Secondaries specialist PixelSky Capital launches Rs 400 crore late-stage fund
PixelSky Capital
, a
secondaries fund
founded by Bengaluru-based investment bank
IndigoEdge
and entrepreneur Hitesh Ahuja, has launched its first investment vehicle with a target corpus of Rs 400 crore to back late-stage tech and consumer companies, people in the know said. Ahuja had sold his foodtech startup Yumlane to Curefoods in 2023.
The fund has already backed beauty retailer Purplle, and is likely to close its second investment by June, one of the people said. 'The firm will back eight companies that are planning to go public in a 36-48-month horizon with average cheque sizes of Rs 40-50 crore.'
PixelSky's founders have together invested Rs 10-15 crore in the fund, which is also raising capital from domestic family offices and unicorn founders, he said, adding that the fund is expected to be closed by March 2026.
IndigoEdge joins a list of investment banks focused on new-economy deals starting their own funds.
India's largest tech investment bank, Avendus, runs Future Leaders Fund, a late-stage investment vehicle that has backed the likes of Lenskart, Licious, Juspay and FirstCry. Avendus announced the first close of its third Future Leaders Fund at Rs 850 crore in January. It plans to raise Rs 3,000 crore for this fund.
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Others including Dexter Capital and Merisis Advisors have also launched their investment vehicles.
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'IndigoEdge has been making proprietary investments from its balance sheets and has been a limited partner in 8-10
venture capital
funds, having invested Rs 25-30 crore so far. With PixelSky, IndigoEdge aims to have product offerings in addition to services that it provides, having facilitated over 150 transactions worth around $3 billion,' the person said.
'Going ahead, IndigoEdge could launch more such funds, and even look at a wealth management play. However, these plans haven't been finalised yet,' he added.
IndigoEdge declined to comment.
Along with Ahuja, who is a former senior executive at private equity firm New Silk Route, IndigoEdge cofounder Zerin Rahiman will be leading the fund.
Stocking up the dry powder
IndigoEdge's plan to double down on investments in new-age companies comes at a time when the venture capital industry has been raising large funds.
On Tuesday,
A91 Partners announced closure of its largest ever fund with a $665 million corpus
. Flipkart and Swiggy-backer
Accel
closed a $650 million vehicle in January.
Over the last one year, there has been increased activity at funds focused specifically on secondary transactions, where they purchase shares from existing investors. Former Peak XV Partners managing director Piyush Gupta launched Kenro Capital in November, while Gurugram-based Oister Global teamed up with Silicon Valley investor Tribe Capital to launch a $500-million secondaries-focused fund in September.
'In India there's an immediate opportunity of $20 billion for secondary deals, where early investors, angels and Esops (employee stock option programmes) would be looking for liquidity…PixelSky Capital is evaluating around 20 companies across various tech and consumer sectors through which it will finalise eight investments,' the person cited above said.
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