Indian Angel Network has announced the closing of its maiden fund, the IAN fund, after raising Rs 375 crore with its investors like SIDBI, IIFL, Yes Bank, Max Group, Gray Matters Capital, and Hyundai, joining it as limited partners.
The network, launched in 2017, declared in a press statement that the fund gives an opportunity to the startups to raise between Rs 25 lakhs to Rs 25 crores, which also includes its angel network. According to ET, some of the notable angel investors and entrepreneurs that include former Infosys CEO Kris Gopalakrishnan, industrialist Sunil Munjal & Managing Director at Sequoia Capital, Rajan Anandan, among others.
Padmaja Ruparel, the founding partner at IAN Fund, said,
“The fact that we have achieved and exceeded our capital target underlines our impressive growth trajectory and highlights the faith that investors have in our vision.”
IAN’s investments & exits
By far, the Fund has made 20 investment approximately and has even recorded one exit after a Bengaluru-based IoT startup TagBox was acquired by TVS for $3.9 million, earlier this year. In the last two years have been very active for the angel investor collective that has invested approximately Rs 130 crore in the companies and earned cash returns close to Rs 910 crore in the process. The company has even recorded 15 partial exits from the invested firms.
The Indian Angel Network Fund has also made a partial exit from the food chain Wow! Momo, online fashion retailer FabAlley, and second-hand car marketplace Spinny, among others.
Presently, the investment firm is confident about raising an estimated Rs 5,000 crore as investment capital to invest in about 500 firms over the next decade.