New Delhi, June 22 -- Mumbai-based venture capital firm Prath Ventures, which primarily invests in consumer-centric businesses, is planning to start raising its second fund soon, a top executive told VCCircle.
The VC firm, co-founded by managing partners Piyush Goenka and Harmanpreet Singh in 2023, raised Rs 200 crore for its maiden fund. It is now aiming to collect Rs 500 crore (about $53 million) in its new outing, Singh told VCCircle.
Singh was previously a senior executive at private equity firm ICICI Venture and a managing director at Multiples PE. For the last three years, he had been managing his personal investments in the early-stage consumer domain, investing in companies including Mosaic Wellness, Believe (Lafz), Bridge-up and Lysto.
Goenka previously worked at Asia-focused alternative investment firm Tano Capital, where he managed two funds in India aggregating to $210 million (around Rs 1,700 crore then). He has previously served on the boards of Safari Industries, Arohan, Shilpa Medicare, and JHS.
Prath Ventures typically puts in an average cheque size of $1 million in seed to Series A rounds. It invested in 11 companies through its maiden fund. These include Aukera Jewellery, women's accessory maker Theatre, bags brand Miraggio, healthy snack firm Eat Better Co, sustainable home care product brand Happi Planet, D2C apparel brand Littlebox, cafe chain Nothing Before Coffee, luggage brand Assembly, and premium beverage brand Jimmy's Cocktails.
Its limited partners in its maiden fund included state-run SIDBI, the family offices of consumer-focused brands such as Safari Industries, and the Vadilal family.
Singh said the firm has applied to the Securities and Exchange Board of India for the new fund and is awaiting approval to roll out the vehicle.
"The first fund is almost fully deployed now. There is some dry powder left. So, we'll do a few more deals from Fund 1. Additionally, we will conduct follow-ups. In all, we'll be investing in three more companies," he said.
Talking about growth of the portfolio companies, Singh said five portfolio companies have already crossed Rs 100 crores in annual recurring revenue while two companies have crossed Rs 50-60 crore.
Published by HT Digital Content Services with permission from VC Circle.