India's IAN closes maiden venture capital fund at $52.8m

Indian Angel Network (IAN), a network of individual early-stage investors, has reached the final close of its maiden venture capital fund at 375 crore, a senior executive said. The fund will invest in startups and provide strategic mentorship and market access to entrepreneurs.

The IAN Fund is backed by institutional investors such as Small Industries Development Bank of India’s fund of funds, IIFL Holdings, Yes Bank, Max India, impact investment firm Gray Matters Capital and Hyundai. Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi, Vikram Gandhi and Jerry Rao, too have contributed to the fund in individual capacity.

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