Indian Angel Network announces final close of $100 million fund

Indian Angel Network (IAN) on Tuesday announced the final close of its second venture capital fund, IAN Alpha, at $100 million. The first close of the fund, at $43 million, happened in December 2023.

 

Since its launch, the fund has already invested in 10-12 startups, with several being led by first-generation founders in Tier-II and Tier-III cities, according to the firm. Some of the companies include Dhruva Space, Morphing Machines, BrainSightAI, EndureAir, and FluxGen.

 

"These startups are leveraging breakthrough technologies such as AI, space tech, semiconductors and biotech, and are increasingly developing indigenous solutions in healthcare, climate, manufacturing, cybersecurity, environment, etc," the firm said in a statement.

 

The limited partners for the fund include government investors such as the Department for Promotion of Industry and Internal Trade (DPIIT) Fund of Funds for Startups, which is managed by SIDBI; Self-Reliant India Fund; ACE Fund; and Odisha Startup Growth Fund, as well as institutional investors including Buimerc Corporation Ltd, Dubai, HDFC Life, DS Group Family Office, and National Bank for Agriculture and Rural Development, alongside family offices and individual investors.

 

The fund will, overall, invest in early-stage companies and micro, small, and medium enterprises leveraging technology and innovation, including those aligned to the country's national strategic imperatives. While deep tech remains at the heart of its investment thesis, the IAN Alpha Fund follows a carefully structured risk-mitigation strategy, balancing innovation-led long-gestation ventures with shorter-cycle businesses, the firm noted.