Trident Growth Partners, a new entrant in the Indian private equity landscape, plans to invest in 10 to 12 companies over the next three to four years from its debut fund, according to Managing Partner Pravan Malhotra.The firm recently announced the first close of over ₹1,000 crore for this maiden fund, which was founded by experienced investors formerly with Premji Invest and the International Finance Corporation (IFC).While the firm remains sector-agnostic in its approach, it is guided by specific investment themes. Malhotra explained that this strategy helps avoid getting “stuck in any particular market cycles or valuation bubbles within specific sectors.”
Key themes Trident is tracking include consumer trends, financial services, Software-as-a-Service (SaaS), manufacturing driven by ‘Make in India’, and healthcare. Underlying many of these focus areas is India’s powerful consumption and demographic story.
Malhotra noted that rising incomes, a growing middle class, and expanding consumption beyond major cities into tier 2 and tier 3 areas are driving demand across sectors like healthcare, food, education, and financial services.Trident intends to focus its investments primarily on Series B and later funding rounds, typically investing between $15-20 million per company. Malhotra finds this stage particularly compelling due to the risk-return profile.”What we find compelling is the risk-adjusted return in this segment. To us, it’s probably the most optimal,” he stated, adding that companies at this stage have often proven their business models but require capital to scale significantly. He described this segment as “relatively underserved,” especially by funds with a broader, sector-agnostic view rather than a pure tech focus.Momentum is building as the firm works towards its final target of ₹2,000 crore for the fund by 2025. The initial close saw strategic backing from over 30 founders, prominent family offices, and two government-backed fund-of-funds. Malhotra indicated that the next phase of fundraising will target domestic institutions and global capital sources.Watch the accompanying video for more
