Indian Angel Network marks first close of maiden early-stage fund at $27m

Indian Angel Network on Wednesday announced the first close of its maiden early-stage investment fund at Rs 175 crore ($27.3 million).

The SEBI-registered fund, which is targeted to close at Rs 350  crore ($55 million), will focus on investing in new-age disruptive technologies and businesses across a broad range of sectors including healthcare and medical devices, SaaS, marketplaces, fintech, big data, AI and hardware.

“With this fund IAN is upping the game, supporting entrepreneurs from Rs 50 lakhs to Rs 30 crore, co-investing with other VCs. Our goal is to distribute money as efficiently as possible to get innovators through the most challenging early stages of funding. I am confident that the fund will have a significant role in creating high-growth companies in our country,” said Saurabh Srivastava, Chairman and Co-Founder at IAN.

Through its angel network and new fund, IAN aims to invest around Rs 1,500 crore ($234 million) in around 160 companies over the next four years. According to an official statement, this would make the largest early stage investing platform, capable of writing cheques from Rs 25 lakh to Rs 50 crore.

Along with supporting all the IAN deals, the fund will also independently co-invest with other venture capital firms. It is targeting to fill the gap created between angel round and pre Series A opportunities, ranging between Rs 6 crore and 25 crore.

Established in 2006, Indian Angel Network is the largest in the country one of the major angel networks globally with close to 450 members across the world. With investors from 10 countries, IAN’s presence spans seven locations, which includes cities in India and UK.

The network is sector agnostic and has funded startups across 17 sectors in India and 6 other countries growing global footprint companies. Between 2014-16 IAN has invested about over $32 million in around 60 deals.

The investment committee of the new fund includes Padmaja Ruparel, Co-founder & President at IAN, Ajai Chowdhry, Co-founder, HCL, Raman Roy, Chairman Nasscom, Founder QUATTRO, & Co-founder IAN, and Rakesh Rewari, ex-DMD, SIDBI  along with Harish Mehta, Founder, Onward Group, Co-founder, NASSCOM, Alok Mittal, ex-Canaan MD and entrepreneur, Co-founder IAN, and Rakesh Malhotra, entrepreneur, Founder, Luminous.

Its advisory committee includes industry veterans like  Kris Gopalakrishnan, Co-founder, ex-CEO, Infosys, Sunil Munjal, Joint Managing Director, HERO Corp, and Dr Devi Shetty, Founder and Chairman, Narayan Hrudalaya, as part of its advisory committee.

Many early-stage investment firms are in the market to raise funds including pi Ventures that recently made the first close of its maiden fund at $13 million.

Also Read:

Indian Angel Network plans to raise $22m early stage fund

Exclusive: Indian Angel Network looks to expand into SEA: Padmaja Ruparel

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.