The start-up investment scenario appears to be warming up after couple of years’ efforts by angel investors.

Budding outfits – from juice serving retail chains to e-commerce to mobile app developers – are slowly queuing up for ‘angels’.

Calcutta Angels, co-founded by five city-based early stage investors in 2013, has grown into a 50-member network.

However, it could find only one start-up from the city, out of nine opportunities tapped two years ago.

Now more and more investors are getting active too. Padmaja Ruparel, President of India Angel Network (IAN) said now the start-up investment was actually “starting up” in Kolkata.

New investments

After investing ₹10 crore in a Kolkata-spawned quick service restaurant chain early this month, IAN is looking to invest ₹2-3 crore each in two more budding Kolkata outfits. Today, intending investors do not outnumber investment seekers.

“We are looking to invest in couple of healthcare companies both online and offline next month,” said Ruparel, on the sidelines of a day-long gathering of investors and start-ups here.

She said that IAN was talking to several Kolkata start-ups for investment opportunities. Criketer Umesh Yadav is reportedly investing in a Kolkata-based fashion boutique website and app firm.

Raghav Kanoria, co-founder of Calcutta Angels said five city-based start-ups participated in the event, seeking incubation investment.

Bridge round

Kanoria said a Kolkata-originated outdoor advertising start-up could be the second investment (between ₹50 lakh and ₹1 crore) target for Calcutta Angels.

iKure Techsoft Pvt Ltd from, which got its first funding through Calcutta Angels, has now graduated to the level of the “bridge round”. This round entails higher investment and exit of early stage investors. Sujoy Santra, founder and CEO of iKure, told BusinessLine that his company was looking for a bridge round investment of ₹3 crore from venture capitalists.

“We have so far got investments worth ₹2.5 crore from angel investors and State arm Webel,” he said. It has established 28 health clinics in rural Bengal, covering 160 villages. The clinics are linked to seven partner hospitals including AIIMS and Nanavati.

“Now we were planning to expand into eight other States. Our immediate entry would be in Jharkhand’s Torpa near Ranchi in partnership with Tata Trust-run NGO Pradan,” he added.

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