Indian Angel Network (IAN) has teamed up with Usha Martin Technologies to expand the angel investor group’s operations in eastern India. Kolkata will be the base for these operations and serve the states of West Bengal, Orissa, Bihar, Jharkhand and the North East. IAN aims to use its Kolkata base to make mentoring and funds from successful entrepreneurs and investors available to startups in these regions.
Founded in 2006, the Delhi-based IAN has funded 50 startups across multiple sectors including information technology, mobile, Internet, healthcare and ecommerce. It typically invests up to $1 million in a startup, seeks to stay invested for 3-5 years and has more than 250 investors in its network.
Additionally, it runs an incubator, with the support of Department of Science and Technology (DST), to help entrepreneurs convert their business ideas and technologies into investment worthy ventures. The incubator portfolio, which is separate from IAN’s overall portfolio, comprises almost 40 companies. Six of those 40 have raised Rs 10 crore ($1.6 million) in seed funding within 6-9 months of incubation, said a press release.
In 2011, the angel network invested more than $8 million in 11 startups. In 2012, it invested $11 million in in 17 companies. Some of its recent investments from 2013 include Nagpur-based test ranking platform RankJunction and Seattle-based mobile app search engine Mobilewalla.
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