IAN Angel Fund Leads ₹10 Cr Seed Round in Rymo Technologies to Expand Robotic Neuro-Rehabilitation Access

IAN Group, the country’s single largest early-stage investment platform, has invested in Rymo Technologies, a robotic neuro-rehabilitation startup, in its seed funding round of over INR 10 crore, through its evergreen fund, IAN Angel Fund, with participation from other angel investors.

The fresh capital will be used to accelerate product innovation, expand manufacturing capabilities, and strengthen the company’s presence across India while scaling into international markets, including ASEAN and the Middle East.

Founded by Chirag Shah (CEO) and Abhishek Rai (CTO), Rymo Technologies is working to address a structural gap in neuro-rehabilitation. While the incidence of stroke and neurological disorders continues to rise globally, access to advanced rehabilitation remains limited due to a shortage of trained therapists and the high cost of robotic rehabilitation systems. As a result, patients in Tier 1/2 cities and smaller hospitals often lack access to advanced therapy solutions.

For IAN, the opportunity lies not only in the growing demand for rehabilitation technology but also in the company’s ability to address this gap with a scalable and validated solution.

The company has already demonstrated strong traction across the healthcare ecosystem, with more than 452 device installations and 354 clinical customers, including leading institutions such as AIIMS, Apollo Hospitals, and Manipal Hospitals. Rymo’s systems have supported over 7,500 patients, delivering more than 15,000 therapy hours, with studies indicating up to 25 percent faster recovery outcomes.

Chirag Shah, Co-founder & CEO, Rymo Technologies, said, “Our goal is to democratize world-class rehabilitation so that no patient is left behind due to cost or infrastructure barriers. With this financing, we hope to grow internationally, develop our technology, and give more patients and healthcare professionals access to superior robotic rehabilitation.”

Rymo’s approach focuses on bringing robotic and AI-assisted rehabilitation technology to mid-sized hospitals and physiotherapy clinics at an accessible price point, enabling healthcare providers beyond large metropolitan hospitals to offer advanced rehabilitation services.

Beyond clinical adoption, the company has built a multi-layered technology foundation that combines patented hardware architecture, proprietary algorithms trained on patient data, and modular system design. At the core of the platform is a multi-joint robotic rehabilitation system being integrated with AI-driven therapy personalization designed to deliver measurable recovery outcomes. These capabilities, along with regulatory progress and international clinical validation studies, including one currently underway in Italy, create a strong platform for global expansion.

Rymo’s price-performance advantage also positions it uniquely in the market. While global robotic rehabilitation systems can cost several times more, Rymo’s solutions are designed to make advanced rehabilitation accessible to Tier 1/2 clinics, mid-sized hospitals, and emerging healthcare markets that have historically been unable to adopt such technology.

The company has also made progress on regulatory and international expansion fronts. Rymo has received US FDA classification as a Class II medical device and has signed a distribution partnership with Fourier Rehab to expand into ASEAN markets.

The global neuro-rehabilitation devices market, valued at approximately $2.16 billion and growing at around 14 percent annually, presents a significant opportunity, particularly as healthcare systems seek scalable rehabilitation solutions for rising neurological disorders.

Rymo aims to capture this opportunity by building a connected neuro-rehabilitation ecosystem leveraging robotics, internet of things, virtual reality and other advanced technologies.

About Rymo Technologies : Rymo Technologies is a pioneering healthcare technology startup headquartered in Navi Mumbai, India, dedicated to transforming physical rehabilitation through advanced robotics, virtual reality, and artificial intelligence. The company builds innovative, accessible, and affordable solutions including its flagship Mobi-L system to help individuals recover from strokes, injuries, and neurological conditions regain mobility and independence.

About IAN Angel Fund

IAN Angel Fund, the evergreen fund of IAN Group, is a SEBI-registered Category I AIF and part of India’s leading early-stage investment platform, which pioneered angel investing in the country. IAN invests through its Angel Fund and venture capital funds, backed by a network of over 250 angel investors from India and overseas. The platform enables founders to raise capital from ₹50 lakh to ₹50 crore while offering investors a diversified early-stage portfolio.

About IAN Group

IAN Group is India’s largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered Venture Capital Funds, the latest being a US$100mn VC Fund, IAN Alpha Fund. IAN enables entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores, supported by high-quality mentoring by successful entrepreneurs, enabling access to global markets. IAN Group backs founders across domains and helps them scale their companies across India and beyond. Forbes has recognised IAN as one of the most iconic business and economic developments of Independent India over the last 75 years, alongside institutions such as LIC, NASSCOM, the RBI, and Naukri.com.

IAN Alpha Fund Backs D-Propulse Aerospace with ₹25 Crore Investment

(Left to Right) Dr. V. Ramanujachari, Co-founder & CTO, D-Propulse Aerospace; and Saurav Jha, Founder & CEO, D-Propulse Aero

IAN Alpha Fund, the 2nd in the series of IAN Group’s VC fund, has invested ₹25 crores in D-Propulse Aerospace Private Limited to support the development of next-generation aerospace propulsion systems. The investment reflects IAN Group’s commitment to support deep-tech startups aligned to India’s strategic imperatives. D-Propulse’s advanced propulsion technologies bring critical innovation to India’s long-term defence strength and industrial resilience.

D-Propulse is building indigenous Rotating Detonation Engine (RDE) based propulsion systems that fundamentally change how high-speed platforms are designed, manufactured, and deployed. Unlike conventional jet engines, RDEs have no moving parts. In fact, they are mechanically simpler, easier to manufacture, and more reliable at scale than even traditional ramjets and scramjets. They also deliver 25% or higher thermal efficiency gains, enabling smaller engines to deliver higher performance.

This combination brings down system costs significantly. By offering performance comparable to today’s high-speed weapons at a fraction of the cost, the company seeks to enable “mass in precision”, the ability to deploy fast, accurate systems at scale.

Founded in July 2025, D-Propulse was created to address a long-standing weakness in India’s defence ecosystem: advanced aero-propulsion. As integrated air and missile defence systems mature globally, traditional radar stealth is losing effectiveness. In the unipolar world of today, there is a need for countries to shift to build self-dependence in critical areas of defence and adoption of high-supersonic and hypersonic platforms is one such need., Existing propulsion technologies make the systems large, expensive, and difficult to scale which is the problem that D-Propulse is targeting to solve for in both defence and industry.

The company is led by an experienced team with strategic insights drawn from India’s defence and research ecosystem. Dr V.K. Saraswat, Member, NITI Aayog and former Chairman of DRDO, serves as Chief Mentor. Founder and CEO Saurav Jha is a defence expert who advises the Indian government and leading Indian companies on strategic technology issues. Co-founder and CTO Dr V. Ramanujachari, a former senior DRDO scientist, led India’s scramjet engine programme and played a key role in the propulsion system used in the Akash missile. Prof. S. Chakravarthy, Head of NCCRD at IIT Madras, is Chief Advisor.

This depth of experience translates directly into execution on the ground. D-Propulse has already achieved a significant technology readiness level in air-breathing rotating detonation combustors and is progressing to flight-capable versions for technology demonstration.

Saurav Jha, Founder & CEO, D-propulse Aerospace, said, “We have entered an era where speed is the new stealth. Defence budgets across the major power centres of the world are pivoting in recognition of this new reality. Our vision is to ensure that India is fully equipped to not merely navigate but potentially dominate this emerging era of high-supersonic and hypersonic systems and platforms. Towards that end, we are progressing indigenous air-breathing rotating detonation engine technology and also building bespoke systems around it. Our plans are not limited to developing RDE-powered effectors but extend to the creation of high-supersonic drones as well.”

Rajnish Kapur, Managing Partner, IAN Alpha Fund, said, “Propulsion is the hardest and most capital-intensive problem in high-speed aerospace systems, and it has historically been the limiting factor for scale. What excites us, at IAN, about D-Propulse is not just the choice of Rotating Detonation technology, but the way it fundamentally changes system economics, simpler engines, higher efficiency, and dramatically lower costs. Affordability is the real unlock if India is to move from a few exquisite platforms to true scale. We see D-Propulse’s team that understands both the physics and the strategic context, and are delighted to back them as a long-term partner in building this for India.”

The seed capital from IAN Alpha Fund will be used to expand the engineering team, strengthen computing and simulation capabilities, and set up limited testing infrastructure. The company is also integrating AI into both operations and technical development to accelerate design and validation cycles. Initial engagements with the Indian military are underway, with export markets to be addressed in close consultation with the government at a later stage.

