New Delhi: The start-up networking platform SCOPE has been given approval by market regulator SEBI to roll out a USD 50 million venture capital fund that will focus on investing in promising start-ups in the fintech and gaming industries in India and the US, announced the company on Friday.
SCOPE's VC fund will provide funding between USD 500,000 and USD 2 million per startup in the initial phase of their business. SCOPE has made a significant advancement in the entrepreneurial community by introducing a new venture capital fund worth USD 50 million through its investment banking division, SCOPE VC. The company stated that this fund is purposely created to invest in promising startups in the fintech and gaming industries, with an emphasis on India and the US. The company was granted approval for a fund of $45 million with an option to increase by $15 million using the green shoe. SCOPE's Founder and CEO, Appalla Saikiran, stated that they have obtained new authorization to increase the initial fund amount from USD 45 million to USD 50 million.
"Fintech is experiencing significant growth in India, while gaming is on the rise in the U.S., providing a substantial opportunity for investing in startups that will shape the future of these sectors." "We intend to shut down this fund within the next 5-9 months," stated Saikiran. His plan involves investing the complete fund into start-ups within a timeframe of 5-7 years. We have high optimism regarding the potential of fintech in India and the gaming sector in the U.S. These industries are not only expanding but also revolutionizing our lifestyle, work, and technology interactions. Saikiran stated that the goal of this fund is to support forward-thinking entrepreneurs working on the future of innovation.
FIRST Business Portal addressing the potential of business capability of North East Region.
