New Delhi, Dec. 10 -- Early-stage investment platform IAN Group (formerly Indian Angel Network) has closed its second venture capital vehicle, the IAN Alpha Fund, at $100 million (around Rs 898.5 crore), making it its largest fund to date.
The fund will back early-stage startups and micro, small and medium enterprises (MSMEs) developing technology-led solutions tied to India's strategic priorities.
"The fund's thesis is to invest in innovation that solves real problems or builds for India's strategic imperatives. The role that the fund plays goes beyond capital through mentoring, market access and governance support," said Padmaja Ruparel, co-founder of IAN Group.
The fund has already deployed capital in 10-12 startups founded by first-generation entrepreneurs across tier II and III cities. These companies operate in areas such as AI, space tech, semiconductors, biotech, climate, cybersecurity, and healthcare.
"India's biggest opportunity is to transform its problems into innovation-driven businesses. The fund aims to breed companies that bring a paradigm shift and become global leaders," said Saurabh Srivastava, co-founder of IAN Group.
The fund's limited partners (LPs) largely comprise government-backed investors, including DPIIT's Fund of Funds for Startups, managed by SIDBI, the Self Reliant India (SRI) Fund, ACE Fund, Odisha Startup Growth Fund, and the Agri Sure Fund of Funds Scheme, managed by Nabventures.
Institutional investors such as Buimerc Corporation, HDFC Life, DS Group Family Office, and NABARD have also committed. IAN said a large share of the corpus came from returning investors.
The close reinforces IAN Group's two-decade track record in early-stage investing. Its portfolio spans over 250 startups with a combined market value of nearly $10 billion across sectors such as defence tech, SaaS, robotics, fintech and consumer tech. Structured mentorship remains a core part of its model, it said.
"IAN's strength is an early-stage platform that enables entrepreneurs to raise from Rs 50 lakh to Rs 50 crore with support from domain and industry experts. The group continues to focus on improving lives and promoting inclusivity," said Chintan Thakkar, CEO of IAN Group.
In 2025, its funds have backed companies such as Bengaluru-based fabless semiconductor IP startup Morphing Machines and deeptech UAV firm EndureAir Systems. Its biotech and medtech investments include Lamark Biotech, which is working on thermostable biologics, and Innovodigm, a needle-free vaccine patch developer.
Published by HT Digital Content Services with permission from VC Circle.