Mumbai Angels FY23 report card: Rs 80 Cr investments, 6 exits

Mumbai Angels invested more than Rs 80 crore through 66 deals, with an average deal size of Rs 1.2 crore in the financial year 2023. Its investor base increased from about 450 in 2020 to over 720 this year.

The angel investors collective facilitated six exits including supply chain startup Algorhythm Tech, which was acquired by Delhivery in January 2023; Bollywood actor Kunal Kapoor's crowdfunding platform Ketto; and Indian Skincare brand Dr Sheth's.

It saw over 40 portfolio startups, including BluSmart Mobility and cold chain platform Celcius, raise additional funding rounds totalling Rs 550 crore, according to a statement.

“The past year has been one of the most significant for Mumbai Angels. We became a part of 360 ONE, one of India’s leading Wealth and alternates-focused asset managers with an AUM of over Rs 40 billion," Nandini Mansinghka, CEO of Mumbai Angels, said in a statement.

"We also launched two new funds that can turn out to be game changers in this space. While these transformational events were taking place, our performance for FY23 remained consistent with steady growth on all fronts." The statement added.

Mumbai Angels said its Assets Under Management (AUM) reached $130 million in FY23.

About 82% of the Rs 80 crore deployed came from investors across India, while 18% came from international investors.

Sector-wise breakdown of its investment showed that education received the most funding at 15.2%, followed by food and beverage (12%), technology (10.6%), consumer (9.1%), and finance (9.1%).

Further, the platform allocated 7.6% of its investments to the electric vehicle industry, while marketplaces, content, logistics, legal, and HR segments each received 6.1% and 4.5% of the investments, respectively.

Led by CEO Nandini Mansinghka, the angel investment network Mumbai Angels was founded in 2006 by Prashant Choksey and Praveen Chakravarty. Investors in Mumbai Angels include HNIs, UHNIs, and structured family offices.

It has invested in over 178 portfolio companies and had 22 exits in the past. The company has also been a cradle for both plug-in businesses for larger corporations and financial investors looking for incubated businesses ready to scale.