IEG Investment Banking Group sets up India venture to invest in startups

Germany’s investment banking firm IEG Investment Banking Group has set up its own venture arm in India to invest in Indian startups, a senior company official said.

The firm, called IEG India 12 Apostel, has made its first investment of $1.5 million in Rozana.in, a social commerce startup.

The funds raised in the pre-Series A round will help the company scale and expand both domestically and globally. “It will look at raising a further round and is in talks with other investors for the same,” said Mihir Kapoor, managing partner, IEG India. IEG will look at investing $50 million by taking early bets in tech-focused Indian startups across sectors such as health-tech, logistics, fintech and direct-to-consumer brands, he said.