Inside the fintech bets of Chiratae Ventures
Chiratae Ventures' exit from PB Fintech is only one of a handful of full or partial exits from its fintech portfolio, fewer than those executed by other VC firms.
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Chiratae Ventures (formerly IDG Ventures), an early-stage venture capital firm, came in unusually late in its most prominent fintech bet, PB Fintech, the operator of insurance distribution company Policybazaar.
The venture capital firm invested in Policybazaar's $77 million Series E funding round in late 2017, unlike the Series A rounds in which it typically invests. Chiratae and private equity firm True North contributed $5 million and $15 million, respectively, during the round, with the majority of the capital coming from lead investor Wellington Management.
That unusual bet is also the first and only startup from Chiratae's fintech portfolio to have gone public so far. PB Fintech's initial public offering (IPO) in 2021, which made it part of a wave of new-age companies including fintech major Paytm and food-delivery company Zomato (now Eternal) that tapped the public markets that year, was followed by Chiratae Ventures' eventual exit in the years that followed...
Access the Full Report here: Inside the fintech bets of Chiratae Ventures