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IAN’s Rs 1000-Cr Alpha Fund makes first close of Rs 355-Cr

Early stage investment platform IAN Group’s Rs 1000 crore venture capital fund IAN Alpha Fund on Monday announced its first close of 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. 

Notable investors in IAN Alpha Fund include SIDBI (Small Industries Development Bank of India), SRI Fund, and various investors from IAN Fund I.

Saurabh Srivastava, Co-Founder, Indian Angel Network, said, “The Alpha Fund will be instrumental in achieving our vision of investing in over 500 startups and creating 5 lakhs jobs by 2030, nurturing a thriving ecosystem, and driving substantial economic growth while shaping a brighter future for the entrepreneurial landscape in India.”

The Alpha Fund, registered under SEBI as an AIF Category II, concentrates on sectors like clean tech, health tech/bio, fintech, deep tech, spacetech, consumer, agri-tech, cybersecurity, hardware, and robotics. 

With a mission to invest Rs 5,000 crores in 500 startups and generate 5 lakh jobs, the IAN Alpha Fund aligns with the broader goals of the IAN Group. The IAN group has been instrumental in promoting Indian innovation globally, having invested over Rs 900 crore in 250 startups. These startups now have a combined valuation exceeding $9 billion, as per a statement from the IAN group.

Padmaja Ruparel, IAN Co-founder and Senior Managing Partner of the IAN Alpha Fund, said, “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 Group comprises the IAN Angel Group, BioAngels, and IAN Fund I, representing the initial fund in the series of VC Funds. This structure empowers entrepreneurs to secure funding ranging from Rs 50 lakhs to Rs 50 crores. Quality investors associated with the group not only provide financial support but also offer mentoring and facilitate global market access for entrepreneurs.

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