The Indian Angel Network (IAN), which comprises over 250 investors across 10 countries, is making its first investment in Britain in a start-up company following last November’s meeting with Prime Minister David Cameron in India.
IAN is investing in the successful London-based company, SwiftShift, which has invented a software solution that allows companies to quickly fill short notice shifts using their own staff through SMS, email, and mobile technology.
The announcement, which is subject to due diligence, follows a reception for the IAN investor group at Number 10, Downing Street, on Tuesday attended by Cameron and senior ministerial colleagues Vince Cable, Matthew Hancock and Oliver Letwin.
Minister for Government Policy Oliver Letwin said: “There is a wealth of British talent and potential that needs the right investment and bringing the Indian Angel Network to this country forms part of our efforts to ease access to finance for start ups and attract foreign capital”.
Indian companies are now the fifth largest investors in the UK and more than 50% of Indian investment into Europe goes to the UK.
IAN has a portfolio of 100 plus companies across multiple sectors like IT, Mobile, Healthcare and Education, Gaming, Hospitality, Semiconductor, and social media, and has made several successful exits, the best one returning 22 times capital.
Saurabh Srivastava, co-founder of IAN, who led the initiative said: “We are thankful to the UK government for their support and are excited about supporting innovative UK startups, going global, fostering UK India collaboration in the early stage arena and driving economic growth in the region. We are delighted to have decided on our first UK investment and we believe that SwiftShift’s product will be sold around the world.”
The Indian Angel Network decided to invest in SwiftShift following a pitching session in London organised by UKTI where seven companies presented to the investors. The network was said to be impressed by three other companies and has agreed to continue talks with them.