Angels Who Mean Business
Entrepreneurs who made a killing by selling off their businesses are now pumping it back into big ideas. Their support offers hope in a gloomy market for innovation.
Entrepreneurs who made a profit by selling their business are pumping it back into big ideas, offering hope in a gloomy market for innovation.
They have grown and nurtured businesses into mammoth enterprises and exited at an opportune moment, creating huge wealth for themselves. They have now turned angel investors, and are betting on new ideas and young entrepreneurs, hand- holding them through a risky terrain they are much familiar with.
“Unlike in the West, there are many young and enthusiastic people in India with good ideas,” says Ajay Piramal, who sold off his pharma firm to Abbott Laboratories, USA, for a cool Rs 18,000 crore in May 2010. “That’s where I see hope in India.” Piramal has set aside Rs 200 crore to invest in new ideas that can bring about social change nationwide, through his Piramal Foundation.
Like Piramal, the tribe of angel investors, ready to support cash-