360 ONE (earlier known as IIFL Wealth & Asset Management), one of the leading wealth and alternates-focused asset firms in India, recently completed the acquisition of a controlling stake in Mumbai Angels, a premier platform for early-stage venture investments.
Mumbai Angels, one of the largest players in the early-stage investment space, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. Through its strict filtration criteria, it will be able to offer a wider array of best-in-class deals to its investors. Dedicated to supporting and nurturing early-stage startups, and helping its investors to grow their wealth, the investment platform today also announced the launch of two new funds: Category 1 Venture Capital Fund – Angel Fund and Category 1 Venture Capital Fund. (VCF)
The Category 1 VCF – Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme. This fund offers unique flexibility to both investors as well as startups. While investors will have the freedom to invest in a larger number of select deals, while the startups will have a leaner cap table.
The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform.
“Mumbai Angels has built an enviable platform to tap quality companies at an early stage. We are glad to have a talented team on board led by Nandini Mansinghka, Chief Executive Officer, Mumbai Angels. 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,”
said Karan Bhagat, Founder, MD & CEO, 360 ONE.
“We are thrilled to be a part of 360 ONE, and the launch of our two new funds will open a plethora of opportunities for new-age companies looking at capital and investors keen to ride the startup wave,” said Nandini Mansinghka, Chief Executive Officer, Mumbai Angels. “Our investments are sector-agnostic, and our team has a proven track record of identifying and supporting promising early-stage companies, and we are confident that the Angel Fund and Category 1 VCF. Fund will provide valuable opportunities for investors to be a part of the success stories of young Indian start-ups,” she added.
About Mumbai Angels:
Since its inception in 2006, Mumbai Angels Network has the reputation of helping many new-age innovative endeavours get off the ground successfully. The company is dedicated to making India’s startup ecosystem more accessible to investors across the country and has previously sponsored multiple successful companies such as InMobi, Purplle, Blusmart, Exotel etc.
About 360 ONE
360 ONE, earlier known as IIFL Wealth & Asset Management is one of the leading wealth and alternates-focused asset management firms in India. 360 ONE has aggregate assets of more than INR 3,33,000 crores under management, as on September 30, 2022.
They are one of the pioneers in the industry to bring about product innovations. The firm has won more than 125 awards of repute since its inception in 2008. With a 900+ team strength, 360 ONE is headquartered in Mumbai with a presence in 27 domestic and global locations.