ICICI Venture

What ICICI Venture does

ICICI Venture is the private equity and alternative investment arm of ICICI Bank, one of India's largest private sector banks. Established in 1998 and headquartered in Mumbai, the firm is a wholly-owned subsidiary of ICICI Bank and operates within the broader ICICI Group alongside ICICI Prudential AMC and ICICI Prudential Alternative Investments. It manages multiple Alternative Investment Funds (AIFs) across private equity, venture capital, real estate, and corporate credit strategies, deploying growth capital into Indian companies on behalf of institutional limited partners. Its portfolio spans logistics and warehouse automation, infrastructure, hospitality, pharmaceuticals, industrials, real estate, D2C brands, and technology, with disclosed investments in Unbox Robotics, Agrow Allied, Dholakia Lab Grown Diamond, Libas, Arteria Technologies, and Innovist.

The firm operates through several fund vehicles, including the India Advantage Fund Series 5 (IAF5), its debut venture capital fund (closed December 2025 with oversubscription), a fourth real estate fund (≈90% of target raised by late 2025), and the Corporate Credit Opportunities Fund, which delivered a 14.3% gross IRR with zero defaults and ₹1,953.4 crore in cumulative distributions. Revenue is generated through traditional fund management fees and carried interest on realized exits; specific fee schedules are not publicly disclosed. Documented exits include a partial sale of Theobroma at approximately ₹2,410 crore valuation to ChrysCapital and a pending cash exit from Innovist following L'Oréal's majority-stake acquisition valuing the company at ~₹4,000 crore.

In a major restructuring completed April 1, 2026, ICICI Bank transferred investment management rights for five Category II AIFs — covering private equity, venture capital, and real estate strategies — to ICICI Prudential AMC in a ₹1,079 crore transaction, following SEBI (March 2026) and CCI (November 2025) approvals. This transaction consolidated ICICI Group's alternative assets under the listed asset manager, repositioning ICICI Venture within the group's architecture. The firm maintains an active investment pipeline through its maiden VC fund and IAF5 vehicle, and continues to originate and lead deals in growth-stage Indian companies.

Name

ICICI Venture

Legal name

ICICI Venture

Website

https://iciciventure.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

ICICI Venture is ICICI Bank's private equity and alternative investment arm, managing AIFs across private equity, venture capital, real estate, and corporate credit. Founded in 1998 in Mumbai, it invests growth capital in Indian consumer, technology, and industrial companies for institutional investors.

Ownership category

akta.pro rank

Product category

Private Equity and Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Industrials & Manufacturing Growth Equity (FSANACAF)

Keywords

• Private equity management
• Venture capital funds
• Alternative investments
• Growth capital
• Portfolio management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Core offering

ICICI Venture is the private equity and alternative investment arm of ICICI Bank, managing multiple Alternative Investment Funds (AIFs) including private equity, venture capital, real estate, and corporate credit funds. The firm invests growth capital into Indian companies across sectors such as technology, consumer brands, manufacturing, logistics automation, agrochemicals, lab-grown diamonds, and fashion retail, while providing operational expertise and enabling exits for founders and early investors.

Product overview

ICICI Venture is the private equity and venture capital arm of ICICI Bank, offering investment management services across private equity, venture capital, and real estate fund categories. The company manages multiple Alternative Investment Funds (AIFs) including India Advantage Fund Series 5, Corporate Credit Opportunities Fund, and real estate funds. Investment focus areas include technology startups, consumer brands, manufacturing, logistics automation, and various growth-stage companies across sectors such as D2C brands, lab-grown diamonds, agrochemicals, supply chain robotics, and fashion retail.

Differentiator

Problem solved

Functional benefit

Brands

• India Advantage Fund Series 5 (IAF5): Private equity fund managed by ICICI Venture focusing on growth investments in Indian companies
• India Advantage Fund S5 I
• ICICI Ventures IAF5

Products and services

• India Advantage Fund Series 5 (IAF5) Growth-stage private equity fund for investments in Indian companies, used to deploy capital into portfolio companies such as Libas, Agrow Allied, and Dholakia Lab Grown Diamond. Targeted at institutional limited partners seeking exposure to Indian growth equity.
• Debut Venture Capital Fund Maiden venture capital fund that closed with oversubscription, used to invest in early- and growth-stage companies such as Arteria Technologies and Innovist. Targeted at institutional investors seeking Indian venture capital exposure.
• Fourth Real Estate Fund Real estate-focused alternative investment fund for deployment into Indian property and office assets, approaching close after raising ~90% of its target corpus. Targeted at institutional limited partners seeking Indian real estate exposure.
• Corporate Credit Opportunities Fund AIF-I Alternative Investment Fund focused on corporate credit opportunities in India, delivering ~14.3% gross IRR with zero defaults and full repayment to investors before fund lifecycle completion in April 2026.

Quantifiable outcome

• ICICI Prudential Corporate Credit Opportunities Fund generated ~14.3% gross IRR with full repayment and zero defaults
• +2 more outcomes

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Indian Express GroupminorStrategic or Co-development PartnerICICI Ventures partnered with Indian Express Group for Express Towers, a real estate partnership arrangement.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Multiples Alternate Asset Management: India-focused growth and buyout PE firm backed by PremjiInvest. Closely comparable to ICICI Venture in mid-to-large cap growth investing, sector coverage (consumer, financial services, tech-enabled services), and LP base.
• True North (India): Indian mid-market PE firm investing across consumer, healthcare, financial services, and technology. Comparable to ICICI Venture in strategy, sector breadth, and check size; one of the most established India-focused PE platforms.
• ChrysCapital: One of India's largest homegrown PE firms focused on growth and control investments across consumer, financial services, and healthcare. Directly comparable to ICICI Venture as a diversified Indian growth-equity investor, and notably acquired Theobroma from ICICI Venture's portfolio.

Emerging players

• Blume Ventures: Early-stage Indian VC firm. Comparable to ICICI Venture's new VC fund activity; relevant for benchmarking the early-stage portion of the strategy (debut VC fund, investments like Arteria and Innovist).
• Peak XV Partners (formerly Sequoia India): Largest India and SEA-focused venture and growth investor. Comparable to ICICI Venture's growth and VC activity (e.g., Unbox, Innovist, Arteria), though concentrated more heavily in tech and earlier-stage deals.
• Accel India: Early-stage venture firm with strong India franchise. Comparable in venture-stage activity — Accel was co-investor in Innovist with ICICI Venture, indicating direct overlap in deal sourcing and stage focus.

Broad incumbents

• Blackstone India: Global PE giant with significant India deployment across consumer, real estate, and infrastructure. Comparable in scaled capital deployment and sector breadth, though at much larger check sizes than ICICI Venture.
• Kotak Mahindra Private Equity: Private equity arm of Kotak Mahindra Group, one of India's leading banking groups. Highly comparable as a bank-backed PE platform with diversified consumer and financial services focus.
• KKR India: Global alternative asset manager with active India PE and infrastructure strategy. Comparable in PE platform scale and institutional LP relationships, though concentrated in larger control transactions.

Regional players

• Asha Impact: India-focused impact and growth investor. Partially comparable to ICICI Venture's diversified growth approach with a thematic lens, though smaller AUM and impact-led mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icici-venture

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments41 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICICI Venture