iAngels, an angel network backed by India Accelerator, has unveiled an ambitious initiative with the launch of a dedicated Rs 100 crore fund as a pivotal step in bolstering the startup ecosystem in the southern region of India. The newly established fund, which forms an integral part of iAngels’ Chennai chapter, is poised to invigorate the growth trajectories of 50 startups in the upcoming fiscal year, FY24.

The strategic move by iAngels is set to amplify the startup ecosystem in Chennai through dynamic collaborations with influential entities, educational institutions, and corporates committed to fostering innovation. Key partners include Startup TN, IIT-M, KSUM, TiE Chennai, and NSCREL, as iAngels seeks to coalesce efforts to empower aspiring entrepreneurs in the region.

By harnessing the synergy of its network, iAngels aspires to cultivate a local startup ecosystem while simultaneously projecting its innovation-driven ethos onto the global stage. The comprehensive selection process for startups entails multiple stages of assessment, ultimately identifying candidates poised for substantial growth. Successful entrants will embark on a four-month intensive business development and mentoring program aimed at catalyzing their expansion.

Mona Singh, Co-founder of India Accelerator, highlighted the supportive environment provided by the Tamil Nadu government to nurture innovation and entrepreneurship. She remarked, “With the Chennai Chapter, we aim to leverage the advantages offered by the Tamil Nadu startup ecosystem and contribute to the growth of the region’s start-up community.”

The startup landscape in Chennai, characterized by its vibrant diversity spanning B2B SaaS, women-led ventures, deep tech, climate tech, sustainability, and fintech, sets the stage for iAngels’ expansion. The initiative aligns harmoniously with the Tamil Nadu government’s endeavors to cultivate a robust startup ecosystem in the region. India Accelerator, positioned as India’s pioneering GAN-partnered accelerator, extends cross-functional mentorship, business expansion support, and funding opportunities to burgeoning entrepreneurs. With a portfolio encompassing over 150 startups and a network of 1,400 mentors, India Accelerator collaborates synergistically with corporate and academic partners to foster an entrepreneurial mindset and forge innovative solutions.

At the heart of iAngels is a network of 1,800 active angel investors representing diverse domains, collectively propelling early-stage startups. Having already established a formidable presence with startup chapters spanning Delhi-NCR, Bengaluru, Mumbai, Ahmedabad, the US, the UK, and the UAE, iAngels continues to chart its course of expansion both domestically and internationally, with a fully operational center in Dubai. As iAngels unfurls its substantial financial resources and visionary approach, it is poised to act as a catalytic force propelling the burgeoning startup ecosystem in southern India towards unprecedented growth and innovation.