India’s Pre-IPO to Microcap Growth Fund
Chanakya Opportunities Fund
Explore Chanakya Opportunities Fund II
A Category II AIF by StepTrade Capital, focused on high-potential Pre-IPO and Late-stage Microcap opportunities in India, aiming to capitalize on long-term value creation driven by the economy’s structural growth.
India’s Structural Growth Has Arrived
From Macro to Alpha: Our Pathway
MACRO THESIS
Identifying structural tailwinds and key inflection points across the economy.
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SECTOR SCREENS
Applying thematic heatmaps to filter high-growth and high-conviction sectors.
ACCESS
Leveraging founder and operator networks for proprietary deal flow.
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UNDERWRITE
Deep-dive assessment of unit economics, governance, and risk factors.
IN-HOUSE DUE DILIGENCE
Institutional-grade validation across financials, governance, and business fundamentals.
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STRUCTURE
Designing investment terms to ensure downside protection and alignment of interests.
VALUE CREATION
Active engagement to drive growth, strengthen governance, and enable exit readiness.
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Chanakya’s Pre-IPO to Listing: Value Creation Playbook
Pre-IPO Investment
Entry at private market valuations in quality businesses with a clear listing path
IPO Listing
Value Uplift on Listing by Capturing private market discount to IPO-stage listing premium
Post-Listing Re-Rating
Earnings-Driven Upside as the market discovers and re-rates the business over the first 12–24 months.
Investment Strategy We Follow for Your Goals
Pre-IPO Opportunities
Early access to high-growth companies targeting public listing within 6–18 months
IPOs & Capital Raising Opportunities
Participation in listed and listing-bound companies through IPOs, QIPs, Anchor & QIB investments
Late-Stage Growth Companies
Established private businesses with strong fundamentals and 18–36 month listing visibility
Chanakya's Core Focus Areas, Aligned with Structural Tailwinds
What We Look For
Our Investment Committee applies a non-negotiable filter to back businesses with quality promoters, sound governance, scalable models, capital discipline and liquidity visibility
Execution-Proven Founders
Founders with a demonstrated ability and intent to scale businesses.Transparent Governance Practices
Transparent reporting and strong board oversight to ensure accountability.Capital Efficient Models
Businesses demonstrating disciplined capital allocation with strong cash flow conversion.Scalable Unit Economics
Businesses with potential operating leverage at scaleClear Exit Pathways
Promoters aligned with clear IPO intent, transparent disclosures, and exit timelines.
- Market Size & Opportunity
- Management & Governance
- Business Model & Unit Economics
- Competitive Moat
- Valuation
End-to-End Value Creation Process
Deal Origination
We leverage strong networks to source proprietary opportunities aligned with the fund’s investment thesis.
Deal Structuring & Governance
We secure investor favorable terms and implement robust governance and oversight frameworks.
Active Portfolio Monitoring
We monitor KPIs against milestones and work with management to address gaps and drive value creation.
Growth Accelerations & Partnerships
We enable strategic partnerships, M&A opportunities, and business pivots to accelerate growth.
Exit Execution
We structure optimal exit pathways and execute disciplined exits to maximize returns.
Why Choose Steptrade?
Choose our expert Portfolio Management Team to experience reliable expertise, ethical practices, and exceptional results in SME and microcap investments.
Proven Track Record
Sustainable Value Creation
Skin In The Game
Superior Deal Access
Disciplined Exit Framework
Steptrade In Numbers
100+
years of Team Experience
100+ SMEs
Investments
400+
Crores of AUM
72+
Anchor Investments
25+
Unlisted Investments
Trusted by those who matter – our clients!
Steptrade has transformed my investment portfolio with its personalized strategies. The returns have exceeded my expectations, and their team’s expertise is unmatched!
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Still Have Questions?
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1What is the Chanakya Opportunities Fund II?
The Chanakya Opportunities Fund II is a private equity fund focused on investing in pre IPO and late stage growth opportunities in the microcap segment in India. Launched in 2026 by CA Kresha Gupta, an Associate Member of The Institute of Chartered Accountants of India, the fund seeks to create significant impact for the late-stage companies with growth capital and participate in their value creation journey from pre-IPO through IPO and post-listing.
2What is the fund's investment strategy?
The fund primarily invests in pre-IPO & late-stage growth companies across themes including advanced manufacturing, energy transition, and sustainability. It focuses on strong fundamentals, a capable management team, and ethical corporate governance as the key drivers for investment decisions.
3How does the fund invest?
The fund targets to invest in pre-IPO and late-stage growth companies, focusing on businesses with strong fundamentals and clear IPO or liquidity visibility. The fund enters at private-market valuations, actively supports scale-up and governance, and exits through IPOs, strategic sales or secondary transactions to capture the full private-to-public value cycle.
4How much does the fund invest per company?
Generally, the fund invests between Rs 5 crore and Rs 20 crore per company, depending on the potential for growth and the opportunities available.
5Who manages the Chanakya Opportunities Fund II?
The Chanakya Opportunities Fund II is managed by Chanakya Fund Trust and StepTrade Capital, bringing together deep expertise in private equity and investment management.