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Raghav Bahl, the previous leader of investments at Alibaba Group's India business, and Soham Avlani, a former partner at 9Unicorns, have declared the establishment of PROMAFT Partners, a venture capital fund with a capital of Rs 1,000 crore.
Bessemer Venture Partners is a global fund that operates in the United States, Israel, and India. Avlani, on the other hand, was an investor in the public market.
The fund, which is not limited to any specific sector, intends to invest in companies who have demonstrated a successful alignment between their product and the market need. Additionally, it intends to execute 10-12 investments, with an average of two to three investments per year.
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The fund is supported by Indian family offices and prominent companies such as Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse. These entities will also serve as mentors for the portfolio companies of the fund.
During his previous tenure at Alibaba, Bahl spearheaded the group's investments in many businesses such as Xpressbees, BigBasket, Paytm, Ola Cabs, Travel Triangles, and others. However, Avlani was responsible for overseeing 9Unicorn's investments in Rezolve.Some examples of companies are AI, Hoopr, LiquiLoans, Baaz Bikes, and Castler.
Raghav Bahl, said: “We encourage our entrepreneurs to grow slowly, while investing in the core fundamentals of the business… We are backed by prudent investors which gives our entrepreneurs the advantage to build for the long term,”
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