Wealth management and alternates-focused asset management firm 360 ONE has acquired a controlling stake in Mumbai Angels, a platform for investments in early-stage start-ups.

As part of 360 ONE, Mumbai Angels will have the capability for a ‘greater funnel of deals,” with a deeper penetration in the pool of early-stage start-ups, said a release by 360 ONE, which was formerly IIFL Wealth & Asset Management.

Two new funds

The venture funds platform also announced the launch of two funds — Category-I Venture Capital Fund (VCF) - Angel Fund and Category-I Venture Capital Fund. It said it would be able to offer a wider array of deals to its investors, with its strict filtration criteria in place.

The Category-I VCF - Angel Fund will treat each investment as a separate scheme and there will be no pooling. This fund offers flexibility to both investors and start-ups so that while investors will have the freedom to invest in a larger number of select deals, the stat-ups will have a leaner cap table.

The second fund, Category-I VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating start-ups. This fund will enable investors to participate in every deal on the platform.

Investment opportunities

Nandini Mansinghka, Chief Executive Officer of Mumbai Angels, said that the two new funds will open up a large number of opportunities for new-age companies that are looking for capital.

“With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries,” said Karan Bhagat, Founder, MD and CEO of 360 ONE .