Top 31 Angel Investors In The Indian Startup Ecosystem

We will be adding more angels to this list, to nominate, write to us at editor@inc42.com. Meanwhile, here’s another list capturing more angel investors backing Indian startups.

Amidst the funding winter in 2022, which saw the funding raised by Indian startups declining 40% year-on-year (YoY) to $25 Bn, seed and bridge-stage funding continued to grow. While seed funding grew 27% YoY to $2 Bn in 2022, bridge funding rose 11% to $709 Mn.

Despite the funding slowdown, 21 startups entered the unicorn club in 2022. In the process, India also got its 100th unicorn as many investors continued to show their faith in the Indian startup ecosystem.

More than 9,500 investors, including venture capital firms, CVC funds, investment banks, accelerators, government bodies and angel investors, backed Indian startups in 2022. Of these, angel investors held the largest share at 53.9% (or about 5,120 angel investors), followed by venture capital firms (23.3%), CVC funds (9.1%), and investment banks (6.0%). 

Angel investment is a prime source of capital for pre-revenue and early-stage startups. It helps founders extend the runaway of their startups. Angel capital can be provided by friends, family, relatives or any individual investor.

With the exponential growth of the Indian startup ecosystem over the last few years, many founders have also turned angel investors, backing early-stage promising tech startups. Here’s a list of the top 31 angel investors who backed Indian startups in 2022.

Note: Only active startup investors have been included in the list based on their deal participation in 2022. Only publicly disclosed deals (recorded in our database) have been taken into consideration.

We will be adding more angels to this list, to nominate, write to us at editor@inc42.com. Meanwhile, here’s another list capturing more angel investors backing Indian startups.

Kunal Shah

CRED founder Kunal Shah has invested in dozens of companies so far. In 2022 alone, he infused money in more than 50 startups, including Driffle, EekiFoods, and OSlash, among others. 

In 2021, Shah backed 62 startups in total, thereby, taking his total investments to 200. Some of his notable investments include Zilingo, Toplyne, RazorPay, Leap, and MensaBrands. 

He has also exited 11 startups so far, including Ola-acquired Avail Finance, Rent It Bae-acquired Flyrobe and BigBasket-acquired DailyNinja.

Nitish Mittersain

Nazara founder Nitish Mittersain invested in 35 startups, including LifeChart, MoEving, Lysta, TradeX, Nojoto, and Rigi, in 2022. 

MoneyyApp, StockGro, RAAHO, and myHQ are among the notable startups in his portfolio. 

Mittersain is currently a founding angel at The Nudge Institute. Earlier, he was a board director of MEF Mobile during 2013-15, as per his LinkedIn profile.

Varun Alagh

D2C unicorn Mamaearth’s founder Varun Alagh is an active angel investor. In 2022, he backed 30 startups in diverse sectors such as petcare, edtech and traveltech. He invested in startups like Supertails, Mokobora and AlmaBetter during the year. 

Alagh had bagged over 40 startups in 2021, including Cuvette Tech, BeepKart and Shiprocket. 

Prior to founding Mamaearth, he worked with companies such as Coca Cola, Smirnoff and Hindustan Unilever Ltd (HUL).

Deep Bajaj 

Deep Bajaj, founder of feminine hygiene startup Sirona, invested in about 20 startups across sectors like wealthtech, healthtech, petcare, and wellness in 2022, including Sudo, HouseEasy, EKAM, CREST, and Beanly. 

Before Sirona, Bajaj cofounded Pramati Care in 2014. However, he exited Pramati Care in 2017. 

He currently sits on the board of Carpet Couture by Rashi (CCbR). Earlier, he worked with companies like Thyme, Protocol Services, and Birla Sun Life Insurance, according to his LinkedIn profile.

Ghazal Alagh

D2C unicorn Mamaearth’s cofounder Ghazal Alagh is an active angel investor just like her husband Varun Alagh. 

In 2022, Ghazal invested in 14 startups, including Humpy Farms, unScript AI, and Wishlink.

BlissClub, Uvi Health and UnScript.ai are among the startups Ghazal has backed over the years. Prior to founding Mamaearth, she founded fitness platform dietexpert.in, which closed down in 2013, according to her Linkedin profile.

