Investor network FAAD gets Sebi nod to launch Rs 300 crore fund

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Early-stage investor network FAAD on Monday said it has received Sebi's approval to launch a Rs 300 crore alternative investment fund (AIF).

The network will build the war chest in the coming months to invest across sectors in early-stage startups with special focus on healthtech, agritech, deep tech, and cleantech space, FAAD said in a statement.

"FAAD has received the approval of SEBI for a Category 1 INR 300 cr Alternative Investment Fund ," the statement said.

The angel network by FAAD was launched in 2019 which has invested over Rs 75 crore in over 60 startups across a multitude of technology sectors, with a minimum cheque size of USD 50,000 to USD 1 million.

Some of the portfolio companies include Blu Smart, Battery Smart, Hesa, WCube, Cleardekho, Huviair, and Beyond Snacks, among others.

While the funding winter has struck growth stage capital, FAAD said the early-stage startup investment scenario continues to look upbeat.

There is a new wave of Angels, HNIs and VCs who believe deeply in the value addition that technology-led innovation can bring to society and are always on the lookout to back entrepreneurs who can lead the disruption, FAAD Co-founder and Director Karan Verma said.

"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," he added.

FAAD claims to have over 1,600 Angels, High Networth Individuals (HNIs) and Venture Capitalists (VCs) across India, Singapore, Dubai, the US, UK and Canada in its community of investors.