Angel investment platform Mumbai Angels Network gets acquired by IIFL
India’s prominent early stage angel networking platform Mumbai Angels was recently acquired by 360 One, formerly known as IIFL Wealth & Asset Management. It has backed startups such as InMobi, Dhruva Space, Myntra, Purplle and BluSmart.
The platform plans to use the venture capital fund to do later stage investments in startups backed by the angel fund. It currently has a network of more than 750 angel investors. Mumbai Angels was one of the pioneers of angel investment in India establishes way back in 2006 when startups and angel investments weren’t even heard of.
In November last year, IIFL Wealth had completed the acquisition of a 91% stake in Mumbai Angels for Rs 45.73 crores which values Mumbai Angel Network at an enterprise value of Rs.50.25 crores.
The acquisition signifies the India Incorporation’s continued and elevated interests in early stage venture investments which were largely ignored by them a few years ago and was confined only amongst a handful of daredevil investors.
360 One formerly known as IIFL Wealth Management Ltd. is an Indian wealth management firm, headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India. It offers wealth management, asset management, portfolio management services, investment products, treasury services, estate planning and lending among others. The company has been rated as A1+ by rating agencies such as CRISIL and ICRA.
As of September 30, 2022, 360 One had aggregate assets of more than Rs 3.33 lakh crore under management.
