Startup ecosystem improving in Kolkata, report suggests

Thursday August 20, 2015 , 2 min Read

The startup ecosystem in the metropolis has improved a lot over the last two to three years across various sectors, Indian Angel Network (IAN) said. "Two years ago, the startup ecosystem was not so vibrant. But now, it has improved since the last two years", Padmaja Ruparel, president of IAN said.

IAN, the country's first network of angel investors based in Delhi, is the largest in the world with 350 members and investments both in the country and abroad. Ruparel said IAN would be investing in another two city-based startups - one in health and the other in food. The funding is likely to be done over the next month or two, she added. IAN has already invested Rs 10 crore in the food startup WOW Momo, founded by two city-based graduates.

Ruparel said that India was now witnessing the highest rate of growth in startups, with Bengaluru on the forefront. The growth regions for startups were Mumbai, Delhi, and the NCR region, she stated. Calcutta Angels Network (CAN), founded in the city two years ago, is also optimistic about the growth of startups out of the city.Founded by Apurva Salarpuria, Pradyumna Dalmia and Raghav Kanoria, among others, CAN has already funded eight startups involving an investment of Rs 3.5 crore.

One of the funded startups is based out of the city. "There have been a lot of new investors in the city who are willing to fund startups here and outside", Kanoria said. He added CAN was having a membership strength of 50 and 25 more are willing to join the network.

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