Recently formed network of angels, Chandigarh Angels Network (CAN) plans to make investments in five technology startups by the end of 2015. Founded in September 2015, it aims to invest between Rs. 10 lakh and Rs. 2 crore in tech startups across sectors such as education, healthcare and finance, as reported by TechCircle.
Some of the members of the network are Samar Singla (founder & CEO, Jugnoo), Mohit Chitkara (Vice President, Chitkara University), Sameer Jain (CEO, Net Solutions), and others. The members of the network are leaders in the entrepreneurial ecosystem with strong operational experience. Chandigarh Angels Network provides feedback on the business plans, funding, mentoring, angels business and professional network, and incubator space.
Kunal Nandwani, Founder and CEO at uTrade Solutions, and also a member of the group talking about plans of CAN said, “Our key motive is to build an ecosystem for startups in Chandigarh so that potential entrepreneurs do not have to move out to bigger cities. We want to help them with funding and mentorship.”
The network will announce its first investment soon, in around a month’s time. It also has plans to provide startups with contacts and office space. As per Nandwani, CAN’s atleast one of immediate investee firm will be a startup that solves a social need.
Everyday newer people are joining the network of ever-increasing swarm of angel investors. As per NASSCOM’s report the number of active investors in the ecosystem has grown from 220 in 2014 to 490 in 2015, depicting a 2.3X growth. It also states that total funding in 2015 has grown by ~125% over 2014. A number of entrepreneurs and senior executives from mature technology startups are emerging out as Angels, making investments in their own personal capacities.