After raising $32 million from the Indian market, Indian Angel Network (IAN) is looking forward to raise $38 million from India and overseas.
With the next round of funding, the seed and early stage investment group will complete the $70 million Fund 1. The fund aims to support second round of funding for startups in India.
IAN’s co-founder Padmaja Ruparel confirmed the $70 million fund round and said that IAN is creating India’s single largest horizontal platform for seed and early stage investment. It is also attracting the best entrepreneurs and best investors for mentoring, and with global market access – all to nurture startups.
“This is important as entrepreneurs can raise from $30,000 right to up $7-$8 million. All they need to do is to keep performing and building the business,” Ruparel told PTI.
Launched in 2006, Indian Angel Network looks at investing up to $1 million, with an average of about $400,000-600,000 and exiting over a 3 to 5 year period through a strategic sale. The Network may consider investments over a million dollars but is only likely to do so through syndication.
It has operations across 10 countries, with over 430 angel members and over 110 investee companies.
In April last year, Indian Angel Network announced a new global fund worth Rs 350 crore. The first close of Rs 175 crore, raised primarily from the domestic market, had industry stalwarts like Kris Gopalakrishnan, Co-founder, ex-CEO, Infosys, Sunil Munjal, Joint Managing Director, HERO Corp, and Dr Devi Shetty, Founder and Chairman, Narayan Hrudalaya, as part of its advisory committee.
Late last year, Mumbai-based private equity firm Lighthouse announced that it has received a commitment of $45 million from the IFC (International Finance Corporation) and its asset management arm for its third private equity fund.
IFC is planning to invest $20 million, while the asset management arm of IFC is also considering a parallel investment of $25 million in the fund, reported ET.
The PE firm is seeking to raise $200 million in capital commitments for its third fund, Lighthouse India Fund III Ltd.