Does age make difference amongst the angel investors?

Indian start-ups are growing fastest nowadays and obtained acclamation for being the 3rd largest start-ups economy. Studies on start-ups have compared different types of investors naming angel investors, venture capitalist, banks etc., in various perspectives. However, studies analysing the intra-investors features especially amongst the angel investors in terms of their characteristics, investment pattern and risk management strategies are sparse. Further, studies on angel investors of Indian economy is very less. This paper attempts to meet the gap in researches by analysing the differences amongst angel investors in Indian context. This is an earliest study to analyse whether the angel investors of different types are homogeneous in terms of their age or not. This study further explores the influences angel investor's age in their investment decisions and risktaking ability. Parametric statistical tests were used to analyse 1243 angel investments made in Indian start-ups during the period 2014-2018. Findings of the study shows that the angel investors belong to different education level, occupational background, domicile, industrial experience, functional area experience, investment experience are heterogeneous in terms of their age. It is found that the angel investors living in metro cities holding post-graduation and above, working in corporate/academic sector with general management expertise and having investment experience of 11-15 times are appear to be significantly older than their other counterparts. A positive correlation found between age of investors and start-ups shows that the elder investors are more risk-averse in nature and tend to invest in well-established firms than early stage ones.