One year after it started taking commitments, early-stage investor Indian Angel Network (IAN) announced that it had reached the first closure of its second venture capital fund.
According to the angel network, the IAN Alpha Fund has committed a total of Rs 355 crore, or $42.6 million. Alternative investment businesses might begin allocating cash after they reach a certain milestone known as the first closure.
Self-Reliant India (SRI) Fund and the state-run Small Industries Development Bank of India (SIDBI) are two of the Alpha Fund’s limited partners.
“We intend to not only focus on India’s metros to harness, but also target tier 2 and 3 cities. Female founders will also be an area of focus,” said Padmaja Ruparel, co-founder of the IAN and senior managing partner of the IAN Alpha Fund.
The IAN intends to make initial investments through the fund in around 100 businesses across a variety of industries, including manufacturing, hardware, agribusiness, electric vehicles, clean energy, healthcare, and education.
The IAN began as an angel network in 2006, and in 2017, it launched its first venture capital fund with a Rs 375 crore corpus. The fund closed in 2019. IAN Fund 1 made investments in businesses like Propelld, Wow! Momo, WebEngage, Dhruva Space, and Phool.co.
About Indian Angel Network (IAN)
The largest network of angel investors in Asia, Indian Angel Network is dedicated to funding early-stage companies that have the potential to generate enormous returns. Due to their extensive operational expertise as CEOs or track record of launching and growing new businesses, the members of the Network are leaders in the entrepreneurial ecosystem. Additionally, because IAN and the British government have established operations in London, IAN is the first angel group globally.