Closing Announcement for Singularity AMC's Second Investment Fund
Fidelity Singularity AMC Closes Second Investment Vehicle at Rs 2,000 Crore
Fidelity-backed Singularity AMC, a venture capital firm established in 2021 under the mentorship of industry veteran Madhu Kela, has successfully closed its second investment vehicle, the Fidelity Singularity Growth Opportunities Fund II, at Rs 2,000 crore (approximately $228 million).
The fund, initially targeted at Rs 1,500 crore with a Rs 500 crore green-shoe option, attracted strong participation from large family offices, many of whom increased their investments from the first fund. Around 22% of the capital for the new fund came from institutions, including leading domestic DFIs, public and private banks, insurance partners, and endowments.
In December 2022, Fidelity Singularity AMC welcomed the Self Reliant India Fund and Small Industries Development Bank of India's fund of funds scheme as investors for its second investment vehicle.
Fidelity Singularity AMC plans to invest amounts ranging from Rs 75-175 crore ($8 million to $20 million) in 12-15 companies across sectors like energy transition, consumer products, next-gen industrials, healthcare, and financial services. The fund has already backed several promising companies, including Lohum (a battery recycling firm), Bhilwara Energy, Sterling & Wilson Data Centre, Sabine (an IVF healthcare platform), Classic Legends (Jawa motorcycles maker), Qucev (a sustainable EV venture, a Mahindra & Mahindra subsidiary), and Deal 7 (a luxury watch retailer).
The debut fund, the Fidelity Singularity Growth Opportunities Fund I, launched in 2021, supported consumer internet brands such as WebEngage, mCaffeine, and healthcare platforms, alongside growth bets in fintech and industrials. Many of the portfolio companies from the first fund have since raised follow-on rounds at higher valuations.
Fidelity Singularity AMC has also received investments from Finavanue, which contributed over INR 10 crore, and Sunrise Investment, which acquired shares worth INR 7.2 crore. The deployment of the second fund is already underway, with 52% of the fund's corpus committed and a strong pipeline.
With the successful closure of the Fidelity Singularity Growth Opportunities Fund II, Fidelity Singularity AMC is well-positioned to make a significant impact in the Indian startup ecosystem, supporting innovative companies across various sectors and helping them scale their operations.
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