Globally, rotating detonation combustion is emerging as a general-purpose technology with applications across propulsion, rockets, gas turbines, and power generation, representing a potential $100 billion market by 2035. While India currently has limited activity in this space, global interest is accelerating, creating a timely opportunity for indigenous leadership.

With this investment, IAN Alpha Fund reinforces its role as a conviction-driven investor in deep technology, backing teams that combine scientific depth, execution capability, and a clear understanding of how technology shapes strategic needs to deliver high ROIs.

About D-Propulse Aerospace:

Deeppropulse Aerospace Private Limited is an Indian aerospace startup focused on developing next-generation high-speed propulsion systems for defence and civilian applications. The company is working on proprietary rotating detonation engine (RDE) technology, which has the potential to significantly improve propulsion efficiency and performance in advanced aerospace platforms. Through its innovation-led approach, D-Propulse aims to support the development of faster, more efficient, and mission-ready aerospace solutions for the future.

About IAN Group:

IAN Group is India’s largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered Venture Capital Funds, the latest being a US$100mn VC Fund, IAN Alpha Fund. IAN enables entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores, supported by high-quality mentoring by successful entrepreneurs, enabling access to global markets. IAN Group backs founders across domains and helps them scale their companies across India and beyond. Forbes has recognised IAN as one of the most iconic business and economic developments of Independent India over the last 75 years, alongside institutions such as LIC, NASSCOM, the RBI, and Naukri.com.

IAN Angel Fund Invests in LearnTube.ai to Drive AI-Powered Career Acceleration Across India

(Left to Right) Shronit Ladhani, Co-founder & CEO and Gargi Ruparelia, Co-founder at LearnTube

IAN Group, the country’s single largest early-stage investment platform, has invested, through the IAN Angel Fund, in the seed round of LearnTube.ai, an AI-powered personalized learning and career acceleration platform. Nazara Technologies and Blitzscaling Ventures also participated in the round. The funding will be used to strengthen the company’s AI-powered skilling-to-job platform, enhance interactive and practical learning experiences, expand multi-language support, and accelerate growth across Bharat while testing select global markets.

LearnTube.ai helps learners bridge skill gaps to achieve clear career goals through personalized, AI-driven learning paths. The platform offers certifications and courses designed to turn individual career goals into structured, day-by-day learning paths. Each course is built from a quick baseline and evolves dynamically through adaptive lessons, practical scenario drills, and mock interviews. Learners are guided toward verifiable skill mastery through role-specific projects, assessments, and certifications.

It currently offers over 200 in-demand career skills, including cybersecurity, HR management, project management, and AI-focused roles. The platform serves learners from IITs and NITs to Tier-2 and Tier-3 towns across India, and is used to stay relevant, upskill, and switch roles across 100+ countries.

LearnTube's focus on tangible career outcomes has translated into a strong placement impact. Learners have moved into roles at leading companies such as Google, PhonePe, Novartis, Reliance Retail, Jio, Baker Hughes, Mirae Asset Capital, and InsightSoftware, as well as several high-growth startups. Many users have reported 30 to 120% salary growth, while fresh graduates have secured roles offering ₹6-12 lakhs per annum. The platform also maintains a 48% course completion rate, significantly above industry benchmarks for online learning.

Founded in 2020 as CareerNinja and rebranded to LearnTube.ai in 2022, the company is led by Shronit Ladhani (Co-founder & CEO) and Gargi Ruparelia (Co-founder) and is headquartered in Mumbai. LearnTube has grown consistently, with its learner base expanding by 110% year-on-year, even as the broader edtech sector faced a slowdown.

Shronit Ladhani, Co-founder & CEO, LearnTube, said, “We are grateful to welcome long-term partners like IAN Group and other marquee investors from Silicon Valley. This reflects our early focus on AI-powered learning and the impact it is already creating. What excites us most is the real-world outcomes we see every day: learners securing roles at companies like Google and PhonePe, doubling their salaries, and moving their careers forward. We’ve come a long way, but there are still 997 million more careers to build.”

It will also roll out new features such as AI voice tutors, interactive video learning, and multi-language support. LearnTube will explore expanding its footprint across India while testing select global markets, with a parallel emphasis on improving unit economics and long-term sustainability.

The company attributes its resilience to an AI-first product strategy, a micro-learning approach aligned with real workplace needs, and the ability to stay agile by enhancing existing content rather than relying on expensive production.

About LearnTube:

LearnTube is an AI-powered, personalized learning and career acceleration platform backed by Google’s AI accelerator and trusted by 2.8M+ learners. LearnTube takes you from gap to goal by helping build & showcase workplace skills: with a custom path, real-time doubt-solving, and practical assessments, projects, and verifiable badges/certifications so you become job-ready faster! We are on a mission to build a billion careers.

About IAN Group:

IAN Group is India’s largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered Venture Capital Funds, the latest being a US$100mn VC Fund, IAN Alpha Fund. IAN enables entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores, supported by high-quality mentoring by successful entrepreneurs, enabling access to global markets. IAN Group backs founders across domains and helps them scale their companies across India and beyond. Forbes has recognised IAN as one of the most iconic business and economic developments of Independent India over the last 75 years, alongside institutions such as LIC, NASSCOM, the RBI, and Naukri.com.

Dectrocel Bags ₹4 Crore from BioAngels, PadUp Ventures to Accelerate AI-Powered Healthcare Tools

Dectrocel, a pioneering health-tech company developing AI-powered diagnostic solutions, has raised ₹4 crore in recent funding. The round was led by IAN Group-powered BioAngels, with participation from PadUp Ventures and Vinners.

Key investors from IAN in this round include Nitin Zamre, Samir Kalia, and Mitesh Shah. The fresh infusion of capital will be used to scale Dectrocel’s commercial operations across India, enhance its self-learning foundational multimodal AI technology, expand into international markets, and accelerate the launch of its upcoming AI Tools in CT /MRI/PET-CT and HPB diagnostic modules.

Headquartered in Lucknow, Uttar Pradesh, Dectrocel has launched its flagship product, DecXpert, which is one of only three AI-based diagnostic tools approved by the Central Drugs Standard Control Organization (CDSCO) for clinical use in India. The platform delivers chest X-ray and CT-scan interpretations that are 10 times faster and 98% accurate, addressing India’s acute radiologist shortage - currently at a staggering 1:125,000 doctor-to-patient ratio. This shortage results in diagnosis delays of 7 to 10 days and error rates of up to 40%, particularly in tier-2 and smaller cities where timely intervention can be life-saving.

Dectrocel was founded by Ankit Shukla, an AI-in-medicine expert from the University of Queensland; MS in Infectious Diseases from Duke Medical School, NUS, Singapore. Saumya Shukla, a Doctorate in Public Health from SGPGIMS with an MBA from NUS and MS in Data Science from Harvard; and Nikhil Mishra, an IIT Kanpur Researcher specializing in AI and machine learning applications in medicine.

The company’s mission stems from a deeply personal experience where a patient with a persistent cough went undiagnosed for months due to delayed X-ray interpretations and ultimately succumbed to late-stage lung cancer. This tragedy transformed the founders’ vision into a life-saving mission to democratize access to expert-level diagnostic capabilities for every patient, regardless of geography or income.

IAN Angel Fund Leads ₹4 Crore Seed Round in Famyo to Build India’s Smiggle and LEGO Equivalent

Famyo, a kids’ lifestyle brand that transforms everyday essentials into cool collectibles, has raised ₹4 crore in a seed funding round led by IAN Angel Fund, with participation from Shivali Vij, Deepank Kumar, Pratik Mathurkar, and Uday Sodhi as lead investors. Chennai Angels, Stoffer Norden also co-invested.

Famyo is a Bengaluru-based kids’ lifestyle brand that turns everyday essentials into cool collectibles led by kids' favourite characters. When children crave fun and parents demand safety, Famyo delivers on both. Its glow-in-the-dark blankets, adventure-ready poncho towels, and character-themed accessories blend playful design with premium materials. From character creation and seasonal drops to character-led storytelling, the company oversees every step, reimagining everyday kid essentials like blankets, towels, pouches, and school gear into premium, design-first collectibles rooted in characters and themes that resonate with Indian children.

Famyo, co-founded by Karishma Seetharaman and Ritvik Raj, is India's answer to global favorites like Smiggle and LEGO, one theme at a time.

