Mumbai Angels to create a corpus of $10 million

AHMEDABAD: Mumbai Angels, a group of investors in start-ups, will create a $10 million corpus for investing in early stage opportunity start-ups, its president Anil Joshi said. The corpus would be invested in companies across sectors.

"This is not a sector-specific fund. As of now our angels (members) invest $8-10 million in 13-15 companies annually," Mumbai Angels president Anil Joshi told ET on the sidelines of a workshop 'Art of Pitching' by the Ahmedabad chapter of The Indus Entrepreneurs (TiE).

Mumbai Angels was set up in 2006 with two members (investors) and now has 150 members. It invests $1-5 lakh and has an average investment tenure of five years. It had recently started Bangalore Angels chapter for Banglore.

Joshi told ET that, the angel investment industry in India is in a nascent stage but is growing very fast. "When we started in 2006, we used to get 60-80 business ideas per month. Now we get 120-150 ideas.

Incubation centres are also coming up in cities like Mumbai and Ahmedabad. We look at the composition of the team executing the business. We prefer a b-grade idea executed by a a-grade team rather than the vice-versa," he told ET.