Anicut Capital

Anicut Capital, established in 2016, is a Chennai-based asset management firm specializing in debt financing for consumer goods companies across India. Founded by seasoned professionals with extensive backgrounds in commercial and investment banking, the firm provides tailored debt solutions to support the growth and expansion of its clients in the consumer goods sector.

Ajay Anand

Partner

Ilayaarunachalam Balamurugan

Co-Founder, Managing Partner and Member of Investment Committee

IAS Balamurugan

Managing Partner

Adithya Bharadwaj

Vice President, Growth Equity

Dhruv Kapoor

Partner, Growth Equity

Veenu Mittal

CFO

Harsh Mohan

Associate, Seed Fund

Ankita Poddar

Senior Associate, Private Credit

Dhruv Ranjan

Associate Vice President, Seed Fund

I A S Balamurugan

Co-Founder and Managing Partner

A. Jayaseelan

Partner, Private Credit

Past deals in South Asia

Wheelocity

Debt Financing in 2024
Wheelocity is a supply chain network dedicated to addressing India's malnutrition issue by minimizing food waste through innovative, technology-driven solutions. Founded in 2021, the company has established itself as a leading provider of fresh supply chain solutions, processing nearly 700 tonnes of fresh food daily across a network that spans the entire country. Wheelocity aims to reshape the fresh produce market by integrating various components of the supply chain, including collection centers, distribution centers, and logistics, to create an efficient and optimized ecosystem for perishable goods such as fruits, vegetables, dairy, poultry, and meat. By leveraging advanced technologies like artificial intelligence and the Internet of Things, Wheelocity enhances transparency and efficiency in its operations, facilitating a faster and more sustainable process for delivering food from farms to consumers. Ultimately, the company’s mission is to eliminate food waste and combat hunger through effective management of supply chain resources.

Wheelocity

Series A in 2024
Wheelocity is a supply chain network dedicated to addressing India's malnutrition issue by minimizing food waste through innovative, technology-driven solutions. Founded in 2021, the company has established itself as a leading provider of fresh supply chain solutions, processing nearly 700 tonnes of fresh food daily across a network that spans the entire country. Wheelocity aims to reshape the fresh produce market by integrating various components of the supply chain, including collection centers, distribution centers, and logistics, to create an efficient and optimized ecosystem for perishable goods such as fruits, vegetables, dairy, poultry, and meat. By leveraging advanced technologies like artificial intelligence and the Internet of Things, Wheelocity enhances transparency and efficiency in its operations, facilitating a faster and more sustainable process for delivering food from farms to consumers. Ultimately, the company’s mission is to eliminate food waste and combat hunger through effective management of supply chain resources.

Blue Tokai Coffee Roasters

Series C in 2024
Blue Tokai Coffee Roasters provides an online marketplace specifically to sell roasted coffee. Blue Tokai Coffee Roasters operates as a specialty coffee e-tailer for sourcing single-estate Arabica coffee beans from Indian coffee estates, burns them on an order basis, and delivers directly to customers, allowing customers to order online or visit their particular retail stores. Blue Tokai focuses on sourcing coffee beans from specific regions or estates, highlighting the unique flavor profiles of each coffee origin. They offer a variety of single-origin coffees, including beans from Karnataka, Tamil Nadu, and other coffee-growing regions in India. In addition to selling coffee beans online, Blue Tokai operates cafes in select cities across India. These cafes serve a variety of coffee beverages and provide a space for customers to enjoy freshly brewed coffee.

Ummeed Housing Finance

Series F in 2024
Ummeed Housing Finance Private Limited is a housing finance company based in Gurugram, India, founded in 2016. The company specializes in providing home loans and loans against property specifically tailored for lower and middle-income families, particularly those with informal incomes who often face challenges in accessing organized financial services. Ummeed Housing Finance aims to enhance operational efficiency and minimize turnaround times for customers by utilizing technology in its processes. In addition to home loans and loans against property, the company also offers services for home renovation and construction, as well as insurance products, thereby supporting families in achieving their housing goals in a personalized and customer-friendly manner.

