The Indian Angel Network (IAN) has introduced a “Small Ticket Funding” program to help entrepreneurs and early stage startups raise quick funding worth INR 25 lakhs to take care of immediate fund requests, reports ET Tech. Entrepreneurs will also be able to interact with IAN mentors under this program.
Funding in less than two weeks:
The fixed investment of Rs 25 lakhs will ascertain a fixed valuation of Rs 2.5 crores to the startup post investment. The move is aimed at helping accelerate investments especially in the seed stage and unify the number of deals to catch up with the deal sizes, which are climbing. It will support the ongoing activities of the said company. IAN added that this will also help entrepreneurs kick start ideas. If the plan gets shortlisted, the ventures would be able to get funded in as less as two weeks.
What the IAN does:
Delhi headquartered IAN was started in 2006 and other than funding, it offers mentoring, network access to assess potential and risk, and inputs on strategy and execution. IAN aims to create “scale and value” for startup ventures. They have invested across sectors like agriculture, e-commerce, education, gaming, financial services, IT, internet and manufacturing among others. The network claims to invest an average of $400,000 – $600,000 with investments going up $1 million. It looks to exit over a 3-5 year period according to strategic scale. According to the network, it looks at investing in startups which have high entry barriers, are scalable, a differentiated value proposition and a “complementary” management team.
The network claims to have over 300 investors across 10 countries and 400 mentors available for startups which IAN incubates. It says that it has investments in over 60 companies and has incubated around 50 companies. In December last year, the network set up a 3,600 sq. ft. incubator in Mumbai, to provide startups mentoring support, market access and make them investment ready, reported the TOI.
A look at some of IAN’s investments through the years:
- Aurus Networks raised an undisclosed amount from IAN and received a grant of $30,000 from Microsoft.
- Almamaterstore.in, an alumni merchandising site, raised an undisclosed amount from IAN.
- IAN invested an undisclosed amount in Prettysecrets.com, an online lingerie store operated by MTC Ecom Pvt Ltd.
- Chennai-based Stayzilla raised Rs 2.5 crores ($500,000) from Ravi Krishnappa, one of the founding partners of the angel fund VertExperts, who led the investment as part of the Indian Angel Network.
- Bangalore-based Unbxd raised an undisclosed amount of funding led by Manav Garg and Sharad Sharma with Manv Garg joining the company’s board.
- Social gaming company Hashcube raised an undisclosed amount of funding from IAN and Blume Ventures.
- Online fashion brand FabAlley received an undisclosed amount of investment from IAN which would be used to boost its manufacturing and merchandising strengths. Tushar Singh from IAN joined the board of the start-up following the deal.
- Online education firm RankJunction raised undisclosed amount of investment from IAN. The investment was led by IAN members Jay Chopde and Ravi Kiran, who joined the company board.
- Mobile app search and discovery engine Mobilewalla raised $4 million from Madrona Venture Group, Infocomm Investments and Indian Angel Network (IAN) members like Google India MD Rajan Anandan, former Yahoo CEO Sharad Sharma and ACI Worldwide Country Head Venkat Raju.
- Education start-up IndiaCollegeSearch secured an undisclosed amount of funding from IAN led by Vikram Kant Upadhyaya, Anupam Mittal and Varun Khurana.
- Indian Angel Network called for applications under its Indo-Pak initiative called ‘Startup Dosti’, the cross-border business plan competition which was developed in partnership with the Karachi-London based SEED Ventures and the Washington DC-based Atlantic Council.
- Indian language speech-based software solution provider Uniphore Software raised an undisclosed amount of investment from Indian Angel network led by members Nagaraja Prakasam & M.V.Subramanian with particiaption from YourNest Angel Fund and Analog Devices co-founder Ray Stata.
- Mobile gaming startup HashCube raised series A investment of Rs 4.2 crores led by the mobile games company Nazara Technologies and participation from Ah! Ventures, CDMA Development Group founder Perry LaForge, and existing investors Indian Angel Network and Blume Ventures.
- London-based Lowdownapp Ltd raised an undisclosed amount of funding from IAN. IAN, which had then established an UK office, made this investment with the help of UKTI Innovation Gateway, as its first investment in the country.
- Personal location short-code generation service Zippr raised a funding of Rs 6 crores from IAN and a few other investors.