Indian Angel Network raises Rs 220 crore towards its maiden fund

Indian Angel Network (IAN) has raised more than $33.22 million or Rs 227 crore for its maiden fund launched in April 2017, according to media reports.

The company had set a target to raise a total of $51.22 million, or Rs 350 crore. The report cited IAN founding partner Padmaja Ruparel as stating that IAN plans to close the fundraising in the next two quarters.

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Institutional investors like India Infoline, Yes Bank, Max Group, Grey Matters Capital, and Hyundai participated in the fundraising, along with retail investors Kris Gopalakrishnan, Kanwal Rekhi, and others.

Ruparel said that with this fund, IAN aims to create a common platform where entrepreneurs can raise amounts ranging from Rs 25 lakh to  Rs 50 crore for all kinds of business requirements.

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