How would it be if you have an ATM card but without any money in it....futile! Same is the case with startups which usually dies in its initial year's just because of lack of funding, as the most difficult part of a startup's life is to get proper fund's.
In today's time to support such start ups many helping hands are coming up and one of them is 'Mumbai Angels'.
Mumbai Angel's is recognized as an innovative business incubator and holding company, which started forming its base since 2006 by Sasha Mirchandani and Prashant Choksey, with an idea of Investing in a company with no history which was then a very new concept. So they started meeting entrepreneurs and eventually after several coffee meetings, they shortlisted and made their first angel investment in a start-up in mobile space called Mkhoj (now known as Inmobi). Things started taking shape and a platform to connect entrepreneurs and investors was build.
The website has a portfolio of all the investee companies spread across various sectors like IT, agriculture, e-commerce etc.
The funding process is primarily focused on seed stage and early stage companies with strong teams, defensible technologies or services and well defined product to market plans. If the entrepreneurs meet the criteria of the Mumbai Angels, then they encourage the start-ups to submit a plan for investment consideration through https://gust.com/angel-group/mumbai-angels/apply.
Following successful completion of the pre-screening process entrepreneurs will be invited to present their plan to the entire member community of the Mumbai Angels. In the interim between selection and presentation the Mumbai Angels provides value-added preparatory services to the companies. Using its expertise, the Mumbai Angels may help the companies refine both their written and oral presentations in preparation for larger group presentations. Typically, a company will have 20 minutes for its presentation and 15 minutes for a question and answer period. After the completion of the presentation round, a meeting will be held where the members will decide whether your business plan is of interest to them and whether they wish to participate in the due diligence for the purpose of individual investment. After all these formalities and question answers the start-ups may expect to hear back from Mumbai Angels in a week to ten days. Interested members will get in touch with the entrepreneurs through a deal champion. The deal champion will be the one point contact between the company and interested investors. He will work with start-ups on due diligence in order to address any outstanding concerns and negotiate the terms of investment.
Members invest individually and not through the Mumbai Angels entity. The members decide among themselves, how much each individual wishes to invest.
To chat directly get in touch with the team we have scheduled a special chat on Tuesday August 14, 2012 between 1.30 pm and 2.30 pm. The president of Mumbai Angels Anil Joshi will be addressing all your queries related to raising funds and investing through this forum.