INVESTOR NOTES / 001ANGEL INVESTOR / , India
KNOW THE INVESTOR. SHARPEN THE PITCH.

Angel investor · India

Gagan Goyal.

Recorded investments.
A clearer sense of fit.

Find where your company fits, how rounds are assembled, and what happened after the first investment.

THE ENTRY PATTERN2012–2026
93%

of dated first investments
were at Angel, Pre-Seed or Seed

First investment stage across 15 companies10 Seed, 4 Angel and 1 other-stage entries. Each dot represents one company.
Seed 10Angel 4Other 1

One dot = one company at first recorded investment.

15 companies · 22 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 19 Dec 2018
THE FOUNDER’S BRIEF

Read the pattern before the pitch.

Written insights from the recorded portfolio, with the evidence linked below.

01

Start with the first entry

Gagan Goyal has dated investments in 15 companies. 14 first entries were at Angel, Pre-Seed or Seed (93.3%). An early-stage founder can use the sector and stage filters to find comparable companies before approaching the investor.

Explore the evidence ↗
02

Separate activity from reputation

0 first company relationships appear in the latest 24 months, compared with 0 in the preceding window. The latest recorded investment is 2018-12-19. This describes observed activity through 2026-05-22; it does not establish current availability.

Explore the evidence ↗
03

Plan the next financing step

13 of 15 companies with a full 24-month observation window raised another equity round. This investor backed 3 of those companies again within that window. The difference is a reason to research the wider syndicate, rather than assume the same investor will fund the next round.

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04

Use a specific point of relevance

Auto Tech is the largest displayed sector by company count, appearing in 3 portfolio companies; sector tags overlap. 0 first entries carry a recorded lead flag and the median first-round syndicate includes 17 other named backers. Shared rounds are evidence of co-investment, not evidence of an introduction route.

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01 / THE READOUT

Four signals before you pitch.

Start with observed behavior.
Every rate has a defined denominator.

01 — ROUND CONTEXT
$162K–$389K

The middle half of entry rounds

25th–75th percentile across 14 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
0companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 0 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
87%

Another equity round within 24 months

13 of 15 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
20%

This investor invested again within 24 months

3 of the same 15 companies. Build a financing plan around the wider investor market.

Explore co-investors ↗
02 / FIND YOUR FIT

Where does your company sit?

Choose your sector and stage to find
companies he first backed in that space.

YOUR COMPANY

A match means a recorded investment in this category. It does not establish current interest or availability.

15matching companies
$287Kmedian first round (14 disclosed)
0first backed in last 24 months

All sectors · All entry stages. Round amounts are total financing, in USD.

Seed

Zeno Health ↗

Chain of pharmacies focuses on the sale of generic medicines

$147K total first round
Seed

Reap ↗

Provider of a communication and supply chain management software for pharmacies

$141K total first round
Explore matching portfolio companies ↓

The sector × stage map

First investments · companies can appear in more than one sector
Number of first investments by sector and entry stage. Select a cell to explore companies.
SectorAngelSeedSeries AAll stages
Auto Tech3
Food Tech3
B2C E-Commerce3
Pharmacies2
Retail Tech2
Online Travel2
Travel and Hospitality Tech2
03 / ROUND DESIGN

The round around the investor.

Use stage-specific financing ranges
to frame the size of your syndicate.

First-round size, by entry stage

USD · middle 50% and median
Angel3 disclosed
$361K$253K–$377K
Seed10 disclosed
$251K$162K–$354K
Series A1 disclosed
$14M$14M–$14M
$10K$100K$1M$10M

Logarithmic scale. A dot marks the median; the band spans the 25th–75th percentiles. These are entire rounds, not individual cheques.

04 / WHAT HAPPENS NEXT

One investment. Two different paths.

A subsequent round and repeat backing
answer different fundraising questions.

15
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
86.7%
13 of 15 companies

Backed again by this investor

A subset of the companies above
20%
3 of 15 companies
i

Includes first investments on or before 22 May 2024. 0 newer companies and 0 undated histories are excluded. Follow-up stops at the dataset’s latest round on 22 May 2026. These observations do not measure returns or predict a company’s outcome.

See the stage-by-stage denominators +
First stageEligible companiesNext round ≤24 moSame investor again ≤24 mo
Angel44 / 40 / 4
Seed109 / 103 / 10
Series A10 / 10 / 1
05 / INVESTMENT RHYTHM

New names. Returning relationships.

Separate first investments from later
rounds in companies already backed.

New companiesRepeat rounds

*2026 is partial, through 22 May. Bar height counts first investments + repeat rounds; earlier years are complete calendar periods in this dataset.

06 / THE CO-INVESTOR MAP

Who else belongs on your research list?

Frequent shared rounds suggest a place
to investigate sector and stage alignment.

02
ANGEL

Nitin Saluja ↗

8 shared rounds · 3 companies

Latest shared round Apr 2018
03
FIRM

Whiteboard Capital

8 shared rounds · 3 companies

Latest shared round Dec 2018
06
ANGEL

Abhinav Daga ↗

5 shared rounds · 5 companies

Latest shared round Dec 2015

Shared rounds establish recorded co-investment. They do not establish a personal connection, introduction route, or current willingness to invest.

07 / THE EVIDENCE

Explore the portfolio.

First investment comes first.
Amounts refer to that entry round.

15 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Jun 2016Seed$147KYes · Mar 2018
Jun 2016Seed$140KYes · Feb 2017
Reap ↗Mumbai
Jun 2016Seed$141KYes · Feb 2017
Feb 2016AngelUndisclosedNo later round recorded
Truce ↗Mumbai
Dec 2015Seed$375KNo later round recorded
Nov 2015Angel$393KNo later round recorded
Aug 2015Angel$145KNo later round recorded
Drivezy ↗Bengaluru
Jul 2015Seed$790KNo later round recorded
Zostel ↗Gurugram
Jul 2015Series A$14MNo later round recorded
Mar 2015Seed$500KNo later round recorded
Feb 2015Seed$209KNo later round recorded
Feb 2015Seed$217KNo later round recorded
Feb 2015Seed$289KNo later round recorded
Fynd ↗Mumbai
Jul 2013Seed$285KNo later round recorded
Housing ↗Gurugram
Sep 2012Angel$361KNo later round recorded
0 more companies have undated investments

Kept in the 15-company portfolio; excluded from entry-timing calculations.

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