Famyo has already crossed an ARR of over ₹12 crores, is growing at 40% quarter-on-quarter, and demonstrating strong emotional resonance with both kids and parents.

Drawing on prior entrepreneurial success in scaling a traditional retail family business through an extensive offline distribution network, Karishma Seetharaman leverages deep expertise in supply chains, retail dynamics, and product–market fit to drive Famyo’s rapid execution and growth.

IAN-Led Round Injects ₹6.5 Cr into Lamark Biotech to Tackle Cold-Chain Gaps in BioPharma

• Lamark Biotech Raises ₹6.5 Crore in Pre-Series A Round Led by IAN Group, Powered by BioAngels

Lamark Biotech, an innovation-led biopharma startup, raised ₹6.5 crore in a Pre-Series A round led by IAN Group, including IAN Alpha Fund, powered by BioAngels, Dr. Vinayender Tulla, Dr. Nita Roy, and Mr. Venkataraman KNK, domain experts of IAN’s angel investors led the round.

Founded in 2018 by Dr. Vaibhav Bhatia, a entrepreneur and Biochemist by training, Lamark Biotech is reimagining drug delivery for chronic and life-altering diseases. Its proprietary ProteoStrong™ platform enables the stabilization of fragile protein-based drugs, such as insulin, monoclonal antibodies, and enzymes, without altering their molecular structure. Lamark addresses a critical gap in the biologics ecosystem: reducing the cold-chain dependency.

Vaibhav Bhatia, Founder and CEO of Lamark Biotech, said, “This funding round with IAN marks a turning point for Lamark, but also for the patients across the planet. We’re accelerating our thermostable insulin program and expanding ProteoStrong™ to more critical therapeutics using this resource. Our priority is clear- make safe and high-efficacy biologics for all. We believe, ‘if it is not accessible, it not a medicine”

Padmaja Ruparel, Co-founder, IAN Group, said, “Investment in Lamark represents IAN’s investment strategy to invest and grow innovations that solve real problems. The solution is critical in low-resource environments, with Lamark's thermostable biologics which can make critical treatments accessible at a low cost for millions of people, both in India and globally.”

The Ahmedabad-headquartered startup, leveraging R&D base of Venture Center, NCL-innovation park in Pune, is advancing a new class of temperature-resilient biologics that retain potency across extreme conditions, ideal for underserved regions where cold storage infrastructure is limited.

With its lead program, InsulinStrong, Lamark is targeting the ₹4,000 crore Indian insulin market and intends to expand across Southeast Asia and the UAE. expanding its platform into diabetic eye disease and cancer immunotherapy. In the next 24 months, it plans to file new international patents, begin early clinical trials, and build partnerships with pharma companies, CDMOs, and global health agencies.

Amid growing global efforts to enhance healthcare access and strengthen drug delivery infrastructure, Lamark Biotech is strategically positioned to lead the next generation of biopharmaceutical innovation through its robust, cold-chain-independent solutions.

About Lamark Biotech:

Lamark Biotech is an innovation-driven biopharmaceutical startup focused on developing proprietary formulations of biologics for chronic and life-altering diseases. The company’s core expertise lies in stabilizing complex therapeutic proteins and peptides to improve their shelf-life, efficacy, and patient convenience. With a strong emphasis on global healthcare, it addresses critical gaps in formulation technology, including ultra-stable, temperature-resilient drug delivery systems for indications such as diabetes, ophthalmic disorders, and cancer immunotherapy.

About IAN Group:

IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Network, BioAngels and IAN Fund I and IAN Alpha Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores. The platform brings money, mentoring from successful entrepreneurs and global market access. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.

IAN (Indian Angel Network) and IIM Alumni Singapore Partner to Bring Money, Mentoring and Market Access to Indian & Singapore Startups

IIM Alumni Singapore members will have access to IAN’s startup investment opportunities and IAN angel investors will have access to IIM Alumni Singapore linked start-ups

IAN (Indian Angel Network), India’s first and largest horizontal platform for seed & early stage investments and IIM Alumni Singapore, which brings together alumni of the Indian Institutes of Management, announce a win-win strategic partnership to link up two of the largest start-up ecosystems in Asia – India and Singapore.

The Indian startup ecosystem today is the third-largest globally and the fastest growing. IAN is the pioneer of angel investing and has played a pivotal role in transforming India’s startup industry. Comprising the Angel Group and two VC Funds, the IAN enables entrepreneurs to raise from US$50K to US$ 5mn on a single platform. The IIM Alumni Singapore partnership is strategic. It will provide IAN investors access to high quality investment opportunities, with robust IP protection rights and supportive government based schemes in Singapore. It is also aligned with IAN’s vision of investing and breeding valuable companies with global foot prints. This partnership will provide a fillip to IAN’s vision of investing in “500 startups with Rs. 5000 crores to create 500,000 jobs” which will help create high value jobs in both India and Singapore.

Similarly, one of IIM Alumni Singapore’s key objectives is to provide value to its members and this partnership provides them access to engage with the Indian and South East Asian start-up ecosystems. Partnering with IAN will provide IIM Alumni Singapore members high quality investment opportunities and the ability to engage with them to leverage the South East Asian markets.

 

From Left, Saurabh Srivastava,  Founder & Chairman, IAN & IAN Fund and Suresh Shankar, President, IIM Alumni Singapore

This partnership will enable both IAN & IIM Angel Investors’ portfolio companies to leverage the Indian and South East Asian markets: bringing value to both startups and investors. The well governed SEBI approved AIF structure provides cross border investors a well governed mechanism to invest and engage. This partnership will also provide India based angel investors in the IAN network a unique opportunity to support innovative IIM alumni Singapore linked startups in Singapore, through a SEBI approved structure. This will strengthen the early stage India-Singapore startup corridor.

Speaking on the same, Mr. Suresh Shankar, President, IIM Alumni Singapore, said, “It is game changing for us to be associated with IAN, the pioneers of angel investing in India. The group is pivotal in upscaling the entrepreneurial landscape in the country and is known for its strong startup and investor portfolio. Our partnership will bring abundant opportunities for IIM Alumni in Singapore who are keen to invest and mentor startups and get access to IAN’s platform for the same. IIM Alumni Singapore linked startups will also receive access to the required financial assistance and mentorship to grow and build profitable businesses through IAN’s VC Funds and members comprising the who’s who of successful entrepreneurs/CXOs around the world.”

Mr Saurabh Srivastava, Co-Founder, IAN & Chairman Emeritus TiE Delhi-NCR & Past Member of TiE Global Board , said, “This strategic partnership will accelerate the growth of jobs both in India & Singapore. IIM Alumni Singapore is the nodal coordinating body of IIM Alumni in the city. The alliance between IAN & IIM Alumni Singapore will bring together high quality investors from two leading organisations to help create path breaking valuable companies, with innovative solutions for some of the world’s real problems. through a well governed and active cross border platform for investing and growing startups."

Mr Amit Gupta, President TiE Singapore, said, “One of TiE’s mission is to focus on generating and nurturing the next generation of entrepreneurs. The partnership between IIM Alumni SG and IAN, both of whom are partners who share many members with TiE, is another step to creating a cross border platform for the next generation of entrepreneurs. TiE supports such partnerships and indeed breeds similar models on its own platform”

About IAN

IAN (Indian Angel Network) is India’s first angel investor group, comprising renowned, successful entrepreneurs and dynamic CEOs from across the world. With investors from 12 countries, IAN’s presence spans 7 global locations. Over the past 17 years, the platform has funded innovative start-ups across 19 sectors in India and 7 other countries, with several Unicorns in its stable of companies valued at over $ 9 bill. IAN has been enabling excellent cash exits year-on-year to its investors for the last 14 years. Some of its marquee investee companies include Druva Software, Spinny, Uniphore Software Systems, WOW Momos, Consure Medical, FarEye, Propelld, Dhruva Space, WebEngage, Planetsparks, amongst many others.

Apart from the IAN’s angel investor network, the platform comprises BioAngels, India’s first sector-focused angel investor group, in partnership with BIRAC, an enterprise of the Department of Biotechnology. The IAN Group also includes the IAN Fund I, an INR 375 crore VC fund, and the INR 1,000 crores IAN Alpha Fund, to build the single largest platform for seed and early-stage investing enabling entrepreneurs to raise from INR 50 lakhs to INR 50 crores from quality investors who provide funds, mentoring and global market access.

