India Accelerator's iAngels plans to invest Rs 100 Cr in 50 startups in FY24

iAngels, an angel network backed by India Accelerator (IA), has launched a Rs 100 crore fund as part of its Chennai chapter to support the growth of 50 startups in the southern region of India in FY24.

The angel network aims to strengthen the Chennai startup ecosystem through collaborations with supporting entities, institutes, and corporates such as Startup TN, IIT-M, KSUM, TiE Chennai, and NSCREL. It plans to build the local ecosystem and expand globally, showcasing its innovation-focused approach.

The selected startups will go through IA's rigorous selection process, which includes several stages to assess their potential. Successful participants will start a four-month business growth and mentoring programme to help grow the business.

India Accelerator Co-founder Mona Singh said the Tamil Nadu government has introduced several policies to promote a culture of innovation and entrepreneurship, offering various incentives and support to startups.

"With the Chennai Chapter, we aim to leverage the advantages offered by the Tamil Nadu startup ecosystem and contribute to the growth of the region's start-up community,” she added.

Chennai's vibrant community of startups, including B2B SaaS, women-led ventures, deep tech, climate tech, sustainability, and fintech, enables IA's iAngels to expand and support the Tamil Nadu government's efforts in fostering the region's startup ecosystem.

Also Read

Ola's Bhavish Aggarwal on his entrepreneurial journey, challenges with investors

India Accelerator is the first GAN-partnered accelerator in India, offering cross-functional mentorship, business growth, and funding to entrepreneurs. With over 150 startups under its portfolio and 1,400 mentors, it collaborates with corporates and academia to foster an entrepreneurial mindset and generate innovative solutions for real-world problems.

iAngels is a network of 1,800 active angel investors from diverse backgrounds investing in early-stage startups. So far, it has established seven startup chapters across geographies including Delhi-NCR, Bengaluru, Mumbai, Ahmedabad, the US, the UK and the UAE, and is expanding domestically and internationally with an already functional centre in Dubai.