A group of over 85 start-up founders from financial capital Mumbai have come together, including Harsh Jain from Dream11, Anupam Mittal from Shaadi.com, and Nitish Mittersain from Nazara, to launch an investment initiative for early-stage start-ups. Launched by the Tech Entrepreneurs Association of Mumbai (TEAM), TEAM Angels will invest in and mentor Mumbai's entrepreneurs.
TEAM Angels will invest in startups at the earliest stages, collectively investing ₹40 Lakhs to ₹1.5 Crore. These investments will be made by TEAM members in their individual capacity and managed by AngelList India. Interested TEAM Angels members can also provide additional capital directly to portfolio companies, TEAM said in a statement on Tuesday.
"Its core objective is to funnel capital and mentorship from TEAM members directly to high-potential ventures, with the overarching vision to incentivize leading startups to be based in Mumbai, thereby building a stronger and more vibrant local community," they further added.
Under the initiative, selected startups will receive support, gaining regular mentorship from Mumbai’s leading tech founders who are personally invested in their success. This will be complemented by regular masterclasses and lessons, all designed to maximize learning and exposure, TEAM added.
They further added that the application process for TEAM Angels is continuous, with no specific window, welcoming all sectors, provided they are headquartered in the Mumbai Metropolitan Region that includes Thane, Panvel, and Kalyan. Investments will be made consistently over the next 12 months.
“With TEAM Angels, our primary goal is to empower Mumbai's tech ecosystem by cultivating and significantly expanding the pipeline of high-potential startups within the city. We will strategically back ventures and strong entrepreneurs at the idea, early, pre-seed, and seed stages, recognising that these are the critical points where profound support can make the biggest difference," said Aakrit Vaish, who is Advisor of IndiaAI Mission and Co-Chair of TEAM's Governing Council. He is also a member of the TEAM Angels Investment Review Council.
TEAM Angels has partnered with leading early-stage venture capital funds, including DeVC, All In Capital, Better Capital, and Peercheque. Members of TEAM include BookMyShow, CitiusTech, CleverTap, Dezerv, Dream11, Fino Payments Bank, Fractal Analytics, FlexiLoans, Games24x7, GetVantage, GOQii, Gupshup, Hungama, The Souled Store, UpGrad, WebEngage, and Zeta.
