BENGALURU: US investment firm Falcon Edge Capital has raised a $300 million India-focused fund, Alpha Wave Incubation (AWI) anchored by an undisclosed entity of the Government of Abu Dhabi and investors from the UAE, according to three people familiar with the matter. “The core focus of the fund is to back startups with capabilities in artificial intelligence and machine learning,” another source said. Emails send to Falcon Edge cofounder and Partner Navroz Udwadia, who is leading the India fund, remained unanswered till press-time, Wednesday.Falcon Edge will continue to back growth and late-stage startups through its global fund. It has already deployed $100 million via its India Disruption Partners entity, said one persons quoted above.Business daily Mint had first reported about Falcon Edge raising a $250 million India fund.Falcon Edge has traditionally invested in growth and late-stage companies in India including ride-hailing app Ola, dockless scooter app Bounce, news platform DailyHunt, and managed real estate company StanzaLiving. The fund has over $3 billion in assets under management.The UAE connect for the India fund is a way to foster entrepreneurship in the Emirates and reduce its reliance on the energy industry.

Source: Economic Times February 17, 2020 02:49 UTC