ICICI Investment Management raises $1mln from domestic investors

ICICI susidiary targets growth capital investments in the sub-Rs 1 crore category in mid-market companies, it added.

ICICI Bank's subsidiary ICICI Investment Management has raised Rs 5 crore (US$1 million) from domestic investors, marking the first closure of the Emerging India Fund.

The arm, a wholly-owned subsidiary of ICICI Bank and the investment manager of the fund, raised the money from domestic institutional and corporate investors, a company release issued on Thursday said.

It is targeting growth capital investments in the sub-Rs 1 crore ($222,789) category in mid-market companies, it added.

The Emerging India Fund seeks to invest in scalable and capital efficient segments, including services, overall consumption and infrastructure development, according to a report in Trading Markets.