With backing from global and domestic LPs, IAN Group’s second VC fund will invest in early-stage startups solving strategic and real-world challenges
IAN Group Finalizes $100 Mn Close for Alpha Fund
IAN Group (formerly India Angel Network) has officially closed its second venture capital fund, the IAN Alpha Fund, at $100 million (INR 900 Cr). This final close marks a milestone for the firm, over three years after its initial announcement.
Originally launched in 2022 with a target corpus of INR 1,000 Cr, the SEBI Category-II fund has already invested in 10–12 startups, including EndureAir, BrainSightAI, and Noccarc.
Deep Support from Domestic & Global LPs
The Alpha Fund has attracted investments from a diverse mix of institutional LPs, including:
- SIDBI’s Fund of Funds for Startups
- Self Reliant India Fund
- ACE Fund
- Odisha Startup Growth Fund
- NABVENTURES’ Agri Sure Fund of Funds Scheme
- Dubai’s Buimerc Corporation
- HDFC Life
- DS Group Family Office
- NABARD
This diversified LP base reflects growing confidence in India’s early-stage and deeptech ecosystem.
Investing in India’s Strategic Imperatives
IAN Group plans to channel the fund into startups solving “real problems” using technology and innovation, particularly in sectors aligned with India’s national priorities.
Investment focus areas include:
- AI, semiconductor, and spacetech
- Biotech and healthtech
- Cybersecurity and climatetech
- Advanced manufacturing and hardware
With investment sizes ranging from $1 Mn to $5 Mn, the fund will continue backing early-stage technology ventures and MSME-focused innovations.
Risk-Mitigation With a Long-Term Lens
The investment thesis for the IAN Alpha Fund follows a risk-mitigation-first approach, balancing shorter-cycle businesses with deeptech startups that require patient capital and domain expertise.
This strategy ensures high return potential for investors while staying committed to innovation-led, long-gestation ventures.
IAN Group’s cofounder Padmaja Ruparel emphasized that the fund offers more than capital:
“We bring mentoring, market access, and governance frameworks to early companies building for India’s strategic future.”
Expanding IAN’s Legacy in Early-Stage Investing
IAN Group was founded in 2006 by Padmaja Ruparel, Raman Roy, and Saurabh Srivastava as India Angel Network — a platform for angel investors to fund early-stage startups.
Key milestones:
- 2017: Transitioned to a full-fledged VC firm with the launch of the IAN Fund (₹375 Cr target)
- Now: Operates a platform of SEBI-registered funds including:
- IAN Alpha Fund
- IAN Angel Fund
- BioAngels
With a portfolio of 250+ startups, the network has backed high-growth companies like Uniphore, WebEngage, Druva, and Wow! Momo.
Leadership for a New Investment Era
To sharpen its investment strategy, IAN recently appointed Chintan Thakkar, ex-CFO of Info Edge, as Group CEO. He also serves as a Senior Managing Partner for the Alpha Fund, bringing deep operational and financial expertise.
This move is part of IAN’s broader push to professionalize fund management and expand its institutional credibility.
Growing VC Focus on Early-Stage Innovation
IAN’s final close comes amid a wave of VC activity targeting early-stage startups in 2025. Over 58% of fund launches this year are geared toward early-stage innovation.
Recent examples include:
- Nexus Venture Partners’ $700 Mn fund to back early-stage AI startups
- Hyderabad Angels Network’s new ₹100 Cr fund, launched in November 2025
The trend reflects renewed investor appetite for disruptive technologies, especially in sectors that align with India’s export, security, and self-reliance goals.
