Angel Network BizDateUp Launches INR 200 Cr Fund

SUMMARY

The Category I AIF would invest in startups from Tier-II and III cities, with a special focus on those from sustainability and social impact sectors

Founded by Jeet Chandan and Meet Jain in 2020, BizDateUp allows people to invest in Indian startups with a capital as low as INR 1 Lakh

The firm invested in 25 startups in FY24, including SaaS startup Passenger Drone Research, AI/AR startup Twyn, and deeptech startup Immersive Labz

Angel investing platform BizDateUp Technologies has launched an INR 200 Cr Category I Alternative Investment Fund (AIF) to invest in technology startups.

In a statement, BizDateUp’s new fund was launched with an aim to invest in startups from Tier-II and III cities, with a special focus on those from sustainability and social impact sectors.

Founded by Jeet Chandan and Meet Jain in 2020, BizDateUp allows people to invest in Indian startups with a capital as low as INR 1 Lakh. In the financial year 2023-24, it raised a capital of over $10 Mn from over 1,000 active angel investors. It claims to have made an average return of 3.5X.

The firm said it invested in over 25 startups hailing from non-metro cities in FY24. SaaS startup Passenger Drone Research, AI/ AR startup Twyn, deeptech startup Immersive Labz, coworking aggregator Stylework, agritech BharatRohan are among the startups in which BizDateUp invested in the last financial year.

“With the launch of our INR 200 Cr Category I AIF Fund, we are reaffirming our dedication to empowering startups in Tier II and III cities, unlocking their potential to become the next engines of growth and innovation in India,” Chandan said.

Chandan has also been elected to the board of electric vehicle (EV) supply chain startup ZEVO. The startup, which offers electric vehicle mobility as a service (EVaaS), micro-warehousing as a service (MWaaS), among others, last secured an undisclosed amount of funding from Agility Ventures in August 2023.

According to Inc42’s ‘India’s Startup Investor Landscape Report 2023’, the country currently boasts more than 125 angel networks and syndicates. This number is projected to rise to 200-plus by 2030. Since 2014, these angel networks have participated in over 540 funding rounds, backing more than 470 startups.

ah! Ventures, Dexter Angels, Hyderabad Angels, and LetsVenture are among the prominent angel networks.

Over the last few years, a number of startups have emerged from non-metro cities. In July 2022, Minister of Commerce and Industry Som Prakash informed Lok Sabha that more than 50% of recognised startups come from non-metro cities.

At that time, 72,993 startups were recognised by the Department For Promotion Of Industry and Internal Trade (DPIIT). This number grew to 1.14 Lakh as of December 2023. As per estimates, the percentage of startups hailing from non-metro cities is still similar to what was reported in 2022.