Kyro Capital has announced the launch of the Kyro India Opportunities Fund – I, a ₹100 crore private equity fund designed to back growth-stage Indian companies on the path to public market listings. The fund will invest across high-growth sectors, including energy and power, with a particular emphasis on renewable energy, transmission infrastructure, and energy storage, alongside other emerging industries.
The fund is registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI) and will be managed by Kyro Asset Management Private Limited, the group’s asset management arm.
Focus on Pre-IPO Opportunities
The fund will target profitable companies with a clear pathway to an initial public offering (IPO) within the next 24 to 36 months. According to the company, the strategy centres on high-conviction primary investments aimed at generating returns through structured exits linked to IPO events.
Kyro said the fund is targeting an internal rate of return (IRR) of around 35% through a disciplined pre-IPO investment approach.
Investment Across Key Growth Sectors
The fund will invest across sectors including energy and power, with a focus on renewable energy, transmission and energy storage. Other target areas include advanced manufacturing, particularly aerospace and defence supply chains, as well as consumer and FMCG businesses with established brands and revenue scale.
The company said its investment strategy focuses on identifying businesses that are nearing public market readiness but remain privately held.
Kyro India Opportunities Fund – I has a base tenure of five years, with the option to extend it by an additional two years. The fund has a hurdle rate of 10% per annum and a sponsor commitment of ₹2.5 crore.
The first close of the fund is expected in July 2026.
Expansion Plans
The launch marks an expansion of Kyro’s presence in asset management, complementing its existing investment banking and corporate advisory businesses.
Aman Maheshwari, Founder and Managing Director of Kyro Capital and Kyro Asset Management, said the fund seeks to bring institutional investment practices to India’s growth-stage companies.
Looking ahead, Kyro plans to broaden its India Opportunities platform into a diversified multi-fund investment strategy. The firm is also evaluating opportunities in select international markets such as South Korea, Taiwan, and Germany, targeting sectors including semiconductors, advanced manufacturing, and energy transition technologies to capitalize on long-term global growth trends.
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