News

NEWS:

Calcutta-based LBS graduate angels investors seek out miracles outside City of Joy

Angel investors in Kolkata eager to get a slice of the action in India's booming startup scene are looking outwards as they find few opportunities in their city.

The Calcutta Angels, a network of wealthy industrialists, is evaluating young ventures in Mumbai and also Singapore as it looks to close its fourth investment. The group, set up last year, has invested in just one Kolkata-based startup so far.

"The initial idea was to provide an angel platform in east India and create something similar to Mumbai Angels," said Pradyumna Dalmia, a co-founder of Calcutta Angels which includes members who hail from old business families in the city whose wealth was generated in sectors like real estate and stock broking. The year-old network has about 30 members at present, with another 20 keen to sign up.

"I wanted to carry on the legacy of my family and also do something new so angel investments fits in very well," said Dalmia, 31, whose family runs city-based broking firm SSD Securities. "However, Dalmia, a graduate of the London Business School, and his peers, including Raghav Kanoria, director at investment bank Moni Viniyogh, and Kumar Patodia of Unimark Group are finding that Kolkata offers few such chances."

To read the full article, click here

blog comments powered by Disqus