ICICI Venture expects high growth in services - Times of India

ICICI Venture expects high growth in services – Times of India

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MUMBAI: ICICI Venture, the country’s oldest alternate asset manager, sees high growth in the services sector, which was hit during the pandemic. The company is raising capital under its India Advantage Fund Series 5 and is also is looking at real estate, infrastructure and getting back into startups.
On the company’s private equity plans, Puneet Nanda, MD & CEO, said “There is a niche we have positioned ourselves, it could be technology or digital. Our strategy is that roughly two-thirds of the investment would be in companies that are raising capital for the first time. Our risk appetite is such that we do not want to lose capital. This space is what we call mid-market growth.”
According to Nanda, the company has four verticals — private equity, real estate, infrastructure and special situations credit. “Being a part of ICICI, we are aware that we have to play a role in developing the corporate sector,” he said.
The private equity fund-raise has seen interest from investors in existing funds. “We have created expertise in four broad sectors BFSI, life sciences, consumer space and manufacturing,” said Nanda. In manufacturing, the company looks at companies that are in the segments that can take advantage of production-linked incentive (PLI) schemes.
“In real estate, affordable segment is doing quite well. We are investing in debt in companies developing affordable housing,” said Nanda.
Incidentally, ICICI Venture started as Technology Development and Investment Company of India in 1988 as a joint venture between ICICI (the development finance institution) and Unit Trust of India. The company dropped its early stage venture capital focus in 2001 and chose to focus on private equity.



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