Singapore's Antler launches India operation, targets $50m fund
Singapore-based start-up incubator Antler will launch operations in India later in the year and plans to raise upto $50 million to invest in start-ups in the country.
Antler has appointed Rajiv Srivatsa, formerly a co-founder at Urban Ladder, as a partner. Srivatsa told local media that the fund will focus on seed-stage investments. The plan is to back up to 40 start-ups within the first year.
Founded in Singapore in 2017 by Magnus Grimeland, Antler is a global start-up generator and early-stage VC investor. It has operations in New York, Stockholm, and Oslo as well as Singapore. The firm helps founders identify partners, validate their business models, and get input from a global network of advisors. Antler claims to invest in more than 250 companies a year.
Every year, Antler holds a six-month program across its various offices wherein prospective founders get together to build concepts for start-ups. The best candidates qualify for a second round where they can get access to funding. Antler said it would launch the inaugural program in Bengaluru, a prominent start-up hub in India, with operations in other cities to roll out in the coming years.
Over the past year, Antler has received $75 million in funding. In February, it received an investment from Schroders, which came a month after an investor group - including B Capital Group founder Eduardo Saverin - committed $50 million. Recently, Antler established a partnership with Singapore-headquartered B Capital that will allow the two firms to share networks and resources.
“We want to lower the barriers for exceptional people to start a technology company, regardless of their background or geography. In addition, we want to provide India originating start-ups with Antler’s global platform to ensure start-ups from India can expand, scale, succeed and tap into expertise on a global level," said Antler’s Grimeland, according to a statement.
Other institutional seed-stage organizations operating in the country include JioGenNext, Indian Angel Network, LetsVenture and Mumbai Angels Network.
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