Prime IV (IFC-45228)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 31, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SEABRIGHT IV, L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 13, 2024

Disclosed by Bank Apr 28, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the proposed project is for an equity investment of up to US$15 million into Seabright IV, L.P (the “Fund”, operating as Prime Venture Partners) and a co-investment envelope of up to US$15 million to invest alongside the Fund.

The Fund will focus primarily on seed to series A stage investments in Indian technology-enabled companies. The Fund plans to invest in companies across healthcare, education, financial services, logistics, consumer internet and enterprise technology sectors. It will help to expand their global reach.

The project will help to position the industry to "buildback- better" post COVID-19, and will contribute to restoring the confidence and enthusiasm of the investors disrupted by the pandemic. IFC's investmentis expected to send a signal of support to the ecosystem and existing and new investors.

Currently, the fund and their investee companies have no ESG related provisions in place and the IFC will help implement ESG standards and monitoring. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC proposes an equity investment of up to US$15 million in the Fund, not to exceed 20% of the Fund’s total capital commitments.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by Yashas IV, LLC, Delaware, USA, whose Managing Member is Raj Mashruwala. The Management Company is Azure91 Management LLC, a Delaware USA entity. The sub-advisor to Azure91 Management LLC is Priven Advisors LLP, Bangalore, India established in 2015 by Sanjay Swamy, Shripati Acharya and Amit Somani (together the “Sub Advisory Partners”), which shall render non-binding advisory services to Azure91 Management LLC.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Seabright IV, L.P. (Prime Venture Partners)
Raj Mashruwala; Sanjay Swamy
General Partner, Seabright IV, L.P.; Managing Partner, Priven Advisors LLP

info@primevp.in
450 Melville Avenue, Suite B, Palo Alto, CA 94301, USA
www.primevp.in

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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