Launch of Rs 1,000-Crore Venture Capital Fund by Former Alibaba and 9Unicorns Partners

Former head of investments at Alibaba Group's India business, Raghav Bahl, and ex-partner at 9Unicorns, Soham Avlani, have launched PROMAFT Partners, a Rs 1,000-crore venture capital fund. The sector-agnostic fund aims to invest in companies with strong product-market fit, with 10-12 investments in the pipeline.

Former head of investments at Alibaba Group's India business, Raghav Bahl, and 9Unicorns ex-partner, Soham Avlani, have announced the launch of PROMAFT Partners, a Rs 1,000-crore venture capital fund. The fund is designed to identify and invest in companies that demonstrate exceptional product-market-fit.

The sector-agnostic fund aims to make 10-12 investments, with two to three investments per year. Bahl emphasized the importance of sustainable competitive advantage for creating shareholder value, encouraging entrepreneurs to grow slowly while focusing on business fundamentals.

The fund is supported by Indian family offices and market leaders such as Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse, who will also serve as mentors to the portfolio companies. Avlani noted that current market conditions favor capital-efficient businesses, offering an attractive risk-return profile.

(With inputs from agencies.)