The Ayurveda Experience

Series C in 2024
The Ayurveda Experience is an online platform based in India that specializes in ayurvedic products, focusing on health and wellness. The company offers a diverse range of personal care items, including lotions, cleansers, serums, and hair potions, along with dietary supplements aimed at promoting hair health, vision, and blood sugar management. By collaborating with various affiliates, The Ayurveda Experience provides customers with a comprehensive selection of products designed to enhance well-being through traditional Ayurvedic principles.

Salty

Seed Round in 2024
Salty is an Indian online retailer specializing in affordable fashion accessories. It offers a diverse range of products, including jewelry for women, men, and couples, as well as watch rings, catering to varied tastes and styles. The company aims to make trendy fashion accessories accessible to women across India.

XYXX Apparels

Series C in 2023
XYXX is a manufacturer specializing in men's innerwear and loungewear, offering a diverse range of products including trunks, briefs, boxers, jockstraps, vests, pajamas, and t-shirts. The company focuses on fashion and comfort, utilizing naturally sourced, eco-friendly fabrics to create stylish items that stand out with vibrant colors, unique prints, and innovative designs. By prioritizing both aesthetics and functionality, XYXX aims to elevate everyday basics, providing customers with options that go beyond traditional offerings.

UzhavarBumi

Venture Round in 2023
UzhavarBumi Agro Products Pvt Ltd, established in July 2017 and headquartered in Chennai, India, specializes in fresh dairy products. The company aims to facilitate direct trade between local farmers and consumers, ensuring that customers receive fresh, uncontaminated, and chemical-free products. UzhavarBumi offers a range of items, including cow milk, cow ghee, eggs, and natural honey. Over the years, it has emerged as one of the leading brands in Tamil Nadu's fresh dairy market, emphasizing quality and sustainability in its offerings.

Uravu Labs

Seed Round in 2023
Uravu Labs, founded in 2017 in Bangalore, Karnataka, is focused on addressing water scarcity through innovative renewable water technology. The company has developed a patent-pending solar adsorption reactor that extracts moisture from the atmosphere, particularly at night, and uses solar energy to release high-quality drinking water during the day. This technology aims to provide sustainable solutions for communities facing water crises by generating several liters of potable water daily. Uravu Labs is committed to fostering resilience and sustainability in human life and communities, recognizing the urgent need for innovation within the water industry.

Blue Tokai Coffee Roasters

Series B in 2023
Blue Tokai Coffee Roasters provides an online marketplace specifically to sell roasted coffee. Blue Tokai Coffee Roasters operates as a specialty coffee e-tailer for sourcing single-estate Arabica coffee beans from Indian coffee estates, burns them on an order basis, and delivers directly to customers, allowing customers to order online or visit their particular retail stores. Blue Tokai focuses on sourcing coffee beans from specific regions or estates, highlighting the unique flavor profiles of each coffee origin. They offer a variety of single-origin coffees, including beans from Karnataka, Tamil Nadu, and other coffee-growing regions in India. In addition to selling coffee beans online, Blue Tokai operates cafes in select cities across India. These cafes serve a variety of coffee beverages and provide a space for customers to enjoy freshly brewed coffee.

The Ayurveda Experience

Venture Round in 2022
The Ayurveda Experience is an online platform based in India that specializes in ayurvedic products, focusing on health and wellness. The company offers a diverse range of personal care items, including lotions, cleansers, serums, and hair potions, along with dietary supplements aimed at promoting hair health, vision, and blood sugar management. By collaborating with various affiliates, The Ayurveda Experience provides customers with a comprehensive selection of products designed to enhance well-being through traditional Ayurvedic principles.

