IAN’s First Fund Raises Rs 227 Crore
BENGALURU: The Indian Angel Network (IAN) has raised more than Rs 227 crore for the IAN Fund, its maiden fund, which aims at investing in early-stage startups to help them grow their business.
With a total target of Rs 350 crore, which can be overshot by Rs 100 crore, IAN plans to close the fundraising in the next two quarters, said its founding partner Padmaja Ruparel.
Along with institutional investors such as India Infoline, Yes Bank, Max Group, Grey Matters Capital and Hyundai, retail investors Kris Gopalakrishnan, Kanwal Rekhi and others participated in this fundraise.
Ruparel said :
“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 Rs 25 lakh to Rs 50 crore for all kinds of business requirements.”
The fund, which has already invested in 15 companies, has a target of investing around Rs 5,000 crore over the next 10 years across 500 companies and helping create around 50,000 jobs in the process.