US-based professional network AngelList that connect companies and startups with investors has launched its own venture fund in India called “The Collective”. The India-dedicated fund is backed by Flipkart co-founder Binny Bansal. India is the second market to get such a fund after the United States.
The fund is planned towards investing ₹1 crore ($150,000 to be exact) in across 60-80 companies each. That marks the fund to be valued at around ₹60-80 crores ($9-10 million) and it will be provided to its Syndicate leads. AngelList launched its Syndicate platform in India a year ago and has invested ₹35 crores ($5 million) in around 50 startups including BharatPe, HalaPlay, Yulu Bikes and Open Bank.
“As an early stage VC firm, we will be syndicating as many of our deals as possible with our community of investors here. For us, AngelList is more than capital, it’s a powerful community that we hope to harness around our portfolio companies and our brand. If you are a founder looking to raise quick and hassle-free capital, look no further than AngelList,” says Vikram Chachra, Partner, 8i Ventures
“The Collective” counts Salil Deshpande (Bain Capital Ventures, Binny Bansal (Flipkart), Rahul Mehta (DST Global), Navroz Udwadia (Falcon Edge Capital) and Avnish, Tarun & Vikram (Matrix Partners India) as its mentors. The fund will also bring in additional capital and advice from prominent VCs like Kalaari Capital, Beenext, FJ Labs and some others.
“As a founder, I found AngelList an amazing platform to raise early-stage funds. It’s quite seamless, friendly, and helped us get a band of angel investors that are strategic and very well connected. The fact that we raised in a week’s time and the whole process until money transfer required not a single follow-up, speaks volumes of how efficient AngelList India is! Highly recommend to anyone I come across, ” says Khushboo Maheshwari, Co-founder, Kaarva
Syndicate leads will earn their full carry on The Collective’s investments. Leads can accept or decline capital from The Collective, just like any other backer. And The Collective’s investments will leave room for individual investors.
Founded by Babak Nivi and Naval Ravikant in 2010, AngelList is a U.S. website for startups, angel investors, and job-seekers looking to work at startups. In 2014, the company raised $104 million online. It has also funded 243 startups. In 2015, they’ve made over 548K introductions between job-seekers and companies. In January of last year, AngelList introduced Syndicates to the Indian market. Syndicates let investors team up with like-minded people and pool funds for investments in startups.
You can apply to AngelList’s The Collective by visiting this link.