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The Together Fund, co-founded by Girish Mathrubootham of Freshworks and Manav Garg of Eka Software, is increasing its fund size to between $200 million and $250 million, up from an initial target of $150 million. This decision follows a pause in fundraising due to transitions at their respective companies. The fund aims to focus on software-as-a-service (SaaS) and artificial intelligence (AI) investments, emphasizing the establishment of a robust bridge between the US and India. Additionally, the SaaS platform Postman, valued at $5.6 billion, has been involved in secondary deals at a discount of 30-40%, reflecting a broader reset in SaaS valuations. In related news, Sauce VC has successfully closed its third fund at ₹365 crore, surpassing its target corpus of ₹250 crore, with backing from several limited partners including Sharrp Ventures and Saison Capital.
🚨 Manav Garg sold his 20-year-old software co Eka in April. Girish Mathrubootham stepped down as Freshworks' CEO in May. The two SaaS operators are now doubling down on their VC firm Together, increasing the size of the second fund to $250 mn 💰 https://t.co/fZAiHOaZcJ
For @ETtech today 🌅 ▶️Consumer-focused investor Sauce VC has closed its fund-III at Rs 365 cr vs target corpus of Rs 250 cr. ▶️Sharrp Ventures, Pratithi Investments, Saison Capital, Singularity Ventures some of the LPs ▶️Sauce has backed Mokobara, XYXX, Supertails https://t.co/uC8AX0ZcrZ
Postman—the most valued Indian-origin SaaS startup at $5.6 billion—has seen secondary deals at a 30-40% discount. A steep discount underscoring the reset in SaaS valuations on revenue multiples. More here W/ @pranavmukul https://t.co/efhctvWQXI
