Bengaluru-based early stage investor Prime Venture Partners has raised Rs 400 crore corpus in its third round of funding. The venture capital firm had raised $8 million in its first round in 2012. Previously, it raised $46 million in the second round in 2015.
With this fresh round, Prime Venture will focus on sectors such as fintech, healthcare, education, logistics & supply chain and Global SaaS solutions amongst others.
Prime Venture Partners was launched in 2011 and is led by Sanjay Swamy, Shripati Acharya, and Amit Somani. It focuses on startups that not only need capital but also require mentoring to transform them into disruptive companies.
The firm has invested in many companies such as AffordPlan, NiYo, and KredX, amongst others.
Numerous investment vehicles are also looking to place early-stage bets on India’s startup ventures.
In the past one year, many venture capital and debt firms have launched India-focussed funds and raised thousands of crores and invested hundreds of crores in the Indian startup ecosystem.
Recently, VC firm WaterBridge raised $30 million in its final close of maiden round. The firm got backing of government-owned SIDBI, global family offices from the US, Hong Kong, and Singapore, along with high net-worth professionals from the technology sector.
Other early-stage ventures such as Blume Ventures and Kalaari Capital are also on the road to raise their next corpus. Besides, Sequoia Capital and Nexus Venture partners are also raising South East Asia-focused new funds.
Last year, Mumbai-based early stage investor Kae Capital had closed its second fund with a corpus of $53 million.
Amidst this, the founder of UIDAI (AADHAAR) Nandan Nilekani along with Helion Venture’s Sanjeev Aggarwal last year launched an investment fund called Fundamentum. The investment fund with a corpus of $100 million will back startups looking for growth capital.
A slew of investments raised by different funds will help the startup ecosystem to pull out of the funding crisis and support the ecosystem to grow manifold.
The funding news was first reported by ET.