Storm Ventures has launched a new fund for software-as-a-service (SaaS) startups in India, with an allocation of at least $10 million for the fund, reports TechCrunch. The firm mentions that it will increase the amount depending on how quickly it deploys the capital. The new venture fund will mostly look to participate in seed and Series A round of fundings for companies with an annual run rate between $1 million and $10 million. According to Storm Ventures it’s a good time to launch an India-specific fund thanks to the recent creation of the Startup India program. Blueshift Labs investment: Earlier this month, big data and marketing SaaS company Blueshift Labs raised $8 million in a round of funding led by Storm Ventures, with participation from existing investor Nexus Venture Partners. Other than this, Storm Ventures has invested in over 60 startups in the SaaS vertical all over the globe. Other funds in India: - Earlier this month, Unicorn India Ventures finished a first close of Rs 40 crore on its Rs 100 crore fund, which plans to invest in verticals like mobile, social media, analytics, cloud tech and Internet of Things (IoT). - Last month, Mumbai-based seed fund investor Blume Ventures raised $30 million for its Fund II. The firm is targeting to raise an overall fund of $60 million by March. - In December, industrialist Sudhir Menon and digital marketer Atul Hegde set up a new $50 million early stage start-up fund called Rainmaker Ventures - The same month,…
