IIM Indore alumni launch fund to invest in early-stage startups
The alumni of IIM Indore, one of the leading management schools in the country, has started a venture fund called “Alumni Fund” to back early-stage startups.
According to a statement, a group of prominent alumni from IIM Indore has instituted the fund, which plans to invest in 10-12 startup over the next year.
The fund, which is expected to announce its first investment this month in October, already has two to three deals in advanced discussions. Besides, it also plans to co-invest along with other prominent venture funds in India.
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“Alumni from IIM-I have played a key role in the Indian startup ecosystem in their individual capacity. We have a strong presence in both the founder community, as well as the VC ecosystem, but were keen to have a structured initiative where we could together identify and support great founders, building disruptive solutions,” said Anoop N, Principal Director at Accenture Ventures, and one of the founding members of the fund.
According to the alumni group, the IIM Indore alumni have launched several startups, including Country Delight, Stockedge, IIMjobs, while some of them hold leadership positions at a few unicorns in the country.
Dhruv Bhushan, Co-founder and CEO of Habbit Health — who is also an active angel investor and a founding member of the fund — said, “Over the past decade, some of us have played active roles in startup journeys around the world. We have seen the struggles of entrepreneurs firsthand. More than the money that we invest, the real value to the startups comes from our experience, and the global network of 8,000+ IIM Indore alumni, whether for business development, advisory, or hiring.”
The fund has 80+ prominent alumni, including founders, startup CXOs, and investment bankers as limited partners. Apart from Anoop N and Dhruv Bhushan, the founding team consists of serial entrepreneur Adarsh Sharma; Preet Pal Thakur, Co-founder of Glamyo; and Shankar Sivan, an investment professional with Refex Capital.