FAAD Receives Sebi Approval To Launch INR 300 Crore AIF The network, which is sector agnostic, will build the war chest over the coming months to invest across sectors in early-stage pre-Seed to Series A technology companies
By Teena Jose
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Early-stage investor network FAAD has received the approval of Sebi for a category 1 INR 300 crore Alternative Investment Fund (AIF). The network, which is sector agnostic, will build the war chest over the coming months to invest across sectors in early-stage pre-Seed to Series A technology companies. FAAD is keen to have a special focus on healthtech, agritech, deep tech, and cleantech space.
"While a lot has been said about the funding winter in the startup ecosystem, when it comes to early stage companies, the enthusiasm for capital support continues to be on the rise. The FAAD network also draws well-meaning investors who want to assist and support startups beyond just funding. We are gearing to launch the AIF and see it as a strong force that will fuel young startups with the combined energies, support and capital from our growing network of investors," said Karan Verma, co-founder and director, FAAD.
FAAD recently obtained the SEBI license to launch the AIF. The network was advised on the AIF set-up by Rajat Nandwani and Sidharth Dugar representing, accountables, Manick Wadhwa (director, SKI Capital), and Akshit Goyal (partner, JKGA Law). It has invested over INR 75 crore in more than 60 startups across a multitude of technology sectors, with a minimum cheque size of U$50,000 to $1 million, claimed by the company in a statement.
"FAAD is one of the finest go-to investor networks for pre-Series A and Series A startup to build and grow their business ideas. The reason why early stage ideas continue to receive capital and network support is that over time the quality of innovation and the business acumen of new entrepreneurs has evolved which instills a lot of confidence among angels, HNIs and VCs to not shy away from early bets," said Dr. Dinesh Singh, co-founder and director, FAAD.