About IIM Alumni Singapore

IIM Alumni Singapore is a not-for-profit organization registered under the laws of Singapore for the development of community networks amongst alumni members of the Indian Institutes of Management. IIM Alumni Singapore aims to build the IIM alumni brand and network, with all relevant professional, business, academic, governmental and social communities in Singapore, India and globally and continually seeks to develop programs that promote the interests of such IIM alumni communities.

About TiE Singapore

TiE Singapore is a vibrant eco-system of Asian entrepreneurs, angel investors, venture capitalists and industry professionals. It is a non-profit that inspires entrepreneurs through its training, mentoring and networking programs.

TiE Singapore nurtures a productive environment where:

Startups can interact and get advice from successful entrepreneurs and industry professionals.

Entrepreneurs can help their peers and benefit from each other’s experiences and network with potential investors.

Investors can stay updated on the startups scene in Asia and get introduced to the hottest startups and the founder community.

Founders can find a support system through the entire entrepreneurial process and groom into seasoned entrepreneurs.

GenAI SaaS OnFinance AI Raises $1.05 Mn in an Oversubscribed Seed Funding Led By Silverneedle Ventures, IAN

Founders of OnFinance AI

Bengaluru-based GenAI startup, OnFinance.ai, secures funding to expand its Generative AI SaaS platform for banking institutions, AMCs, and wealth management firms

OnFinance.ai, founded by a couple of BITS Pilani graduates, a cutting-edge provider of Generative AI SaaS solutions for the financial industry, announced today that it has raised a $1.05 million seed funding round led by Silverneedle Ventures and IAN. The funding round also saw participation from notable investors, including LetsVenture Fund, SSV Fund, and Kunal Shah (CRED), along with some marquee angels. OnFinance.ai will be using the money to expand its engineering team and to scale its solution globally, especially in the US.

OnFinance.ai's unique offering, powered by its financial Large Language Model (LLM) named NeoGPT, delivers AI co-pilots for research analysis, relationship management, sales, and customer success teams within banking institutions, asset management companies (AMCs), and wealth management firms. The company's innovative technology enhances the productivity of these teams, streamlining complex internal processes and making data-driven decision-making more efficient.

The global financial sector currently spends $2.5 billion annually to transition its processes toward becoming data-driven and AI-centric. This expenditure is expected to increase by 22% year-on-year for the next decade. One of the primary challenges faced by financial institutions is the extended turnaround time associated with AI-based processes, such as financial reporting, rating adjustments, portfolio management, disclosures, customer profiling, and context-aware customer interaction.

OnFinance.ai's in-house LLM, NeoGPT, addresses these challenges by seamlessly integrating various data sources to provide rapid, accurate financial insights. NeoGPT replaces multiple outdated AI models, allowing clients to adopt it without altering their existing tools, thus simplifying and enhancing financial operations.

The funds raised will be used to expand OnFinance.ai's engineering team and facilitate global scalability, particularly in the United States. Currently comprising eight full-time team members, including co-founders Anuj Srivastava and Priyesh Srivastava, the company is actively planning to extend its services to banks and wealth management firms based in the US and the UK, owing to the significant interest and demand for their NeoGPT AI Co-pilots in these regions.

Anuj Srivastava, CEO and co-founder of OnFinance.ai commented on the funding round, "Generative AI isn't just innovative; it's revolutionary, offering banks and wealth management firms a streamlined approach to their most complex internal processes. Our product solves exactly this; NeoGPT is like having a smart assistant that not only simplifies data but also helps internal teams pave the way for smarter and more efficient decision making."

Priyesh Srivastava, CTO and co-founder of OnFinance.ai added, "For those curious about the recent surge in AI adoption, it's largely due to the fact that Large Language Models (LLMs) now achieve nearly 80% of the accuracy of supervised models, even without specific training (known as 0-shot learning). This makes deploying new solutions 100x cheaper and more flexible, providing immediate utility from day 1. This means having a big AI product catalogue is no longer a MOAT for legacy players."

"We are in one of the most interesting times in terms of applications of AI, and ChatGPT has opened doors to the magic of LLMs for a much larger audience. The way forward will have 2 flavours – large LLMs targeting specific industries or smaller brains working over proven LLMs to get the work done. OnFinance ticks all the right boxes for us – a strong motivated founding team keen to stay abreast of the curve, a technology that can give us handsome returns and a problem that is already massive. NeoGPT already boasts of some marquee customers and we believe this would ensure they become better with rich data to fine-tune the models." said Mr Ajay Jain, Founder & Managing Partner, Silverneedle Ventures. 

Padmaja Ruparel, Co-Founder and founding Partner, IAN said "Generative AI is poised to revolutionize the financial industry, and OnFinance.ai's NeoGPT offers a game-changing approach to streamlining complex internal processes for banks and wealth management firms. NeoGPT is not just a technology; it's a strategic solution that will lead the sector into an era of greater efficiency and data-driven decision-making. Their innovative approach is well-aligned with the evolving landscape of the financial industry, and we believe that this investment will significantly contribute to reshaping how the sector operates. IAN is very keen to support this innovation with both investment and mentoring/helping the company grow quickly."

Niraj Saran, A Tech Veteran from the Bay Area stated "Vertical-specific GenAI and LLMs are fundamentally disruptive by being able to quickly and cheaply discover nuggets of insights and improve efficiency by orders of magnitude. OnFinance’s NeoGPT and chain-of-thought report workflows benefit significantly from their ever-increasing contextually mined financial content for their Natural Language Processing (NLP) stack and Reinforcement Learning from Human Feedback (RLHF) to continually improve the model. Being alums of the same college forms a special bond to be able to support and guide them along their journey."

OnFinance.ai's innovative approach to leveraging Generative AI in the financial sector has garnered strong support from investors, positioning the company for further growth and success. The investment will help accelerate the development and deployment of NeoGPT and expand its presence in the global financial ecosystem.

OnFinance.ai is a Bengaluru-based startup that offers Generative AI SaaS solutions for banking institutions, asset management companies, and wealth management firms. The company's foundational LLM, NeoGPT, powers AI co-pilots for various internal teams, enhancing productivity and simplifying data-driven processes.

Silverneedle Ventures is an India-focused venture capital firm which invests in early-stage technology-led businesses. They primarily focus on Pre-Series A/Series A rounds in B2B SaaS, Deeptech, and D2C/Consumer Internet. They partner with entrepreneurs to increase their probability of success through an active hands-on approach. The fund is backed by marquee Indian and global investors which include LPs, Family Offices, Institutional Investors, and others. The approach is a mentor-driven model, wherein segment-specific experts (partners/advisors / LPs) across the globe would ensure that a startup is taken on a growth trajectory. The fund was founded by Mr Ajay Jain in the year 2022.

IAN Group is the country’s single largest platform for seed and early-stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, and mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of the iconic business and economic events of Independent India, for over 75 years along with LIC, NASSCOM, RBI, and Naukri.com amongst others.

IAN Leads $3 Mn Pre-Series A Fund Raise in Manastu Space

Manastu Space, a space tech company which is developing an environmentally friendly, first-in-world micro satellite thruster and fuel combination, has successfully secured $3 million Pre-Series A round, led by IAN. This fundraise marks a crucial milestone for Manastu Space, and will play a pivotal role in the company's developing cutting-edge space technology and scale its business, within the growing commercial space industry.

IAN investors such as KRS Jamwal, Executive Director of Tata Industries investing in his personal capacity, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, were active participants in this funding round. With this investment, Manastu Space is well poised to develop their green propulsion system for satellites, ranging from 100 to 500 kg.

The company is now poised to implement their eco-friendly propulsion system, autonomous collision avoidance system, and further its R&D program. Manastu is developing green propulsion systems for satellites and hopes to validate its technology during a test flight in the coming year. It is also designing a fuel station in space to provide in-orbit refueling service for satellites which otherwise have to be abandoned after the on-board fuel is exhausted

Padmaja Ruparel, Co-Founder at India Angel Network, said, "Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry. With this investment, IAN has taken another step to support an innovative product led by passionate founders, in the best of the next sectors, emerging out of India"

Tushar Jadhav, Co-Founder of Manastu Space, expressed deep gratitude for the trust their investors have placed in their mission of ensuring space sustainability and broad accessibility of its benefits. He emphasized the significance of India's Research and Development progress and cutting-edge technologies in achieving global prominence in the space sector, and Manastu Space is wholeheartedly committed to contributing to this vision.

