PeerCapital hits $37m first close on India early-stage fund
PeerCapital, an Indian venture capital firm that participates in seed and Series A rounds, has reached a first close of INR 3bn (USD 36.3m) on its debut fund.
The overall target is INR 6bn, although there is a green shoe option that could take the corpus to as much as INR 9bn. The LP base primarily comprises company founders, family offices, and high net worth individuals, Karthik Prabhakar, a managing partner at the firm, told Moneycontrol.
PeerCapital was established last year by Prabhakar, who previously spent 11 years at Chiratae Ventures, rising from intern to managing director, Rohit MA, co-founder of hospital chain Cloudnine, and Ankur Pahwa, formerly a partner and India head of e-commerce and consumer internet at EY.
The firm writes cheques of up to USD 2m, focusing on technology-enabled financial services, healthcare, and consumer businesses as well as software-as-a-service (SaaS) start-ups. The fund is expected to make about 30 investments in total and has already closed six.
“The whole ethos that we are trying to inculcate and demonstrate is that we want to be on the side of the founders. This also means that our investors also understand that. If the founders win, we win and therefore our investors will also win,” Prabhakar said.
“Apart from this, for the founders, the ethos is how we can leverage the expertise of our LPs and how we enable founders in their journey. So, we have named it as PeerCapital to in a way tell founders that we are your peers, from a founders’ perspective.”
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