IAN Group announces final close of Alpha Fund at $100M
Since launch, the IAN Alpha Fund has backed 10–12 startups, several of them led by first-time founders operating across India’s Tier II and III cities.
IAN Group, an early-stage investment platform, on Wednesday said it closed its second VC fund, the IAN Alpha Fund, at $100 million. The fund will focus on early-stage startups and MSMEs, with strong founding teams working on technology-led problem statements, including areas aligned with national priorities.
While deeptech remains central to the fund’s thesis, the IAN Alpha Fund is structured to balance long-gestation innovation with businesses that have shorter cycles and clearer paths to revenue, it said in a statement.
According to the VC, this approach aims to moderate risk while allowing continued participation in frontier technologies that often require patient capital.
Commenting on the fund close, Saurabh Srivastava, Co-founder of IAN Group, said, India’s opportunity lies in turning domestic challenges into scalable technology businesses. He emphasised that founders remain central to the Alpha Fund’s thesis, with technology acting as a lever for scale in India and abroad.
Since launch, the fund has backed 10–12 startups, several of them led by first-time founders operating across India’s Tier II and III cities, in sectors, including AI/ML, spacetech, semiconductors, biotechnology, healthcare, climate, manufacturing, and cybersecurity, as well as environment-focused solutions.
Co-founder Padmaja Ruparel said, "The role that the Fund plays is way beyond funding, to bring mentoring, market access, and governance frameworks for these early companies."
The fund’s investor base includes government-linked institutions such as DPIIT’s Fund of Funds for Startups (managed by SIDBI), the Self-Reliant India Fund, ACE Fund, Odisha Startup Growth Fund, and Nabventures’ Agri Sure Fund of Funds Scheme.
Other participants include Buimerc Corporation Ltd. (Dubai), HDFC Life, the DS Group Family Office, NABARD, and select family offices and individual investors. A notable share of commitments came from existing backers of IAN’s earlier vehicles.
IAN Group’s broader portfolio comprises over 250 companies across spacetech, biotech, defence tech, AI/ML, SaaS, robotics, fintech, healthtech, manufacturing tech, and consumer tech, collectively valued at nearly $10 billion.
Group CEO Chintan Thakkar highlighted IAN’s model of enabling entrepreneurs to raise anywhere from Rs 50 lakh to Rs 50 crore on a single platform, supported by domain experts and operators. He said the group will continue to focus on solutions that improve lives and expand India’s footprint in global innovation.
Edited by Suman Singh