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

Angel investor · Kolkata, India

Hari Balasubramanian.

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
90%

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

First investment stage across 20 companies15 Seed, 3 Angel and 2 other-stage entries. Each dot represents one company.
Seed 15Angel 3Other 2

One dot = one company at first recorded investment.

20 companies · 29 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 15 Oct 2025
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

Hari Balasubramanian has dated investments in 20 companies. 18 first entries were at Angel, Pre-Seed or Seed (90.0%). An early-stage founder can use the sector and stage filters to find comparable companies before approaching the investor.

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02

Separate activity from reputation

1 first company relationships appear in the latest 24 months, compared with 5 in the preceding window. The latest recorded investment is 2025-10-15. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

11 of 19 companies with a full 24-month observation window raised another equity round. This investor backed 4 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

B2C E-Commerce is the largest displayed sector by company count, appearing in 8 portfolio companies; sector tags overlap. 12 first entries carry a recorded lead flag and the median first-round syndicate includes 20 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
$185K–$482K

The middle half of entry rounds

25th–75th percentile across 19 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
1companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 5 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
58%

Another equity round within 24 months

11 of 19 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
21%

This investor invested again within 24 months

4 of the same 19 companies. Build a financing plan around the wider investor market.

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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.

20matching companies
$275Kmedian first round (19 disclosed)
1first backed in last 24 months

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

Seed

Fery ↗

App-based platform for booking two-wheeler taxis

$234K total first round
Seed

Adya ↗

Cloud-based AI operating system that enables businesses to build and deploy customized AI agents and enterprise apps

$1.3M total first round
Angel

Fluttr ↗

Provider of an online content sharing and dating platform focused on fostering genuine and serious relationships

$125K 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
B2C E-Commerce8
Travel and Hospitality Tech3
Food Tech3
Internet First Brands3
Fashion Tech3
Retail Tech3
Food & Beverage Products2
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
Angel2 disclosed
$128K$126K–$129K
Seed15 disclosed
$287K$210K–$482K
Series A2 disclosed
$5.0M$2.6M–$7.3M
$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.

19
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
57.9%
11 of 19 companies

Backed again by this investor

A subset of the companies above
21.1%
4 of 19 companies
i

Includes first investments on or before 22 May 2024. 1 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
Angel32 / 32 / 3
Seed149 / 142 / 14
Series A20 / 20 / 2
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.

01
FIRM

Indian Angel Network

18 shared rounds · 15 companies

Latest shared round Oct 2025
03
ANGEL

Raman Roy ↗

10 shared rounds · 6 companies

Latest shared round Aug 2022
06
ANGEL

Ritesh Veera ↗

6 shared rounds · 2 companies

Latest shared round Oct 2016

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.

20 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Fery ↗Gurugram
Oct 2025Seed$234KNo later round recorded
Adya ↗Mumbai
Jan 2024Seed$1.3MNo later round recorded
Fluttr ↗Kolkata
Sep 2022Angel$125KYes · Jun 2023
Sep 2022Seed$125KNo later round recorded
Aug 2022Seed$655KNo later round recorded
Aug 2022Seed$381KNo later round recorded
AyuRythm ↗Bengaluru
Mar 2022Seed$520KNo later round recorded
Apr 2021AngelUndisclosedNo later round recorded
Sattuz ↗Madhubani
Nov 2019Seed$55KNo later round recorded
Jan 2019Seed$287KNo later round recorded
Jun 2018Series A$9.6MYes · Sep 2023
Apr 2015Seed$184KNo later round recorded
Oct 2014Seed$186KNo later round recorded
Nov 2013Seed$265KYes · Aug 2015
Oct 2013Seed$511KNo later round recorded
Sep 2013Angel$130KYes · Jun 2015
Mar 2013Seed$275KNo later round recorded
Nov 2012Seed$294KYes · Dec 2013
Oct 2012Series A$273KYes · Jul 2015
Feb 2012Seed$454KNo later round recorded
0 more companies have undated investments

Kept in the 20-company portfolio; excluded from entry-timing calculations.

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