Serum Institute of India (SII) CEO Adar Poonawalla has sought regulatory approval to establish his Poonawalla Vision Fund to invest Rs 1,000 crore in growth-stage start-ups.
The fund is expected to be sector-agnostic with interest in start-ups working in the domains like green energy, retail, pharmaceuticals, healthcare and wellness. Initially, he will be the sole investor and later the fund will seek investment from other external investors.
Adar Poonawalla is said to have sent an application to the Securities and Exchange Board of India (SEBI) to register the fund under the Category-II alternative investment fund (AIF). The Poonawalla family office had invested in multiple companies including Wellness Forever, Mylab, U GRO Capital, Swasti Microfinance and Wakau Interactive.
The Indian start-up ecosystem is nowadays struggling to generate capital at a proper valuation. It is reported that the venture capital (VC) funding has dropped by 42 percent this November compared to the previous year.
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