IAN Alpha Fund, part of the IAN Group, today announced the first first close at Rs 355 crore. The amount surpasses the initial target corpus of IAN Fund I, marking a strong start for the venture capital fund.

The IAN Alpha Fund, with a total corpus of Rs 1,000 crore (approximately $119 million), is the second venture capital fund in the IAN Group's series.

The fund has raised investments from marquee investors, including the Small Industries Development Bank of India (SIDBI), SRI Fund, and several investors from IAN Fund I.

The Alpha Fund, registered under SEBI's AIF Category II, is set to invest in a diverse range of sectors. These include clean tech, health tech/bio, fintech, deep tech, spacetech, consumer, agri-tech, cybersecurity, hardware, and robotics.

Saurabh Srivastava, Co-Founder of the Indian Angel Network, emphasized the fund's ambitious goal to invest in over 500 startups, thereby creating 5,000,000 jobs by 2030.

To date, the IAN Group has invested over Rs 900 crore in more than 250 startups, currently valued at over $9 billion (about Rs 75,000 crore). P

The IAN Alpha Fund plans to invest Rs 5,000 crore in 500 startups, aiming to create 500,000 jobs. It will focus on various sectors and extend its reach to Tier-II and Tier-III cities.