Mumbai Angels Invests Rs 80 Crore in 48 Startups, Records Six Exits in FY23
- ByStartupStory | June 23, 2023
Mumbai Angels, the renowned angel investment network, has experienced a fruitful financial year with impressive investments and an expanded investor base. In FY23, the network deployed over INR 80 crore through 66 deals, with an average deal size of INR 1.2 crore. This successful period also saw the investor base grow from approximately 450 in 2020 to over 720 this year.
Among the notable achievements, Mumbai Angels facilitated six exits, including the acquisition of supply chain startup Algorhythm Tech by Delhivery in January 2023, the success of Bollywood actor Kunal Kapoor’s crowdfunding platform Ketto, and the growth of Indian skincare brand Dr. Sheth’s. Additionally, over 40 portfolio startups, including BluSmart Mobility and cold chain platform Celcius, raised additional funding rounds amounting to a total of INR 550 crore.
Nandini Mansinghka, CEO of Mumbai Angels, expressed her satisfaction with the network’s performance, stating, “The past year has been one of the most significant for Mumbai Angels. We became a part of 360 ONE, one of India’s leading Wealth and alternates-focused asset managers with an AUM of over INR 40 billion. We also launched two new funds that can turn out to be game changers in this space. While these transformational events were taking place, our performance for FY23 remained consistent with steady growth on all fronts.”
Mumbai Angels revealed that its Assets Under Management (AUM) reached $130 million in FY23, indicating the network’s strong position and influence in the investment landscape.
Furthermore, the breakdown of investments by sector showcased the network’s diverse portfolio. Education received the highest funding share at 15.2%, followed by food and beverage (12%), technology (10.6%), consumer (9.1%), and finance (9.1%). The platform also allocated significant investments to the electric vehicle industry (7.6%), while marketplaces, content, logistics, legal, and HR segments each received their respective shares.
Mumbai Angels, led by CEO Nandini Mansinghka, has emerged as a prominent platform for angel investors since its establishment in 2006 by Prashant Choksey and Praveen Chakravarty. Its investor base includes High Net Worth Individuals (HNIs), Ultra High Net Worth Individuals (UHNIs), and structured family offices. With investments in over 178 portfolio companies and 22 successful exits, Mumbai Angels has become a nurturing ground for both plug-in businesses for larger corporations and financial investors seeking incubated businesses ready to scale.
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