Prudent Investment Managers, founded by former IIFL Asset Management CEO Prashasta Seth, has launched a fund worth 500 crore rupees (approximately $57.8 million) to invest in early-stage startups.

The fund, classified as a Category II AIF, has secured 250 crore rupees (US$28.9 million) in commitments from family offices and is expected to close by June 2025

The firm is applying to the Securities and Exchange Board of India (SEBI) for a license as a Category II AIF, which includes private equity and real estate funds.

To date, Prudent has invested approximately 160 crore rupees (US$18.48 million) in unlisted companies. Recent investments include startups such as The Money Club and Snapmint.

Prudent aims to invest in pre-series A and series A startups that have sustainable business models and solid unit economics.