Indian Angel Network closes second round of Rs 227 Cr of maiden fund

Early stage-focused venture capital consortium Indian Angel Network (IAN) has raised Rs 227 crore for its maiden fund which was launch in April last year. The vc firm which initially set the target of Rs 350 crore is planning to close the Fund I in the next two quarters.

With the fresh round of fundraising, the milestone set by the Delhi-based firm can be overshot by Rs 100 crore. During its last round, it raised about $32 million from the Indian market.

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 the current round.

According to IAN founding partner Padmaja Ruparel, the fund will be deployed over a four year period in around 160 companies with amount range of Rs 25 lakh to Rs 50 crore.

In April last year, IAN announced its new global fund worth Rs 350 crore. The first close of $32 million, raised primarily from Indian industry stalwarts like Kris Gopalakrishnan, Co-founder, ex-CEO, Infosys, Sunil Munjal, Joint Managing Director, HERO Corp, among others.

The maiden fund is primarily focused on sectors including healthcare and medical devices, software as a service, marketplaces, fintech, big data, artificial intelligence, and hardware.

Since the launch of Fund I, the firm has invested in 15 companies with a target of investing around Rs 5,000 crore over the next 10 years across 500 companies and helping create around 50,000 jobs over the period.

Launched in 2006, IAN has operations in over 10 countries, with more than 430 angel members and over 110 investee companies.

Some of IAN's marquee investee companies include Wow! Momo, WebEngage, Druva, Stayzilla, Box8, Pretty Secrets, Fab Alley and Consure amongst many others.

The development was reported by ET.