Nishant Rao, Founding Partner at Avataar Ventures
India-based VC firm Avataar Ventures has announced the final close of US$100 million for its Opportunities Fund. Undisclosed institutional investors from the US and Europe were among the investors.
This is the Avataar’s second fund. It had earlier launched a US$300-million inaugural fund in September 2019.
Avataar was co-founded by Nishant Rao, former global COO of Indian unicorn Freshworks, and Mohan Kumar, who led India-headquartered Norwest Venture Partners. The firm focuses on B2B and SaaS growth-stage startups in India and Southeast Asia.
It invests between US$10 million and US$30 million in startups that have an annual recurring revenue (ARR) of at least US$15 million.
Also Read: What metrics to monitor as a B2B SaaS company?
Avaatar said the Opportunities fund will be used to make follow-on investments into existing portfolio companies as well as new firms.
So far, it has made three investments from the new fund, and has hired two senior executives as part of plans to expand its operations in the US.
“Partnering closely with our entrepreneurs, our interventions on unit economics have helped three new portfolio businesses hit profitability. Yet for others, we have focused more on helping fine-tune their growth engines,” said Managing Partner Kumar.
The firm’s portfolio companies include HR solutions startup CRMNext, logistics startup Elastic Run, and cloud-based software platform Zenoti.
Avataar recently led a Series C round for automated communication platform SenseHQ and a Series B round for RateGain, a travel and hotel software company.
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Image Credit: Avataar Ventures
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