Early-stage VC firm Prime Venture closes fourth fund at $120m

Prime Venture Partners , an early-stage India-focused venture capital fund, has closed its fourth fund at $120 million (Rs 900 crore), it announced on Thursday.

In a statement, the firm said that the fund was oversubscribed and has exceeded its target of $100 million in commitments. It will invest in disruptive technology companies across fintech, edtech, healthtech, consumer internet and global SaaS.

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, reflecting the strong performance of Prime VP’s earlier funds, the statement added.

Prime will continue to focus on being the first institutional investor, the maintaining its investing model in early-stage technology startups. In addition to prior focus areas, the firm has expanded its portfolio into new areas, notably, EVs, B2B, Web3 and Gaming infrastructure platforms.

“With Fund IV, Prime VP is well-positioned to back a new group of category-defining technology startups and inspiring entrepreneurs in India. 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,” said Amit Somani, managing partner, Prime Venture Partners.

The new fund takes the total capital under management across all Prime VP funds to over $250 million. 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 4x+ return to all its limited partners.

The firm’s portfolio includes neobank Niyo, mobile payments solutions provider Ezetap, edtech startups PlanetSpark and Sunstone, telemedicine and home diagnostics provider Mfine, EV charging startup Bolt, SaaS startups Zuper and SurveySparrow, among others