Prime IV (IFC-45228)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
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 Oct 31, 2021

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.

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
450 Melville Avenue, Suite B, Palo Alto, CA 94301, USA


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