India: Primarc floats VC fund to back startups in early, advanced stages

Kolkata-based Primarc Group, which is into real estate and retail, has set up a venture capital fund, christened Primarc iVenture, to back startups with social impact or unique ideas, as per a report in The Economic Times.

The corpus of the fund was, however, not disclosed.

Primarc iVenture was floated three months ago and has already invested in about 10 enterprises including Catapoolt, Ketto, I-Kure, Sampurn(e)arth, Design Cafe and Swarna Pragati through Kolkata Angels and other forums. 

In future too, the fund is looking at investments between Rs 5-10 lakh in the angel stage and Rs 25 lakh – Rs 1 crore in the advanced stage, with a focus on startups in West Bengal, the report said.

Primarc Group is a diversified and dominant player in the retail and realty sector in Eastern India. The group owns and operates over 45 stores across various formats of brands including Raymond, Color Plus, Park Avenue, Essence, Esquire and STORY. The company has over four million sq. ft. of residential projects under development at present.

The group has forayed into angel and venture investing with a vision to promote enterprise and entrepreneurship. It intends to back eight to ten good ideas every year. Early last year, the group also floated a special purpose vehicle Primarc Pecan Retail to foray into the e-commerce space.

Also Read: Unicorn India Ventures announces first close of its early stage fund

Exclusive: India’s GVFL gets nod for $38m startup fund

Blume Ventures completes first close of Fund II at $30m

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.