World Financial institution’s Worldwide Finance Company (IFC) stated on Thursday it should make investments as much as $15 million (Rs 111.6 crore) in Anglo-Dutch investor Prime Ventures’ newest fund Seabright.
The funding will probably be capped at 20% of the overall fund measurement. IFC additionally proposes a co-investment of as much as $15 million, it stated in a disclosure.
The World Financial institution arm stated that Seabright will primarily concentrate on seed to Collection A investments in Indian tech-enabled corporations throughout healthcare, training, monetary providers, logistics, client web and enterprise know-how.
IFC’s funding will assist Seabright and its investee corporations to implement ESG (environmental, social, and company governance) requirements and monitoring, the disclosure stated.
Seabright will probably be managed by Yashas IV, Delaware, USA, whose managing member is Raj Mashruwala from Azure91 Administration, a Delaware USA entity.
IFC, which has an lively LP (restricted companion) portfolio in India, additionally makes direct non-public equity-style investments and lends to corporations within the nation.
Final week, it proposed to invest in homegrown non-public fairness agency Everstone’s largest ever fund.
In 2019, IFC co-invested with two venture-stage traders, of which one was stated to be Prime Ventures.
Began in 2012, Prime Ventures is an early stage enterprise fund led by Sanjay Swamy, Shripati Acharya and Amit Somani. Its portfolio corporations embrace workforce supervisor Zuper; SaaS platform Winuall; automotive retail firm OTO; and distant well being monitoring startup Dozee.