Unsung Heroes: How Angel Networks Are Nurturing India’s Small Town Startups
26 March 2019 1:18 PM IST
Angel Networks in Tier 2 & Tier 3 cities in Indian are looking to give a boost to local entrepreneurs by mentoring & funding.
- While cities like Delhi, Mumbai and Bengaluru have evolved ecosystems — the Tier 2 and Tier 3 cities lack in the resources that early stage companies initially need.
- While the early stage venture funds , incubators and accelerators are playing their part in the growth of India’s emerging startup hubs well, another enabler which is fuelling the roots here are the local angel networks.
- According to Inc42 DataLabs, 19 networks invested across 81 deals in 2018 and the top spots were gained by Venture Catalysts (33), Mumbai Angels (10 deals), Indian Angel Network (11) and LetsVenture (4).
- Although the Tier 1 cities of India will continue to be the top startup hubs of the country, angel networks are boosting the ecosystem in traditional business zones and that is why a number of Tier 2 and Tier 3 cities are emerging as the next startup hubs in the country.
- Even a few years back, people in smaller cities like Chandigarh, Mohali, Jaipur, Ranchi, Lucknow and Indore, were primarily involved in traditional businesses and the ecosystem for startups was nascent.
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