The first close of the venture capital fund IAN Alpha Fund, which has a corpus of Rs 1,000 crore (roughly $119 million), was announced at Rs 355 crore. In the IAN Group’s series of funds, this is the second venture capital fund; the first close was marginally higher than the target corpus of IAN Fund I. Investors in the IAN Alpha Fund include SRI Fund, investors from IAN Fund I, and SIDBI (Small Industries Development Bank of India).
According to IAN’s press release, the Alpha Fund will be used to invest in more than 500 startups, generate 5,000,000 jobs by 2030, support an ecosystem, and propel significant economic growth.
The Alpha Fund, which is registered with SEBI under AIF Category II, is very interested in making investments in fields such as hardware, cybersecurity, clean tech, fintech, deep tech, spacetech, agri-tech, health tech/bio, and clean tech. The Alpha Fund claims to have put over Rs 900 crore (roughly Rs 75,000 crore) into over 250 startups, with a current valuation of over $9 billion.
With IAN Fund I, BioAngels, and IAN Angel Group, IAN Group is a seed and early-stage investment platform that helps entrepreneurs raise anywhere from Rs 50 lakhs to Rs 50 crore from investors who offer capital, guidance, and access to international markets. Sector-neutral, the platform has supported creative startups in 19 different industries in India and seven other nations.