Swageazy

Seed Round in 2022
Swageazy is a leading enterprise gifting platform in India that streamlines the processes of curation, procurement, branding, and fulfillment for HR and marketing teams. The platform caters to over 300 enterprise clients, including notable companies like Coursera, LinkedIn, and Amazon, by providing an easy-to-use solution for enhancing brand visibility and engagement through a variety of offerings. These include branded merchandise, event swag, and customized onboarding kits. By automating the gifting process for employees, customers, and prospects, Swageazy enables organizations to foster authentic connections while boosting brand awareness and driving engagement on a global scale.

Snapmint

Series A in 2022
Snapmint is an online shopping platform based in Mumbai, India, that facilitates purchasing in installments without the need for credit cards. Founded in 2015, the company streamlines the buying process through a simple five-minute online application, allowing customers to access no-cost EMI plans. Snapmint offers a diverse range of products, including mobile phones, electronics, appliances, and fashion items, enabling consumers to afford their desired purchases through flexible and manageable installment payments while eliminating the complexities associated with traditional loan applications.

Uravu Labs

Seed Round in 2022
Uravu Labs, founded in 2017 in Bangalore, Karnataka, is focused on addressing water scarcity through innovative renewable water technology. The company has developed a patent-pending solar adsorption reactor that extracts moisture from the atmosphere, particularly at night, and uses solar energy to release high-quality drinking water during the day. This technology aims to provide sustainable solutions for communities facing water crises by generating several liters of potable water daily. Uravu Labs is committed to fostering resilience and sustainability in human life and communities, recognizing the urgent need for innovation within the water industry.

Wheelocity

Series A in 2022
Wheelocity is a supply chain network dedicated to addressing India's malnutrition issue by minimizing food waste through innovative, technology-driven solutions. Founded in 2021, the company has established itself as a leading provider of fresh supply chain solutions, processing nearly 700 tonnes of fresh food daily across a network that spans the entire country. Wheelocity aims to reshape the fresh produce market by integrating various components of the supply chain, including collection centers, distribution centers, and logistics, to create an efficient and optimized ecosystem for perishable goods such as fruits, vegetables, dairy, poultry, and meat. By leveraging advanced technologies like artificial intelligence and the Internet of Things, Wheelocity enhances transparency and efficiency in its operations, facilitating a faster and more sustainable process for delivering food from farms to consumers. Ultimately, the company’s mission is to eliminate food waste and combat hunger through effective management of supply chain resources.

Wheelocity

Debt Financing in 2022
Wheelocity is a supply chain network dedicated to addressing India's malnutrition issue by minimizing food waste through innovative, technology-driven solutions. Founded in 2021, the company has established itself as a leading provider of fresh supply chain solutions, processing nearly 700 tonnes of fresh food daily across a network that spans the entire country. Wheelocity aims to reshape the fresh produce market by integrating various components of the supply chain, including collection centers, distribution centers, and logistics, to create an efficient and optimized ecosystem for perishable goods such as fruits, vegetables, dairy, poultry, and meat. By leveraging advanced technologies like artificial intelligence and the Internet of Things, Wheelocity enhances transparency and efficiency in its operations, facilitating a faster and more sustainable process for delivering food from farms to consumers. Ultimately, the company’s mission is to eliminate food waste and combat hunger through effective management of supply chain resources.

Neemans

Series B in 2022
Neeman's is a sustainable footwear brand in India that specializes in creating comfortable shoes for men and women using natural materials. The company focuses on utilizing organic and renewable Australian Merino wool, which enhances the footwear's functionality by evaporating sweat and moisture rather than absorbing it. This innovative approach results in lightweight, breathable shoes that provide a sock-free and temperature-regulating experience, making them suitable for all-day wear and various seasons. Neeman's aims to redefine the shoe industry by prioritizing comfort and sustainability in its product offerings.

