Venture capital firm Prath Ventures focusing on consumer-centric businesses has completed its second close, raising Rs 120 crores with participation from SIDBI Funds of Funds and multiple other founders and family offices, the fund announced on Wednesday.
Co-founded by Piyush Goenka and Harmanpreet Singh, Prath Ventures focuses on the Seed to Series A stage and has made three investments since its inception in 2022. Its portfolio includes beverage maker Jimmy’s cocktails. The fund has not announced other investments in consumer brands in the lifestyle and travel sector.
“Our unique value proposition lies in our ability to blend venture capital agility with the discipline and rigor of private equity,” said Harmanpreet Singh, co-founder, Prath Ventures. “The fund will seek to deliver the best of Indian Consumption Opportunity to our LPs while adhering to the highest standards of institutional fund management.”
Prath Ventures is targeting its final close in the coming months. The firm is looking to deploy the corpus in the next eighteen to twenty-four months.
Piyush Goenka, co-founder of Prath Ventures, added, “Our investment philosophy is rooted in our deep understanding of the consumer sector and our unwavering commitment to value creation. By providing early-stage companies with not just capital but also strategic guidance and operational support, we aim to catalyze their growth trajectory and unlock their full potential.”
According to a Morgan Stanley report, India’s consumption is expected to surpass $4 trillion by 2030, creating a fertile ground for investment opportunities.
The Fund of Funds for Start-ups (FFS) was unveiled by Prime Minister Narendra Modi in January 2016on the January 16, 2016 with a Rs 10,000 crore corpus for contribution to various Alternative Investment Funds (AIFs) registered with SEBI.
The fund has committed Rs 9,500 crore for the promotion of new ventures in the country, said PTI in a report last week citing SIDBI chairman S Ramann.