He also highlighted the investors' recognition of the vital role that sustainable solutions play in space exploration. Their belief in Manastu Space's product reflects a shared aspiration for a future where advances in space technology align with environmental responsibility. Notably, the company has already secured key contracts, including one with the Indian Defense, established partnerships with entities such as Latitude, a French startup, and recently formalized an agreement with iDEX, the Defense Innovation Organization, underscoring the substantial potential of their product.

The company provides complete propulsion systems to satellite manufacturers including fuel, engine, tank and accessories to satellite manufacturers. With a 60% affordable propulsion system, customers can save as much as 30% cost per satellite or earn 30% more revenue due to increased payload while also saving their satellites from debris. They also plan on providing in-space services like In-Space Refueling, life-extension and De-orbiting at the end of life of the satellite to their customers as part of a product service ecosystem.

Ashtesh Kumar, Co-founder and CTO of Manastu Space, expressed, "We are actively developing a versatile Green Propulsion System designed for satellites, enhancing their manoeuvrability in space and safeguarding them from potential collisions with space debris. This solution is indispensable in meeting the current and escalating demands for space sustainability." We underscored the critical issue of space debris, which poses a significant threat to the future of space exploration. With over 160 million fragments of space debris hurtling through space at speeds of up to 8 km/s, the risk of collisions is substantial. Such collisions can generate even more debris, potentially triggering a chain reaction that could jeopardize the safe launch and operation of spacecraft in orbit. Manastu Space is also actively engaged in developing autonomous collision avoidance systems and satellite refueling capabilities in space. These advancements are designed to make satellites reusable, helping to ensure a sustainable and accessible space for future generations.

KRS Jamwal, Executive Director at Tata Industries, investing in his personal capacity, said, "The Manastu Founders are talented and focused scientists who have dedicated their career to space technology. Space represents a frontier of immense investment potential, and Manastu is solving a very real problem with an elegant and 1st in world solution in the field of propulsion systems. Overcrowding of orbits and environmental concerns can only be addressed by green propulsion systems usable by even micro-satellites."

Manastu Space will be filling the gap in the currently available propulsion systems that are either slow (electric propulsion), toxic and carcinogenic (hydrazine), or expensive (ADN and HAN propellants). This leaves a gap in the market for an agile, safe, efficient, and affordable propulsion system.

About IAN

IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.

IAN Group Appoints Sarika Saxena as Managing Partner at IAN Alpha Fund

IAN Group has appointed Sarika Saxena as Managing Partner, IAN Alpha Fund, a SEBI registered AIF Cat II, sector agnostic Venture Capital fund. Sarika brings extensive experience with a proven track record in startup and early stage investments.

Sarika brings over 25 years of diverse professional experience and having served in key & leadership positions across different organizations. Her investment portfolio has covered a range of sectors, including consumer, technology, fintech, edtech, etc both within the domestic and international markets. Her leadership has been instrumental in facilitating early-stage investments totaling ~USD 100 million and has overseen an AUM of around USD 300 million. Sarika brings critical value to the Fund with experience in scaling companies & M&A.

Raman Roy, Co-Founder IAN, said, "We are thrilled to welcome Sarika Saxena as the new Managing Partner of IAN Alpha Fund. Her exceptional insights, extensive industry expertise, and unwavering commitment to early stage investing makes her a perfect addition to the top class team of current Managing Partners. We are confident that Sarika will not only accelerate our diversified investment strategy but also drive growth for the portfolio companies, the Fund invests in"

Sarika Saxena, Managing Partner at IAN Alpha Fund, said, "I am truly honored to be a part of IAN, an esteemed organization that has consistently led the industry as a pioneer for an impressive 16 years. I am excited to join the prestigious IAN leadership team and I look forward to utilizing my domain expertise, extensive global network, and multifaceted experience to drive the IAN Alpha Fund's success, both in India and on the international stage."

IAN Alpha Fund

IAN Alpha Fund, a Rs. 1000 crores (US$125mn) SEBI registered AIF Category II VC Fund, is the second Fund in IAN’s series of Funds. It is being built to leverage the portfolios of both IAN Angel Platform and IAN Fund I apart from investing in innovative startups solving real problems for India and the world, with sustainable business models enabling scale by leveraging technology. With the IAN Alpha Fund, IAN continues its legacy of building a portfolio of high-quality companies by founders who not only understand the customer need but have leadership qualities to build a high quality management to build valuable businesses.

About IAN

IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.

AltUni by InsideIIM, An Alternative Digital Varsity, Raises $500K from Indian Angel Network and Other Angels

Mumbai-based AltUni by InsideIIM, an alternative digital university, has raised $500,000 in funding led by Indian Angel Network along with contributions from many other angel investors, reported Entrepreneur India.

Other angels who participated in this round are — Vishesh C Chandiok, CEO of Grant Thornton Bharat LLP; Ganesh Balakrishnan, Harsh Parikh, Narayan Babu, Supreet Singh, Ashvin George, Prashant Mohanraj, Shreyans Mehta, Amit Monteiro, Raghav Joshi, Mainak Shome, Bhoopesh Jain, Sandeep Bhadresa among others.

Founded in 2020, by Ankit Doshi, AltUni provides short modules of immersive online learning courses. The university does not offer degrees or diplomas but facilitates a connection between learners and industry leaders, and provides opportunities to interview with India’s top companies.

AltUni had earlier raised $0.5 million in angel round, in February last year, from Amit Gupta, Mukesh Maniar, Rahul Gupta, Gautam Gurnani, Rajit Desai, Vandana Serrao, Saloni Doshi, Suhani Doshi and Saurav Tibrewal.

AltUni's mission is to enhance India's human capital. College education is not sufficient to be employable at a time when Artificial intelligence is threatening the existence of many jobs. AltUni helps early career professionals and college students gain skills that will future proof their careers for the next decade.

"AltUni's dedication to addressing the challenges in the higher education sector aligns with our mission to support innovative solutions. We are confident that this investment will help AltUni further its mission and bring about positive change in the education landscape", Padmaja Ruparel, Co-Founder, Indian Angel Network (IAN).

IAN Group Welcomes Priyank Garg as Managing Partner of IAN Alpha Fund

IAN, the Indian seed and early-stage investment platform, welcomes Priyank Garg as Managing Partner of the IAN Alpha Fund, the second in the series of IAN Group’s funds. Priyank’s coming on board will strengthen the Fund’s top team and enable it to match and exceed its excellent track record of Fund 1 and the Angel Group.

An entrepreneur and active early stage investor, Priyank brings over 26 years of experience in the cleantech, manufacturing, healthtech, SaaS & technology sectors. A Stanford and IIT Delhi graduate, he brings cross border experience with Yahoo and has, over the last 15 years, invested in over 60 companies, across a variety of sectors, both in India and overseas.

Priyank co-founded IOTomation, a building IoT company in 2019. He is currently the President of the Delhi Chapter of ISHRAE (Indian Society of Heating Refrigeration and Air-conditioning Engineers). As a TiE Charter Member, supports the Million Sparks Foundation and is deeply engaged with various startup / early stage platforms like NASSCOM Emerge, India Innovation Initiative, Samsung Innovation, Times of India Big Challenge jury, etc.

Embarking on this new journey, Priyank Garg, Managing Partner, IAN Alpha Fund, said, “I am delighted to join the IAN Group as part of the IAN Alpha Fund for the next stage of our journey. As an angel investor, I have been investing with IAN for 14 years across sectors and have really appreciated the depth of engagement, quality of portfolio founders, focus on governance and returns. Having tried many others, this is the only platform that puts health of the Indian startup eco-system at the heart of its work from the day of its founding to today. I look forward to progressing IAN’s focus on solving real problems of the world from India with tech, innovation and transformation, augmented with my passion and experience in Deeptech and Cleantech, and bring about India’s golden hour”

Speaking on the same, Saurabh Srivastava, Co-founder and Chairman, IAN, said, “We are delighted to welcome Priyank to the IAN Alpha Fund. He is well known in the seed / early stage investor ecosystem and we look forward to leveraging his business building experience for the Fund’s portfolio companies which, in turn, will enable high returns for our Investors.”

Ms. Padmaja Ruparel, Co-foounder IAN and Sr. Managing Partner IAN Alpha Fund, said, “We are truly excited to have Priyank join the IAN Alpha Fund. He brings decades of experience in building businesses in India and the US, in environment friendly spaces. With his deep engagement with the startup ecosystem, he will just add to the mentoring and market access that IAN brings to its portfolio companies, ensuring a far lower risk to investors."

