Trident Growth Partners, a private equity firm founded by industry veterans Atul Gupta, Rajesh Ramaiah, and Pravan Malhotra, has successfully marked closes its maiden fund at over INR 1,000 crore. The milestone makes headlines in the startup ecosystem, especially with India’s growth-stage funding climate showing clear signs of revival. Notably, this marks one of the fastest fund closures, as TGP achieved this within just 7–8 months of receiving its Alternative Investment Fund (AIF) license. The fund is exercising its greenshoe option to raise an additional INR 1,000 crore, aiming for a final close at INR 2,000 crore by year-end.
Focused on backing resilient Series B and late-stage startups, Trident Growth Partners plans to invest in 10–12 companies over the next four years. With cheque sizes ranging from INR 150–200 crore, TGP will secure minority stakes and often lead or co-lead rounds. It has already made its first move by co-leading a Series B round in SaaS startup Spotdraft with an infusion of INR 110 crore.
The investment firm remains sector-agnostic but prioritizes India’s growing consumer market, the ‘China plus one’ manufacturing shift, and startups building for global markets. Backers of this fund include SIDBI’s Self Reliant India Fund and family offices like Dr Ranjan Pai’s Claypond Capital, along with over 30 Indian startup founders.
Trident Growth closes fund at a time when global and domestic venture capital firms are reactivating investment strategies amid improving startup IPO pipelines and corrected valuations. With a firm belief in thematic investing and governance-heavy partnerships, TGP aims to guide companies as they transition from venture-backed entities to sustainable businesses. This fund closure represents not just a financial milestone but a deeper shift in how Indian private equity approaches late-stage startup investments.
1. Trident Growth Partners: Working Model and Revenue Strategy
1.1 Trident Growth Partners (TGP) operates as a growth-stage private equity firm. It focuses on companies that have successfully moved past their early-stage proof-of-concept phase and are now scaling sustainably.
1.2 Its business model involves acquiring significant minority stakes in high-potential companies, typically between 8% and 20%, and supporting them with governance, process discipline, and strategic capital.
1.3 The firm expects returns through capital appreciation via IPOs, secondaries, or strategic buyouts. Revenue is primarily earned from management fees and carried interest upon exits.
1.4 TGP differentiates itself by entering at the transitional phase of startups—just after the venture capital phase and before traditional PE involvement. This is when companies often require both funding and operational mentorship.
2. Founders and Investment Philosophy
2.1 Trident Growth Partners was co-founded by seasoned investors Atul Gupta and Rajesh Ramaiah from Premji Invest, and Pravan Malhotra, formerly with Malacca Ventures and the International Finance Corporation.
2.2 The trio has collectively backed giants like Flipkart, BigBasket, Policybazaar, Lenskart, and Myntra in their earlier roles. Their experience across global investment cycles shapes TGP’s core investment philosophy: concentrated, theme-driven investing without sectoral limitations.
2.3 Trident Growth closes fund with a belief that sector-specific strategies often suffer in shallow markets like India. Hence, their thematic focus revolves around consumer growth, manufacturing shifts, and global product positioning.
3. Background: The Journey to the Fund Launch
3.1 TGP received its AIF license in July 2024. In under eight months, it marked its first close, achieving its initial INR 1,000 crore target.
3.2 The firm is currently exercising its greenshoe option, eyeing an additional INR 1,000 crore, effectively targeting a corpus of INR 2,000 crore.
3.3 This launch aligns with a broader resurgence in growth capital demand in India, particularly as late-stage startups gear up for IPOs or seek consolidation.
3.4 Trident Growth closes fund by positioning itself as a partner with operational depth, governance expertise, and long-term capital.
4. Investment Strategy and Sector Themes
4.1 TGP aims to invest in 10–12 startups over four years. Each deal ranges from INR 150–200 crore.
4.2 It prioritizes lead or co-lead roles and reserves capital for follow-ons in the later years of the fund.
4.3 Their sector-agnostic approach is rooted in three themes:
4.3.1 India’s expanding consumer class
4.3.2 The global ‘China plus one’ manufacturing pivot
4.3.3 Startups building from India for global markets
4.4 The fund’s first investment is in legal-tech SaaS firm Spotdraft, where TGP co-led with a INR 110 crore cheque.
5. Governance, Resilience, and Exit Pathways
5.1 Atul Gupta emphasizes that the fund seeks to embed governance structures from day one.
5.2 TGP helps startups transition from founder-led operations to governance-driven entities, encouraging independent board members within the first 6–12 months.
5.3 Preferred exit paths include IPOs, strategic acquisitions, and secondary exits, reflecting a maturing Indian startup landscape.
5.4 Trident Growth closes fund with a clear intent to align capital deployment with sustainable value creation and not chase frothy trends.
6. Backers and Ecosystem Positioning
6.1 TGP’s fund is backed by marquee institutions including:
6.1.1 SIDBI’s Self Reliant India Fund
6.1.2 Dr Ranjan Pai’s Claypond Capital
6.1.3 30+ Indian startup founders including those from Lenskart, KreditBee, Amagi, and Livspace
6.2 This diverse LP base brings not only capital but strategic networks and market understanding.
6.3 As the fund closes its first round, it cements TGP’s role in India’s late-stage growth capital ecosystem.
7. Learning for Startups and Entrepreneurs
7.1 Transitioning from venture-backed to PE-backed is a critical phase. Trident Growth Partners offers a template on how governance and mentorship can complement capital.
7.2 Founders must focus not just on scale, but also on sustainability and market timing.
7.3 The thematic, sector-agnostic approach is highly relevant in India’s diversified yet shallow sector markets.
7.4 Resilience in portfolio building, especially during volatile market phases, creates long-term advantages.
7.5 Funders who actively guide startups through market cycles can accelerate the journey toward IPOs or strategic exits.
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