Investing in India's Future with a 10X Vision: Amit Somani The Bengaluru-based firm has made over 45 investments in a variety of industries, including fintech, SaaS, edtech, health care, and logistics. MyGate, Niyo, Sunstone Eduversity, Wheelseye, Quizizz, and Poshn are among some of its portfolio companies.
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Amit Somani, Managing Partner at Prime Venture Partners, began his venture capital career as an "Accidental VC" nine years ago, transitioning from an operational role. He views investing as a privileged position, allowing him to meet and support inspired founders tackling significant problems.
"We have met with thousands of great BIZ Experiencess and back a few dozen of them. In addition to learning about many businesses and founders, we have also seen many of these companies blossom from a seed to full, blown trees yielding fruit," says Somani.
Somani finds it humbling to observe the challenges and dedication required to achieve success, often reflecting on the saying, "It only took 10 years to be an overnight success."
Founded in 2011, Prime Ventures focuses on backing startups with a 10X advantage in technology or product, witnessing their growth from seed-stage startups to successful enterprises.
According to Somani, building Prime Ventures is both an opportunity and a challenge. It involves sourcing founders, convincing investors, and nurturing companies. Success depends on strong teams, large markets, and perfect timing.
The Bengaluru-based firm has made over 45 investments in a variety of industries, including fintech, SaaS, edtech, health care, and logistics. MyGate, Niyo, Sunstone Eduversity, Wheelseye, Quizizz, and Poshn are among some of its portfolio companies.
Somani emphasises that Prime Ventures is bullish on several areas: "Digital India," financial services, financial inclusion, organising the unorganised sectors, and building global software, especially using generative AI and vertical SaaS.
Commenting on the investment outlook for FY 2024–25, Somani says, "India is now the fifth largest economy globally, behind the US, China, Germany, and Japan. Given the current growth rate, it should become the third-largest economy before the end of the decade.
"We have witnessed the Indian startup ecosystem grow enormously over the past 15 years; we believe the best years for the startup ecosystem are ahead of us," he adds.
Talking about the success stories, Somani shares, "We helped Happay pivot from B2C to B2B, facilitated crucial banking partnerships, and guided IP creation, leading to a successful exit to CRED. For Perpule, we assisted during COVID pivots and the eventual acquisition by Amazon."
Facts:
- Portfolio Size: 45
- Average Ticket Size: USD 1 Mn to USD 3 Mn
- Total Exits: 7
- Total Assets Under Management: USD 300 Mn