Sandeep Nailwal

Polygon founder Sandeep Nailwal backed 12 startups, including Flint, Pillow, FanTiger, Buk Technologies and Juno, in 2022

During the year, he, along with Cere Network founder Kenzi Wang, also launched a $50 Mn VC fund Symbolic Capital to back Web3 startups.

Nailwal cofounded ScopeWeaver in 2016 but exited the startup in 2017. In the past, he also worked with Welspun Group and  Deloitte, according to his LinkedIn profile. 

Sujeet Kumar

Udaan founder Sujeet Kumar infused funds in 12 startups, including Kofluence, Suite42, Tring, Vidyut, Wasoko, Ekank Technologies, and KhelGully, in 2022. 

In 2021, he had invested in 13 startups, including OckyPocky, Qapita and The Whole Truth. In total, Kumar has backed over 40 startups till date.

Prior to founding Udaan, he was heading operations at ecommerce platform Flipkart.

Ankit Nagori

Curefoods founder Ankit Nagori backed over five startups in 2022, including Xeno, GetSupp, and SuperK.

Nagori is an active investor in Indian startups, and has so far backed 14 startups, including Supertails, Mojocare, Groww, Rapido, Xeno, and Doubtnut.

Besides heading cloud kitchen startup Curefoods, Nagori is also leading Simply Sports Foundation currently. Earlier, he worked with ecommerce giant Flipkart as its chief business officer for about six years.

Arjun Vaidya

Mumbai-based angel investor Arjun Vaidya has backed multiple startups over the years, including Contlo, Xeno, Praan, and One Impression. 

In 2022, he pumped money into eight homegrown startups, including Eské Paris, ShoutO and VAMA. 

Vaidya is currently leading venture investments at Verlinvest. Earlier, he worked with L Catterton, The De Beers Group of Companies, and Condé Nast India, among others. 

For some years, he also led his family business Dr. Vaidya’s, which was acquired by the RP Sanjiv Goenka Group in 2021. 

Gokul Rajaram

DoorDash executive Gokul Rajaram backed eight Indian startups, including Dozee, Entri and Filo in 2022.

Sustainable ecommerce platform Flora, B2B ayurveda startup Nirogstreet, and fintech startup Cashflo are the other startups in his portfolio. Meanwhile, Rajaram has exited about 11 companies so far.

Apart from being an angel investor, he is also a board member of Coinbase, Pinterest and The Trade Desk. Earlier, he worked with companies like Square, Facebook, Chai Labs, Google and June,, as per his LinkedIn profile.

Maninder Gulati

OYO executive Maninder Gulati has invested in several Indian startups over the years. In 2022, he backed eight startups, including Mistry.Store, SolarSquare and TradeX. 

E-sports startup Tournafest, edtech platform Bhanzu, and gaming marketplace Driffle are his other notable investments. Gulati has exited three startups – BabyChakra, simsim, and Blink – so far.

Earlier, Gulati worked with multiple companies such as Lightspeed India, Mckinsey, ITC Ltd and Onelife Knowledge Services. 

Ramakant Sharma

Livspace founder Ramakant made angel investments in 13 homegrown startups in 2022, including Covvalent, EekiFoods, Glamplus, Jiraaf, The Souled Store and Snapmint.

He has backed over 60 startups till date, including ecommerce platform Flora, travel brand Mokobara, and agritech startup EekiFoods. Besides, he also exited social commerce startup Shop101.

Earlier, he worked with companies like Myntra, Zapak Digital, Jungle Ventures, SumTotal Systems and Teradata. 

Abhishek Goyal

In 2022, Abhishek Goyal, the cofounder of listed marketing intelligence platform Tracxn, backed seven startups, including fintech app GroMo, social networking app MemeChat, and after-sales service provider Onsite. Goyal’s portfolio comprises 11 startups, including GalaxyEye and Showroom. 

Prior to founding Tracxn, Goyal founded fashion startup UrbanTouch in 2011, which was later acquired by Fashion&You. In 2014, he founded ResumePro, however, he does not have any stake in the startup currently, as per his Linkedin profile.  

Goyal worked with companies like Yahoo, Andale, Amazon, and Accel earlier.

