<article>Silicon Valley venture capital firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Storm+Ventures" target="_blank">Storm Ventures</a> has launched a new $10-million fund to invest in Indian technology firms in the SaaS space.</article>

Silicon Valley venture capital firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Storm+Ventures" target="_blank">Storm Ventures</a> has launched a new $10-million fund to invest in Indian technology firms in the SaaS space.
The funds will be drawn from Storm&#8217;s $180-million fund raised last year, Tech Crunch reported. The fund size might go up if the the current allocation is quickly deployed, said venture partner Anshu Sharma.
Software as a service (SaaS) refers to business applications that are hosted on the company&#8217;s servers, referred to as cloud.
Companies targeted by the fund will have annual run rate between $1 million to $10 million, looking to raise Series A rounds, and plan to serve companies in the US and other international markets. A run rate is a common indicator of future sales and profitability for high-growth, private companies.
The fund comes days after India&#8217;s prime minister Narendra Modi introduced a set of initiatives to ease doing business for startups and investors, including tax breaks on capital gains.
Out of Storm&#8217;s five partners, three — Sharma, Arun Penmetsa and Sanjay Subhedar — grew up in India, and are looking for the next Salesforce to come out of India.
India is where China was 5-7 years ago and new application companies will emerge to support the e-commerce and payments ecosystem, Sharma said in the report. Storm has previously invested mostly in US-based startups, and a few India-based ones such as <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Blueshift+Labs" target="_blank">Blueshift Labs</a>.
India&#8217;s e-commerce market grew at a scorching pace in the last two years, and is expected to be worth $100 billion by 2020. That has created big opportunities for SaaS players, who are working to support online payments and logistics.
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Valley-based Storm Ventures launches $10m fund for Indian tech startups

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Valley-based Storm Ventures launches $10m fund for Indian tech startups

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