1. Indian start-ups find angel funding elusive

    Mumbai: This June, Girish Saraph, founder of telecom networking product start-up Vegayan Systems Pvt. Ltd, realized that he did not yet make the grade for venture capital. “We had done everything right, we thought, and yet we could not raise money,” says Saraph, who quit a job at Communications and Power Industries Inc. in Palo Alto, California, in 2000 to take up a teaching assignment at the Indian Institute of Technology (IIT), Bombay. Vegayan was born in 2003 at the IIT Bombay incubator, laun
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