Prime Venture Partners’ Rs 400 Crore Fund Eyes Startups In Health Care, Education And Logistics

Early-stage venture capital fund Prime Venture Partners closed a Rs 400 crore fund to finance startups that are using technology to digitise traditional sectors such as healthcare, agriculture, education and logistics.

The firm will, however, continue its focus on startups in the financial technology space and software-as-a-service based solutions, Sanjay Swamy, co-founder & managing partners of the Bengaluru-based fund told BloombergQuint in an interview. “About 40 percent of the total corpus raised by Prime Venture is deployed in fintech startups,” he added.

The firm has backed 18 companies till date and has seen only one exit with Zipdial, a missed call-based marketing company that was acquired by Twitter in 2015.

Swamy added that the fund typically invests Rs 5-8 crore in a single round and backs three to five companies every year. “Over the life of a company we typically invest $3-5 million,” he said.

This third fund is also its largest so far. It first fund raised around $8 million in 2012 while the second raised Rs 300 crore (around $46 million) in 2015.