360 ONE Takes Majority Stake in Mumbai Angels; announced two new funds

• Mumbai Angels also announced the launch of two new funds – Category 1 Venture capital fund – Angel Fund and Category 1 Venture Capital Fund (VCF).
  
• Mumbai-based wealth and asset management firm 360 ONE has total assets under management of over ₹3.33 lakh crore.
  
• Mumbai Angels, an early-stage venture investment platform, will now be looking at a larger funnel of deals, with deeper penetration into the early-stage startup pool.

Wealth and wealth management firm 360 ONE (formerly IIFL Wealth & Asset Management) said on Wednesday it has acquired a majority stake in Mumbai Angels, a platform for early stage venture investment.

Financial details of the transaction were not immediately available.

However, investment platform Mumbai Angels also announced the launch of two new funds on Wednesday: Category 1 Venture Capital Fund – Angel Fund and Category 1 Venture Capital Fund (VCF).

The Category 1 VCF – Angel Fund does not involve pooling, meaning that each investment is treated as a separate arrangement giving investors the freedom to invest in a wider range of selected deals, the company statement said.

The second fund, Category 1 VCF, is aimed at those who want to look at investments in a broader portfolio, without going into the details of all participating startups. This fund allows investors to participate in any deal on the platform, the statement said.

Mumbai Angels will now be looking at a larger funnel of deals, with deeper penetration into the early-stage startup pool through this acquisition, it said.

“Mumbai Angels has built an enviable platform to tap quality companies at an early stage. With this new set of offerings, we will be able to provide clients with exciting early-stage investment opportunities in companies, which have the potential to create disruptions in their respective industries,” said Karan Bhagatfounder, MD and CEO, 360 ONE.

Wealth and asset management firm 360 ONE, headquartered in Mumbai, had total assets under management of over ₹3.33 lakh crore as of 30 September 2022.

SEE ALSO: Childhood Vit-D Deficiency Soared Manyfold After Covid – Here’s How It May Affect Your Child’s Mental And Physical Health
Pakistan is South Asia’s weakest economy: World Bank report