Indian Angel Network (IAN), one of the largest angel investor networks in the country, is raising an early-stage fund of around Rs.150 crore ($22.4m) to co-invest along with its angel network, said two people aware of the development.
An angel network is a group of angel investors—high-net-worth individuals—who invest collectively in early-stage businesses.
“They have already registered a fund with the Securities and Exchange Board of India (Sebi) and are on the road to raise it.
"They are looking to raise at least Rs.150 crore for the fund. The fund will be raised from within their own network of angel investors,” said one of the two people cited above, requesting anonymity as the talks are private.
“Australians are terrible at talking about what we do, we’re very humble,” says Hurps. “But we’ve got a great environment [for startups].”
It’s something he hopes to solve with the launch of a new startup hub in Shanghai later this month. The nonprofit wants to bridge the knowledge gap between Australian startups and the Chinese market, starting with a 50-seat coworking space.
Nicko Widjaja, president of MDI, and Group Executive International & new business head Telstra Cynthia Whelan signed the MoU in Jakarta last week.
Over the past five years, Telstra Ventures has invested over A$200 million in more than 30 different technology companies.
With many businesses and a population of 600 million people in Southeast Asia, including majority of social media users and mobile phone users in the world, Telstra believes that now is the right time to collaborate more closely with Telkom, Indonesia’s largest telco firm, the Australian carrier said in a statement.