New Delhi: BoldCap, a Chennai-based venture capital firm, has announced the launch of its second fund, which is worth $25 million. The new fund will be invested in 15-20 early-stage startups over the next 24-36 months, with a focus on global B2B SaaS startups from India. The firm has already attracted investment from global institutions and family offices, and it is one of the first Indian VC firms dedicated to this sector.
Sathya Nellore, founder & general partner of BoldCap, said that Indian entrepreneurs are thinking more globally and that a lot of global B2B software companies are being built out of India right now. Nellore believes that SaaS companies from India could reach $50-$70 billion in global revenues by 2030, which would represent 5-7% of the global market share.
According to data from Tracxn and SaaSBoomi, Over the last five years, Indian SaaS companies have received over $4 billion in VC funding. BoldCap has brought together a team of advisers and operators to help portfolio founders achieve product-market fit, drive global sales, and build early marketing muscle. The advisers come from different global companies like Slack, Hubspot, Twilio, AWS, Salesforce, Hudson Insurance, Zuora and Palo Alto Networks.
BoldCap’s Fund I had invested in 10 companies, out of which four have crossed $1 million ARR in less than 15 months. The portfolio companies have collectively raised over $70 million in follow-on funding over the last 12 months, which puts the fund in the top quartile in terms of performance.
The firm also showcased its Fund 1 portfolio, which includes startups like Spendflo, TestSigma, Spotdraft, and Locofy. These startups have received funding from BoldCap, and they have shown strong growth potential. The firm’s success with its first fund has helped it attract new investors for its second fund, and it is likely that the firm will continue to be a major player in the Indian VC scene.
In conclusion, BoldCap’s new fund represents a significant investment in India’s burgeoning B2B SaaS startup scene. The firm’s focus on global startups from India, along with its team of experienced advisers and operators, should help it identify and support the most promising early-stage companies in this sector. With its successful track record and strong performance, BoldCap is well-positioned to continue driving growth and innovation in the Indian startup ecosystem.