Earth Rhythm

Series A in 2022
Earth Rhythm is a direct-to-consumer personal care brand based in India, specializing in professional-grade products for haircare, skincare, and makeup. As the country's first homegrown brand to prioritize independent clinical trials and research, Earth Rhythm emphasizes smart and safe skincare solutions. The company offers a diverse range of non-toxic and plastic-free products, including face masks, toners, hair oils, shampoos, conditioners, lipsticks, and lip balms, all formulated to address various concerns such as acne, dehydrated skin, hyperpigmentation, dark circles, and signs of aging. Each product is developed in-house by trained cosmetic chemists, ensuring that the formulations are effective, safe, and supported by scientific research. Earth Rhythm is committed to creating products that are beneficial both for consumers and the environment.

Snapmint

Series A in 2022
Snapmint is an online shopping platform based in Mumbai, India, that facilitates purchasing in installments without the need for credit cards. Founded in 2015, the company streamlines the buying process through a simple five-minute online application, allowing customers to access no-cost EMI plans. Snapmint offers a diverse range of products, including mobile phones, electronics, appliances, and fashion items, enabling consumers to afford their desired purchases through flexible and manageable installment payments while eliminating the complexities associated with traditional loan applications.

Foodstrong

Seed Round in 2022
Foodstrong is a food and beverage company that specializes in manufacturing and selling a variety of protein-rich products aimed at addressing nutritional gaps in the Indian diet. The company's offerings include protein powders, shakes, oats and millet pancakes, and dosa mixes, all designed to deliver optimal nutrition without preservatives or added sugars. By focusing on taste and nutritional value, Foodstrong aims to provide consumers with accessible and healthy options that support their dietary needs and overall well-being.

Neemans

Series A in 2021
Neeman's is a sustainable footwear brand in India that specializes in creating comfortable shoes for men and women using natural materials. The company focuses on utilizing organic and renewable Australian Merino wool, which enhances the footwear's functionality by evaporating sweat and moisture rather than absorbing it. This innovative approach results in lightweight, breathable shoes that provide a sock-free and temperature-regulating experience, making them suitable for all-day wear and various seasons. Neeman's aims to redefine the shoe industry by prioritizing comfort and sustainability in its product offerings.

Aknamed

Venture Round in 2021
Aknamed is a company focused on enhancing the healthcare supply chain in India by providing procurement solutions tailored for hospital chains and mid-sized standalone hospitals. Utilizing its proprietary technology and analytics tool, SmartBUY, Aknamed aims to standardize healthcare service delivery. The company's platform integrates various components of the supply chain, including brand owners, distribution hubs, and healthcare providers, into a unified technology system. This real-time connectivity facilitates increased transparency and helps hospitals and medical manufacturers optimize costs while improving operational efficiency.

Milky Mist Dairy Foods

Debt Financing in 2021
Milky Mist Dairy Food Private Limited, established in 1997 by T. Sathish Kumar, is one of India’s leading manufacturers of dairy products, located in Perundurai, Tamil Nadu. The company specializes in the procurement, processing, and production of a diverse range of dairy items, including milk, curd, fresh cream, butter, ghee, cheese, and paneer. Milky Mist aims to provide consumers with high-quality dairy products that meet their nutritional needs. With a strong commitment to quality and customer satisfaction, the company has positioned itself as a prominent player in the Indian dairy industry.

Blue Tokai Coffee Roasters

Funding Round in 2020
Blue Tokai Coffee Roasters provides an online marketplace specifically to sell roasted coffee. Blue Tokai Coffee Roasters operates as a specialty coffee e-tailer for sourcing single-estate Arabica coffee beans from Indian coffee estates, burns them on an order basis, and delivers directly to customers, allowing customers to order online or visit their particular retail stores. Blue Tokai focuses on sourcing coffee beans from specific regions or estates, highlighting the unique flavor profiles of each coffee origin. They offer a variety of single-origin coffees, including beans from Karnataka, Tamil Nadu, and other coffee-growing regions in India. In addition to selling coffee beans online, Blue Tokai operates cafes in select cities across India. These cafes serve a variety of coffee beverages and provide a space for customers to enjoy freshly brewed coffee.

