Indian Angel Network launches US$55M VC fund; makes first close at US$27M

Sainul Abudheen
India

Indian Angel Network will invest in startups in healthcare and medical devices, SaaS, marketplaces, fintech, Big Data, Artificial Intelligence and hardware

Indian Angel Network (IAN), the largest and the oldest angel network in the country, has announced the launch of its maiden VC fund worth INR 350 crore (US$55 million).

The early-stage fund, which has also announced the first close of the fund at US$27 million, will invest in new-age disruptive technologies and businesses across a broad range of sectors, including healthcare and medical devices, SaaS, marketplaces, fintech, Big Data, Artificial Intelligence and hardware. In addition to supporting its existing portfolio companies, IAN will also co-invest independently with other VCs.

Together with other VCs, IAN will invest approximately INR 1,500 crore (US$342 million) in 160-odd companies over the next four years, writing cheques from INR 25 lakh to INR 50 crore (US$39,000 to US$7.8 million).

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Saurabh Srivastava, Chairman and Co-founder of IAN, said: “IAN is India’s first now arguably the world’s largest angel group. It has revolutionised this space with its own unique model spanning seven locations in India and overseas and a global membership comprising 450 of the who’s who of marquee entrepreneurs/CEOs. The logical next step is to create country’s largest horizontal platform in India for early stage investments.”

“With this fund, IAN is upping the game. Our goal is to distribute money as efficiently as possible to get innovators through the most challenging early stages of funding,” he added.

Founded in 2006, IAN has close to 450 members from 10 countries across the world. IAN’s presence spans seven locations, including cities in India and the UK. A sector-agnostic fund, it has invested in startups across 17 sectors in India and six other countries growing global footprint companies. Some of its marquee investments include WebEngage, Druva, StayzillaBox8, and Consure.

Also Read: Female urination device PeeBuddy raises US$450K funding from IAN

Between 2014 and 2016, IAN has invested about over US$32 million in approximately 60 deals.

IAN has on its advisory board industry stalwarts such as Kris Gopalakrishnan, Co-founder and former CEO of Infosys; Sunil Munjal, Joint Managing Director of HERO Corp; and Dr. Devi Shetty, Founder and Chairman of Narayan Hrudalaya.

 

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