New Delhi, Apr 24 (KNN) Saudi Aramco, the largest conglomerate in Saudi Arabia, is making a strategic move to tap into India's burgeoning start-up ecosystem. The company's venture capital arm, Prosperity7 Ventures, is building an India team and actively scouting for early-stage deals in the country.

This move signals Aramco's intent to leverage India's vibrant start-up story and widen the fund's global reach.

According to sources familiar with the plans, Prosperity7 Ventures is currently in talks to hire a head for its India business.

The fund, which has over USD 3 billion in assets under management globally, is looking to allocate between USD 200 million and USD 350 million specifically for investments in the Indian market.

The sources reveal that Prosperity7 Ventures aims to build a portfolio of 15 to 20 early-stage companies in India. Its investment focus will span from seed stage to Series A and Series B rounds, providing valuable capital to promising start-ups in the country.

Currently, Prosperity7 Ventures has investments in the United States, Middle East, and China. However, the firm recognises the growing deal flow and opportunities emerging from India, making it a "must-have market" for expanding its geographic presence.

India's start-up ecosystem has witnessed a total of USD 7.2 billion invested in early-stage firms in 2023 alone, according to data from Tracxn, a private equity and venture capital data provider.

This thriving environment has attracted the attention of global investors, including Prosperity7 Ventures.

According to its website, Prosperity7 Ventures has so far invested more than USD 1 billion globally in start-ups focused on scalable technologies and business models that catalyse change across sectors. The firm's investment interests span enterprise tech, fintech, deep tech, artificial intelligence, business-to-business, business-to-consumer, and medtech.

(KNN Bureau)