Amid the ongoing increasing investor rush for the Indian startup ecosystem, airline major Indigo is also looking to don the investor hat.
As per Livemint, Indigo has received the market regulator Securities and Exchange Board of India’s (SEBI) nod to float its venture capital (VC) arm IndiGo Ventures.
The report said that the alternative investment fund (AIF) will start dishing out cheques to startups by the end of the financial year 2024-25 (FY25).
IndiGo Ventures will focus on backing startups across Pre-Series A, Series A and Series B rounds primarily in the aviation and allied industries such as travel, lifestyle, hospitality and transport.
“As IndiGo embarks on this new journey with IndiGo Ventures, we are committed to fostering innovation, giving wings to aspirations, in aviation and beyond. The startups will benefit from IndiGo’s extensive technical expertise and diverse geographical imprint, leading to the development of new products and services,” the airline’s chief digital and information officer Neetan Chopra said.
This comes two months after the airline appointed Ankit Sharma as the managing partner of the newly set up VC arm. According to its website, Chopra and Vineet Mittal are the investment firm’s nominee partners.
Its website adds that the VC firm will also provide startups with key insights on market trends, regulations, and technology, besides the investment. Further, investments will also entail co-branded initiatives with IndiGo as well.
As of now, the investor is calling for startups to make their pitch through its website.
The announcement comes over a year after Indigo’s parent InterGlobe Aviation announced that its board approved plans to launch its VC arm. Meanwhile, the Mint report added that the company approved the establishment of a financial services division on September 4, with an initial investment of INR 30 Cr.
The development comes at a time when startup funding is on the rise. Indian startups cumulatively raised $8.7 Bn across 766 deals in the first nine months of the ongoing calendar year, up 20% from the $7.2 Bn raised via 691 deals in the same period last year.
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