Eternal Emerging Enterprises Trust — Prath Ventures | wisefolio

Eternal Emerging Enterprises Trust

First Institutional Investor. Value Creation Partners.

IN/AIF2/22-23/1164Cat II

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

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.

Investment Philosophy

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.

Team— 2

Piyush Goenka

Co-Founder & Managing Partner; SEBI Contact Person

Piyush Goenka is Co-Founder and Managing Partner of Prath Ventures and the SEBI-registered contact person. He is a CFA charterholder (2003–2005). Prior to Prath, he was a Partner at Tano Capital (USD 200M AUM PE fund), where he backed Safari Industries (market cap growth from INR 200 Cr to INR 10,000 Cr) and Arohan Financial Services. He has evaluated over 4,000 startups in his career. He holds an MBA from Management Development Institute (MDI), Gurgaon.

Harmanpreet Singh

Co-Founder & Partner

Harmanpreet Singh is Co-Founder and Partner at Prath Ventures. Prior to Prath, he was at Multiples Private Equity. Together with Piyush Goenka, he has invested over INR 1,700 crore across their careers, with involvement in consumer businesses including Safari Industries, PVR, Good Glamm Group, Vastu Housing, and others.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF2/22-23/1164

VintageNov 2022 · 3 yrs old

Valid ToPerpetual

Contact PersonPiyush Goenka

Address2803, 28th Floor, Tower No. 5, Crescent Bay, Jerbai Wadia Road, Parel, Mumbai 400012, Mumbai, Maharashtra, 400012

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