IAN Alpha Fund

IAN Alpha Fund, a Rs. 1000 crores (US$125mn) SEBI registered, AIF Category II VC Fund, is the second Fund in IAN’s series of Funds. It is being built to leverage the portfolios of both IAN Angel Platform and IAN Fund I apart from investing in innovative startups solving real problems for India and the world, with sustainable business models enabling scale by leveraging technology . With the IAN Alpha Fund, IAN continues its legacy of building a portfolio of high quality companies by founders who not only understand the customer need but have leadership qualities to build complementary and high execution focused teams to build valuable businesses.

About IAN

Indian Angel Network is India’s first angel investor group, comprising renowned, successful entrepreneurs and dynamic CEOs from across the world. With investors from 12 countries, IAN’s presence spans 7 global locations. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been enabling excellent cash exits year-on-year to its investors for the last 14 years. Some of its marquee investee companies include Spinny, Box8, Uniphore Software Systems, WOW Momos, Consure Medical, FarEye, Propelld, Dhruva Space, WebEngage, and FarMart, amongst others.

Apart from the IAN’s angel investor network, the platform comprises BioAngels, India’s first sector-focused angel investor group, in partnership with BIRAC, an enterprise of the Department of Biotechnology. The IAN Group also includes the IAN Fund I, an INR 375 crore VC fund, and a Rs. 1,000 crores IAN Alpha Fund, to build the single largest platform for seed and early-stage investing enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access.

AuraML, a Synthetic Image Data Platform, Raises $230K in Pre-seed Funding From IAN

Indian Angel Network (IAN) has backed AuraML, a synthetic image data platform for computer vision and robotics, with USD 230,000 in pre-seed funding. Uday Sodhi, Neeraj Saran, and KRS Jamwal, the lead angel investors from IAN, led the round.

The Bengaluru-based startup will use the freshly raised funds to optimise its synthetic data generation engine. It has plans to hire skilled staff for its founding engineering team and wants to expand its footprints in the US and European markets. Additionally, the startup will use the capital for the official launch of its cloud platform in the coming months.

Launched in January 2023 by Ayush Sharma and Arjun Gupta, AuraML has developed a proprietary synthetic data engine. The company is working on developing an innovative technology using generative Al, which would enable people to create realistic-looking 3D worlds and images.

Ayush Sharma, CEO, AuraML, said in a media statement, "This investment will be a key accelerator for us to take the technology from a prototype to a fully functioning product. We plan to utilise these funds to hire our founding engineering team, develop core technologies and expand our global presence in the US and European markets."

"Millions of images need to be labeled by humans for training computer vision algorithms. This costs companies a lot of time and money. Additionally, the challenges related to data privacy and sharing and data collection of rare cases cannot be ruled out. AuraML, with its synthetic image data platform, is on a mission to offset all these concerns and improve the accuracy of the ML models, thereby allowing complete control over the generated dataset," said Padmaja Ruparel Co-Founder, IAN.

The problem AuraML is Solving

In 2021, there were 159 billion parcels shipped worldwide, according to Pitney Bowes. Parcel shipping is a booming business, relying on e-commerce shoppers for increased volume and revenues, and this number will only grow each year with logistics companies overwhelmed everywhere.

Computer vision and robotics is having a big impact already in solving this massive challenge by automating logistics parcel pick and sort capabilities.

However, with parcels varying in many different types of shapes and sizes with different packaging materials, parcel shipping companies face challenges everyday. To solve this, the computer vision algorithms need very large quantities of labelled training data to accurately detect all of these parcels' variations.

AuraML aims to solve this challenge by generating synthetic images with pixel perfect labels of any kind of parcel in any scenario to help improve the accuracy of the models and also tackle any pesky edge cases the models might struggle with traditionally.

Conversational AI for Hospitals Voiceoc Raises INR 3 Cr Funding from IAN & BIRAC -Powered BioAngels Along with Sucseed Indovation

• BioAngels is a unique partnership between IAN and BIRAC that supports startups in Biotech, Medtech, Healthtech, Pharma, Agritech and Cleantech sectors
• The SaaS platform will utilize the investment for expanding its team and hiring talent across tech, sales and marketing verticals
• VoiceOc will also develop its product, scale its marketing strategies and strengthen its presence in the Middle-Eastern market

Voiceoc, a conversational AI solution for hospitals, has raised INR 3 Cr funding from BioAngels, powered by IAN, bringing DeepTech to India’s hospital ecosystem. The round also saw participation from SucSEED Indovation.

With this investment, the company will expand its team and is keen to onboard talent in tech, sales and marketing divisions. Voiceoc also intends to utilize the capital to boost product development initiatives, scale its marketing strategies, and strengthen global footprints in the Middle-Eastern market.

Voiceoc helps healthcare companies provide quick and personalized patient support by leveraging the power of Artificial Intelligence (AI). Integrating Text AI on communication apps like WhatsApp, Messenger, etc., and Voice AI on the call center, the company automates the entire patient journey, right from discovery, appointment booking and availing support to easy access to medical documents, and much more in real-time.

The platform’s healthcare-focused AI engine helps hospitals, diagnostics labs and clinics address consumers' pain points by enabling increased appointment bookings and providing quick and personalized support to patients. Voiceoc also plays an integral role in reducing calls at customer care departments and increasing the conversion rate on offers and campaigns. Currently, it is handling 1 million+ patient conversations in a month from 10 countries.

Speaking on the same, Dr. Manish Diwan, Head - Strategy Partnership & Entrepreneurship Development, BIRAC, said, “The BioAngels platform has been created by BIRAC in partnership with the Indian Angel Network to support the healthcare delivery businesses like Voiceoc, the new-age knowledge-based startups in the ecosystem, with private funds. The company is attempting to enhance the efficiency of conventional healthcare experiences for patients and healthcare providers by integrating Artificial Intelligence. We extend our best wishes to team Voiceoc.”

The lead investors, Mr. Jaideep Mehta, Mr. Vikas Kuthiala and Mr. Anupam Saronwal, further added, “Voiceoc is enabling efficient access to quality healthcare through front office transformation of healthcare providers leveraging messaging, Machine Learning and AI technologies. With a great team in place, the company is poised to become an important player in the healthtech space in the future. This investment builds on the IAN and Bio-Angels’ legacy of supporting entrepreneurs who are building great companies using cutting-edge technologies.”

Mr. Kush Aggarwal, Co-Founder, Voiceoc, said, “At Voiceoc, our mission is to provide solutions for the major challenges healthcare providers face, ensuring patients have access to high-quality, quick and personalized support. Simultaneously, we wish to end patients’ dependency on inconvenient channels for booking appointments, accessing reports and availing consultation services. We are currently in a prime growth phase and are keen to not only onboard new talent but also associate with digital marketing agencies and expand our footprints in the UAE market with the opening of our new office. Partnering with IAN and SucSEED Indovation in the current round is one of the best strategic decisions taken by us that will help us achieve our goal of scaling globally.”

The global conversational AI market was valued at $8.24 billion in 2022 and is projected to touch $32.51 billion by 2028, registering a 21.6% CAGR growth. India, in the APAC region, is one of the fastest-growing markets. Companies, especially in the healthcare sector, are gradually adopting chatbots to cater to the surging demand for AI-enabled customer support services. Voiceoc seeks to explore growth opportunities and envisions becoming the go-to destination for chatbot services in the healthcare domain.

About BioAngels

BioAngels is India’s first sector focused Angel Investor group and perhaps the world’s first angel group in partnership with a government body. It is a unique partnership between BIRAC, an enterprise of the Department of Biotechnology, and IAN, India’s single largest horizontal platform for seed / early-stage investing, focused on Biotech, Medtech, Healthtech, Pharma, Agritech, Cleantech startups. BioAngels brings the first external cheque from Industry leaders and domain experts with cheque sizes of up to INR 10 Cr.

Last December, Padmaja Ruparel, Founder of BioAngels, said in an interaction with an industry magazine, that BioAngels has plan to invest in 100 startups, with ticket sizes ranging from Rs 25 Lakh to Rs 10 Crore. 

BioAngels brings Money, Mentoring, and Global Market Access. It provides Angel Investors, Family Offices, Micro VCs, Corporates and Early-Stage VC Funds, an opportunity to invest in high quality fast growth companies for Alpha returns.

