360 ONE Acquires Controlling Stake In Mumbai Angels, Floats Two New Funds


360 ONE (earlier known as IIFL Wealth & Asset Management), a wealth and alternates-focused asset firms in India, recently completed the acquisition of controlling stake in Mumbai Angels, a platform for early-stage venture investments.

Mumbai Angels, one of the players in the early-stage investment space, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. Through its strict filtration criteria, it will be able to offer a wider array of best-in-class deals to its investors. Dedicated to supporting and nurturing early-stage startups, and helping its investors to grow their wealth, the investment platform today also announced the launch of two new funds: Category 1 Venture Capital Fund – Angel Fund and Category 1 Venture Capital Fund (VCF).

The Category 1 VCF – Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme. This fund offers unique flexibility to both investors as well as startups. While investors will have the freedom to invest in a larger number of select deals, while the startups will have a leaner cap table.

The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform.

Commenting on the acquisition, Karan Bhagat, Founder, MD and CEO of 360 ONE, said, “Mumbai Angels has built an enviable platform to tap quality companies at an early stage. We are glad to have a talented team on board led by Nandini Mansinghka, Chief Executive Officer, Mumbai Angels. 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.”

“We are thrilled to be a part of 360 ONE, and the launch of our two new funds will open a plethora of opportunities for new-age companies looking at capital and investors keen to ride the startup wave,” said Nandini Mansinghka, Chief Executive Officer, Mumbai Angels.

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