Peaceful Progress Launches First Close Of Rs 50 Cr Angel Fund For Early-Stage Startups

For early-stage startups, Angel investment fund Peaceful Progress has launched the first closing of its INR 50 Cr corpus. More than 15 angel investors and high-net-worth individuals (HNIs) from industries like information technology, financial services, and hospitality contributed to the fund's initial corpus. The fund emphasised that it intended to contribute up to INR 3 Cr to each firm.

In Fintech, healthTech, edTech, food tech, consumertech, direct-to-consumer (D2C), and electric vehicles are among the sectors it will primarily want to invest in. Within the following three to four years, Peaceful Progress plans to invest in 15 to 20 early-stage enterprises.

The Securities and Exchange Board of India (SEBI) approved the category-I alternative investment fund (AIF) in February of this year. The fund has so far invested in four startups: the edtech platform Expertrons, the HRtech startup Kredily, the cleantech firm Sheru, and the retailtech platform Infilect. It is primarily led by Chandrashekar Kupperi, Kamal Agarwal, and Sitaraman Parthasarathy.

Chandrashekar Kupperi, the general partner of Peaceful Progress, said, We are grateful for our investors' support of Peaceful Progress and we are enlisting more to join us on our path. In addition to providing financial backing, we also give our investees access to a large network for growth, support, and advice.

With the first closure, Peaceful Progress has now joined the increasing group of investment companies that have successfully collected money despite rumours of a "funding winter" and a slowdown in the world economy.