360 ONE takes controlling stake in Mumbai Angels; two new funds announced

• Mumbai Angels also announced the launch of two new funds -Category 1 Venture Capital Fund - Angel Fund and Category 1 Venture Capital Fund (VCF).
  
• Mumbai-headquartered wealth and asset management firm 360 ONE has aggregate assets of more than ₹3.33 lakh crore under management.
  
• Mumbai Angels, a platform for early-stage venture investments, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool.
  

Wealth and asset management firm 360 ONE (previously IIFL Wealth & Asset Management) on Wednesday said it had acquired a controlling stake in Mumbai Angels, a platform for early-stage venture investments.

Financial details of the transaction were not immediately available.

However, the investment platform Mumbai Angels also announced the launch of two new funds on Wednesday – Category 1 Venture Capital Fund - Angel Fund, and Category 1 Venture Capital Fund (VCF).

The Category 1 VCF - Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme giving investors the freedom to invest in a larger number of select deals, the company statement said.

The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform, the statement added.

Mumbai Angels will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool through this acquisition, it said.

"Mumbai Angels has built an enviable platform to tap quality companies at an early stage. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries," said Karan Bhagat, founder, MD and CEO, 360 ONE.

Mumbai-headquartered wealth and asset management firm 360 ONE had aggregate assets of more than ₹3.33 lakh crore under management, as of September 30, 2022.

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