Balaji Srinivasan

Coinbase CTO Balaji Srinivasan has been an active angel investor for the past 10 years. In 2022, he backed more than five startups, including Questbook, Samudai, and Lysto. 

Srinivasan has also cofounded four companies so far – Counsyl, Earn, Teleport, and Coin Center. 

Binny Bansal 

Flipkart cofounder Binny Bansal has been actively backing startups ever since he quit the ecommerce platform. While he backed a total of seven startups in 2022, he invested in 12 startups in 2021.

Besides being an angel investor, he has also founded fintech startup Navi and SaaS startup xto10x. So far, Bansal has infused money into 55 startups, with five exits.

Lalit Keshre

Groww founder Lalit Keshare invested in seven startups, including Flash, Neend and Shoppr.TV, in 2022. 

Over the years, he has built a portfolio of startups from diverse sectors. Fintech startup Decentro, fitness platform Ultrahuman, and B2B fintech startup Upswing are among his major investments. 

Prior to founding Groww, Keshre set up Eduflix. He also worked in the product and engineering team of Flipkart and Ittiam Systems earlier. 

Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma participated in funding rounds of seven startups in 2022, including Curelink, Daalchini and Evenflow. 

Sharma has backed about 80 startups till date. Ola Electric, Karkinos, Truly Madly and Unacademy, are some of the startups in which he has invested. 

Earlier, he also incorporated investment companies VSS Investco and VSS Holdings to back startups.

In August 2022, Sharma was reappointed as the managing director and CEO of Paytm for another five years.

Aprameya Radhakrishna

Social media platform Koo’s CEO Aprameya Radhakrishna has been into angel investing for over seven years now, as per his LinkedIn profile. 

In 2022, he backed six homegrown startups, including edtech platform Jovian, adtech startup Kofluence, and fintech startup PensionBox. Radhakrishna has backed 32 startups till date, and exited four. 

Prior to founding Koo, Radhakrishna founded TaxiforSure in 2010. He also worked with JLL and Infosys earlier. 

Nitin Gupta

Uni Cards founder Nitin Gupta has been doing angel investment for the past seven years. In 2022, he backed six Indian startups, including GroMo, Locofast and NAKAD. 

His portfolio includes fintech startup Cashflo, edtech startup Bhanzo, and fintech startup GroMo.

Gupta also founded Khojguru Infotech and PayU India earlier. Besides, he has also worked with Ola Financial Services and Lehman Brothers.

Ankur Nagpal

Edtech startup Teachable’s founder Ankur Nagpal made five angel investments in 2022, including Bitespeed, Pepper Content and Phyllo.

Stonks, EduRev, beehiv, Flume and Eight Sleep are some of the startups in which he has invested so far.

Nagpal also founded wealthtech startup Ocho in October 2022 and is currently an active investor in US-based investment platform Vibe Capital, as per his LinkedIn profile.

Ashneer Grover

BharatPe cofounder Ashneer Grover backed five startups in 2022, including Big Bang Food Tech, Freadom, and Get-A-Whey. 

Grover, who has been in the news for the BharatPe controversy, manages a portfolio of 22 companies. The Whole Truth, Rupifi, YAP, Fello, indiagold, and Kredmint are among the startups in his portfolio.

Grover was also a judge during the previous season of Shark Tank India.

Gaurav Munjal 

Unacademy cofounder Gaurav Munjal invested in five startups, including CoinMint, Lissun, and MemeChat, in 2022

Munjal had backed 11 startups in 2021, mostly in the edtech and healthtech sectors. He has backed over 36 startups till date and exited two startups.

Prior to founding Unacademy, he set up online real estate platform Flatchat.

Nithin Kamath

Zerodha founder Nitin Kamath has been an active angel investor for years now. In 2022, he backed five Indian startups, including AssetPlus, GalaxEye and Kalvi.

Kamath has backed 14 startups so far, including Even, Climes, Licious, Stoa School, and The Whole Truth. 

Before founding Zerodha, he worked with Manipal Infocom and Kamath Associates. He is currently also a CEO of Rainmatter.

Shashank Kumar

Fintech unicorn Razorpay’s founder Shashank Kumar invested in five homegrown startups in 2022, including HYPD, NAKAD and SuperK.

His portfolio includes startups like Global Fair, Eke.Care, Microsoft, and SDSLabs.

