Saudi Aramco's venture capital arm, Prosperity7 Ventures, is venturing into India to seek investment opportunities in the country's burgeoning startup landscape. The fund, with over $3 billion in assets worldwide, is reportedly planning to allocate a substantial sum of around $200-350 million to back early-stage companies in India. The firm aims to create a diverse portfolio comprising 15-20 startups and intends to invest across different stages from seed to Series A and B rounds.
Prosperity7 Ventures is looking to capitalize on India's growing potential as a key market for investment, with the country's startup ecosystem receiving a significant cumulative investment of $7.2 billion in early-stage companies in 2023. The fund, known for its focus on scalable technologies and innovative business models, prioritizes investments in sectors such as enterprise tech, fintech, deep tech, AI, and various others. With an existing portfolio that includes notable companies like Jeeves, Sunrate, and Wasabi, the venture capital firm is now eyeing India as an essential market for its expansion strategy, alongside its existing investments in the US, the Middle East, and China.
In line with the broader trend of increasing interest in early-stage investments in India, Prosperity7 Ventures' move comes at a time when both global and local investment firms are actively seeking opportunities in the country. The fund's entry into India signifies a growing trend of new investment players entering the market, propelled by improved global funding conditions and a more favorable investment climate. Tracxn data indicates a rising number of funds being raised, reflecting a positive outlook on the Indian market and the growing appetite for early-stage investments among investors.