Dinesh Jain, founder of Udaipur-based Eden Animation Studios, has launched a seed-level fund called Eden Angel Investment. The new fund is looking to invest into early-stage startups in the pre-revenue phase.
Supported by Jain's family and friends, the fund size currently is Rs 2.5 crore. But Eden Angel plans to find more angel investors and raise more money in the coming months. Besides funding, mentoring and guidance will also be a part of the package.
Asked about the kind of companies in which it would be interested, Jain said, "We are looking at companies which are in the early stage of development and may be in pre-revenue stage. Young entrepreneurs, even fresh graduates just out of college, are welcome if they have great ideas. Ultimately, we are looking for founders who believe in their ideas and offer scope for growth.
We are planning to invest in four projects during the first two quarters of this year, followed by another six in the next two quarters. And the investment size will be between Rs 5 lakh and Rs 25 lakh for each company," he added.
The fund will now focus on areas like digital content creation for the New Media, mobile apps, interactive gaming, digital solutions for primary education and human capital development in rural/semi-urban region.