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Saama Capital raises $31M for its third VC fund


Venture capital firm Saama Capital has raised around $31 million for its third venture capital fund, a company spokesperson told MediaNama. The new fund has 25 investors, according to an SEC filing. The total offering amount is $50 million and the total amount sold is $30.33 million. The company expects to raise $60-$80 million in the ongoing round, according to The Economic Times.

According to Ash Lilani, Managing Partner at Saama Capital, the firm is looking to invest between $2-$5 million in each company in Series A round and reserved around 100-150% for follow-on rounds. It is also looking to co-invest in early-stage ventures. The company is expected to close the entire fund by the third quarter of this year.

Till now, the firm has made several investments in India, which includes Mobilia, Chai Point, Naaptol, SKS Microfinance, Games2win, Hotelogix, etc.

As part of its third fund, Saama has already invested in six companies. They include LendingKart – a platform for small businesses loans, Eazydiner – a restaurant reservation platform, Veeba Foods – a manufacturer of specialty food ingredients, Jifflenow – cloud-based enterprise meeting scheduling solutions for B2B events, Raw Pressery – a cold pressed juice company and one undisclosed company.

“With this fund, our focus so far has been on software as a service (SaaS) companies and food companies focused on supply chain. We are also watching the financial technology space in the business-to-consumer segment,” Lilani said. He said the largest investments made by Saama have been in two lending companies focused on small and medium enterprises with offline and online distribution strategies – Vistaar Finance and LendingKart, respectively.

“We are not averse to any category of companies. If it makes business sense, Saama will explore investments,” the spokesperson told Medianama.

Saama had previously raised $54 million for its first fund and then $26 million for the second fund, according to Business Line. It exited Snapdeal last year, according to Mint. Apart from that, the company had also sold its stakes in TutorVista, Sula Vineyards, App Labs and Prizm Payment Services, according to the ET report.

Similar developments

– Last week, B Capital Group, a venture-capital firm founded last year by Facebook co-founder Eduardo Saverin and Raj Ganguly raised about $143.6 million towards its first venture fund

– Earlier this month, IDG Ventures India had raised $150 million for its third India Fund. It had announced that it expects to raise the entire money for its $200 million fund by the end of the year and will use it to fund Series B investments and above, instead of only using it for seed funding.

– In April, Entrepreneurship & Venture Capital (EVC) had announced a $50 million fund for Indian startups to fund to invest in sectors like Internet of Things, mobile, ad-tech, e-commerce, wearables, gaming and education.

– In February, early stage investor Kae Capital had raised $30 million from existing investors and new investors as part of its second fund.

– Earlier that month, Venture capital firm Kalaari Capital had announced its plans to launch a seed and incubation program called KStart to invest about $20 million in 40 startups over the coming 2 years.

– The same month, Sequoia Capital had closed its $920-million fund deal, ET reported.

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