WHEN IT LAUNCHED in 2017, Zypp Electric wanted to be an app-based e-bike rental service. But when the world got locked down in 2020 during the Covid-19 pandemic, Zypp changed tack and became an EV-asa-service for last-mile delivery. Anyone in the last-mile delivery business, from Zomato to Uber and Swiggy, can get a Zypp e-scooter service along with Zypp's trained drivers.
Indian Angel Network, which had funded Zypp as it does scores of such start-ups, watched on without interfering when Zypp changed tack. That's one of the things IAN does well: allowing its start-ups leeway.
Now, buoyed by its successes, IAN has set a goal of investing ₹5,000 crore in 500-odd start-ups within the next six years. That's a tall target for IAN, which has deployed ₹1,000 crore since it was founded in 2006 by Padmaja Ruparel, Saurabh Srivastava, and Raman Roy. But if it succeeds, IAN will have created half a million jobs by 2030 by investing in early-stage start-ups.
"Angel investment in India is as old as us," says Ruparel, who became an "angel" after dabbling in varied professions and quitting her family's real estate business.
Ruparel's optimism has not left her even though the industry was becalmed in 2020 by lockdowns. But after hitting an all-time low, funding peaked in 2021. Then came a funding winter in the second half of 2022, as investors took their time (sometimes five or six months against a couple earlier) to seal a deal. Many had backed start-ups without a thought in 2021, but when the ventures failed to fight the lockdowns, the investors stepped back.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS