Indian Angel Network to fund up to Rs 75 lakh to 24 Digital start -ups

Asia’s largest and India’s first Angel investors’ network group Indian Angel Network (IAN), has announced a policy to invest and mentor in early stage start-ups in Indian digital ecosystem. IAN would fund selected two dozen starts – ups in mobile and internet landscape, with initial funding of up to Rs 75 lakh to each. With IAN’s endeavor to help entrepreneurs and seed sustainable business models would certainly enable early digital businesses to create scale and value. By focusing on start ups, the Network addresses the current acute lack of funds available to early stage companies.

IAN said the effort is to help new entrepreneurs to address exciting growth opportunities for developing internet and mobile products, services and applications to address this growing market.

Speaking exclusively to Iamwire Padmaja Ruparel, president, IAN said “through this initiative we are looking entrepreneurs with high and sustainable business proposition, plans and ideas. We are targeting internet and mobile based start – ups; however IAN would also foray in to other sectors with such initiatives in time to come”. She further added that IAN has received large number of requests for funding in the pre-angel funding stage from entrepreneurs in the mobile and internet products and services space, hence, IAN decides to consider requests for investments up to Rs 75 lakh.

Indian Angel Network (IAN) currently has over 170 members including Afzal Oomerbhoy, Algiy Williams, Amitabh  Srivastava, Raman Roy, Rajan Anandan, , Harish Mehta, Rajiv Luthra, Sunil Munjal, Arvind Singhal –  drawn from across the country and some from overseas, including leading lights from diverse sectors on the IAN Website.

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The Network has already invested in 25 companies across multiple sectors, including several attractive partial or full exits. Last month IAN funded, Mumbai-based Webklipper Technologies that offers online surveys and feedback tools for e-commerce sites, vertical search sites and blogs. The round of funding was led by Google India chief Rajan Anandan in his personal capacity.