Pune startups can look forward to funding from city angels

TiE Pune angel’s fund has been put together by 21 charter members with a commitment of a minimum ₹5 lakh per member

The Pune chapter of The Indus Entrepreneurs, better known by its acronym TiE has established an angel investors fund marking a significant step forward in its immensely successful mentoring programme for budding entrepreneurs from the city.

Anil Tabib one of the charter members who led this initiative. (HT)

The Tie Pune Angels’ Fund has been put together by 21 charter members from TiE Pune with a commitment of a minimum ~5 lakh per member. TiE Pune is part of a worldwide community of entrepreneurs who seek to foster entrepreneurship through mentoring, networking, education, inspiring, and funding programs and activities. The Pune chapter holds nearly 50 events annually. Charter members are established business owners who also serve as mentors under the TiE umbrella.

In the last nine months, 16 start-ups have pitched in over four sessions and one was selected for funding.

“This is a tech startup that is focused on the education vertical. It helps universities with the process of enrolling students.In the US, universities spend anywhere between$2000 to $10,000 per student per year.This technology that uses AI (artificial intelligence) will help universities with this process,” said Anil Tabib one of the charter members who led this initiative.While TiE Pune Angels have committed to invest ~1.2 crore to this start-up, provided they pass the due diligence, the details will be disclosed once the due diligence is completed.The idea of setting up an angel investors fund was being discussed within TiE over the past three years.