Calcutta Angels, a three-year-old and 68 investors-strong network for start-ups, aims to more than double its equity support plan in 2016-17.
Sidharth Pansari, President of the network, told Business Line that Calcutta Angels targeted to increase the total investment of its members this year to over Rs 17 crore from the current Rs 6.95 crore. "By the end of the year would at least add ten more entities from the existing ten in which investments have been made".
This year, he said, the non-profit network might enlarge its membership to 100.
“We are in advanced stages of negotiations with three to four start ups from the city. Our members may end up investing in most of them," he indicated. So far, Calcutta Angels have invested in one city-based start up -- iKure, Techsoft Pvt Ltd, a tele medicine platform.
He said about 40 of its members have participated in investment exercise in 10 start ups through the network in the past few years. "The businesses are shaping up well in revenue, traction and valuation," he said.
Average revenue growth of these companies is over 20 per cent. "Some of them are making operational profit. Ketto, a crowdfunding platform, which is funding from Calcutta Angels members, has already gone in for second round of funding of other investors. "Its valuation has shot up 20 times in the second round over that in the first round when Calcutta Angels invested", he mentioned.
Calcutta Angels said the network was closely working with startup incubators of IIM Calcutta, IIT Kharagpur and Nasscom.