Bengaluru-based growth stage tech-focused investment firm Avataar Venture Partners has appointed former Alpha Wave managing director Anirudh Singh as its third general partner.
Singh will focus on business-to-business (B2B) investments and the overall management of the VC firm as a part of the new role.
"The Indian economy is at an inflection point, at the cusp of an opportunity in the technology ecosystem. Having worked closely with Mohan (Kumar) for more than a decade at Norwest Venture Partners and otherwise, I see an alignment in our vision for Avataar Venture Partners (AVP) as an investment platform as well as a platform to support entrepreneurs operationally,” Singh said on his appointment.
During his last stint at Alpha Wave, Singh was focused on early-to-late-stage investments across India and Southeast Asia. He has earlier worked as principal at B Capital Group, and as an investor at Norwest Venture Partners.
According to his LinkedIn profile, Singh was at the board of several companies including Absolute Foods, PolicyBazaar, Groyyo, Cuemath during his stint at Alpha Wave. He is also an angel investor in used-car platform Spinny.
The appointment comes soon after Avataar Venture Partners floated its maiden venture capital fund with a target corpus of about $350 million, in October last year. The corpus may, however, inflate to touch about $400 million, Mohan Kumar, founder and managing partner of the fund had earlier told VCCircle.
The fund looks to invest in 12-15 growth-stage startups that operate on B2B and SaaS models. According to a press statement, the VC fund has already started investing from the new fund, as is currently evaluating companies raising their early growth-stage rounds.
Some of Avataar’s portfolio firms include Amagi, RateGain, Zenoti, Algonomy, and Tech Sense, among others, with ticket sizes in the $10-50 million range. It looks for companies with an annual recurring revenue (ARR) of $10 million and above, and works to help them scale to an ARR of $100-150 million.
