BoldCap, a homegrown venture capital firm based in Chennai, has announced its second fund with $25 million in fresh capital to be invested in 15-20 early-stage start-ups over the next 24-36 months. The firm is said to be among the first Indian VC firms dedicated to global business-to-business (B2B) SaaS start-ups from the country.
BoldCap's Fund I invested in 10 companies, out of which four of them have crossed $1 million accounting rate of return (ARR) in less than 15 months. The portfolio companies have collectively raised over $70 million in follow-on funding over the last 12 months, putting the fund in the top quartile in terms of performance.
BoldCap showcased its Fund I portfolio, which includes start-ups like Spendflo, TestSigma, Spotdraft and Locofy. The fresh investment in Fund II came from global institutions and family offices, according to the VC firm. BoldCap aims to invest in start-ups that have innovative go-to-market strategies and are focused on customer-centricity. The fund will also provide mentorship to entrepreneurs to help them scale quickly and achieve success.
Indian SaaS companies have received over $4 billion in VC funding over the last five years, according to Tracxn and SaaSBoomi. SaaS companies from India could collectively reach $50-$70 billion in global revenues by 2030, which will be 5-7 per cent of the global market share. BoldCap believes that Indian entrepreneurs are thinking more boldly and globally, and we are going to see many more SaaS companies for the world being built from India.
Founder and General Partner of BoldCap, Sathya Nellore, who previously co-founded a tech company backed by the developer data platform MongoDB, said that global B2B software companies are being built out of India right now, and many of them are founded by product or engineering teams. He added that a go-to-market-focused early-stage fund, with collective knowledge and industry connections, will help these start-ups scale quickly and sit perfectly within the existing VC ecosystem in India.