Prime Venture Partners, a Bengaluru-based early-stage VC fund, announced the final close of its fourth fund (Fund IV) at $120 million (Rs 900 crore).
The Venture Firm said in addition to prior focus areas, it has expanded its portfolio into new areas, notably, EVs, B2B, Web3 and Gaming infrastructure platforms.
The fund was oversubscribed and has exceeded its target of $100 million in commitments and the capital will be used to invest in disruptive technology companies across fintech, edtech, healthtech, consumer internet, and global SaaS.
Making the announcement Amit Somani, Managing Partner, Prime Venture Partners, said, “With Fund IV, Prime VP is well-positioned to back a new group of category-defining technology startups and inspiring entrepreneurs in India. Prime Ventures Fund IV is already off to an exciting start and we couldn’t be more optimistic about the depth of the entrepreneurial talent and increasing level of ambition among the founders in India.”
Prime Venture Partners new fund takes the total capital under management across all Prime VP funds to over $250 million
According to the company , more than 90 percent of companies backed by Prime VP at the seed stage go on to raise follow-on capital led by 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.
Funds I to III are committed across 32 companies spanning sectors such as fintech, healthcare, SaaS, education and logistics. Its fintech portfolio include Niyo, a savings-led universal neobank with several million users, Ezetap, a POS acceptance platform with more than 400,000 merchant outlets, Freo (MoneyTap), the consumer-credit-led Neobank, KredX, the invoice discounting platform, OTO, the two-wheeler leasing solution and many others.
Additionally, during the past 12 months, three of Prime’s early fintech investments were acquired by marquee brands. These include the acquisition of business expense, payments and travel management platform Happay by Cred for $180 million, financial operations startup Recko by Stripe, and retail-technology startup Perpule by Amazon.
Other notable investments by Prime include Quizizz, an edtech platform used by more than 100 million students in 120 countries, PlanetSpark, a communication skills platform, Sunstone, an innovator in new-age MBA programs, mfine, a telemedicine and home diagnostics provider, MyGate, a startup in (gated) community operating systems, Dozee, a pioneer in remote patient monitoring solutions, WheelsEye, an inter-city truck logistics company, Bolt, an EV charging network and many others.
In addition to existing investors, Fund IV is 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, according to a statement.