Early-stage VC fund Prime Venture Partners has marked the final close of its fourth fund at $120 million. According to the venture firm, the fund was oversubscribed and has exceeded its target of $100 million in commitments. With this, the total capital raised by all of Prime Venture’s funds has risen to over $250 million.
From the new fund, the company aims to invest in disruptive technology startups across sectors like fintech, edtech, healthtech, consumer internet, and SaaS. In addition to this, the company will also invest in new areas such as EVs, B2B, Web3 and gaming infrastructure platforms.
Prime Venture's fourth fund was backed by International Finance Corporation (IFC), part of the World Bank Group, a top-tier university endowment, a top-tier Fund of Funds, and several global technology entrepreneurs, along with its existing investors.
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The fund has incubated startups including ZipDial (acquired by Twitter), Ezetap, SmartOwner, Synup, HackerEarth, happay, Vidgyor, Maya, KredX, MoneyTap and NiYO.
More than 90 percent of companies backed by Prime VP at the seed stage go on to raise follow-on capital led by marquee investors in India and globally within 18 months and achieve strong product-market fit, follow-on rounds, profitability or exits with meaningful outcomes to founders, the company said.
Funds I to III are committed across 32 companies spanning sectors such as Fintech, Healthcare, SaaS, Education, and Logistics. Prime VP's Fund I recently delivered a strong, top-decile (4x+) return to all its Limited Partners, the firm added.
Other Indian funds like IvyCap Ventures, A91 Partners, Stellaris Venture Partners, Sixth Sense Ventures, 3one4 Capital, have also raised follow-on funds amid a rush of liquidity chasing new-age startups.
India-focused PE and VC funds have secured $3 billion in January — nearly 40 percent of the $7.7 billion fundraise in 2021. Same month last year, such funds raised $854 million, according to an IVCA-EY report.
And there's likely to be more cash in the bag for Indian startups as India-dedicated private equity and venture capital funds are expected to undertake record fundraising in 2022.
(Edited by : Jomy Jos Pullokaran)
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