Beneath the start-up boom in India, rise of unusual angels
NEW DELHI: Renu Malik began to cry. A gynaecologist in East Delhi, she had married a paediatrician. Not just that, 37 of her husband’s cousins were doctors. Renu had sent her only son Ritesh to Theni, a small place in Tamil Nadu, to do his MBBS. And now he was saying he won’t be a doctor. Worse, he wanted to join a start-up. A few months later, in 2013, all the doctors in the extended Malik family were rejoic- ing. Ritesh’s start- up Adstuck had sold an app for Rs6.4 crore.
Using his share of the money, Malik became an angel: people who invest in the early stages of a start-up, when the big fund houses won’t give them the time of day. At 26, he has already funded 20 of them. He is one of several from myriad backgrounds who do. These are not the usual technology entrepreneurs investing in technology start-ups. These are the unusual angels.
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