Began by three managing companions — serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani — in 2011, this fund represents the third (and largest) funding car for the agency. Its earlier $46 million fund closed in 2015, and the agency has made 19 investments thus far.
The agency backed firms like Ezetap, Hackerearth and Zipdial (which bought to Twitter) and its focus is to make simply 4 to 5 offers per yr, in accordance with Somani. With this new fund, Prime Enterprise Companions is focusing on round 15 offers with a complete funding dimension of round $four.5 million on common per firm — which spans each seed and follow-on deal participation.
Somani defined in an interview that the main focus of offers is unchanged from the earlier fund and focused at fintech, ‘digital India’ and international Saas fashions.
“We genuinely consider that the golden age of investing and entrepreneur in India is the following 10-15 years,” he defined.
Specifically, he believes that the rise in cellular web entry — pushed by initiative akin to Reliance Jio’s disruptive free information giveaway — have set out the situations that may permit digital companies to be adopted extra broadly proper throughout the nation.
“Funds continues to be a wealthy space [in fintech] however we’ve additionally graduated to monetary companies, can there be an fascinating set of companies could be delivered to shoppers and SMEs? As we speak, India is adopting know-how at mass scale, not simply shoppers however even small companies. Now even SME speaking about Saas and the way it can assist remedy their issues,” Somani defined in additional element.
Prime Enterprise Companions’ managing companions (left to proper) Amit Somani, Shripati Acharya and Sanjay Swamy
Whereas different funds may need been tempted to maneuver up the funding stack with a bigger fund, Bangalore-based Prime Enterprise Companions is sticking to its authentic premise of selective early-stage deal-making.
“We undertake a excessive help and excessive engagement mannequin with our portfolio,” mentioned Somani, who was beforehand chief product officer for on-line journey service MakeMyTrip. “We’ve made 19 investments since 2012 and — bar one which shut down in 2011 — all are alive and effectively. We make certain now we have sufficient bandwidth to spend deep time with our startups.”
Like most funds, Prime Enterprise Companions didn’t particularly identify the LPs which are backing its subsequent fund, however Somani mentioned that backers from the earlier fund “all reupped.” All advised, he added, the LP base is comprised of organizations from throughout the U.S., Singapore and Hong Kong.
Going ahead, the agency is hoping to make new connections in Asia because it goals to broaden the expertise and networks that its portfolio can faucet into. The corporate has focused India-first companies, however Somani mentioned that many have both moved into alternatives abroad or are exploring the likelihood to take action sooner or later.