Prime Venture Partners closes its fourth fund of $100M

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With the first close of $75 million, Prime Venture Partners has announced the closing of its fourth fund of $100 million (INR 556 crore). Fintech, healthcare, SaaS, education, and logistics are some of the areas that have received funding through Fund I through Fund III.

Prime Venture Partners has announced the first closing of its fourth $100 million funds, with the first close of $75 million (INR 556 crore). Prime raised $72 million in its most recent round in 2018, $46 million in its second fund in 2015, and $8 million in its first fund in 2012. 

It will maintain its high-conviction and deep-support investing style in early-stage technology businesses, focusing on first institutional investors. In addition to its current target areas of Fintech, EdTech, HealthTech, Consumer Internet, and Global SaaS, the company plans to expand into other sectors such as Decentralized Finance (DeFi)/Crypto, Electric Vehicle, and Gaming Infrastructure Platforms.

The fourth fund consists of The International Finance Corporation (IFC), a member of the World Bank Group, a top-tier university endowment, several returning family offices and institutions, and numerous global technology entrepreneurs.

Prime was founded in 2012 by Shripati Acharya and Sanjay Swamy, and in 2015, Amit Somani joined as a partner. Prime aims to collaborate early with entrepreneurs and help grow world-class technology firms that are addressing some of India’s most pressing problems, intending to bring Silicon Valley expertise to venture to invest. Prime is usually the first institutional investor, focusing on firms that employ technology to solve basic problems in novel ways.

We have had the privilege of partnering with many of the category-defining companies in India from their early stages such as Quizizz, MFine, MyGate, NiYO, KredX, and WheelsEye. We couldn’t be more optimistic about the depth of the entrepreneurial talent and the level of ambition among the founders in India, as they bring disruptive innovation, not only in India but to the world.

Shripati Acharya, a managing partner at Prime Venture Partners

We are humbled by the unambiguous support we received from several of our long-time LPs, and the interest by the select new long-term LPs who have joined us. While the last decade was laying the foundation, the next decade will be spectacular as we witness the transformation of India to a digital superpower. We’re privileged to partner with some of the finest entrepreneurs in India. We are super excited to work with many more founders of category-creating technology startups in the coming years.

Sanjay Swamy, a managing partner at Prime Venture Partners

After gaining deep conviction in entrepreneurs and their startups through a speedy yet thorough vetting process, the firm follows a philosophy of being highly selective and invests in only 5-6 firms per year. Strong product and technology teams with unique insights and the capacity to innovate quickly are prevalent elements among Prime portfolio businesses. During the formative phase of a firm, portfolio companies collaborate closely with all stakeholders, collaborating through the Product-Market Fit phase and establishing early growth. The firm actively assists entrepreneurs with business and product strategy, operational metrics refinement, hiring, collaborations, marketing, finance, and seeking capital.

Prime has a long history of investing in India’s early-stage firms. According to Cambridge Associates benchmarks, all of Prime’s funds are in the top decile of all worldwide VC funds of their respective vintages. Fintech, healthcare, SaaS, education, and logistics are among the industries where funds I through III have been committed. The majority of these businesses have since raised significant follow-on funding from other notable institutional investors in India, Silicon Valley, and Asia. While most of Prime’s portfolio firms are focused on the booming Digital India opportunity, the firm also has several companies targeting the United States, the Middle East, and other international markets or starting in India and extending to other countries.

Quizziz, MyGate, Dozee, NiYO, and Sunstone Eduversity are some of Prime’s portfolio companies.

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