Indian Angel Network (IAN),an angel investors network in India, which currently operates in Delhi, Mumbai, Bangalore, Hyderabad and Pune is now looking to setup a base in Kolkata to fuel startup ecosystem in the east.
The move will help IAN to invest in the West Bengal, Orissa, Bihar, Jharkhand and the North East states of India.
In the process IAN has partnered with Usha Martin Technologies, a Technology Services brand of Usha Martin Group and a USD 1 Billion business conglomerate based in India.
According to Padmaja Ruparel, President of IAN, they were already been approached by entrepreneurs from Eastern parts of India and it is their business plans and ideas that have encouraged IAN enter in this region.
Speaking on the occasion, Prashant Jhawar, Chairman of Usha Martin Technologies and a member of Indian Angel Network said “Eastern India has always been the home to creativity and originality. With a combination of proper guidance and capital provided, the entrepreneurial activity in this part of the country can flourish to a great extent”.
IAN has 250 investor members from around the world which comprise of entrepreneurs and CEOs of leading institutions.
IAN has funded 50 start-ups across multiple sectors like IT, mobile, Internet, healthcare, e-commerce, gaming and education. In 2011, IAN invested over USD 8 million in 11 startups, whereas in 2012, it invested USD 11 million, making it almost a deal every 3 weeks. Few of its portfolio startups include Aurus Network, Alma Mater, Vienova, Druvaa Softwares, Kwench, Gamiana and Peelworks.