Four high profile Indian entrepreneurs who are among those who propelled India’s SaaS journey, building and helping startups to scale and win clients globally and also supported some 100 of these companies, are ready for their next phase of participation in the ecosystem of emerging companies in the country.
The group, Girish Mathrubootham of Freshworks, Manav Garg of Eka Corporation, Shubham Gupta, previously with investment firm Matrix, and Avinash Raghava, previously with Nasscom, iSPIRT and SaaSBOOMi, said on Wednesday that it has created a venture capital fund, called Together Fund, with an initial corpus of $ 85 million to support young Indian startups operating in the software-as-a-service space.
Together Fund is looking to back between 20 and 25 startups in the pre-seed stages to Series B. The size of the firm’s check will range from $ 250,000 to $ 3 million, Garg said in an interview with TechCrunch.
The Indian news outlet CapTable first reported about the fund’s formation earlier this year and quoted an investor who said Together is likely to attract all the good SaaS deals due to its founding team and its statement of issues.
The fund has built up a network of more than 150 startup founders and investors, including Krish Subramanian from Chargebee, Nishith Rastogi from Locus, Shashank ND from Practo, Kunal Shah from CRED. And that underscores why the Together Fund was conceived, Garg said. The entire team is made up of founders and other operators who have created startups and are experienced in global expansion and sales strategy, he said.
“This is the first fund led by an operator and founder from India,” he said. “The idea of creating this fund was to bring great help and opportunities to the founders along with money.”
The inception of the fund, which counts its founding team among its LPs, comes at a time when Indian startups are raising record capital as many high-profile investors double down on the world’s second-largest internet market. world.
In the last decade, the Indian startup ecosystem has evolved from a space that most Indian families feared to one that has witnessed several high-profile exits and many entrepreneurs have gone ahead to do their second startups.
“Today, Freshworks is a large company with more than 3,800 team members and offices around the world. But almost eleven years ago, we were just a six-member team operating out of a small garage in Chennai. I didn’t have a gold-edged résumé or a family fortune, but that never stopped me from dreaming big, ”Mathrubootham wrote in a blog post.
“For me, Together is not just a fund, it is a way of paying it back to the startup community that gave me so much. It’s a natural progression from the “pay it forward” initiatives that we started with community programs like PNGrowth, SaaSx, and SaaSBOOMi. With Together, we not only offer capital to the founders, we also offer our time and advice, ”he added.
Together Fund’s founding team will continue to participate in other industry initiatives, including SaaSBOOMi, an annual flagship conference focused on SaaS startups in India, Raghava said in an interview.
India’s SaaS industry could be worth $ 1 trillion and create around half a million new jobs by 2030, according to a recent study by SaaSBoomi, consulting firm McKinsey, and industry trade group Nasscom.