Prath Ventures

Eternal Emerging Enterprises Trust (IN/AIF2/22-23/1164) is a SEBI-registered Category II Alternative Investment Fund registered in November 2022 — the debut AIF vehicle of Prath Ventures, an early-stage venture capital firm co-founded in 2022 by Piyush Goenka and Harmanpreet Singh. 'Prath' is a Sanskrit word meaning value creation. Prath focuses on Seed to Series A investments in consumer-centric businesses across FMCG, lifestyle, food, health, education, and enabling technologies (logistics, packaging, marketing tech), with ticket sizes of INR 3–15 crore (USD 500K–2M). The fund raised INR 120 crore in its second close (March 2024), with SIDBI Fund of Funds as a cornerstone LP. Portfolio companies include Jimmy's Cocktails, Assembly (luggage, $2.1M round), Aukera (jewellery, Series B with Peak XV Partners), Nothing Before Coffee ($2.3M pre-Series A), and Littlebox India. The fund is headquartered at 2803, 28th Floor, Tower 5, Crescent Bay, Jerbai Wadia Road, Parel, Mumbai 400012.

Prath Ventures blends venture capital agility with private equity discipline. The firm focuses on concentrated portfolio construction — 15–20 companies with deep operational involvement — versus the 40–50 investment spray-and-pray approach. The investment thesis is anchored in India's consumption tailwinds: per capita income crossing USD 2,500, the same inflection point at which China's consumption exploded in 2006. Prath targets category leaders in Indian consumer markets with 95% of capital concentrated in consumer, financial services, and healthcare. The team seeks founders with deep market understanding, a clear brand proposition, and capital efficiency — aiming for 70–80% of portfolio companies to deliver returns, compared to typical VC expectations of 20–30%. The firm aims to be the first institutional investor at Seed or Series A, bringing both capital and genuine strategic/operational value-add.