Neemans

Seed Round in 2020
Neeman's is a sustainable footwear brand in India that specializes in creating comfortable shoes for men and women using natural materials. The company focuses on utilizing organic and renewable Australian Merino wool, which enhances the footwear's functionality by evaporating sweat and moisture rather than absorbing it. This innovative approach results in lightweight, breathable shoes that provide a sock-free and temperature-regulating experience, making them suitable for all-day wear and various seasons. Neeman's aims to redefine the shoe industry by prioritizing comfort and sustainability in its product offerings.

Bira 91

Series B in 2019
Bira 91 is a craft beer brand established by B9 Beverages in 2015. Initially, the company produced its beer in Belgium, using a craft distillery to source ingredients from France, Belgium, the Himalayas, and Bavarian Farms. Following early success, Bira 91 transitioned to manufacturing in India, where it now operates five breweries. The brand offers a diverse range of beers, including low bitterness and high alcohol wheat beers, and is available in various formats such as draft, 330ml bottles, 650ml bottles, and 500ml cans. Bira 91's products can be found in over 600 towns and cities across 18 countries, bolstered by a partnership with Kirin Holdings, a Japanese beverage company. The brand focuses on delivering unique and flavorful craft beers to consumers seeking authentic beverage alternatives.

Bira 91

Debt Financing in 2019
Bira 91 is a craft beer brand established by B9 Beverages in 2015. Initially, the company produced its beer in Belgium, using a craft distillery to source ingredients from France, Belgium, the Himalayas, and Bavarian Farms. Following early success, Bira 91 transitioned to manufacturing in India, where it now operates five breweries. The brand offers a diverse range of beers, including low bitterness and high alcohol wheat beers, and is available in various formats such as draft, 330ml bottles, 650ml bottles, and 500ml cans. Bira 91's products can be found in over 600 towns and cities across 18 countries, bolstered by a partnership with Kirin Holdings, a Japanese beverage company. The brand focuses on delivering unique and flavorful craft beers to consumers seeking authentic beverage alternatives.

Bira 91

Series B in 2019
Bira 91 is a craft beer brand established by B9 Beverages in 2015. Initially, the company produced its beer in Belgium, using a craft distillery to source ingredients from France, Belgium, the Himalayas, and Bavarian Farms. Following early success, Bira 91 transitioned to manufacturing in India, where it now operates five breweries. The brand offers a diverse range of beers, including low bitterness and high alcohol wheat beers, and is available in various formats such as draft, 330ml bottles, 650ml bottles, and 500ml cans. Bira 91's products can be found in over 600 towns and cities across 18 countries, bolstered by a partnership with Kirin Holdings, a Japanese beverage company. The brand focuses on delivering unique and flavorful craft beers to consumers seeking authentic beverage alternatives.

Agnikul

Seed Round in 2019
Agnikul Cosmos Private Limited, founded in 2017 and based in Chennai, India, is a space technology startup specializing in the design, manufacture, testing, and launch of orbital-class rockets tailored for micro and nanosatellites. The company operates from the National Center for Combustion R&D at IIT-Madras, where a diverse team of rocket scientists, engineers, ex-bankers, and space lawyers collaborates to advance their capabilities. Agnikul's launch vehicles are mobile and can be deployed from various launch ports, utilizing kerosene as fuel. They are engineered to reach both low and high-inclination orbits, providing businesses with on-demand access to space at competitive prices.

Snapmint

Seed Round in 2018
Snapmint is an online shopping platform based in Mumbai, India, that facilitates purchasing in installments without the need for credit cards. Founded in 2015, the company streamlines the buying process through a simple five-minute online application, allowing customers to access no-cost EMI plans. Snapmint offers a diverse range of products, including mobile phones, electronics, appliances, and fashion items, enabling consumers to afford their desired purchases through flexible and manageable installment payments while eliminating the complexities associated with traditional loan applications.

