Trident Growth Partners Marks First Close Of Maiden Fund At INR 1,000 Cr

SUMMARY

Growth stage-focussed private equity firm Trident Growth Partners has marked the first close of its maiden fund at over INR 1,000 Cr

The fund aims to hit the final close at INR 2,000 Cr by this year end

The fund will focus on Series B and late stage startups, also picking up minority stakes

Growth stage-focussed private equity firm Trident Growth Partners has marked the first close of its maiden fund at over INR 1,000 Cr.

The fund aims to hit the final close at INR 2,000 Cr by this year end.

Launched by former Premji Invest partners Atul Gupta and Rajesh Ramaiah, along with Malacca Ventures’ former investment executive Pravan Malhotra, Trident Growth Partners plans to invest in 10-12 companies over the next four years.

The fund will focus on Series B and late stage startups, also picking up minority stakes.

“These will be mostly lead or co-lead checks, with ticket sizes in the INR 150–200 Cr range. We’ll reserve capital for follow-ons in years four and five, and aim to build a concentrated, high-conviction portfolio,” said Gupta.

Sector agnostic TGP is betting on three key themes, namely, India’s growing consumer market, ‘China plus one’ shift in manufacturing, and companies building in India for global markets.

Earlier, it has backed companies like Flipkart, BigBasket, Lenskart and PolicyBazaar.

“TGP has already made its first investment in SaaS startup Spotdraft. In the Series B funding round, TGP co-led with INR 110 Cr infusion,” Gupta told Inc42.

The fund counts SIDBI’s Self Reliant India Fund, Dr Ranjan Pai’s family office (Claypond Capital), and over 30 founders from startups such as KreditBee, Amagi, Livspace and Lenskart among its backers.

“We expect to deploy the majority of our investment over the typical four-year period. Most of the initial checks should be done within the first three years. The fourth, and possibly the fifth year is when we plan to make some of the follow-on investments,” Gupta said.

At the core of TGP’s thesis is a belief that India’s market maturity doesn’t lend itself well to sector-specific funds.

“India, in many ways, is a mile wide and an inch deep. It lacks the depth across sectors that you see in mature economies like the US,” Gupta said.

He argued that sector-focused strategies often risk getting trapped in cyclical downturns. For instance, he said, funds raised during the enterprisetech hype of 2021–2022 faced valuation bubbles, while those focused on financial services during periods of stress found themselves forced to deploy capital in unfavorable conditions due to tight fund timelines.

“Being sector-agnostic helps us avoid those traps. It allows us to build a resilient portfolio by following themes that cut across sectors and are fundamentally shaping India’s next decade,” he added.

Despite global market headwinds, including ongoing geopolitical tensions like the US-China trade conflict, TGP is seeing the current environment as ripe with opportunity.

“Volatility is when we get to do our best work,” Gupta said, adding, “We’re not in the business of chasing frothy trends. Instead, we’re taking calculated bets with a five-to-seven year horizon, aiming to back businesses that can ride out short-term uncertainties and emerge stronger.”