InnerWave Ventures, a community of early-stage angel investors, is planning to invest in 18-20 startups in the next three years, according to a press statement.
The network is managed by corporate advisory firm InnerWave, which has expertise in fundraising and mergers and acquisitions. It consists of 32 angel investors at present.
“The investment can come from a single angel or a group and it can range from Rs 1 crore to Rs 1.5 crore,” said Jatin Tehri, co-founder, InnerWave.
The network will add more angel investors, particularly those looking to invest in pre-screened startups chosen by InnerWave’s corporate advisory team. The startups are selected after a three-stage screening process.
InnerWave will also help those companies secure additional investment from venture capital firms and angel investors. The community members are industry experts with vast experience in their respective fields.
Besides early-stage financing, InnerWave Ventures will also facilitate new business connections to help startups grow.
“A lot of angels have built up their own businesses and maybe sold them or are in a semi-retired stage and they want to pass on the knowledge that they've picked up to entrepreneurs who may need a little coaching and guidance," said Varun Dhingra, co-founder, InnerWave Ventures.
The corporate advisory firm brings experts with a range of experience to each company to help them navigate their specific business situations. The firm has worked with various clients including multinational companies, listed companies, SMEs, startups and non-government organisations.
Other angel networks in India include the Indian Angel Network, Mumbai Angels, Calcutta Angels, Venture Catalysts, Chennai Angels and Lead Angels.
Earlier this month, Silicon Valley venture capital firm Bain Capital Ventures said it would invest in angel investors rather than startups themselves. The VC firm will invest between $2-5 million annually across five to 10 investors.
In June last year, incubation and acceleration platform TurningIdeas Solutions launched an angel investor network, TurningIdeas Venture Partners, to back technology-oriented startups.
Angel investing kicked off in India about a decade go with the formation of networks such as the IAN. It has now spread across the country with several wealthy individuals showing the risk appetite for investing in startups and with the emergence of newer platforms.