Brij Bhushan, the cofounder of hyperlocal e-commerce startup Magicpin, has joined Prime Venture Partners as a venture partner, according to a statement released by the Bengaluru-based early-stage venture capital firm on Friday.
In his new role at Prime Venture Partners, Bhushan will play a crucial part in the investment team, contributing to the firm’s investment decisions, portfolio management, and fundraising efforts. His transition marks a significant shift from his previous role as a founder to a key player in venture capital.
Bhushan expressed his enthusiasm for returning to venture capital, highlighting the importance of comprehensive support for early-stage startups. “After nearly a decade as a founder, I’m excited to return to VC, where I can help founders navigate their journeys, leveraging my experiences alongside a team that truly understands what it takes to get a company off the ground,” he said.
Prior to founding Magicpin, which was backed by Zomato and launched in 2015, Bhushan served as vice president at Nexus Venture Partners. His departure from Magicpin was announced in a LinkedIn post earlier this year. Under his leadership, Magicpin last raised $60 million in an institutional round in November 2021, led by Lightspeed India and Zomato.
Amit Somani, Managing Partner at Prime Venture Partners, commented on Bhushan’s appointment, stating, “Brij Bhushan brings a unique combination of strategic thinking, execution excellence and a long-term mindset essential for company building.”
In a related development, Prime Venture Partners has promoted Gaurav Ranjan from Vice President to Principal – Investments. Ranjan has been instrumental in sourcing and co-evaluating around 2,000 startups and has collaborated with over a dozen early-stage portfolio companies, including Gallabox, OTO, Capital, Poshn, and HitWicket.
Founded in 2012, Prime Venture Partners has invested in more than 50 startups across various sectors, including fintech, enterprise software-as-a-service, consumer internet, edtech, healthcare, logistics, and electric vehicles. The firm’s notable portfolio includes companies such as WheelsEye, MyGate, Quizizz, PlanetSpark, Dozee, Zuper, and Niyo.