PROMAFT Partners Venture Capital Fund Launched to fund StartUps in India and the fund plans make 10-12 investments, with two-three investments in a year. The fund is based on specific sector specifically in companies that have proven exceptional ‘product-market-fit’.
PROMAFT Partners Launched by former Alibaba India Head Raghav Bahl and 9Unicorns ex-partner Soham Avlani
PROMAFT’s Rs 1,000 crore venture capital fund is focussed on products that fit market conditions and aim is to take advantage of experiences gathered over the years.
This experience of global investing across China and Europe will help the investors in mentoring start-ups to develop go-to markets which are overseas spread and include various operational strategies.
“Growing without product-market-fit is like driving fast in the wrong direction. And product-market-fit without sustainable competitive advantage doesn’t create shareholder value. We encourage our entrepreneurs to grow slowly, while investing in the core fundamentals of the business.
” The company plans to make two-three investments per year. We are backed by prudent investors, which gives our entrepreneurs the advantage to build for the long term,” Bahl said.
The fund is also backed by Indian family offices and market leaders like Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse who will also double-up as mentors for the fund’s portfolio companies.
“We believe that this vintage encourages entrepreneurs to develop capital efficient businesses while the absence of large funds has resulted in valuations to sober down. We remain excited about this environment as it provides for a highly attractive ‘risk-return profile’ for both investors and entrepreneurs,” said Avlani.
Both Bahl and Avlani have been involved in investing and managing large portfolios, which includes brands such as Swiggy, Paytm, BigBasket, XpressBees, TaxiForSure, VideoVerse, and PharmEasy.
They both have impressive portfolio that has returned over USD 1 billion in profitable cash exits from India.
(Image courtesy: Entrepreneur)
