Prime Venture Partners

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Prime Venture Partners
Formerly
AngelPrime
Private
IndustryVenture capital
Founded2011; 11 years ago (2011)
HeadquartersBangalore, Karnataka, India
Key people
  • Sanjay Swamy
  • Amit Somani
  • Shripati Acharya
Websiteprimevp.in

Prime Venture Partners is an early-stage and private Venture Capital fund led by Sanjay Swamy, Amit Somani and Shripati Acharya. Created in 2012, the firm initially started operating as AngelPrime but updated its name to Prime Venture Partners in 2015.[1]

As of 2020, the VC firm has already invested in 25+ startups out of which 23 are actively in business. Of the 2 out of the equation, ZipDial received an exit package of $30-40 million from Twitter.[2] Prime Venture Partners also recently contributed to the Google Playbook for Startups to mitigate the challenge of COVID-19.[3]

Founding partners and members

Before Prime Ventures, Sanjay Swamy co-founded ZipDial along with Valerie Rozycki Wagoner and Amiya Pathak. He was previously the CEO at mChek, a secure payment startup. He also worked at the Xerox PARC in Palo Alto, Picsqaure, UIDAI of Government of India and Ketera and Portal Software before landing with Prime Venture Partners. Along with being a Venture Capitalist and Indian technologist, Sanjay is currently also a volunteer, blogger and speaker.

Amit Somani started out as a Gold Medalist in Indian Institute of Technology, Varanasi. His experience spans over 20 years in the niche of technology and internet services. Before Prime Ventures, Amit was the Chief Product Officer at MakeMyTrip. He was also the Director for the Enterprise Search and Discovery business at IBM, San Jose, California. His other contributions include his work with search, advertisement and mobile products at Google and the presence of seven US patents in his name.[4]

Shripati Acharya was the business lead at Cisco and had worked in the UIDAI project alongside Mr. Nandan Nilekani.[5] He was also the co-founder of the photo website Snapfish and Transarc which were respectively acquired by HP and IBM.

Portfolio Companies and Investments

Prime Venture Partners manage a portfolio of 23 active companies (as on June 2020) that are spread over the sectors of consumer, B2B, Software as a Service or SaaS, Fintech, healthcare and logistics. The funding strategy is a low-volume-high-conviction type where the VC firm delves deeper into every startup that approaches it for funding and limits investment to 4 to 5 companies per year to maintain a solid risk diversification.

Among its portfolio companies, the most recent investment has been in OTO where Prime Venture Partners extended a fund of INR 10 crore to the retail automotive leasing company.[6] Prior to this investment, OTO was majorly operating in Mumbai and Bangalore. Prime Venture’s investment is directed to the company’s vision to expand into more Indian cities.

Prime Venture Partners reinvested in Recko, a fintech startup, in its Series A round of funding that also saw Vertex Ventures giving US$ 6 million or INR 46 crore to the company.[7] Prime Venture was already an investor in Recko, a company that is currently forecasting a transaction amount of over US$ 10 billion over its platform by the end of 2020.

In the healthcare sector, Prime Venture has invested in Affordplan and mfine. Affordplan had raised US$ 10 million[8] during its Series B round of funding from other VC firms like Lok Capital and Omidyar Network that joined the existing group of investors like Kalaari Capital and of course, Prime Venture Partners. AI-based mfine recently raised US$ 17.2 million in its Series B funding majorly led by SBI Investment.[9]

Investment Categories

Consumer

  • Sunstone Eduversity
  • MoneyTap
  • MyGate
  • OTO
  • Quizizz
  • Perpule
  • Affordplan
  • Kredx

B2B

  • Happay
  • Ezetap
  • Recko
  • Vidgyor
  • SurveySparrow[10]
  • Wheelseye
  • Tracxn

Software as a Service or SaaS

  • Quizizz
  • Perpule
  • Hackerearth
  • MyGate
  • Synup
  • Happay
  • Vidgyor
  • Ezetap

Fintech

  • OYO
  • MoneyTap
  • Kredx
  • Niyo[11]
  • Affordplan
  • SmartOwner
  • Happay
  • Ezetap

Healthcare

  • Affordplan
  • mfine

Logistics

  • Wheelseye

References

  1. "About Us". primevp.in. Retrieved 2020-07-04.
  2. "Twitter Confirms Acquisition Of India's Missed Call Marketing Platform ZipDial". TechCrunch. Retrieved 2020-07-04.
  3. "Startup Street: Google lends helping hand to startups". cnbctv18.com. Retrieved 2020-07-04.
  4. "Prime Ventures - Team: Amit Somani". primevp.in. Retrieved 2020-07-04.{{cite web}}: CS1 maint: url-status (link)
  5. "Prime Ventures - Team: Shripati Acharya". primevp.in. Retrieved 2020-07-04.{{cite web}}: CS1 maint: url-status (link)
  6. "OTO raises Rs 10 crore from Prime Venture Partners". The Economic Times. 2019-09-05. Retrieved 2020-07-04.
  7. www.ETtech.com. "Vertex leads $6 million fundraise in fintech startup Recko - ETtech". ETtech.com. Retrieved 2020-07-04.
  8. Bhakta, Pratik (2018-04-16). "Affordplan raises $10 million in a series B round". The Economic Times. Retrieved 2020-07-04.
  9. www.ETtech.com. "Health-tech startup mfine raises $17.2M funding led by SBI Investment - ETtech". ETtech.com. Retrieved 2020-07-04.
  10. "SurveySparrow raises $1.4 million in seed funding from Prime Venture Partners". The Economic Times. 2019-04-02. Retrieved 2020-07-04.
  11. "Fintech firm Niyo gets $35 m from Tencent, Horizon in second round". The Economic Times. 2019-07-09. Retrieved 2020-07-04.

External links

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