June, 2026

IAN: First Believers: How Angel Investing Built India’s Innovation Economy

20 Years of Backing India’s Boldest Founders

Founder's Note


Exactly 20 years ago, IAN was launched by 6 co-founders in Delhi to create India’s first angel investor network. Soon, the tribe grew, and IAN today has close to 500 investors from around the country and overseas.  The early IAN investors were part of the first wave of first-generation IT entrepreneurs who had exited their companies and begun networking with and mentoring young entrepreneurs. They inspired thousands more to choose the riskiest career option: to become an entrepreneur. As they started, their first cheque usually came from “family, friends and fools”, which was largely faith money. But beyond that, funds were unavailable. IAN stepped into this gap by bringing successful entrepreneurs to invest in these entrepreneurs, mentor them, and open up their networks.


IAN soon grew as it brought in many successful entrepreneurs and business leaders who started to invest small amounts of money such that the startup could raise about US$500K. This enabled founders to complete building their product, hire a small team, and sign up their first customers. For the investors, this investment enabled them to learn from each new generation of disruptive entrepreneurs as well as their peer investors. Angel investing soon became an asset class and the hub of high-quality entrepreneurs building businesses with innovative products.


Today, IAN’s portfolio boasts over 260 portfolio companies with an aggregate market valuation of about US$10 billion. With a total investment of close to ~ Rs.800 crores, IAN companies have catalyzed Rs. 20,000 crores, with a consolidated IRR of about 23% over 20 years.

This edition of IAN Prism puts the spotlight on angel investing and the IAN Angel Fund, and why the most exciting chapter is still ahead. Numbers are a part of the story, but the founders’ achievements, with the guidance of their angels, form the larger part.

As we step into an unpredictable world, IAN believes that it is India’s entrepreneurs who will build innovative products to solve real problems and those of strategic importance. What, however, is critical is the first cheque from high-quality investors who are ready to invest their time and networks. This builds the foundation that then brings in larger funds and debt.

We invite both investors and entrepreneurs to join us to help build both for India and from India.

Saurabh Srivastava, 
Co Founder, IAN Group

The Track Record

  • IAN portfolio performed better than any other known angel network globally.

  • It offers a unique blend of “Money, Mentoring and Market Access.”

IAN’s proven winning formula is based on 3 key pillars:

  • Founders: Understanding of problem, industry, clarity of solution and vision, ability to lead and high resilience - has been central to investment decisions

  • Angel investors: Bring high quality mentoring and access to global networks

  • IAN Team: Brings operational expertise and processes, built over 2 decades, both before and after investment. 

IAN's Contribution to India's Startup Ecosystem

IAN has always had a seat at the high table of policymaking and has been involved in many discussions to make it easier for startup founders and help them accelerate their businesses. IAN brings holistic support for entrepreneurs and angel investors through governance, access to talent, markets, and largely anything that drives outsized outcomes

When IAN began, there was literally zero policy support, both for the entrepreneur and the angel investor. But very quickly, it was clear to IAN that, unless there was a vision and playbook, it would be impossible to build a nation of entrepreneurs, which has been the critical success factor for both the US and Israel. It enabled the Planning Commission’s Committee on Angel Investing and Early-Stage Venture Capital, which published a report titled “Creating a Vibrant Entrepreneurial Ecosystem in India”. Unfortunately, it was during the period of this Committee that the infamous Angel Tax was introduced. This nearly broke the angel investment ecosystem till IAN worked with SEBI to help architect the Angel Fund category. And then, of course, in 2025, thankfully the current government abrogated the Angel Tax.

IAN Angel Fund (SEBI registered)

For Investors: IAN's Well-Honed Curation, but Your Investment Choice.

IAN Angel Fund is the Group's Evergreen Fund, providing the investor with the opportunity to leverage IAN's curation process and insights built over 2 decades, while retaining the decision to invest and build one's portfolio. However, in reality, almost 72% of IAN's curated deal flow has been oversubscribed in an average time of about 17 hours. This demonstrates the trust and confidence that IAN investors have in the team's curation and diligence.

