In an attempt to invest in the Indian software-as-a-service (SaaS) and AI-driven start-ups, Golden Sparrow, a US-domiciled venture capital (VC) firm has developed a new fund.
The VC firm has announced the first close of the fund at $6 million. It is eying to close it at $8 million. The firm is expecting to close the fund by the third quarter of 2023.
“India will be the birthplace of category-defining companies in AI and SaaS, which are the primary focus areas of our fund,” said Rishaad Currimjee, who is the general partner of the Golden Sparrow. Multiple media reports claimed that Currimjee has invested in 12 AI and SaaS start-ups.
The company made its foray into India earlier this month by investing in the Bengaluru-headquartered start-up sentra. world. The company invested Rs 1.6 crore in the start-up in a funding round that witnessed the participation of RPG Ventures and Avaana Capital.
The company will utilise the capital to fuel its global expansion plan. In addition to this, it will also enhance platform development and sectoral intelligence.
Addressing the fundraising round, Harsh Choudhry, cofounder and CEO of Sentra.world, said, “By prioritising scope 3 emissions, we drive sustainability across the value chain for industrial businesses in India, the Middle East, and Southeast Asia, with future expansion into Europe.”