Pentathlon Ventures, an early-stage venture capital firm, has announced the final close of its second B2B tech fund, raising ₹255 Cr (approximately ₹27.1 million).
This fund has attracted support from various family offices, high-net-worth individuals (HNIs), and entrepreneurs from India and the United States.
Initially launched in September 2023 with a target of ₹450 Cr, the fund aims to invest in 16-20 B2B SaaS startups. Target sectors include:
- Ecommerce enablement
- Fintech
- Vertical SaaS
- Applied AI
- Sustainable tech
- Healthtech
The average investment size from Pentathlon is expected to range between ₹4-8 Cr.
So far, the fund has invested in eight startups, including OneStack, AyushPay, Vodex, and ElevateHQ, and plans to continue supporting startups over the next five years.
Gireendra Kasmalkar, managing partner at Pentathlon Ventures, stated, “The early progress across the portfolio, including multiple companies achieving over 3X growth since investment, reinforces our belief in our investment approach.”
Founded in 2020, Pentathlon Ventures has previously supported 23 startups through its first fund, which was launched in 2021 with a corpus of ₹76 Cr.
The core team of Pentathlon includes notable figures such as Sandeep Chawda, Saurabh Lahoti, Madhukar Bhatia, Ashok Mayya, Hemant Joshi, and Shahshank Deshpande.
This announcement comes as B2B SaaS startups are increasingly attracting investor interest. For instance, Equirus Group recently closed its InnovateX Fund at ₹166 Cr, focusing on similar sectors.
