Trident Growth Partners Raises Rs 1,000 Cr As First Close For Maiden PE Fund

Trident Growth Partners, a private equity firm started by former Premji Invest partners Atul Gupta and Rajesh Ramaiah, along with ex-IFC investor Pravan Malhotra, has raised Rs 1,000 crore in the first close of its maiden fund.

This India-focused fund plans to raise a total of Rs 2,000 crore by the end of 2025.

The initial round got support from Claypond Capital (Ranjan Pai’s family office), SIDBI’s Fund of Funds for Startups, and the Self Reliant India Fund. Over 30 startup founders, venture fund partners and family offices also participated in the round.

The fund is backed by Indian government-backed funds like SIDBI and the Self-Reliant India Fund (SRI), along with several Indian and international family offices and partners from well-known investment funds.

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The fund will invest in Series B and later-stage startups in areas like consumer, financial services, enterprise tech, manufacturing and healthcare.

Trident’s first investment is in Spotdraft, a SaaS company that manages contracts. It plans to make more investments in 2025.

The firm also plans to help its portfolio companies by sharing hands-on experience and connecting them with a strong network of founders and experts.

Trident Growth Partners Managing Partner Atul Gupta said, “Our focus is on backing resilient, growth-stage companies with strong unit economics that prioritise sustainability and governance.”

“These are companies transitioning from the VC-funded stage to a stage where they will start to grow significantly, put processes and governance in place…and that is when you get a deeper engagement in these companies. That is critical as then they have to plan for an IPO or an exit in 4-5 years,” Ramaiah said.

Trident Growth Partners has made its first investment of ₹110 crore by co-leading the Series B round in Spotdraft, a SaaS company that helps manage contracts.

It’s now close to finalizing its second investment.

The firm also has more deals in the works, including one each in financial services and manufacturing, and is currently reviewing a few healthcare companies as well.

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