Steptrade Capital has announced the first close of its Category II Alternative Investment Fund (AIF), Chanakya Opportunities Fund II (COF II), raising investor commitments of more than ₹100 crore within just three months of its launch.
Introduced in February 2026 with a target corpus of ₹500 crore, the fund is designed to back pre-IPO and growth-stage businesses operating in sectors expected to shape India’s next phase of economic growth. These include advanced manufacturing, energy transition, and emerging technologies.
The Ahmedabad-based investment firm said the first close witnessed participation from ultra-high-net-worth individuals (UHNIs), family offices, and other eligible investors, reflecting growing interest in India’s private market opportunities. The fund is expected to begin deploying capital in August 2026, while the next allocation window has now opened for prospective investors.
Chanakya Opportunities Fund II is led by CA Kresha Gupta and CA Akshay Dawra, building on the firm’s experience from its first investment fund, which focused on companies preparing for listings on India’s SME exchanges.
With its second fund, Steptrade Capital is broadening its investment strategy by targeting businesses across three high-growth themes.
The first is advanced manufacturing, covering industries such as electronics, semiconductors, defence, and speciality chemicals. The second focuses on energy transition and infrastructure, including battery storage, electric vehicles, power transmission, and data centres. The third theme centres on emerging technologies, spanning artificial intelligence, robotics, digital healthcare, and bio-manufacturing.
Through these investments, the fund aims to support businesses positioned to benefit from India’s accelerating manufacturing ecosystem, rapid technology adoption, and the country’s ongoing transition towards cleaner and more resilient infrastructure.
-By Muskan Dengra
