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, China’s APUS Group launched a fund in India worth Rs 300 crore to invest in startups. The fund will focus on investing in early stage startups working on mobile internet projects.
– In the same month, venture capital firm Tiger Global Management raised $2.5 billion for a new global fund. Read more here.
– In March, Venture capital firm SAIF Partners raised $350 million for a new India-focused fund from 27 investors.
– The same month, Accel Partners, the venture capital firm that backed the Flipkart, launched a $305 million India-focused fund to capitalise on favourable conditions for start-ups.
– In July, seed-stage fund AngelPrime raised Rs 300 crore from The Social+Capital Partnership and several institutional investors.
– Mayfield Fund closed its second India-dedicated fund at $108 million in February.
– Sequoia Capital added another $210 million to its existing $530 million-India fund in April.