Wealth management firm 360 ONE has acquired a controlling stake in Mumbai Angels, an angel investment platform focused on early-stage start-ups. With this acquisition, the investing platform has also announced the launch of two new funds – Category 1 Venture Capital Fund – Angel Fund, and Category 1 Venture Capital Fund (VCF).
The former is a Rs 1,000 crore fund, with a green shoe option of an additional Rs 200 crore. The latter is a Rs 300 crore fund, with a green shoe option of another Rs 200 crore. Both funds will focus on early-stage start-ups.
“Our strength is early-stage and we do not plan to vacate that space. We will continue to invest in this segment. With this recent acquisition, we now have the ability to fund a start-up from the seed stage all the way to the IPO stage,” said Nandini Mansinghka, chief executive officer, Mumbai Angels.
The Category1 VCF -Angel Fund does not involve pooling, i.e., each investment is treated as a separate scheme. The second fund, Category 1 VCF, on the other hand, is aimed at those looking at investments over a wider portfolio. This fund will enable investors to participate in every deal on the platform.
“We are aiming to become the cheapest platform for founders. Through these funds, we will not charge founders any fee once they are launched. The funds will be sector agnostic because, as a platform, our job is to find the best opportunities for our investor base,” Mansinghka added.
The funds are expected to be disbursed within the span of the next four years. “I see this as an ongoing process. We are expecting to reach a steady state of being able to deploy Rs 500 crore within the next 24 months. Going by this target, we will be able to deploy this fund in about four years’ time,” Mansinghka said.
Mumbai Angels, which currently has 750 investors in its roster, is aiming to become the largest angel investment platform in the Indian space. “We do not see this as just a deal making platform but we also see this as a very strong community of investments and founders,” said Mansinghka.
“Mumbai Angels has built an enviable platform to tap quality companies at an early stage,” said Karan Bhagat, Founder, MD and CEO, 360 ONE. “With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries,” he added.
Earlier known as IIFL Wealth & Asset Management, 360 ONE has aggregate assets of more than Rs 3.3 trillion and works with a team of over 900 members.