Early investor network FAAD said it had received approval from Sebi on Monday to launch a Rs 300 crore alternative investment fund (AIF).
In a statement, FAAD said the network would raise funds in the coming months to invest in early-stage startups in various industries, focusing on healthtech, agritech, deeptech and cleantech.
“FAAD has received approval from SEBI to set up a category one alternative investment fund of Rs 300 crore,” the statement said.
Launched in 2019, FAAD’s Angel Network has invested over Rs 75 crore in over 60 startups across many technology sectors, with minimum check sizes ranging from $50,000 to $1 million.
Some portfolio companies include Blu Smart, Battery Smart, Hesa, WCube, Cleardekho, Huviair and Beyond Snacks.
While the funding winter has hit growth-stage capital, the outlook for investing in early-stage startups remains positive, the FAAD said.
FAAD’s Co-Founder and Director Karan Verma believes that technology-led innovation can bring added value to society and is always on the lookout for a new wave of angel investors, high-net-worth individuals and venture capitalists who are backing entrepreneurs who can spearhead disruption.
He added: “While much has been said about the funding winter for the startup ecosystem for early-stage companies, enthusiasm for capital support continues to rise.”
FAAD claims to have over 1,600 Angel Investors, High Net Worth Individuals (HNIs) and Venture Capitalists (VCs) in the investor community in India, Singapore, Dubai, the US, UK and Canada.