Faad Network gets Sebi nod to launch 300 crore angel fund
Angel network Faad Network Pvt. Ltd said it has received approval from the Securities and Exchange Board of India (Sebi) to launch a 300 crore category-I alternative investment fund (AIF). Faad will invest the capital from its latest angel fund in early-stage pre-seed to Series A technology companies.
The firm is focusing its attention on sectors such as healthtech, agritech, deeptech, and cleantech. The latest fund will have an average cheque size of $100,000 to $500,000. Faad is looking to invest in 75 to 100 startups through the fund, it said.
“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," said co-founder Karan Verma.
“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."
So far, Faad has invested over 75 crore in over 60 startups across tech sectors. Its portfolio includes startups like Blu Smart, Battery Smart, Hesa, WCube, Cleardekho, Huviair, and Beyond Snacks. The average cheque size is usually $50,000 to $1 million. Faad’s community comprises over 1,600 angels, high networth individuals and venture capitalists across India, Singapore, Dubai, the US, the UK and Canada.
Faad was founded by Verma and Dinesh Singh, and it started by providing an array of startup services such as legal, content services, and public relations, business documentation and co-founder matchmaking. It launched the angel network in 2019. Faad is currently led by Aditya Arora, who took over as chief executive in 2019.
In October, it launched an accelerator programme to mentor early-stage startups. Arora said the firm will begin by investing 25 lakh each in five startups in the first cohort. Of late, more early-stage investors are moving towards funds, which offer a regulated way to invest in startups. Last week, We Founder Circle launched its first angel fund. Ah! Ventures also launched its maiden angel fund earlier this year. Anicut Capital also has an angel fund besides a debt fund.
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