Angel network FAAD receives SEBI nod to launch Rs 300 cr fund
The Haryana based platform for Investors and start ups Faad Network Pvt. Ltd declared that they received approval from the Securities and Exchange Board of India (Sebi) to launch a ₹300 crore category-I alternative investment fund (AIF). Faad is planning to invest the capital from its new angel fund in its early period pre-seed to Series A technology companies.
The company is basically focusing on healthtech, agritech, deeptech, and cleantech like sectors and the new fund will be of around a cheque size of $100,000 to $500,000. Faad is also planning to invest in 75 to 100 startups through this particular fund.
“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 the co-founder of the company, 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,” he added.
Faad has already invested over ₹75 crore in over 60 startups across tech sectors all around the country. It includes the 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 was founded by Verma and Dinesh Singh and its services range from providing legal, content services, and public relations, business documentation and co-founder matchmaking services for start ups. It launched the angel network in 2019 and Faad has led by the chief executive Aditya Arora from 2019.
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