With an aim to help young entrepreneurs in turning their dreams into reality, Indian Angel Network (IAN) has launched an initiative called Small Ticket Funding’ program.
This program will help early stage ventures to raise quick funding of INR 25 lakh to meet immediate fund requirements. Besides, entrepreneurs will also benefit from the expertise of accomplished mentors who form a part of IAN.
Speaking on the launch, Padmaja Ruparel, President, IAN said, “I believe that sometimes it is the little things that make a huge difference to big plans. As such, small – ticket funding is a great opportunity for young entrepreneurs to kick-start their ideas. If the plan is shortlisted, the ventures could get the funding as soon as in less than two weeks.”
It is to be noted that the startup environment is picking up steam in India. The venture capital firms like Tiger Global Management, Accel Partners & Sequoia Capital are also pouring huge capital into the Indian startup ecosystem.
However, it is still very difficult for startups to raise funds at the seed stage. Therefore, IAN has come up with small-ticket funding of INR 25 lakhs to support ongoing activities of companies. The programme will offer a fixed investment of INR 25 lakh at a fixed valuation of INR 2.5 Cr post-money.
Earlier in December last year, IAN had set up a 3,600 sqft startup incubator in Mumbai. IAN is Asia’s largest angel investor network with over 300 investors from across 10 countries. Its angels include Google India MD Rajan Anandan and Accenture India MD Avinash Vashistha. It has funded nearly 70 deals, investing close to $30 Mn. The angels invest a minimum of INR 25 lakh and up to INR 5 Cr. for a small stake in the firm.
Just recently, LetsVenture has also launched LetsIgnite, an angel summit, aiming to connect startups to the angel investors.
Last week, IAN Ventures has invested an undisclosed amount in Gurgaon-based online language translation startup, Process Nine Technologies Pvt Ltd. Earlier in last month, the angel network had also infused undisclosed amount in food tech startup, FreshWorld.