SUMMARY
Singularity Growth said it has invested INR 400 Cr in five companies, along with a commitment of an undisclosed investment in another company, from its second fund
Besides Lohum and Akshayakalpa, the PE firm has invested in Classic Legend, Qucev, and data centre EPC player Edville DC
Singularity Growth marked the first close of its second fund, which has a total corpus of INR 2,000 Cr, at INR 500 Cr last year
Private equity (PE) firm Singularity Growth said it has invested INR 400 Cr (about $48 Mn) in five companies, along with a commitment of an undisclosed investment in another company, from its second fund – Singularity Growth Opportunities Fund II.
In a statement, the operator-investor-led growth PE platform said it has invested in electric vehicle (EV) battery startup Lohum, organic milk-based products manufacturer Akshayakalpa, Mahindra’s premium bike subsidiary Classic Legend, original equipment manufacturer (OEM) for commercial EVs Qucev, and data centre EPC (engineering, procurement and construction) player Edville DC.
Last month, Inc42 reported that Singularity Growth invested INR 55 Cr in Lohum.
Commenting on the announcement, Singularity’s founder and chief investment officer Yash Kela said, “We are excited to partner with these companies in their growth journey. Each of these investments aligns closely with our investment outlook, where we aim to leverage our expertise to support their growth trajectories. Portfolio strategy helps us deliver the fund back in a shorter time frame and optimise our capabilities.”
The total corpus of the second fund is INR 2000 Cr ($240 Mn). The PE firm marked the first close of the fund at INR 500 Cr last year. Its fund allocation strategy involves deploying up to 40-50% of the corpus in growth-stage companies, up to 20-30% in late-stage companies, and up to 20% in early growth stage companies.
The firm said in a statement that the capital committed will be withdrawn over a 2.5-3 year period. With the fund, the company aims to invest INR 75 Cr to INR 200 Cr in 16-18 companies in sectors like energy transition, consumer, financial services, enterprise software, and differentiated manufacturing.
Founded in 2021, Singularity Growth is led by Kela and is promoted by former Reliance Capital executive Madhusudan Kela-founded family office Singularity Ventures, which began operations in 2016. It launched its first fund of INR 560 Cr in 2021 and invested in 17 companies, including the likes of All-Cargo Logistics and Jana SFB.
The firm has invested in startups like mCaffeine, Exotel, WebEngage, and XYXX.
Earlier this month, Singularity Growth roped in former Trifecta Capital executive Sandeep Bapat as senior partner and co-chief investment officer. In December last year, CaratLane cofounder Mithun Sacheti also joined the firm as co-sponsor and general partner.
