IAN Announces First Close of Alpha Fund at INR 355 Cr The IAN Alpa Fund will further support the IAN Group's mission of INR 5,000 crores in 500 startups to create 500,000 jobs
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Indian Angel Network (IAN), a seed and early-stage investment platform, announced its first close of INR 355 crore under its Alpha Fund with a corpus of INR 1,000 crore. The VC disburses funds between INR 50 lakhs and INR 50 crores to founders from quality investors who provide funds, mentoring and global market access.
"The Alpha Fund will be instrumental in achieving our vision of investing in over 500 startups and creating 5,000,000 jobs by 2030, nurturing a thriving ecosystem, and driving substantial economic growth while shaping a brighter future for the entrepreneurial landscape in India," shared Saurabh Srivastava, Co-Founder, Indian Angel Network.
Registered with SEBI under AIF Category II, the Alpha Fund aims to fund innovation in sectors such as deep tech, space tech, consumer, agri-tech, cybersecurity, clean tech, health tech/bio, and robotics.
The first close has raised funds from investors such as SIDBI (Small Industries Development Bank of India), SRI Fund, and several investors from IAN Fund I. "The first close is a significant milestone for the Alpha Fund and will empower us to embark on our mission of supporting early-stage startups with the potential to reshape industries and create enduring value," adds Raman Roy, Co-Founder, Indian Angel Network.
Padmaja Ruparel, IAN Co-founder and Senior Managing Partner, IAN Alpha Fund shares, "We intend to not only focus on India's metros to harness but also have a keen eye on tier 2 and 3 cities, where untapped potential and creativity abound and where we have already had some great successes. Female founders will also be an area of focus".
The IAN Alpa Fund will further support the IAN Group's mission of INR 5,000 crores in 500 startups to create 500,000 jobs. IAN Group has invested about INR 900 crore in 250+ startups which are collectively currently valued at INR 75,000 crore. The VC has to date invested in start-ups across 19 sectors in India and 7 other countries.