IAN gets 100-cr kitty for 2nd fund

Early-stage investing platform Indian Angel Network (IAN) on Thursday launched its second fund with a corpus of ₹1,000 crore (about $121 million), more than double the size of its first fund of ₹375 crore that closed in 2019.

- Malvika Maloo

The IAN Alpha Fund will have a base investment corpus of about ₹650 crore (about $78 million) with an additional investment option of ₹350 crore (about $42 million), the fund’s investment committee member Saurabh Srivastava said.

The Alpha Fund will be led by IAN’s senior managing partner Padmaja Ruparel, and managing partners Jaideep Mehta and Vinod Keni. Mehta was previously the chief executive officer at HT Media-owned Mosaic Media Ventures.

IAN expects the Alpha Fund to make its first close in December or January at about ₹350 crore, while the final close is likely to happen in about 18 months from the first, Ruparel said in an interview.