Indian Angel Network and IAN Fund Infuse More than Rs 160 Crores into the Startup Ecosystem Across 44 Deals in 2019
Facilitated 11 lucrative exits to investors; these include Kwench, LBB, TagBox, Propelld, FabAlley, Spinny, Wow! Momo, Box8, and Native Special
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IAN with its Angel Network and Fund, has now become India’s largest horizontal early- and seed-stage platform, providing money & mentoring, growing young innovative startups of the country.
2019 was a Wrap! IAN (the angel platform and IAN Fund) invested a whopping Rs 160 crores in 44 startups across sectors, marking the year as one of the most significant years for not just the platform but the ecosystem at large. IAN Angel Network and IAN Fund both gave cash exits : 11 companies returned cash to their investors at an average multiple of 11X.
Investments in several innovative ventures committed to driving large-scale social impact such as Monitra Healthcare, Chakr Innovation, Nocca Robotics, Mobycy, etc. In each case, the IAN ecosystem opened up its strategic guidance and networks to help these budding enterprises. The year was sharply focused on propositions focused on “needs” coinvesting with the VCs & strategic investors, like DSG Global, ONGC.
2019 also became the year of 11 lucrative exits for IAN investors across high-value companies including Kwench, LBB, TagBox, Propelld, FabAlley, Myspinny, Wow! Momo, Box8, and Native Special. IAN gave an IRR (Internal rate of return) of a whopping 34% to its investors this year. Several portfolio companies like Coolberg, LBB, Bixcrum, Uniphore and StyleDotMe raised their next rounds from marquee VCs and Strategic Investors.
The IAN Platform has played its role in nation building – apart from helping breed innovative startups and mentor entrepreneurs, it has invested in sectors like manufacturing, Cleantech, biotech, water, agritech, cyber security – all focused on creating “New India”. It has simultaneously created companies with a total value of almost US$1.5bn and over 5000 jobs.
2019 was a landmark year, as IAN maiden fund, the IAN Fund, announced its final close at Rs. 375 crores – well above its target corpus of Rs. 350 crores. This early stage VC Fund created aother milestone with most of its money raised domestically – bringing some leading Individuals, Family Offices, Corporates, and the government committing to this unique fund. Investors like Hyundai, IIFL, Wadhwani Foundation, Gray Matters, along with government funds like BIRAC, State government of Kerala, and of course Fund of Funds through SIDBI – have all partnered to bring critical Pre Series A funds to young startups.
IAN has been working closely with the government to help create a more enabling startup ecosystem; with the ghost of the Angel Tax laid to rest. In February this year, with the help of DPIIT, CBDT cleared the way for startups to be exempted from the draconian Section 56 (2) (viib). Startups now started to either get refunds or were exempted from “Angel Tax”. This boosted the startup ecosystem further.
Speaking on closing another successful year, Saurabh Srivasatava, Co-Founder, IAN said, “2019 was quite a landmark year for the Indian start up scene. We saw an extremely welcome trend of high quality founders leveraging the latest technology and innovative business models to build ventures which attempt to solve many of the challenges that India faces, in healthcare, agriculture, clean energy, etc. They are building world class, massively scalable companies which will not only have a hugely beneficial impact on our social and cultural milieu but will also disrupt the global scene in these areas. The level of innovation and aspiration among Indian start-ups has gone up tremendously and they are laying the foundation of a society that would be tech-driven, connected and sustainable. Areas like mobility, EVs, logistics, QSR have seen a spurt and Biotech is Showing clear signs of replicating India’s global dominance in IT.
Padmaja Ruparel, Founding Partner, IAN Fund said, “The ecosystem saw a revival of trust amongst the investor fraternity in 2019. Several startups raised funding across sectors both niche and mainstream such as AI, cleantech, biotech, consumer goods, healthcare, food, and apparel, among others. IAN Fund also successfully closed its first fund worth Rs 375 crore, in addition to delivering impressive investor returns with exits from TagBox and Chakra Innovation. As we continue to shape synergies and promote collaborations between emerging business ventures and prominent VCs, the prospects look even more promising in the coming year. We are confident that, with its current growth trajectory, IAN Fund will achieve its objective of enabling the growth of innovative Indian start-ups with high-quality investment opportunities”
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