Asset Management Co Acquires Mumbai Angels, Launches Two New Funds Worth INR 1,300 Cr

Alternate investment firm 360 ONE, which was formerly known as IIFL Wealth & Asset Management has completed the acquisition of a controlling stake in Mumbai Angels.

Along with the acquisition, Mumbai Angels also announced the launch of two new funds – INR 1,000 Cr angel fund and INR 300 Cr VC fund. The funds will invest in around 500 startups in the next three to four years. Both funds have a green shoe option of INR 200 Cr. 

“Mumbai Angels has built an enviable platform to tap quality companies at an early stage. We are glad to have a talented team on board led by Nandini Mansinghka, CEO of Mumbai Angels. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies,” said Karan Bhagat, founder, MD & CEO, 360 ONE.

According to Mumbai Angels, the angel fund treats each investment as a separate scheme and offers flexibility to investors as well as startups. Therefore, investors can invest in a large number of deals while startups would have a lean cap table. 

On the other hand, as per Mumbai Angels, the second fund will enable investors to participate in every deal on the platform.  

Founded in 2006, Mumbai Angels Network invests in early-stage startups in India. Over the years,it has backed a multitude of startups such as Adsparx, Adonmo, BabyChakra, among others. 

“We are thrilled to be a part of 360 ONE, and the launch of our two new funds will open a plethora of opportunities for new-age companies looking at capital and investors keen to ride the startup wave. Our investments are sector-agnostic, and our team has a proven track record of identifying and supporting promising early-stage companies” said Nandini Mansinghka, chief executive officer, Mumbai Angels.

The development has come at a time when an array of venture capital funds has launched or seen their first closure. 

Recently, Singapore-based Lighthouse Canton and VC firm Dallas Venture Capital marked the first close of INR 550 Cr venture debt fund and INR 350 Cr fund respectively. 

Further, earlier this month, VC firm Nexus Venture Partners was also reported to be in talks with investors to raise a $700 Mn fund to invest in India and US-based tech startups. 

Notably, 126 funds including CVCs, VC funds, angel funds and debt funds, among others were launched in yesteryear (2022). The above funds concertedly raised more than $18 Bn to invest in the country’s startup ecosystem.

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Update|18th January, 7:13 PM

Details of funds have been updated in the story

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