About Voiceoc

Voiceoc is a healthcare focused Conversational AI company that was started with an aim to strengthen engagement between healthcare companies and patients thereby helping healthcare companies, including hospitals, diagnostic labs & clinics, to increase appointment bookings, provide quick & personalized support to patients, increase conversion rate on campaigns and reduce calls in the customer care department.

Today, Voiceoc is handling more than 1 million patient conversations on a monthly basis and have been helping leading healthcare companies of India and Middle East achieve above mentioned objectives.

The above mentioned objectives are achieved by leveraging ‘Voiceoc conversational AI system’ that is deployed over multiple messaging platforms, such as WhatsApp, Instagram, Messenger etc., and call center system.

We are now looking to invest significantly in building our team and are looking to hire talent across multiple domains including Client Success and Inside Sales.

Crest Raises Over Rs. 6.5 Crores From IAN, IPV and Founders of Delhivery, Pickrr, Shiprocket Amongst Others

The funds will be used to expand Crest’s product offerings, scale operations and onboard more brands faster.

Bangalore based Automated Inventory Planning SaaS startup Crest raised 800K USD in its pre-seed funding round, led by IAN and IPV, along with notable founders of companies viz. Delhivery, Shiprocket, Pickrr, Smytten, Samosa Party, and Sirona among others.

“Crest is built for D2C e-commerce and is focused on solving the fundamental issue of those businesses, i.e. reducing lost sales opportunities by increasing fill rate and helping optimise inventory through real time demand forecasting. By impacting the core of the business, Crest becomes a CXO priority and is not just another enabling software. In the fast evolving e-commerce and multi-shop retailing real time demand forecasting and inventory management is the need of the hour,” said Shantanu Ghosh & Vidit Nagory, IAN Lead Investors.

“We are excited by what Crest has built and the immense potential of the space, both in India and global markets. Crest is being led by founders who have deep working experience in supply chain & AI and who have seen success in their earlier venture in a similar space catering to large global brands. They are addressing a real need and enabling even small enterprises, access to AI-driven inventory optimisation across multiple channels and demand forecasting ability,” said Ivy Chin, Partner, IPV. 

Launched in March 2022, Crest is an automated inventory planning tool, designed to help D2C brands and SMBs in eliminating stockouts. It helps brands by providing answers to four crucial questions: What to order; When to order; How much to stock; Where to place. The result is improved serviceability and reduced risk of stockouts, right from the first month of implementation. Given the importance of these attributes and the progress that Crest has made, the round also saw participation from notable investors from the supply chain industry including Ankit Sethi.

The funds will be deployed to broaden Crest’s product offerings and scale the operations. Furthermore, in light of the current global economic slowdown, Crest seeks to assist brands in maintaining their financial stability by implementing efficient inventory practices to optimise their working capital.

“In less than 12 months, Crest has already onboarded numerous customers from various industries, improving serviceability by up to 95%, reducing out-of-stock situations by up to 90%, and automating supply chain operations. Notable customers include Samosa Party, Wow Skin, Swiss Beauty, Pro Nature, and Sleepwell, among others,” said Rahul Vishwakarma, Co-founder & CEO, Crest. 

About Crest:

Crest is a Bangalore-based, SaaS startup that helps D2Cs and SMBs accelerate revenue growth by eliminating frequent stock-outs. The product simplifies supply chain operations by using AI and Machine Learning to accurately predict demand, automate purchase planning and distribution planning. Crest helps customers in improving availability across different nodes and channels in the supply chain. Within three months of engagement it was able to reduce stock out frequency by half, resulting in a 15% increase in top-line revenue.

Crest was founded in 2022 by Rahul Vishwakarma, Akhil Kumar, and Yogesh Byahatti. Prior to founding Crest, three of them had been assisting businesses in improving their supply chains. To learn more about Crest, visit https://www.getcrest.ai/

About IAN:

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai Dhruva Space, Webengage, Farmart, Planet Sparks, amongst many others.

Along with the IAN Fund, an INR 375 crore VC fund, BioAngels and now a Rs. 1000 crores IAN Alpha Fund, the IAN Group has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.

IAN announces the launch of INR 1000 Cr IAN Alpha Fund

This is the second fund launched by IAN, after the successful run of its maiden VC fund, IAN Fund 1.

Indian Angel Network (IAN), India’s first and largest platform for seed and early-age investing, has launched the IAN Alpha Fund, a SEBI Registered Cat II VC fund with a fund corpus of INR 1000 crores. This is the second in the series of IAN Funds.

This Fund is aligned with IAN’s vision of investing in 500 startups, with Rs. 5000 crores and creating 500,000 jobs. It will continue to ease fundraising for startups, bring guidance from mentors who have been there and done that as well as leverage the global network of the IAN ecosystem, enabling entrepreneurs to build high growth, valuable companies.

IAN has played an integral role in unlocking private wealth for seeding and growing startups in the country. It has seeded and bred companies which today, have a market valuation of $9 billion+ and includes 3 unicorns and 5 soonicorns in its portfolio of 200 + companies. With an investment of ~ INR 900 Cr, the IAN platform has catalysed investments of 18000 Cr and created over 80,000 jobs. It has also been recognised by Forbes as an “Iconic Business Event” of Independent India.

Mr. Saurabh Srivastava, Co-founder of IAN said, “IAN is recognized in the industry for pioneering angel investing in India and it has continued to innovate by launching a VC fund ( IAN Fund 1) along with the Angel Group to provide a seamless platform for seed and early stage investing. The launch of the IAN Alpha Fund is the logical evolution of our desire to provide quality entrepreneurs with money, mentoring and market access.”

IAN Alpha Fund’s investment thesis is to invest in startups with high quality founders who are solving real problems for a large customer base and are leveraging technology and innovative business models to scale quickly. The Fund looks to invest in companies with both top and bottom lines OR IP focused.

IAN Alpha Fund is a unique fund with several differentiators. It has access to high quality, well-mentored proprietary investment opportunities across sectors. Apart from Tier I, the Fund has access to Tier 2 & 3 entrepreneurs who are solving real problems faced by a large number of people. Their ability to be “innovative & disruptive” enables them to create new ways of solving existing problems and then tap growing markets to build valuable companies. The Fund is therefore looking to invest in Cleantech & environment, Healthtech, Agritech, Edutech, Fintech, and emerging sectors like Industry 4.0, Space tech, Web 3, Robotics, etc. with cheque sizes ranging from US$1 to 5mn, along with co-investors.

The IAN Alpha Fund is being led by Ms. Padmaja Ruparel, Senior Managing Partner of IAN Alpha Fund. She said, “After IAN Fund 1 which has been fully deployed and started to return capital, we wanted to continue building on IAN’s vision of being the single largest platform for early-stage funding. Hence, launching IAN Alpha Fund was the next logical step. This will, in fact, leverage and garner benefits from IAN’s global network, domain experts & high quality mentors to help the Partners build another high-return potential portfolio. We will be keen on investing in innovative ideas that have the capacity to generate profits and aim to solve real-world problems.”

Mr. Jaideep Mehta, Managing Partner, IAN Alpha Fund, said, “IAN has always been at the forefront of seed and early-stage funding. I have been involved with the IAN Platform for a decade and, after the success of IAN Fund 1, am delighted to join the IAN Alpha Fund team where we will seek to support Founders building future global giants leveraging future technologies”

Mr. Vinod Keni, Managing Partner, IAN Alpha Fund, said, “With IAN Alpha Fund, entrepreneurs can access larger Series A round cheques from IAN. For us the idea is to support the ventures not only from Tier I cities but even from Tier 2 & 3 areas that are solving real-world problems at large. We are eyeing startups that are scaling quickly with technology as their core foundation.”

Mr. Jaideep Mehta, an accomplished angel investor who has served as Business Head, Mint at HT Media, and previously held leadership roles at IDC and Gartner globally and Mr. Vinod Keni who has served as Partner & Advisor to various VC/Private Equity Funds in India and Overseas, have joined IAN Alpha Fund as Managing Partners.

IAN Alpha Fund’s Investment Committee includes industry stalwarts Mr. Saurabh Srivastava, Co-Founder of IAN and Co-Founder & Past Chairman, NASSCOM & IVCA, Mr. Ajai Chowdhry, Founder, HCL, Mr. Pravin Rao, who recently retired from Infosys as COO, Mr Raman Roy, father of the Indian BPO Industry and Mr. Atul Batra, Ex-CTO-Manthan Systems & Past Chair-NASSCOM Product Council. In a one-of-a-kind for VC Fund, the Alpha Fund’s IC engages deeply with the portfolio companies helping them build their businesses.

The Fund’s Advisory Board includes luminaries from the tech and manufacturing industries, Mr. Kris Gopalakrishnan, Co-Founder, Infosys Mr. Sunil Munjal, Chairman & MD, Hero Mindmine & Hero Corporate Services and Mr. CP Gurnani, MD & CEO of Tech Mahindra.

IAN Alpha Fund

IAN Alpha Fund is the second Fund in IAN’s series of Funds. It is being built to leverage the portfolios of both IAN Angel Platform and IAN Fund I apart from investing in new sustainable businesses solving real problems, leveraging technology. With the IAN Alpha Fund, IAN continues its legacy of building a portfolio of high quality companies by founders who not only understand the customer need but have leadership qualities to onboard high quality teams to build valuable businesses.

IAN Leads INR 4.11 Cr Seed Round in Cheelizza

The company will focus on rapidly expanding their presence in Mumbai by opening 20 new stores in the next 12 months.

Mumbai-based Cheelizza – India Ka Pizza, a pure vegetarian pizza chain from Mumbai, has raised INR 4.11 crore in a seed round led by the Indian Angel Network (IAN). The round was led by IAN Investors Hari Balasubramanian, Uday Chatterjee, Deval Tibrewal and Rajeev Sarda. Co-investors Sagar Daryani, Founder of Wow! Momo, Karan Tanna, Founder of Ghost Kitchens, and Rahul Surana Principal at an international fund also participated in the round.

A bootstrapped business until now, operating 10 stores across Mumbai & Gujarat, Cheelizza will focus on rapidly expanding their presence in Mumbai by opening 20 new stores in the next 12 months. The homegrown pizza chain is already hiring talent across senior leadership roles in Business, Operations, HR, Marketing, along with 100+ team members for their frontline store operations.

Incepted in 2013, Cheelizza is the brainchild of its founder & CEO, Animesh Lodha, who left his job at Edelweiss to start this entrepreneurial journey. A one-of-its-kind, ‘Cheelizza - India Ka Pizza’ is “India’s earliest and fastest growing Vegetarian Pizza Chain” focused on targeting vegetarians across the country.

Mr. Animesh Lodha, Founder, Cheelizza, said, “We have been operating in stealth mode over the last 10 years, focused on building the business on strong fundamentals. We have had a 10x revenue growth and have clocked 20%+ store level ebitda. We currently sell over 30k+ Pizzas per month with an over 50% repeat order rate. Cheelizza is the first step towards building a Portfolio of Pure Vegetarian Food brands offering an alternative choice to a large Vegetarian population. Over the next 10 years, we will be working on building an Indian Pure Veg Platform built on strong fundamentals of high value, higher quality & highest trust & take it global. We are very grateful to IAN for supporting us and helping us on our growth journey. We will use this capital to hyperscale our business & expand geographically.

Hari Balasubramanian, Lead Investor at IAN said, “Cheelizza is uniquely positioned as a pure vegetarian brand and has a vision to become a global pure vegetarian food platform to serve customers across the globe. Animesh and his team are go-getters and we are extremely confident that they would be able to build a portfolio of pure vegetarian food brands which will emerge as a category leader in the QSR space.”

Cheelizza currently has 10 stores, out of which 3 are operated via a franchising model. Furthermore, as a part of its expansion strategy, the company will soon enter the Bangalore and Pune markets and plans to open 20 stores next year.

About IAN

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, Wow! Momo, Consure, Fareye, NOCCARC, Propelld, Skit.ai amongst many others.

IAN Fund, an INR 375 crore VC fund is a uniquely differentiated seed/early stage Fund that aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.

About ‘Cheelizza - India Ka Pizza’

‘Cheelizza - India Ka Pizza’ is the first pure vegetarian Pizza chain which started its journey in 2013. It was the first pizza company sensitive to the pure vegetarian community against the popular belief of pizza being perceived as a non-vegetarian delight. The brand has grown from strength to strength from 30L MRR to 1.4Cr.+. They are currently operating 10 stores and have a target of 100 stores by end of 2025. They aim to become a Global Indian Vegetarian Food Service Platform and cater to the global need for vegetarian delights. In that direction, they have also taken exclusive distribution rights of Sweetish House Mafia, a gourmet cookie brand, and are also launching Country’s first Pure Veg Biryani Brand “Biryani Can” on World Veg Day - 1st October 2022.

IAN invests INR 1 Cr in Toffee Coffee Roasters, a Specialty Coffee Startup

Aimed at driving innovation in coffee and taking it to the masses, the Mumbai-based startup will use the capital to strengthen its product portfolio and grow its topline 10X in the coming months 

Specialty coffee startup Toffee Coffee Roasters has raised seed funding of INR 1 Cr from the Indian Angel Network (IAN). The funding round was led by IAN Lead Investors Hari Balasubramanian, Uday Chatterjee and Rajeev Sarda. Bootstrapped until now, the startup will utilize the fresh capital to strengthen its product portfolio and grow its topline 10X in the coming months.

Toffee Coffee Roasters Co-founders Nandini Shrivastava & Rishabh Nigam

Founded in 2019, Toffee Coffee Roasters is the brainchild of Nandini Shrivastava and Rishabh Nigam, owing to their shared love for coffee. Born in the back lanes of Bandra, this Mumbai-based startup aims at creating the best craft coffee for its customers, sourcing coffee beans from some of the finest estates worldwide by closely partnering with the farmers.

Nandini and Rishabh’s love for a good cup of coffee took them to several estates in Wayanad, Yercaud, Coorg, and Chikmagalur, only to discover that most of India’s high-quality coffee is exported to European Nations. To widen the penetration of freshly roasted coffee in India, Toffee Coffee Roasters was born, and the business expanded within the first three months.

Following its six-sigma step of procurement and artistically roasting the beans, Toffee Coffee Roasters provides its customers with some great blends, and only sells coffee that has been out of the roaster for less than 48 hours for the customers to enjoy it at its peak flavor. The company has over 20 SKUs of coffee with several categories, including Speciality Coffee Blends, Single Origin Coffee, Fermented Coffee, Barrel Aged Coffee, Easy-to-brew Pour Over Coffee, Cold Brew Coffee, and South Indian Filter Coffee.

Toffee Coffee Roaster co-founder Nandini Shrivastava said, “India is one of the top coffee producers and a USD 1.5 billion market. Still, people struggle to find a good cup of coffee in the country. Toffee Coffee Roasters was established to make great coffee blends accessible to everyone. In three years of our existence, we have had 40% repeat customers, which is a significant figure in the sector. While we started by targeting coffee lovers in Tier-1 cities, our reach has expanded to Tier-2 cities post COVID-19. With IAN backing us up, we intend to deepen the focus on our existing product categories. We are also looking to expand our team and have already started hiring across multiple roles. However, we believe in lean teams, so we plan to get the best talent onboard to solve the challenges in the sector.”

IAN Lead Investor, Rajeev Sarda said, “The coffee industry in India is growing, and we are witnessing the emergence of a new segment of consumers who are extremely taste conscious and are looking for speciality coffee with innovative blends. We firmly believe that new-age brands like Toffee Coffee Roasters are well positioned to garner a sizeable share of this growing demand. We at IAN are excited to be a part of this journey, and believe that Nandini & Rishabh have all the capabilities required to create a global consumer brand in Coffee from India.”

So far, Toffee Coffee Roasters has served over 25,000 customers since it pivoted the business online. Over 80% of the orders are placed on its website, and the rest are from aggregator platforms like CRED, Amazon, etc.

The Indian instant coffee market is evaluated at USD 0.7 billion, growing at a CAGR of 13%. While the traditional players are into one or two coffee variations, they still currently capture 77% of the market. New players have emerged to form a small portion of the market and are growing gradually to capture a significant market share.

About Toffee Coffee Roasters:

Toffee Coffee Roasters is a Mumbai Based Coffee Company known for its freshly roasted signature coffees. Known for their Barrel Aged Coffees, Fermented Coffees, Single Origin Coffees and Speciality Blends, the company sources coffee from some of the finest coffee estates of the world and roasts it artistically. As of date Toffee Coffee Roasters has served over 30,000+ users since lockdown.

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai amongst many others.

IAN Fund, an INR 375 crore VC fund is a uniquely differentiated seed/early stage Fund that aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.