Avataar Venture Partners launches a new fund II with a target size of $350 million. Avataar Venture is usually known to back Software as a Service (SaaS) and B2B technology businesses serving the Indian market.

Mohan Kumar founded it in 2019. It has raised two funds before this new fund. The firm invests $10-50 million in companies with Annual Recurring Revenue (ARR) of $10 million and above. It also helps startups to scale beyond $100 - $150 million in ARR.

"In the current market environment, Avataar is uniquely positioned to invest in growth-stage SaaS and B2B Tech companies with $10-30 million  ARR. This is a great vintage to invest in SaaS - the unrealistic hype in the market is gone favouring founders with superior execution and profitable business models,” said Mohan Kumar.

Avataar has invested in a few top global SaaS companies of India such as media software unicorn Amagi, India’s first SaaS IPO and global leader in travel & hospitality RateGain, and SaaS unicorn for the wellness industry Zenoti. , it is an early investor in ElasticRun, a unicorn that provides a B2B eCommerce platform to reach rural India.