Chennai-based BoldCap on Wednesday announced the launch of its second fund, with fresh capital of $25 million ready to be invested in 15-20 early-stage startups over the next 24-36 months. The firm also showcased its Fund 1 portfolio, which includes startups like Spendflo, TestSigma, Spotdraft and Locofy. This investment has come from global institutions and family offices. BoldCap is one of the first Indian VC firms dedicated to global B2B SaaS startups from India.
Sathya Nellore, founder & general partner, BoldCap, said: “Global B2B software companies are being built out of India right now, and a lot of them are founded by product or engineering teams. SaaS companies from India could collectively reach $50-$70 billion in global revenues by 2030, which will be 5-7% of the global market share. We believe Indian entrepreneurs are thinking bolder and global and we are going to see a lot more SaaS companies for the world being built from India.”
According to Tracxn and SaaSBoomi, Indian SaaS companies have received over $4 billion in VC funding over the last five years. BoldCap has brought together advisers and operators to help portfolio founders achieve PMF, drive global sales and build early marketing muscle. The closed group of advisers come from different global companies like Slack, Twilio, Hubspot, 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, putting the fund in the top quartile in terms of performance.