Market regulator SEBI in May 2013 had approved an angel fund of 10 million Dollars to address the problem of resource crisis for start-up companies across the country.
The fund could go up to 20 million dollars with an over-allotment option that would focus on telecom and internet firms. The Fund is supposed to start investing once the initial close of 2 million Dollars is achieved.
Consultancy KPMG is the advisor and ILFS is trustee of the fund based at Start-up Village which is the country's first telecom incubator.
About Village Angel Fund
• The angel fund will be investing not only in the most promising start-ups located in Start-up Village but also in similar enterprises across the country.
• Infosys co-founder and Start-up Village chief mentor Kris Gopalakrishnan, MobME, the country's first campus telecom start-up, Ravi Pillai, founder of the.16000-crore Rupees Bahrain-based RP Group and other leading angel investors in India will be part of the fund.
• The Village angel fund will act like a shot in the arm for Start-up Village, which would become the first incubator in India to have its own in-house fund.
• The fund will help the internet-telecom incubator to get the most conducive ecosystem for product start-ups.