Seed to early growth fund research profile
IAN Alpha Fund is IAN Group’s institutional venture vehicle for founders building technology-led companies in deeptech, climate, healthtech and enterprise software. It combines a $100 million final-close vehicle with IAN’s long-running angel and market-access network.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
IAN Alpha Fund uses a seed to early growth; technology and deeptech venture capital approach across Deeptech, climate, healthtech and enterprise technology.
Current evidence
IAN Group announced the final close of IAN Alpha Fund at US$100 million in December 2025. The manager’s 2026 announcements include investments in e-TRNL Energy, Mojro, Peptris, D-Propulse, RoshAi, SportVot, BigEndian and Farm Watt Innovation.
Strategy
Seed to early growth; technology and deeptech venture capital
Sector focus
Deeptech, climate, healthtech and enterprise technology
AIF structure context
Indian venture capital and angel-fund strategies are commonly structured as Category I AIFs. Verify the specific vehicle and registration before investing.
Current signal
IAN Group announced the final close of IAN Alpha Fund at US$100 million in December 2025. The manager’s 2026 announcements include investments in e-TRNL Energy, Mojro, Peptris, D-Propulse, RoshAi, SportVot, BigEndian and Farm Watt Innovation.
Investor questions
IAN Alpha Fund is covered in Rupeia's venture capital research universe. The current public record describes the strategy as Seed to early growth; technology and deeptech venture capital, with a sector focus of Deeptech, climate, healthtech and enterprise technology. The profile should be read with the linked source trail and Typical route: Category I AIF context.
The profile displays only company or asset names attributable to IAN Alpha Fund in the reviewed public sources: BigEndian Semiconductors, D-Propulse Aerospace, Dhruva Space, e-TRNL Energy, FluxGen, Morphing Machines, Peptris, RoshAi, SportVot, Brainsight AI, Learntube AI, Serigen, Lamark, Dial4242, Prantae, Innovodigm, Endure Air, Mojro, Zypp Electric and Skylark Drones. It does not represent a complete current portfolio unless the manager has published one.
IAN’s current fund materials name Dhruva Space, BigEndian, e-TRNL Energy, Peptris, RoshAi, SportVot, Morphing Machines and Brainsight AI. The manager announced a US$100 million final close in December 2025 and multiple 2026 investments; audited fund-level DPI, TVPI and net IRR are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: US$100 million final close announced in December 2025 for IAN Alpha Fund; earlier manager pages used a US$125 million target/description, so the latest final-close announcement is used here.. Public terms or access information: The manager publishes $1–3 million investment ranges for inception-to-growth opportunities; fees, carry, fund term, reserves and liquidity terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Padmaja Ruparel (Senior Managing Partner), Sarika Saxena (Managing Partner), Madhav Sikka (Managing Partner & Group CFO), Rajnish Kapur (Managing Partner) and Chintan Thakkar (Senior Managing Partner; Group CEO). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review stage concentration, follow-on reserves, company failure rates, dilution, exit timing and the gap between paper valuations and realised distributions. The current open diligence point is: Vehicle-level audited returns, ownership percentages, reserves and complete fee/carry terms are not publicly disclosed. IAN Fund I and IAN Alpha Fund are retained as one manager-level record here; company attribution is retained where IAN Alpha or IAN Group’s current fund materials name it..
2026-07-23: IAN Group announced the final close of IAN Alpha Fund at US$100 million in December 2025. The manager’s 2026 announcements include investments in e-TRNL Energy, Mojro, Peptris, D-Propulse, RoshAi, SportVot, BigEndian and Farm Watt Innovation.
Next step
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