Indian carrier IndiGo’s corporate venture capital fund IndiGo Ventures has received the alternative investment fund (AIF) approval from market regulator Securities and Exchange Board of India (SEBI), the company announced on Tuesday.
Indigo said the fund will invest in startups looking for pre-Series A, Series A and Series B funding stages and have the potential to “redefine the future of aviation and beyond”.
“These include startups working on cutting-edge technologies and solutions within the aviation sector. The fund will also look to invest in consumer startups that have a touchpoint in the passenger journey, such as travel, lifestyle, hospitality, transportation, etc.,” the company said in a statement.
Speaking on the new initiative, Neetan Chopra, Chief Digital & Information Officer, IndiGo said, “As IndiGo embarks on this new journey with IndiGo Ventures, we are committed to fostering innovation, giving wings to aspirations, in aviation and beyond. The startups will benefit from IndiGo’s extensive technical expertise and diverse geographical imprint, leading to the development of new products and services.”
According to the website developed for the new fund, IndiGo Ventures is led by Ankit Sharma, former Assistant VP at Axis Bank and Director at alternate financing platform Trifecta Capital Advisors. Sharma has been part of over 30 investments in startups including Basket, Cars24, Cashify, Ninjacart, CarDekho, PaperBoat, IdeaForge, etc.
According to the fund’s website, IndiGo leverages its experience to provide startups with key insights on market trends, regulations, and tech advancements. Moreover, its vast network across the globe offers startups access to various regional markets, enabling business expansion and scalable growth, the website read.
“Startups would also get mentorship and guidance by the various vertical heads from the IndiGo ecosystem.” The company had announced the new VC arm with an initial investment of Rs 30 crore in September last year to back early-stage companies in aviation and consumer-focused allied sectors.
Founded in 2006, IndiGo is the 7th largest airline in the world with a fleet of over 360 aircraft.