Private credit (SME fund research profile
Anicut Capital is an India-focused multi-asset manager whose private-credit franchise provides mezzanine and structured debt to profitable middle-market companies. It began private credit in 2016 and has since built a broader debt-and-equity platform, with public fund registrations and portfolio evidence available on the manager’s site.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Anicut Capital (credit) uses a private credit (sme/promoter) approach across Mezzanine debt, structured credit, growth capital.
Current evidence
Anicut Capital completed the final close of Grand Anicut Fund IV at ₹1,275 crore in December 2025, with the vehicle focused on consumer, SaaS, manufacturing and engineering-services opportunities. The manager’s current private-credit portfolio page attributes named positions including Cremica, Waycool Brandsnext, Resulticks, M2P Fintech, TAO Digital and ToneTag to the credit capability.
Strategy
Private credit (SME/promoter)
Sector focus
Mezzanine debt, structured credit, growth capital
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Anicut Capital completed the final close of Grand Anicut Fund IV at ₹1,275 crore in December 2025, with the vehicle focused on consumer, SaaS, manufacturing and engineering-services opportunities. The manager’s current private-credit portfolio page attributes named positions including Cremica, Waycool Brandsnext, Resulticks, M2P Fintech, TAO Digital and ToneTag to the credit capability.
Investor questions
Anicut Capital private credit is covered in Rupeia's private credit research universe. The current public record describes the strategy as Private credit (SME/promoter), with a sector focus of Mezzanine debt, structured credit, growth capital. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Anicut Capital private credit in the reviewed public sources: Cremica; Waycool Brandsnext; Resulticks; M2P Fintech; TAO Digital; ToneTag. It does not represent a complete current portfolio unless the manager has published one.
Anicut reports Grand Anicut Fund IV’s final close at ₹1,275 crore and EY identifies it as approximately $145 million. The manager also reports more than 60 private-credit investments; these are disclosed platform and transaction signals, not a full fund-level return series. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Grand Anicut Fund IV final close reported at ₹1,275 crore; Anicut reports over ₹3,500 crore total AUM across debt and equity strategies.. Public terms or access information: Mezzanine and structured debt for profitable middle-market companies, with reported cheque sizes of roughly ₹70 crore-plus; detailed fees, carry and tenor are vehicle-specific.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Sushant Bhatia (Partner, Private Credit); Ashvin Chadha (Co-founder & Managing Partner); IAS Balamurugan (Co-founder & Managing Partner). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: Fund-wise fee/carry terms, realized loss history and complete vehicle-level returns remain not publicly disclosed; broader debt-and-equity AUM is not treated as credit-only performance..
2025-12-23: Anicut Capital completed the final close of Grand Anicut Fund IV at ₹1,275 crore in December 2025, with the vehicle focused on consumer, SaaS, manufacturing and engineering-services opportunities. The manager’s current private-credit portfolio page attributes named positions including Cremica, Waycool Brandsnext, Resulticks, M2P Fintech, TAO Digital and ToneTag to the credit capability.
Next step
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