SAN Angels

Sanjay Shukla, the Founder and CEO, leads SAN Angels alongside co-founders Madhu G N and Sriram Sundaravadanan. Shukla's background as CTO of Fidelity Investments India provides an operational filter through which the firm evaluates deals, while Madhu G N's concurrent role at Garuda Aerospace adds domain-specific insight. No formal investment committee structure has been disclosed publicly.

SAN Angels is structured as an investment company that operates a paid membership network called SAN-PLUS, making it more of a curated deal-flow club than a single-family office. The firm sources and co-invests in deals alongside external partners, and membership appears to gate access to individual opportunities. It does not disclose a proprietary capital base belonging to a single family.

Deal flow is sourced through the principals' professional networks, which include Shukla's charter membership in TiE Network and Madhu G N's founding membership in the NYC India2047 Investors Forum. Co-investment relationships with Inflection Point Ventures and Indian Angel Network further extend the sourcing pipeline. The SAN-PLUS paid membership likely serves as both a capital and sourcing channel.

Yes, verified co-investors include Inflection Point Ventures, Indian Angel Network, and HDFC Bank. A named co-investment with HDFC Bank in a PropTech company called Home Tech demonstrates its willingness to partner with large financial institutions on specific sector bets. These relationships function as both validation signals and deal-flow connectors.

SAN-PLUS is an exclusive paid membership program for SAN Angels investors, positioned as a gate to the firm's deal flow and co-investment opportunities. The firm has not released public details about membership fees, selection criteria, or the number of active members.