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IAN Alpha Fund announces close of Rs 355 crore; health-tech focus area

Early stage investment platform IAN Group’s Rs 1000 crore venture capital fund IAN Alpha Fund on monday announced its first close of Rs 355 crore. This is the second VC fund in IAN Group’s series of Funds and the first close is a little higher than the target corpus of IAN Fund I. 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, Indian Angel Network said, “The Alpha Fund will be instrumental in achieving our vision of investing in over 500 startups and creating 5 lakhs jobs by 2030, nurturing a thriving ecosystem, and driving substantial economic growth while shaping a brighter future for the entrepreneurial landscape in India.”

Registered with SEBI under AIF Category II, the Alpha Fund focuses on sectors, such as clean tech, health tech/bio, fintech, deep tech, spacetech, consumer, agri-tech, cybersecurity, hardware, robotics, and more.

The IAN Alpa Fund will support the IAN Group’s mission to invest Rs 5,000 crores in 500 startups to create 5 lakh jobs. The IAN group has brought Indian innovation to global markets. The IAN Group has invested over Rs 900 crore in over 250 startups so far, which are currently valued at over $ 9billion, IAN group said in a statement.

Padmaja Ruparel, IAN Co founder and Senior Managing Partner of the IAN Alpha Fund said, “We intend to not only focus on India’s metros to harness, but also have a keen eye on tier 2 and 3 cities, where untapped potential and creativity abound and where we have already had some great successes. Female founders will also be an area of focus”.

IAN Group includes IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs 50 lakhs to Rs 50 crores from quality investors who provide funds, mentoring and global market access. The Financial Express

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