Indian Angel Network, a grouping of angel investors from across India, has announced the closure of its self-managed IAN Fund. The fund value post closure stands at ₹375 Crores (~$50Mn). A number of institutional investors have put in significant capital, including the likes of IIFL Holdings, Yes Bank, Max India, impact investment firm Gray Matters Capital and Hyundai. India’s SIDBI Fund of funds has also contributed. Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi, Vikram Gandhi and Jerry Rao, too have contributed to the fund in individual capacity.
The IAN Fund will aim to invest with a rather broadened ticket size of ₹25 Lacs (~$30K) to ₹50 Crores (~$7 Mn). Additionally, the fund aims to provide strategic mentorship and market access to entrepreneurs.
In a statement issued to financial magazine Livemint, IAN founding partner Padmaja Ruparel said, “For a startup, funding delayed is funding denied. We realised that one of the big gaps in angel funding was that a lot of startups faced problems in scaling up their businesses and raising further capital, after the first round of funding. As IAN Fund, we want to provide a platform for startups to get mentoring and early-stage funding so that they can build a team and scale up, as we make sure they don’t fall over the brink”
This is IAN’s second such consolidated fund. Previously, the angel network had raised close to ₹175 crores (~$26Mn) in its first fund in 2017. Most of that capital has been invested, resulting in a portfolio of 40 startups so far.
