Abstract
Indian startups are growing fastest nowadays and obtained acclamation for being the 3rd largest startup economy. Studies on startups have compared different types of investors naming angel investors, venture capitalists, banks etc., from various perspectives. However, studies analyzing 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 the Indian economy are very few. This paper attempts to meet the research gap by analyzing the differences amongst angel investors in the Indian context. This study further explores the homogeneity (heterogeneity) nature of the angel investors and the factors influencing their investment decisions and risk-taking ability. Parametric statistical tests were used to analyze 751 angel investments made in Indian startups during the period 2014-2018. The study's findings show that the angel investors belong to different types such as business angels, emerging angels, and technology angels are homogeneous in terms of their demographic and geographic factors and heterogeneous in terms of their behavioral and psychological factors. It is found that the business angels and non-business angels are different in terms of their behavioral factors such as the number of co-investors, deal amount, and psychographic factors such as entrepreneurial experiences and employment status. The emerging angles follow the same pattern as business angels except for the employment status, which does not differentiate between the emerging and non-emerging angels. The technology angels are heterogeneous in terms of investing experience, the number of investors in a round, deal amount, and psychographic factors such as entrepreneurial experiences and employment status.

Abstract
Indian startups are growing fastest nowadays and obtained acclamation for being the 3rd largest startup economy. Studies on startups have compared different types of investors naming angel investors, venture capitalists, banks etc., from various perspectives. However, studies analyzing 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 the Indian economy are very few. This paper attempts to meet the research gap by analyzing the differences amongst angel investors in the Indian context. This is the earliest study to analyze whether the angel investors of different types are homogeneous in terms of their age or not. This study further explores the influences of angel investor's age in their investment decisions and risk-taking ability. Parametric statistical tests were used to analyze 1243 angel investments made in Indian startups during 2014-2018. The study's findings show that angel investors belong to different education levels, occupational background, domicile, industrial experience, functional area experience, investment experience are heterogeneous in terms of age. It is found that the angel investors are living in metro cities holding post-graduation and above, working in the corporate/academic sector with general management expertise, and having investment experience of 11-15 times appear to be significantly older than their other counterparts. A positive correlation found between the age of investors and the age of the startups shows that elderly investors are more risk-averse in nature and tend to invest in well-established firms than early-stage ones.