Steptrade Capital has announced the first close of its third Alternative Investment Fund, Steptrade Revolution Fund-II (SRF-II) as it sets its sights on a total deployment of Rs 1,000 crore into India’s emerging leaders in the small and microcap space.

SRF-II is the second offering under the Revolution Fund banner, following the notable performance of Chanakya Opportunities Fund, which had an initial corpus of Rs 100 Crore with a greenshoe option of an additional Rs 100 Crore and Steptrade Revolution Fund-I. With each fund, it has deepened its footprint in India’s small and microcaps.

The fund is strategically designed to target scalable opportunities in both listed and unlisted small and microcap businesses. The fund actively seeks to back innovation-driven companies across renewables, defence, waste management, infrastructure, and other emerging themes.

CA Kresha Gupta, Director and Fund Manager at Steptrade Capital said, this early close is a strong vote of confidence from our investors. It reflects the strength of our investment philosophy—rooted in bottom-up research, market depth, and a clear focus on value creation in sectors that matter. 

Ankush Jain, CFA, Director and Fund Managerat Steptrade Capital added, in microcap investing, timing and structure matter as much as the idea itself. SRF-II reflects a disciplined approach where every allocation is backed by depth of research, clear valuation logic, and a focus on protecting downside while capturing structural upside. At Steptrade, we are building portfolios that can compound quietly, through cycles.