Mumbai Angels–one of India's oldest networks of wealthy investors, has launched two new funds to back Indian start-ups. The first one is an angel fund of Rs 1000 crore with a green shoe option of Rs 300 crore. The second one is a venture capital ( VC) fund of Rs 300 crore with a green shoe option of Rs 200 crore. The VC fund is expected to invest in late-stage start-ups.
Recently acquired by 360 One (formerly known as IIFL Wealth & Asset Management), the investment platform is known for supporting a bunch of Indian start-ups like InMobi, Dhruva Space, Myntra, Purplle and BluSmart.
The launch of these two funds is expected to benefit both parties. Through this, 360 One will have access to start-up investments, whereas the Mumbai Angels Network will get the opportunity to connect with a large section of investors.
In the financial year (FY) 2021-2022, the investment platform set a record by investing nearly Rs 100 crore in start-ups. According to an Economic Times ( ET) report, the network is willing to invest in 500 start-ups in the coming time. Till now, it has 220 companies in its portfolio.
Talking about the development, Nandini Mansinghka told ET, “This fund offers unique flexibility to both investors as well as start-ups. While investors will have the freedom to invest in a larger number of selected deals, startups will have a leaner cap table.”
Karan Bhagat, the founder and chief executive officer ( CEO) of 360 One, said, "Mumbai Angels has built an enviable platform to tap quality companies at an early stage. With this new set of offerings, we will be able to further provide clients with some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries."