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This is the second publicly announced investment by Band of Angels India. The Delhi-based angel investing group has invested an undisclosed amount in Sanshadow Consultants, a Delhi-based intellectual property research company, in return for a 20-30 per cent stake. Sanshadow Consultants is set up by IPR consultant Shaleen Raizada. She was consulting Samtel Industries on IPR issues and has worked with Sun Pharmaceuticals, and also as a Senior Scientific Officer at the Patent Facilitating Cell at Technology Information Forecasting and Assessment Council (TIFAC), a government body.

The investment has been led by four or five individual investors at the Band of Angels, whih include Mohit Goyal and Saurabh Srivastava. The group has bet on Sanshadow since it's positioning itself as a KPO firm with a consultancy offering. BoA had earlier invested in hotel management software company Knowcross, set up by an ex-venture capitalist Nikhil Nath.

BoA is believed to have shortlisted or invested in another three or four companies.