India, July 17 -- When Prime Venture Partners (PVP) launched its first fund in 2012 with a modest corpus of $8 Mn, India's startup ecosystem was still finding its footing. And now five funds later, Prime has seen the whole maturity cycle of the Indian startup ecosystem play out.

But 2012 was a time before UPI and India Stack and AI was something not many understood. Sanjay Swamy, Shripati Acharya, and Amit Somani, the founding partners of the venture capital firm, had little doubt that a digital inflection point was around the corner in India.

Serial entrepreneurs and operators with stints in Silicon Valley, the trio had already been on the frontlines of building digital infrastructure for India - working on Aadhaar and mobile payments ...