Micro Venture Capital firm Golden Sparrow, has unveiled a new $8 Million fund targeted to Indian AI and software-as-a-service (SaaS) startups. Golden Sparrow stated in the initial phase it has raised $6 million as the first close of the fund, with the eventual fund target is pegged to be $8 million.
The US-domiciled venture firm made its first investment in Sentra.world, earlier this month investing $200,000 in the SaaS startup focused on the ESG segment. Furthermore, its Founder Rishaad Currimjee has personally invested in 12 AI and SaaS startups.
The Firm focus is to seed and support founders across India who leverage deep tech to solve complex problems and help billions. Currimjee says “India will be the birthplace of category-defining companies in AI and SaaS, which are the primary focus areas of our fund,”. Golden Sparrow aims to make the final close of the India-dedicated fund by the third quarter of 2023. The limited partners for the fund include senior executives from technology firms, founders, and family offices.
Golden Sparrow’s 20% of LP in the fund are women
The VC firm made known that more than 20% of the LP in the fund are women. In the present funding environment, the highest activity has been in the early-stage category, especially at the seed, pre-Series A and Series A stages.
SaaS has garnered considerable interest among investors according to Golden Sparrow. A report by venture capital fund Chiratae Ventures and strategy consulting firm Zinnov stated that the Indian SaaS industry is set to reach $26 billion in terms of revenue by 2026.
The funding round was led by Led by Rishaad Currimjee as General Partner. Michael Marmor and Anand Rao are partners in the fund too.
