Indian Angel Network’s Alpha Fund completes first close at Rs 355 crore
[ad_1]
IAN Alpha Fund, a venture capital fund, has completed its first close at Rs 355 crore. This is the second venture capital fund in IAN Group’s series of funds and the first close is a little higher than the target corpus of IAN Fund I. Marquee investors of the IAN Alpha Fund include Sidbi (Small Industries Development Bank of India), SRI Fund, and several investors from IAN Fund I.
“The Alpha Fund will be instrumental in achieving our vision of investing in over 500 startups and creating 5,000,000 jobs by 2030,” said Saurabh Srivastava, co-founder, Indian Angel Network.
IAN Alpha Fund has a corpus of Rs 1,000 crore and is registered with Sebi under AIF Category II. It would focus on clean tech, health tech and bio, fintech, cybersecurity, and robotics.
“We intend to not only focus on India’s metros but also have a keen eye on Tier-II and Tier-III cities,” said Padmaja Ruparel, IAN co-founder and senior managing partner of the IAN Alpha Fund. “Female founders will also be an area of focus.”
The IAN Group has invested over Rs 900 crore in over 250 startups, which are currently valued at over $9 billion (Rs 75,000 crore).
First Published: Dec 04 2023 | 4:42 PM IST
[ad_2]
Source link
