IAN Group
IAN Group backs Indian startups through capital, mentorship and market access.
Overview
IAN Group is an India-based early-stage investment platform that traces its origins to the Indian Angel Network, founded in 2006. The platform has evolved from an angel network into a multi-fund investment group comprising IAN Angel Fund, BioAngels, IAN Fund I and IAN Alpha Fund.
IAN follows a sector-agnostic approach and backs technology-led businesses across a wide range of industries. Its portfolio now spans deeptech, AI, spacetech, biotech, SaaS, robotics, fintech, healthtech, consumer businesses and Industry 4.0.
Investment Focus and Stage
IAN Group focuses primarily on seed and early-stage investments, backing entrepreneurs solving large market problems through technology and new business models. The platform supports companies raising from approximately ₹50 lakh to ₹50 crore, allowing it to participate across different points of the early funding journey.
Its current investment activity has developed a particularly strong deeptech component. The group has invested across AI, semiconductors, spacetech, biotechnology, medtech, robotics, advanced engineering, defence technology and climate technology.
IAN's approach combines capital with mentorship and market access. Its large investor and mentor network can provide portfolio companies with access to customers, industry experts, strategic partners and international markets. The platform describes this combination as Money, Mentoring & Market Access.
Fund Size and Portfolio
IAN Group's current platform has backed 273+ companies across 28 sectors and invested more than ₹1,500 crore. Its portfolio includes companies such as Druva Software, Uniphore, FarEye, Zypp Electric, Spinny, Wow! Momo, Phool, Truemeds, WoodenStreet and Dhruva Space.
The group operates several investment vehicles. IAN Fund I was a $55 million venture capital fund, while its second major VC vehicle, the IAN Alpha Fund, reached a $100 million final close in 2025. Alpha invests in technology-led businesses addressing large market and strategic challenges, with particular activity across AI, deeptech, space, healthcare and climate.
Recent Alpha investments include Brainsight AI, Learntube AI, Serigen Medtech, Lamark Biotech and Dhruva Space. IAN's wider portfolio also includes deeptech companies such as D-Propulse Aerospace, EndureAir Systems, Skylark Drones, InterCosmos and Manastu Space.
Leadership
Padmaja Ruparel is Co-founder and Senior Managing Partner of IAN Group and a founding partner of its venture capital business. She has been involved in India's angel and early-stage investing ecosystem for more than two decades and also founded BioAngels in partnership with BIRAC.
Chintan Thakkar serves as Group CEO and Senior Managing Partner. Sarika Saxena, Madhav Sikka and Rajnish Kapur are also Managing Partners within the platform.
IAN Group's leadership combines investment, operating and entrepreneurial experience, while its wider network includes prominent entrepreneurs, business leaders, sector experts and institutional investors.