Hyderabad Angels, a network of angel investors focused on early-stage businesses, is likely to close its first deal of the year by end of this month.
"We are currently in due diligence process with Hyderabad-based start-up Catamaran Waterbase Solutions Private Limited. We are likely to close the deal by January end," Murali Bukkapatnam, head of The Capitol Projects Private Limited and member of Hyderabad Angels, told Business Standard.
From the ISB-TiE Connect competition, which was held last year, Catamaran was short-listed along with two other start-ups including Thrillophilia Adventure. Catamaran, which started operation in 2009, is into fish procurement and delivery to major hotels.
"The start-up is in an emerging space - the food consumption space. As India's consumer market is growing in the food and beverages space, any entrepreneur who is trying to add value to consumers through its products will have great growth opportunities," he said.
Hyderabad Angels may fund around Rs 2 crore in the start-up. "Mostly, we funding ranges between Rs 2 crore and Rs 3 crore. So, investment in Catamaran will be in that range," JA Chowdary, founder and chairman of the Hyderabad Angels’ board, said.
Since its inception, Hyderabad Angels has roped in about 70 high net worth individuals and has invested in four companies have from across the country. They include Edutor Technologies, a Hyderabad-based start-up that develops and markets learning platforms for touch devices for K-12 students, Mumbai-based start-up Green India Building Systems and Services (GIBBS), which is into energy saving space, and Identis Private Limited, a Hyderabad-based custom radio frequency identification (RFID) manufacturing company.
