Calcutta Angels' plans for FY 2016-17

KOLKATA: Good returns from small investments in start ups has propelled Calcutta Angels Network, the only structured angel investing network in eastern India, to chalk out ambitious plans for the financial year 2016-17.

Addressing newspersons, CAN newly appointed president Sidharth Pansari said, "we hope to do some 10-12 transactions aggregating to Rs 8 - 10 crore in FY 2016-17 from 2-3 deals a year in FY 2015-16. A lot of back-end and front-end work will help CAN turn into a professional organisation from a member-led one."

Since its inception in 2013, CAN has invested over Rs 6.5 crore in 10 companies, including one from the state.

The group is also set to expand its membership this year to 100 members approximately.

Rahul Kayan, president elect, CAN said, “We are committed to develop an all-round ecosystem for start-ups in Bengal in collaboration with the government, incubation centres and other stakeholders. Last year we engaged with the government of West Bengal, Nasscom, IIT Kharagpur and IIM Kolkata in this regard.”

Speaking about the enterprises currently in their portfolio, Pansari said, “the companies are showing good revenue traction. Most of them are growing by 20-30% year on year. Some of them, like Ketto, are doing exceptionally well.”