Indian Angel Network or IAN, a network of individual early-stage investors has closed its maiden venture capital fund at Rs 375 crore. This exceeds its ambitious initial target by Rs 25 crore rupees.
The fund will invest between Rs 25 lakh and Rs 50 crore in startups and provide strategic mentorship and market access to entrepreneurs.
The IAN fund is backed by institutional investors such as SIDBI'S Fund of funds, IIFL Holdings, Max Group, Impact Investment Firm, Gray Matters Capital and Hyundai motors. marquee entrepreneurs and long-time members of Indian Angel Network like Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi, Vikram Gandhi and Jerry Rao, too have contributed to the fund in individual capacities.
Shereen Bhan is in conversation with the team at Indian Angel Network, Padmaja Ruparel, Founding Partner at IAN Fund, Saurabh Srivastava, Co-Founder of Indian Angel Network and Raman Roy, Co-Founder of Indian Angel Network to discuss the fundraising and the plans going forward.
Saurabh Srivastava said, “We have already made about 40 investments and over the next 18 months we are going to make more than double that number. We want to really change the entrepreneurial system in India. So over the next 7-8 years, we are going to deploy Rs 5,000 crore, create 5,000 startups and in effect popularise investing not only in the next Flipkart or the next Google but also in companies that are solving real big challenges of India on scale.”
While sharing her experience about the fund, Padmaja Ruparel said, “It has been very interesting, India is one of those countries which is developing and developing very rapidly. It is throwing up huge problem points which are opportunities and we are seeing this in infrastructure. We have looked at e-vehicles and invested in those. We have looked at education and something in music education so we are looking at a plethora.”