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Prime Venture Partners, a venture capital firm that invests in seed stage companies raised a Rs 300 crore new fund to invest in start-ups that build products and solutions in financial technology, mobile internet, healthcare and education sectors.
The new fund will help Prime Venture, earlier known as AngelPrime, to make higher investments of upto $1 million (Rs 6.4 crore) in portfolio start-ups, said Sanjay Swamy, Managing partner at Prime Venture. Social+Capital Partnership, a global venture capital firm that focuses on creating value on global scale is the anchor investor in the fund.
The new fund will help Prime Venture, earlier known as AngelPrime, to make higher investments of upto $1 million (Rs 6.4 crore) in portfolio start-ups, said Sanjay Swamy, Managing partner at Prime Venture. Social+Capital Partnership, a global venture capital firm that focuses on creating value on global scale is the anchor investor in the fund.
“Our core USP is that we are deeply involved in operations of our companies. We meet them on a weekly basis to discuss their business and scale it up,” said Amit Somani, managing partner at Prime Venture. Shripati Acharya is the other partner in the venture firm.
Prime Venture has invested in eight firms that include Ezetap, Smart Owner, Synup, HackerEarth, Happay and Vidgyor. It exited Zipdial after Twitter acquired the Bengaluru startup. The firm initially planned to raise Rs 150 crore, but eventually settled for Rs 300 crore as institutional investors expressed increasing interest in funding Indian start-ups.
Indian start-ups are also increasingly raising funds from private equity and venture funds as they invest in building technology, scale up business and acquiring new customers.
Indian start-ups that are backed by venture capital firms, raised $ 2.33 billion (Rs 14900 crores) in 120 deals between April and June, according to researcher CB Insights. In the same period last year, Indian firms raised $ 841 million (Rs 5382 crore) in 63 deals, the firm said on July 29.
