Indian Angel Network (IAN) has raised INR 227 crores (around $33 Mn) as its maiden fund. The company which launched its maiden fund in April 2017 aimed to raise Rs 350 crores in total initially.
In its latest round of fundraising, retail investors like Kanwal Rekhi, and Kris Gopalakrishnan along with institutional investors like Yes Bank, Hyundai, Matters Capital, and India Infoline participated.
In a statement, IAN founding partner Padmaja Ruparel said, “This is a sector agnostic fund which will be deployed over a four-year period in around 160 companies”. Market experts believe that IAN could further extend its target up to Rs 450 crores, given the rate of inflow into its maiden fund. The firm is looking forward to closing the fundraising by December 2018.
IAN aims to create 50,000 jobs with an investment size of close to Rs 5,000 crores in 10 years. The investment is likely to be made across 500 companies throughout the nation.
Currently, the company is focusing on startups related to Fintech, Big data, AI, SaaS, and Hardware. IAN has already made investments in 15 startups, through its maiden fund.