Indian Angel Network (IAN) which invests in the early-stage ventures has bagged a funding of $33.22 Mn (INR 227 Cr) for it's the first-ever fund which they launched in April last year. Notably, IAN has set a target of $51.22 Mn (INR 350 Cr) which as per a report by IAN founding partner Padmaja Ruparel, they plan to close the fundraising in the next two quarters but this could be overshot by $14.63 Mn (INR 100 Cr).
The fundraising came from institutional investors as well as retail investors. Likes of India Infoline, Yes Bank, Max Group, Grey Matters Capital and Hyundai along with retaining investors which include Kris Gopalakrishnan, Kanwal Rekhi, and others participated in the round. Ruparel revealed that the fund network is aiming to create a common platform which will allow the founders and entrepreneurs to raise amount ranging from $36,587 (INR 25 lakh) to $7.31 Mn (INR 50 Cr) for their startups.
"This is a sector agnostic fund which will be deployed over a four-year period in around 160 companies. Through this fund, we hope to create a common platform where entrepreneurs can come to raise amounts ranging from ₹25 lakh to ₹50 crore for all kinds of business requirements," said Ruparel.
IAN was started in 2006 and makes their bet by investing up to $1 million. It is a SEBI-registered early-stage fund where around 470 investors from 11 countries come out to fund the interesting ideas.
IAN has an amazing portfolio where it has backed up to 130 companies across 17 sectors. It has also partnered with the Indian government's scheme Startup India. Wow! Momo, WebEngage, Druva, Box8, Pretty Secrets, Fab Alley and Consure are few of the marquee companies where IAN has played a huge role.