Bengaluru-based venture capital (VC) firm Prime Venture Partners has announced the launch of its fifth fund of $100 million to invest in early-stage Indian startups.
Prime Venture Partners has received commitments for more than 80% of the fund from institutional investors, including family offices, university endowments, and fund-of-funds across the US, Singapore, Europe, and the Middle East, the VC firm said.
The fund is expected to close in the coming months and will be deployed beginning in the second half of the year.
The $100 million fund will focus on startups in fintech, artificial intelligence (AI), deeptech, global Software as a Service (SaaS), and Digital India.
Prime Venture Partners said it plans to invest in 16 to 18 startups, and the initial investments will range from $2 million to $4 million.
Follow-on investments may go up to $12 million per venture in subsequent rounds.
Prime Venture Partners, which was founded in 2012, has backed more than 50 startups, including WheelsEye, MyGate, Quizizz, PlanetSpark, Dozee, and Zuper.
The firm exited investments in Happay (Cred), Recko (Stripe), Perpule (Amazon), Ezetap (Razorpay), and Tracxn following its IPO.
India’s startup landscape has seen significant growth in the past decade. More than 100 unicorns emerged and attracted more than $140 billion in venture capital investments over the past decade.
Government-backed digital initiatives such as Aadhaar, Unified Payments Interface (UPI), and Open Network for Digital Commerce (ONDC) have led to this expansion.
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