PixelSky Capital Raises INR 150 Cr in First Close, Eyes INR 400 Cr Fund
PixelSky Capital, a secondaries-focused investment fund backed by boutique investment bank IndigoEdge and Yumlane founder Hitesh Ahuja, has raised INR 150 crore in its first close. The fund is targeting a total corpus of INR 400 crore.
The firm said that it has already deployed capital into two late-stage startups. It invested around INR 40 to 45 crore each in beauty platform Purplle and logistics company Porter, both valued at about USD 1 billion.
PixelSky intends to make at least three additional secondary investments in the coming quarters. Its third deal is expected to be evaluated during the October to December period.
The fund is primarily focused on acquiring secondary stakes in new-age businesses that are close to profitability. It is also considering opportunities in firms that may pursue public listings in 2026 or 2027. The target range for investments is in companies valued between USD 300 million and USD 1.5 billion.
PixelSky's limited partners include prominent domestic family offices and high-net worth individuals. Among them are the Kothari Family of DSP Group, India Quotient's Anand Lunia, Sony Entertainment Television cofounder Jayesh Parekh, and several startup founders. IndigoEdge co-founder Zerin Rahiman and Ahuja, formerly a senior executive at private equity firm New Silk Route, will jointly lead the fund.
Secondary transactions have gained momentum in recent months. Notable deals include a USD 40 million investment by Canada's Ontario Teachers' Pension Plan in HR software unicorn Darwinbox, a INR 480 crore funding round in direct-to-consumer brand The Sleep Company split between primary and secondary, and Porter's USD 200 million secondary round led by Kedaara Capital and Wellington Management.
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