Wealth management firm 360 ONE has acquired a controlling stake in Mumbai Angels, an angel investment platform focused on early-stage startups. With the acquisition, the investment platform also announced the launch of two new funds – the first venture capital fund – Angel Fund and the first venture capital fund (VCF).

The former is a Rs 1,000 crore fund with an additional Rs 2,000 crore greenshoe option. The latter is a Rs 300 crore fund with an additional Rs 200 crore greenshoe option. Both funds will focus on early-stage startups.

Category1 VCF-Angel Fund does not involve consolidation, i.e., each investment is considered a separate scheme. On the other hand, the second fund, the Category 1 VCF, is aimed at those seeking exposure to a broader portfolio. The fund will enable investors to participate in every transaction on the platform.

The funds are expected to be disbursed over the next four years. With 750 investors now, Mumbai Angels aim to become the most prominent angel investing platform in the Indian space.

360 ONE, formerly known as IIFL Wealth & Asset Management, has over Rs 3.3 trillion in assets and a team of over 900 members.