Global private equity major L Catterton has achieved the first close of its India-focused consumer fund at $200 million (₹1,760 crore). The vehicle, L Catterton India Fund (Fund I), was launched last year by L Catterton Asia in partnership with former Hindustan Unilever (HUL) executive Sanjiv Mehta to back mid-market consumer businesses in India.
According to reports, the fund is targeting a final corpus of $400 million, with an additional greenshoe option of $200 million. Commitments have already come from the World Bank’s IFC and clients of Kotak Private (the private banking and wealth management arm of Kotak Mahindra Bank).
The fund plans to invest in 7–9 consumer-facing companies in categories such as food & beverages, healthcare services, and retail, with cheque sizes ranging from $25M to $150M. So far, it has made one investment — in D2C healthy snacking brand Farmley.
Leadership of the India arm includes Sanjiv Mehta (Executive Chairman), alongside co-heads Anjana Sasidharan and Vikram Kumaraswamy.
L Catterton, with $37 billion AUM globally, has made over 275 investments since 1989, with an India portfolio including PVR, Drools, Sugar Cosmetics, FabIndia, and Jio Platforms. The firm’s own commitment to the India fund will be capped at 19.9%.
This development comes amid increasing activity in India’s consumer-focused investment space — last month, Atomic Capital announced the close of its maiden fund at ₹400 crore, targeting consumer tech and enabler startups.
By: Arushi Agarwal
