Steptrade Capital has achieved a remarkable milestone by securing over ₹100 crore in commitments at the first close of its ₹500 crore Chanakya Opportunities Fund II within just three months of launch. As reported by MalikTimes, this represents a fifth of the fund's target corpus within a single quarter, signaling significant investor appetite for pre-IPO and growth-stage opportunities. The Ahmedabad-based, SEBI-registered fund manager launched the Category II AIF in February 2026, attracting commitments from ultra-high-net-worth individuals and family offices under India's AIF framework. The fund has received the majority of its capital commitments from ultra-high-net-worth individuals, family offices and other eligible investor classes, demonstrating high confidence from qualified investors in Steptrade Capital's strategic direction and leadership.
The fund will invest in growth-stage companies across three specific themes: advanced manufacturing (electronics, semiconductors, defence, and specialty chemicals), energy transition and infrastructure (battery storage, electric vehicles, power transmission, and data centres), and emerging technologies (AI, robotics, digital healthcare, and bio-manufacturing). As reported by MalikTimes, the fund plans to back companies in sectors including electronics, specialty chemicals, defence, semiconductors, battery storage, electric vehicle infrastructure, power transmission, artificial intelligence, robotics and digital healthcare. The fund is co-managed by CA Kresha Gupta and CA Akshay Dawra, who previously handled Steptrade Capital's investment platform. The fund targets companies with clear exposure to manufacturing strength and technology uptake, and to the continued clean energy transition in India in a targeted fashion.
According to MalikTimes, the ₹100 crore first close in three months validates the "SME-exchange-to-pre-IPO" playbook, demonstrating how Steptrade Capital built investor trust with its first fund focused on SME listings and is now leveraging that base for a larger, growth-stage mandate. The fund's deployment will begin in August 2026, with the next allocation window already open for investors who missed the first close. This success reflects growing UHNI and family-office confidence in India's manufacturing, energy transition, and deep-tech growth story, particularly benefiting from government policy pushes including production-linked incentives and China+1 supply chain shifts. The evolution of Steptrade Capital is evident in its growth path, moving from a small and medium-sized enterprise-focused investment approach to a high-growth alternative asset manager, with the firm ready to launch the deployment of capital into high-growth pre-IPO businesses.
As reported by MalikTimes, the fundraising success occurs amid an unusually active IPO pipeline in 2026, including Kuku FM's confidential IPO filing chasing a $1.8 billion valuation, Yotta's $7 billion AI infrastructure IPO bet, and Cult.fit's IPO financials coming under public scrutiny. Every one of these listings requires pre-IPO capital before reaching Dalal Street, creating a significant market opportunity for funds like Chanakya Opportunities Fund II. The fund's Category II AIF structure typically cannot use leverage beyond specific operational requirements, making it a mainstream allocation for wealthy individuals alongside listed equities. With Steptrade Capital still on the lookout for new pledges to reach the final ₹500 crore corpus, the fund is positioned to become a larger contributor to the funding of the next generation of Indian innovation in manufacturing, clean energy, and advanced technology.
