New Delhi, 4th December 2023: IAN Alpha Fund, a Venture Capital fund with a formidable corpus of Rs 1000 crores (US$119mn), proudly announces its first close at Rs. 355 crores. This marks the initiation of the second VC fund in IAN Group’s series of Funds, surpassing the target corpus of IAN Fund I for its first close. The distinguished investors of the IAN Alpha Fund include SIDBI (Small Industries Development Bank of India), SRI Fund, and several investors from IAN Fund I.
Saurabh Srivastava, Co-Founder of Indian Angel Network, expressed, “Startups are pivotal engines for employment and economic growth in India, addressing complex contemporary challenges through technology and innovative business models. The Alpha Fund is instrumental in realizing our vision of investing in over 500 startups, creating 5,000,000 jobs by 2030, and fostering substantial economic growth, shaping a brighter future for the entrepreneurial landscape in India.”
Registered with SEBI under AIF Category II, the Alpha Fund strategically positions itself to catalyze innovation across diverse sectors. These include clean tech, health tech/bio, fintech, deep tech, spacetech, consumer, agri-tech, cybersecurity, hardware, robotics, and more, led by passionate and high-quality founders. This versatility aligns with IAN’s commitment to staying at the forefront of emerging trends and technologies in the startup ecosystem.
Raman Roy, Co-Founder of Indian Angel Network, shared his enthusiasm, stating, “The first close is a significant milestone for the Alpha Fund, empowering us to support early-stage startups with the potential to reshape industries and create enduring value. Esteemed investors like SIDBI and SRI have shown confidence in our vision, solidifying our commitment to driving transformative change in the startup landscape.”
The IAN Alpha Fund further advances the IAN Group’s mission to invest “5000 crores in 500 startups to create 500,000 jobs and bring Indian innovation to global markets.” The IAN Group, with an impressive lineage, has invested over Rs 900 Cr in over 250 startups, currently valued at over US $ 9 billion (Rs 75,000 Cr). Leveraging the success of the IAN Angel Platform and IAN Fund I, the Alpha Fund is set to perpetuate IAN’s legacy of strategic investment, targeting startups that drive inclusive growth through technological innovation.
Padmaja Ruparel, IAN Co-founder, and Senior Managing Partner of the IAN Alpha Fund, said, “We intend to focus not only on India’s metros but also on tier 2 and 3 cities, where untapped potential and creativity abound. Female founders will also be an area of focus.”
Ajai Chowdhry, Board Member at IAN, said, “The Alpha Fund will explore opportunities in diverse sectors such as fintech, healthtech, renewable energy, deep tech, agritech, medtech, hardware and electronics, manufacturing, Web 3.0, Metaverse, Industry 4.0, SaaS, D2C, and other innovative domains. Our expansive investment approach underscores IAN Alpha Fund’s dedication to fostering innovation and supporting visionary entrepreneurs across various sectors, thereby enriching the dynamic and ever-evolving startup ecosystem.”
Priyank Garg and Sarika Saxena recently joined IAN Alpha Fund as Managing Partners, complementing the leadership of Padmaja Ruparel. Their diverse experience and expertise will enhance the Fund’s capability to identify and nurture the best of the next innovation and entrepreneurs across a wide range of sectors.
