Tata Trusts’ FISE to raise $30 mn to fund social startups
Tata Trusts, the philanthropic wing of the Tata Group, is looking to raise nearly $30 million (Rs 192 crore) to invest in social enterprises.
The firm has received approval from the Securities and Exchange Board of India (SEBI) for a Category I alternative investment fund, with a $15-million green shoe option. The investment ticket size will be between $500,000 and $2 million, a company statement said.
The fund claims to be the country’s first-ever technology-focused fund investing in high-impact social enterprises. Called Social Alpha Fund-1, it is the third tier of the Social Alpha stack being built with Tata Trusts and the Foundation for Innovation and Social Entrepreneurship (FISE), said Manoj Kumar, co-founder and chief executive of FISE.
Photo courtesy of Josh Twohig