Steptrade Capital raises Rs 100 Cr in first close of Fund II
The fund II of Steptrade Capital will invest in companies at the pre-IPO stage who are present in the segment of emerging tech themes.
Steptrade Capital, an Ahmedabad-based alternative investment fund (AIF) manager, has achieved the first close of its CAT II AIF, Chanakya Opportunities Fund II (COF II), by securing investment commitments worth Rs 100 crore.
Launched in February 2026 with a target corpus of Rs 500 crore, Chanakya Opportunities Fund II has received commitments from ultra-high-net-worth individuals (UHNIs), family offices, and other investors. According to the company, with the first close completed and capital deployment scheduled to commence in August, the fund is now opening its next allocation window to a wider pool of eligible investors.
According to Steptrade Capital, investor interest in India’s private markets continues to grow as more companies choose to stay private for longer before listing. It further noted that investors are increasingly looking to participate in businesses during the final stages of private ownership rather than waiting for public market access.
The COF II has been built around three long-term investment themes that are expected to benefit from India’s structural economic transformation.
The first theme is advanced manufacturing, covering electronics and ESDM, speciality chemicals, defence and aerospace, and semiconductors. The second is energy transition and iInfrastructure, including battery energy storage systems, electric vehicle ecosystems, power transmission, transformers, grid modernisation and data centre infrastructure. The third is emerging enablers, comprising AI and robotics, digital healthcare diagnostics, bio-manufacturing and rare earth supply chains.
“The response to our first close reflects growing investor conviction that the pre-IPO stage has become an important part of long-term wealth creation. Our focus remains on identifying businesses that are benefiting from structural changes across manufacturing, energy and technology before they become widely accessible,” said CA Kresha Gupta, Fund Manager, Chanakya Opportunities Fund I and II, and Director, Steptrade Capital.
COF II is designed for Pre-IPO and growth-stage companies. At this stage, businesses have typically established commercial scale, while remaining outside the public markets where valuations are often reset following an IPO, the statement noted.