HomeIndiaPentathlon Ventures Launches $55 Million Fund II to Back B2B SaaS Startups

Pentathlon Ventures Launches $55 Million Fund II to Back B2B SaaS Startups

Pentathlon Ventures

Pentathlon Ventures, a Pune, India-based early-stage B2B SaaS-focused venture capital firm, launched its second fund with a target of $55M.

For Fund II, Pentathlon Ventures is raising capital from a mix of Indian and global limited partners encompassing successful business leaders, corporations and institutions.

The vehicle aims to invest in 25 B2B SaaS startups, supporting breakthrough solutions across Enterprise Digital Transformation, E-commerce Enablement, Fintech, Vertical SaaS, Applied AI, Sustainable Tech, and HealthTech.

The firm was founded in 2020 by:

  • Gireendra Kasmalkar (Ideas to Impacts, Verisoft); 
  • Sandeep Chawda (Globant, Clarice, Veritas); 
  • Saurabh Lahoti (Grassroots Business Fund, Ennovent); 
  • Madhukar Bhatia (Sapience, Symphony, Veritas); 
  • Ashok Mayya (Rising Pharma, Citron Pharma); 
  • Hemant Joshi (Sapience, Symphony, Veritas), and 
  • Shashank Deshpande (Globant, Clarice, Veritas).

Through its first fund, the firm has invested in 23 startups, with a track record which includes exits and follow-on investments.

Commenting on the announcement, US-based Managing Partner Ashok Mayya observed, “Our core expertise is in early-stage B2B SaaS companies built from India. SaaS is a global play with innovative ideas coming from all corners. India’s software talent, with its experience and scale is well positioned to emerge as a dominant player in the worldwide SaaS market.

India-based Managing Partner Gireendra Kasmalkar added, “The revenues coming from India based B2B start-ups are expected to grow 25X in the next 8 years. With an impressive 50% faster time to revenue, better revenue predictability and solid gross margins ranging between 70-80%, it presents extraordinary prospects of building sustainable businesses. Indian B2B seed stage companies are going to be global leaders in the coming decade. The successes of our investments from Fund I further strengthens our commitment to this strategy.