Venture capital fund Prime Venture Partners has closed its fifth fund at $100 million to back early-stage startups across fintech, and artificial intelligence, among others.
The fund plans to invest between $2.5 million and $3 million in 16-18 startups. It will also reserve a small portion of its funds for additional investments in bigger companies within its portfolio.
Since its inception, Prime Venture Partners has invested about $200 million in Indian startups in fintech companies like Freo (formerly Moneytap), Niyo, MyGate, and the health tech startup Dozee.
Prime Venture has also made successful exits from several investments on Tracxn, Recko (acquired by Stripe), Happay (acquired by Cred), Ezetap (acquired by Razorpay), and Perpule (acquired by Amazon).
Last week, former Venture Highway executive Aviral Bhatnagar’s VC firm, A Junior VC, closed its first Rs 100 crore fund for pre-seed investments in India, while Together Fund announced plans to mark the final close of its $150 million Fund II by June.
In the past year, Stellaris Venture Partners, Ivy Cap, Sorin Investments closed funds with the size of $150 million to $300 million.