360 ONE Acquires Mumbai Angels; Announces Two New Funds With Them

Fund will provide valuable opportunities for investors to be a part of the success stories of young Indian startups

Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates-focused asset firms in India, recently completed the acquisition of controlling stake in Mumbai Angels, a premier platform for early-stage venture investments. Mumbai Angels, one of the largest players in the early-stage investment space, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. Dedicated to supporting and nurturing early-stage startups and helping its investors to grow their wealth, the investment platform today also announced the launch of two new funds: Category 1 Venture Capital Fund - Angel Fund and Category 1 Venture Capital Fund (VCF).

Company handout
Nandini Mansinghka, CEO, Mumbai Angels

"We are thrilled to be a part of 360 ONE, and the launch of our two new funds will open a plethora of opportunities for new-age companies looking at capital and investors keen to ride the startup wave. Our investments are sector-agnostic, and our team has a proven track record of identifying and supporting promising early-stage companies, and we are confident that the Angel Fund and Category 1 VCF. Fund will provide valuable opportunities for investors to be a part of the success stories of young Indian start-ups," said Nandini Mansinghka, chief executive officer, Mumbai Angels.

The Category1 VCF -Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme. This fund offers unique flexibility to both investors as well as startups. While investors will have the freedom to invest in a larger number of select deals, while the startups will have a leaner cap table. The second fund, Category 1 VCF is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform, according to an official statement by the company.

"Mumbai Angels has built an enviable platform to tap quality companies at an early stage. We are glad to have a talented team on board led by NandiniMansinghka, chief executive officer of Mumbai Angels. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries," said Karan Bhagat, founder, MD and CEO, 360 ONE.