Keiretsu Forum, a leading global angel network with around 2,500 members and 46 chapters has launched its third chapter in India in Mumbai and has charted out a plan to have at least a dozen chapters and 600 angel investors on its platform in the next four to five years.
Inglehart, president, international division, said: "We are bullish on India. Conceivably, in the next four-five years we are going to have 12 chapters here." Having launched in Mumbai, Keiretsu has already started talks with potential partners in New Delhi to launch its fourth chapter. Keiretsu has plans to expand to cities such as Ahmedabad and Hyderabad where it sees a concentration of wealthy investors and entrepreneurs.
"Our three chapters here are growing organically and we are in discussions in other places. When that is going to happen we will have a critical mass of investors," Judith said. The three chapters together currently have around 60 angel investors.
Keiretsu Forum admits investors who qualify under US Security Exchange Commission (SEC) norms for accreditation and all membership is through invitation only. One of the criteria for accreditation is annual individual income of $200,000 (Rs 1.33 crore). While there are no such accreditation requirements in India, the Forum follows similar selection criteria for its members here.
The member-investors get real-time access to deals that come to its platform anywhere in the world and can invest in them in groups.
Its oldest chapter in India in Chennai, closed 12 deals in its first year , a half of those investments were made in the US-based startups, and is poised to exceed that number this year.
Denny Kurien, CEO, Bangalore chapter of Keiretsu Forums said it is about to close a couple of deals as it has already hosted a number of pitching sessions in the city. Former senior vice president of ICICI Bank and chief executive, US operations at Tata AutoComp Systems Mahinder Chugh is leading the newly-launched Mumbai chapter.