IAN Alpha Fund Announces First Close Of Rs 355 Crore

IAN alpha fund, a venture capital fund with a corpus of Rs 1,000 crore from the Indian Angel Network (IAN), has announced its first close at Rs 355 crore.

This is the second VC fund in the IAN Group's series of funds and the first close is a little higher than the target corpus of the first fund, the network said in a statement.

The fund attracted marquee investors such as Sidbi, SRI Fund, and several investors from the first fund, it added.

The fund seeks to catalyze innovation across 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.

The fund will further the IAN Group's mission to invest Rs 5,000 crores in 500 startups to help create 500,000 jobs and bring domestic innovation to global markets.

The IAN Group has so far invested over Rs 900 crore in over 250 startups, which are currently valued at over $9 billion, it claimed.