Prime Venture Partners raises Rs 400 crores in its third fund

Prime Venture Partners has closed its third fund of $60 million (Rs 400 crore) and intends to invest the amount in early-stage companies working primarily in the financial services sector, enterprise solution companies and startups in the healthcare segment.

“With the new fund we plan to invest in a clutch of around 15 early-stage companies and stick to our strategy of not getting more than three to five new companies per year,” said Sanjay Swamy, managing partner at Prime Venture Partners. Prime Venture Partners’ biggest backer is Social Capital, a Palo Alto-based VC firm led by Chamath Palihapitiya.

The venture capital fund plans to look for startups in finance which have a focused solution and can target niche payment segments.