Mumbai: From mentors to investors, the Mumbai Chapter of TiE (The Indus Entrepreneurs) is looking to cover the whole gamut as it announces ‘TiE Angels Mumbai’, an idea-stage funding initiative. TiE Angels Mumbai will facilitate idea-stage funding for startups through TiE Mumbai’s network of angels over and above the mentoring support the latter offers to entrepreneurs.
The ticket size of investments by TiE Angels Mumbai will be in the range of Rs 25-50 lakh provided at the idea stage and will connect Indian entrepreneurs with over 14,000 members of the TiE global network. The move is an extension of TiE’s initiative to create a cross-border investor initiative. “Twenty chapters of TiE global network have their own angel network and TiE Mumbai will be the first from India to have such a platform,” said Anand Desai, President, TiE Mumbai.
Investors on the platform will offer investments for an equity share of 7-10%, said Naveen Raju, Executive Director of TiE Mumbai.
“If charter members put their money into startups, it also forces them to mentor the companies as well” Raju told. The first investor meetup programme, under the initiative, will be held on December 10 where curated startups will showcase early-stage business ideas and pitch for funding to TiE Mumbai Charter Members.
Source: Times of India