Before founding Razorpay, Kumar worked with tech giant Microsoft and software development startup SDSLabs.

Anjali Bansal

Avaana Capital founder Anjali Bansal invested in four Indian startups in 2022, including BambooBox, Gold Setu, and Groyyo.

Bansal has invested in 12 companies so far, including Clinikk, Mudrex, Qapita, and Bombay Shaving Company. 

Bansal, who is on the board of big Indian companies such as Tata Power, Bata, Kotak AMC, and Piramal Enterprises, has also invested in unicorns like Delhivery, Urban Company, Darwinbox, and Nykaa. 

Earlier, she worked with TPG Growth, Spencer Stuart, McKinsey and Dena Bank. She is also a member of the ONDC steering committee.

Anupam Mittal

People Group’s founder Anupam Mittal, who currently manages various businesses such as Shaadi.com, Makaan.com, and Mauj Mobile, backed four startups in 2022, including Rigi, Strive and Toplyne.

Mittal, who gained immense popularity after he became a judge on Shark Tank India, has backed more than 50 startups so far, including Ola, Druva and Whatfix, while he has exited 12 companies.

In 2021, he backed Express Stores, Gobbly, and GoKwik.

Archana Priyadarshini

Forward Slash Capital’s managing partner and founder Archana Priyadarshini has been into angel investing for years now. In 2022 alone, she made investments in four startups – Broomees, CogniSaaS, Ekank Technologies, and Threado. 

Metastable Materials, Exprto Live, and VAMA are some of the other companies in which she has invested so far.

Currently, Priyadarshini is serving as a general partner at PointOne Capital. Earlier, she worked with companies such as Wells Fargo, Bootcamp Fitness Studio, IBM and CGEY.

Sriharsha Majety 

Foodtech giant Swiggy’s cofounder Sriharsha Majety invested in four startups, including BlissClub and Headout in 2022.

MajOver the years, he backed several startups including fintech unicorn CRED, D2C food startup The Whole Truth and D2C brand Virgio,among others.

In 2013, he founded delivery management platform Bundl and prior to that, worked with Nomura International.

Srinath Ramakkrushnan

Zetwerk cofounder Srinath Ramakkrushnan has made five angel investments till date. Of these, he backed four startups, including Agrizy, Frigate, and LOBB, in 2022.

Ramakkrushnan cofounded OfBusiness in 2015 but exited the startup in 2016. Earlier, he worked with companies such as Selco India, Acumen Fund, General Motors, ITC Ltd, and BlackBuck, as per his Linkedin profile. 

Suhail Sameer

Former BharatPe CEO Suhail Sameer is an active early-stage investor and has made bets in various sectors such as consumer, consumer tech, fintech and SaaS. In 2022, he backed four startups, including Glip, Liquide, and Locofast. 

Recently, he quit BharatPe as the unicorn reported a 3X rise in loss to over INR 5,000 Cr. Earlier, Sameer worked with companies like OTP Venture Partners, RPSG Capital Ventures, McKinsey, Fireside Ventures and RP-Sanjiv Goenka Group. 

He has invested in 24 startups till date. 

Utsav Somani

AngelList India partner Utsav Somani has backed 38 startups so far, including Vetic, KoinX, Revise, Anar, GoKwik, Airblack, and Pepper Content.

Somani is currently a partner at micro-fund iSeed and VC firm Galaxy. Earlier, he worked with companies such as Village Global, 0B1T Capital, iSeed SEA, On Deck, among others, as per his LinkedIn profile. 

In 2022, Somani invested in eight Indian startups, including GroMo, SuperShare, and Upswing Financial. 

Note: Only active startup investors have been included in the list based on their deal participation in 2022. Only publicly disclosed deals (recorded in our database) have been taken into consideration.

We will be adding more angels to this list, to nominate, write to us at editor@inc42.com. Meanwhile, here’s another list capturing more angel investors backing Indian startups.

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Update | January 29, 2023, 4:45 PM

The number of investment deals in which Nazara founder Nitish Mittersain participated in 2022 has been updated to 35 from 5 earlier.

Sirona founder Deep Bajaj’s investments in 2022 have been added to the story and the number of investors has been changed to 31 from top 30 earlier.

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