Yaantra

Debt Financing in 2018
Yaantra is a Delhi-based company that specializes in the sale of refurbished, unboxed, and preowned mobile phones, along with a variety of accessories such as power banks, USB cables, adapters, and chargers. Founded in 2013, Yaantra provides mobile and tablet repair services, allowing users to book appointments and check the status of their repairs. The company operates in major Indian cities including Delhi, Gurgaon, Ghaziabad, Faridabad, Noida, Bangalore, and Mumbai, offering quality repair services for various issues such as broken screens, water damage, and software problems. Yaantra emphasizes customer satisfaction by providing quality-assured refurbished smartphones at competitive prices while ensuring that clients can manage the entire lifecycle of their devices conveniently. As a subsidiary of Gadgetwood eServices Pvt. Ltd., Yaantra serves a diverse clientele across the country.

PopiCorn

Debt Financing in 2018
PopiCorn is a ready-to-eat popcorn brand that has 6 different flavors. The company upgraded its production to a full-fledged factory as the demand increased manifold, making the brand grow exponentially. Popicorn aims to contribute to a proud legacy that India has and makes more and more people fall in love with this delicious, low calorie, easy access snack.

Aereo

Seed Round in 2018
Aereo, formerly known as Aarav Unmanned Systems, is a leading drone manufacturing and solutions company based in Bangalore, India, founded in 2013 at IIT Kanpur. The company specializes in providing end-to-end drone technology solutions tailored for various sectors, including urban and rural development, agriculture, mining, construction, irrigation, forest conservation, renewable energy, and infrastructure development. Aereo's drones are designed to enhance productivity and data quality, offering advanced business intelligence that aids in critical decision-making. The firm has achieved significant milestones, including mapping over 34,000 villages and impacting the lives of over 45 million individuals. Notably, Aereo was the first to launch India’s DGCA-certified survey-grade PPK drone. Their technology includes a proprietary 3-dimensional web-GIS that allows for 360-degree visibility and efficient image processing, thereby supporting enterprise stakeholders in managing data more effectively.

Bira 91

Debt Financing in 2017
Bira 91 is a craft beer brand established by B9 Beverages in 2015. Initially, the company produced its beer in Belgium, using a craft distillery to source ingredients from France, Belgium, the Himalayas, and Bavarian Farms. Following early success, Bira 91 transitioned to manufacturing in India, where it now operates five breweries. The brand offers a diverse range of beers, including low bitterness and high alcohol wheat beers, and is available in various formats such as draft, 330ml bottles, 650ml bottles, and 500ml cans. Bira 91's products can be found in over 600 towns and cities across 18 countries, bolstered by a partnership with Kirin Holdings, a Japanese beverage company. The brand focuses on delivering unique and flavorful craft beers to consumers seeking authentic beverage alternatives.

Lendingkart

Debt Financing in 2017
Lendingkart is a financial technology company based in India that focuses on providing working capital loans and financing solutions to small and medium-sized enterprises (SMEs). The company employs advanced technology and data analytics to swiftly evaluate the creditworthiness of businesses, allowing for a fast and efficient loan approval process. By addressing the financing challenges faced by SMEs—particularly those lacking collateral or a robust credit history—Lendingkart offers a user-friendly online platform where businesses can easily apply for loans and receive funding in a timely manner. This innovative approach aims to support the growth and operational needs of SMEs in a competitive market.

ShareChat

Seed Round in 2016
ShareChat is an Indian social media startup founded in 2015 and headquartered in Bangalore, Karnataka. It provides a content consumption and sharing platform specifically designed for the diverse vernacular audience in India, supporting 15 Indian languages. The platform caters to over 1.17 billion wireless network users in the country, allowing them to share videos, jokes, songs, and other social content. ShareChat includes features for private messaging and tagging, making it easy for users to connect and communicate in their preferred language.
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