IAN's Alpha Fund Secures First Close, Reaching Rs 355 Crores

Updated on: 4 December 2023 9:40 pm

Sarika Saxenas investment portfolio covers a range of sectors, including consumer, technology, fintech, EdTech, etc both within the domestic and international markets

IAN Group Appoints Sarika Saxena As Managing Partner At IAN Alpha Fund Photo: Sarika Saxena's investment portfolio covers a range of sectors, including consumer, technology, fintech, EdTech, etc both within the domestic and international markets

IAN Alpha Fund, a Venture Capital fund with a corpus of Rs 1000 crores ($119 million) announced its first close at Rs. 355 crores. This is the second VC fund in IAN Group’s series of Funds and the first close is a little higher than the target corpus of IAN Fund I. Marquee investors of the IAN Alpha Fund include SIDBI (Small Industries Development Bank of India), SRI Fund, and several investors from IAN Fund I.

Saurabh Srivastava, co-founder, Indian Angel Network said, “The Alpha Fund will be instrumental in achieving our vision of investing in over 500 start-ups and creating 5,000,000 jobs by 2030, nurturing a thriving ecosystem, and driving substantial economic growth while shaping a brighter future for the entrepreneurial landscape in India.

Registered with SEBI under AIF Category II, the Alpha Fund is strategically positioned to catalyze innovation across diverse sectors, such as clean tech, health tech/bio, fintech, deep tech, space tech, consumer, agri-tech, cybersecurity, hardware, robotics, and more led by passionate and high-quality founders. This versatility is aligned with IAN's commitment to staying at the forefront of emerging trends and technologies in the startup ecosystem.

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Raman Roy, co-founder of Indian Angel Network expressed his enthusiasm, saying, "The first close is a significant milestone for the Alpha Fund and will empower us to embark on our mission of supporting early-stage startups with the potential to reshape industries and create enduring value."

The Group boasts a track record, having invested more than Rs 900 crore in 250+ start-ups, currently valued at over $9 billion (Rs 75,000 crore).

Padmaja Ruparel, IAN co-founder and senior managing partner of the IAN Alpha Fund said “We intend to not only focus on India’s metros to harness, but also have a keen eye on tier 2 and 3 cities, where untapped potential and creativity abound and where we have already had some great successes. Female founders will also be an area of focus”.

Priyank Garg and Sarika Saxena recently joined IAN Alpha Fund as managing partners.