IAN Alpha Fund, a venture capital fund with a corpus of Rs 1,000 crore (about $119 million), has announced its first close at Rs 355 crore. This is the second VC fund in IAN Group’s series of funds and the first close is a little higher than the target corpus of IAN Fund I. IAN Alpha Fund counts investors like SIDBI (Small Industries Development Bank of India), SRI Fund and investors from IAN Fund I.
The Alpha Fund will be used for investing in over 500 startups and creating 5,000,000 jobs by 2030, nurturing ecosystem, and driving substantial economic growth, IAN said in a press release.
Registered with SEBI under AIF Category II, the Alpha Fund is keenly interested to invest in sectors like clean tech, health tech/bio, fintech, deep tech, spacetech, agri-tech, cybersecurity, hardware and others. The Alpha Fund says that it has invested Rs 900 crore in over 250 startups which are currently valued at over $9 billion (about Rs 75,000 crore).
IAN Group is a seed and early stage investment platform with IAN Angel Group, BioAngels and IAN Fund I which enable entrepreneurs to raise from Rs 50 lakhs to Rs 50 crore from investors who provide funds, mentoring and global market access. The platform is sector-agnostic and has funded innovative startups across 19 sectors in India and 7 other countries.