It is no mean feat, as the IAN Angel portfolio has been continuously investing in "Best of the Next" companies across sectors, across India and Bharat, and across business models, be it revenue/profitability or IP portfolio. This necessitates the team to keep researching, curating, diligencing, and leveraging its domain and expert base of investors to guide the curation of investible startups. The IAN Angel fund is extremely active: Every alternate week, an investment opportunity is presented – these are not only well researched and diligenced, but also bring endorsement from India's most experienced angels. All of this is available at a click on the IAN App – which enables promoter- and peer-based investment!

Investment surely is not the end. The IAN team stays engaged with the company and its founders, helping them set up operational processes and governance frameworks, and ensuring regular communication. Regular engagement for investors with their investee companies is enabled: lead angels engage regularly at a deep level with the startups, while other investors have access to quarterly updates and biannual interactions with founders. IAN continues to represent the investors during next-round or exit negotiations.


For Entrepreneurs: Support Beyond Capital.

For entrepreneurs, being backed by IAN is more than a funding event. It is a signal that carries the credibility of two decades of institutional investing, opening doors to future investors, enterprise customers and top talent who recognize what the IAN name stands for. The IAN engagement is built on the 3Ms: Money, Mentoring and Market Access. 


Money is not just the first cheque. IAN actively supports entrepreneurs through the full fundraising journey, from subsequent raises to non-dilutive capital pathways through their deep connections in the ecosystem, ensuring founders are not just equity-dependent.


Mentoring goes well beyond advice. IAN’s 500+ investors are operators, founders and CEOs who have built and scaled world class businesses themselves both in India and overseas, bringing domain-specific guidance through lead investors who stays deeply engaged, with the broader network accessible for specific needs.


Market Access is where the network truly comes alive, with warm introductions to potential customers, strategic partners, talent and global markets across 12 countries and 20 sectors.


What IAN focuses on as output is equally intentional: the 3Gs of Governance, Genuine Technology & Innovation, and Growth. From helping entrepreneurs build institutional-grade processes and practices early, to championing companies building innovative solutions, be it deep tech, AI-led innovations or IP-driven business models, the focus is always on companies that are sustainable and scalable, not just fundable.


IAN helps entrepreneurs during subsequent funding rounds, making strategic introductions and remaining an active partner through every inflection point. Beyond this, IAN-backed entrepreneurs become part of a community of 260+ portfolio companies across 20 sectors, a peer network of founders who have navigated similar journeys, and one that no term sheet can quantify.


The journey of support and guidance continues till IAN investors exit, and sometimes beyond!


Voices from the Portfolio

Behind every number is a founder. Each speaking to a different dimension of what early-stage backing actually means when done right.

IAN in Conversation

20  years of building India’s Angel Investing ecosystem means IAN has been part of the conversations that shape it : on policy, innovation, capital, and what the startup economy needs next. Here are some of those moments

 A Milestone in India's Story

When Forbes India charted the defining milestones of India's 75-year business journey, the founding of the Indian Angel Network(Now IAN Group) was listed among them: the moment India got its first structured investment network, connecting entrepreneurs with angel investors and plugging the early-stage funding gap that had held back a generation of founders. 20 years on, that milestone has a track record. Read here the full article 

The Architect of Indian Angels

Nivesh Manthan

A reflection on building India’s angel investing ecosystem from first principles — and the lessons that shaped over 200 early-stage investments.


A candid conversation between Saurabh Srivastava and the Editor of Nivesh Manthan on disciplined early-stage investing, the evolution of sectors, the importance of long-term thinking in venture, and how India is preparing for what comes next.

 India Bridges the Funding Gap

Recent Investments 


Reach out to us on media@iangroup.vc & mayank@iangroup.vc