Yatra Angel Network closes maiden angel fund of Rs 90 crore
- ByStartupStory | November 24, 2022
Yatra Angel Network or YAN marked the first closure of its maiden angel fund of Rs 90 crore On November 24. YAN is a homegrown angel fund that has played an influential role in fintech startups like fintech infrastructure provider M2P Fintech and credit card unicorn OneCard.
The fintech-focused Yatra Angel Network did not disclose the amount it raised in its first close. However senior officials have said in a statement that they will be investing in about 8-10 fintech startups annually across pre-seed, seed, and pre-series A rounds. YAN said that it has received the Securities and Exchange Board of India’s (SEBI)’s approval for an early-stage fintech-focused Alternative Investment Fund (AIF).
YAN has the backing of Limited Partners (LPs) like M2P Fintech’s Madhusudanan R, and Paisabazaar’s Naveen Kukreja among others. It had previously invested in invested Tartan, DataSutram, PayGlocal, ShopSe, and Riskcovry, along with M2P Fintech and OneCard among others, via Fintech Yatra which was Yatra Angel Network’s earlier name.
“We are grateful to all our LPs, and institutional partners who have placed trust in us. We work along the entire fintech value chain, and India holds great potential in fintech as the country remains underpenetrated in the distribution and inclusion of financial services,” said Pankaj Singh, Partner, YAN Angel Fund.
However, upon receiving these new funds YAN has added a billion-dollar boost to the India-dedicated funds that were raised over the last nine months despite global macroeconomic upheavals. YAN has joined the likes of some of the world’s biggest players in this sector including Sequoia Capital, Accel, Elevation Capital, and Matrix Partners.
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