A controlling interest in Mumbai Angels, an angel investment platform specializing in early-stage start-ups, has been bought by wealth management company 360 ONE. The investing platform has also announced the opening of two new funds in conjunction with this acquisition: Category 1 Venture Capital Fund – Angel Fund and Category 1 Venture Capital Fund (VCF).
The first one has a fund size of Rs 1 billion and a green shoe option of Rs 200 billion. The latter consists of a fund worth Rs 300 crore and a green shoe option worth Rs 200 crore. Early-stage start-ups will be the primary focus of both funds.
Since there is no pooling in the Category 1 VCF -Angel Fund, each investment is considered to be a separate plan. On the other hand, the second fund, Category 1 VCF, is intended for investors who are considering investments across a bigger portfolio. Investors will be able to take part in every deal on the platform thanks to this fund.
“We want to be the most affordable platform for creators. We won’t charge entrepreneurs a fee until they’ve launched, thanks to this funding. “According to Nandini Mansinghka, CEO of Mumbai Angels, “as a platform, our mission is to locate the best possibilities for our investor base, hence the funds would be industry agnostic.”
Mumbai Angels wants to grow to be the biggest angel investment platform in India and now has 750 investors on its roster. Mansinghka stated, “We do not view this as only a deal-making platform but also as a very powerful community of investors and creators.
Previously known as IIFL Wealth & Asset Management, 360 ONE presently employs over 900 people and manages assets worth over Rs 3.3 trillion.
