BackHyderabad Angels may invest Rs6 crore in five startups
The network has invested Rs15 crore in 11 startups over the last four years
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Hyderabad: Hyderabad Angels, a network of angel investors that infuses between $250,000 and $1 million in return for a stake in early-stage firms, may invest as much as ₹ 6 crore in some five start-ups.
The 65-member angel network has issued term sheets to three companies and will issue two more in the coming week, Pradeep Mittal, chairman of Hyderabad Angels, said, without identifying the firms because of non-disclosure clauses in agreements.
Entrepreneurs and venture capitalists from Hyderabad such as Srini Raju, B.V.R. Mohan Reddy, Daggubati Suresh Babu, Y. Harish Chandra Prasad and Sashi Reddi are members of the body.
Despite its roots in the city it is named after, Hyderabad Angels evaluates and invests in asset-light companies with a scalable business model in any part of the country.
The network has invested ₹ 15 crore in 11 startups over the last four years. These include travel firm Thrillophilia; OnlinePrasad, which delivers devotional food offerings at places of worship to devotees at home; NowFloats, which helps small companies create an online presence; educational tech firm Edutor; Green India Building Systems and Services, a provider of green building solutions; and MyLabYogi, a provider of diagnostic services.
“HA’s (Hyderabad Angels) portfolio companies are doing well which is evident from the fact that so far three of our portfolio companies have successfully raised their next round of funding," Suresh Babu, vice-chairman of Hyderabad Angels, said in a statement. “We expect that by end of this year, close to 50% of our current portfolio companies would have raised their next round of funding."
The sector-agnostic network works with other angel networks, early stage venture capitalists, online syndication platforms, accelerators and incubators.
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