Network startup SCOPE has received market regulator SEBI’s nod to launch a USD 50 million fund that will invest in high-potential startups in the fintech and gaming sectors with a focus on India and the US, the company said on Friday.
The SCOPE venture capital fund will provide investments ranging from USD 500,000 to USD 2 million for each startup.
“SCOPE has taken another big step in the entrepreneurship process with the launch of its new USD 50 million fund under its investment banking division, SCOPE VC. This fund is designed to invest in the most promising startups in the field of fintech and financial games. , focusing on India and -US,” the company said in a statement.
The company received approval for a USD 45 million fund with a USD 15 million green shoe option. It has received a new approval to increase the base fund size from USD 45 million to USD 50 million, said SCOPE, Founder and CEO, said Appalla Sairan.
“Fintech in India and US games are showing great growth, and we believe there is a significant opportunity to invest in startups that will define the future of these industries. We plan to close this fund in another 5-9 months,” Saikiran said.
He said the plan is to invest the entire fund in the first 5-7 years.
“We are excited about the potential of fintech in India and the sports sector in the US These industries are not only growing; they are changing the way we live, work, and interact with technology.
“Through this fund, we aim to empower budding entrepreneurs who are creating a wave of innovation,” said Sairan.
He said that SCOPE VC is planning to launch another USD 20 million angel fund in the next three months that will focus even on early stages.
