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IAN makes final close of maiden fund at Rs 375 crore

The sector-agnostic fund, which had an initial target corpus of about ₹325 crore, counts as SIDBI, IIFL, Yes Bank, Max Group, Gray Matters Capital and Hyundai among its limited partners.

, ET Bureau|
Updated: Nov 08, 2019, 01.07 PM IST
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Former Infosys CEO Kris Gopalakrishnan, industrialist Sunil Munjal and Sequoia Capital MD Rajan Anandan, among others, have also backed the fund in their personal capacities.
New Delhi: Indian Angel Network has made the final close of its maiden fund, IAN Fund, at ₹375 crore, more than two years after the oldest and largest angel investor syndicate in the country launched efforts for its seed-stage vehicle.

The sector-agnostic fund, which had an initial target corpus of about ₹325 crore, counts as SIDBI, IIFL, Yes Bank, Max Group, Gray Matters Capital and Hyundai among its limited partners.

Additionally, other angel investors and entrepreneurs, including former Infosys CEO Kris Gopalakrishnan, industrialist Sunil Munjal and Sequoia Capital MD Rajan Anandan, among others, have also backed the fund in their personal capacities. Munjal and Gopalakrishnan are also on the fund’s investment committee.

As per a statement by IAN, startups can raise between ₹25 lakh and ₹25 crore from the IAN platform, which also includes its angel network. “The fact that we have achieved and exceeded our capital target underlines our impressive growth trajectory and highlights the faith that investors have in our vision,” Padmaja Ruparel, founding partner of IAN Fund, said.

The Fund has made an estimated 20 investments so far, and has recorded one exit after Bengaluru-based industrial IoT startup TagBox was acquired by TVS earlier this year, for about $3.9 million.

The last two years have been very active for the angel investor collective, which according to Ruparel has recorded close to 15 partial exits, having invested an estimated Rs 130 crore in the companies, and earning cash returns of close to Rs 910 crore in the process.

In the current calendar year, IAN has partially exited quick service restaurant chain Wow! Momo, women-centric online retailer FabAlley and used car platform Spinny, among others.

“After the initial exponential growth and subsequent consolidation, we are witnessing a shift towards value creation and differentiation through unique business models. There is a need for more quality platforms like IAN Fund committed to helping new-age Indian entrepreneurs achieve their vision and drive innovation across the country,” Munjal said in a statement.

IAN Fund plans to raise an estimated Rs 5,000 crore as investment capital over the next decade.

“The Indian startup ecosystem is not only addressing unmet needs but exploiting a massive business opportunity on an unprecedented scale and making India the Silicon Valley for the next 6 billion people around the world,” Saurabh Srivastava, founder of IAN Fund, said.
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