, and emerging technology sectors
The details
- Steptrade Capital has achieved the first close for its new investment vehicle, Chanakya Opportunities Fund II.
- The fund secured commitments exceeding ₹100 crore from investors within less than three months of its launch.
- The launch occurred in February 2026, marking a rapid timeline to secure initial capital.
- The fund aims to raise a total target corpus of ₹500 crore, with ₹400 crore still remaining to be collected.
- Investors include ultra-high-net-worth individuals (UHNIs) and family offices who are eligible under regulatory guidelines.
- The management team is led by CA Kresha Gupta and CA Akshay Dawra, who oversee fund operations.
- This fund serves as a successor to Chanakya Opportunities Fund I, which previously focused on SME exchange listings.
- The next allocation window will open to a wider pool of eligible investors after this first close phase.
The bigger picture
- The fund targets high-growth areas like advanced manufacturing and energy transition infrastructure.
- It focuses on commercial-scale, unlisted companies rather than public market equities.
About the business
- Steptrade Capital operates as a Category II Alternative Investment Fund (AIF) based in Ahmedabad.
- An AIF is a pooled investment structure that collects funds from sophisticated investors for specific objectives.
- The fund invests in pre-IPO and growth-stage companies that are not listed on stock exchanges.
- Key themes include advanced manufacturing such as semiconductors, electronics, and specialty chemicals.
- Another focus area is energy transition and infrastructure, including EV ecosystems and battery storage.
- The third theme covers emerging enablers like AI, robotics, and digital healthcare diagnostics.
- The fund targets companies at commercial scale, implying they have established revenue streams.
- Previous iterations focused on SME exchange listings, indicating experience in smaller cap markets.
What happens next
- Capital deployment is scheduled to start in August 2026.
- The fund will open allocations to a wider pool of eligible investors post-first close.
The deal
- Type
- fund
Founders
- CA Kresha Gupta, Fund Manager, Director
- CA Akshay Dawra, Lead Manager
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