TheCapTable

Sign In

FintechEdTechIPOInternetFood DeliveryE-CommerceCryptoMobilityLogisticsHealthTechInvestmentsGamingPolicyOTTThe CruxSAASB2B-TechAgriTechStrategyAnalysis

Join our mailing list

Our mailers and newsletters give you fresh, though-provoking perspectives into the world of startups and beyond. Don't miss out

Subscribe

TheCapTable

Home About Us Subscription Contact Us Privacy Policy Terms & Condition

Follow Us

© 2025 The CapTable

Investments

Alpha Wave Global’s shift from big bets to seed shouts

Nikhil Patwardhan

November 08, 2023 | 6 Min Read

November 08, 2023 | 6 Min Read

Alpha Wave has never been shy about making bold bets at aggressive valuations in late-stage companies. Its recent activity, however, signals a shift towards smaller, early-stage investments.

Key Takeaways

Alpha Wave Global, one of India’s most aggressive late-stage investors and a backer of 11 of the country’s unicorns, has participated in just one deal in 2023
The US-based investor is now in talks with a space-tech startup called PierSight to lead the startup’s $6 million seed round
Alpha Wave Global’s move to explore early-stage deals follows the lead of Tiger Global, which also shifted its focus to smaller cheques since last year
Two of India’s most prolific late-stage investors shifting focus to early-stage deals casts doubt over when and how India’s late-stage investment ecosystem will rebound

Alpha Wave Global, one of the "grandcubs" that trace their roots back to New York-based hedge fund investor Tiger Global Management, has inherited multiple investment strategies from the latter. This is particularly true when it comes to making substantial investments in Indian startups at aggressive valuations.

The two US investors—whose capital has helped propel India to become the world's third-largest hub for startups and unicorns—both began ramping up their investments in Indian startups in 2019. By 2021, their deal-making had reached its fever pitch, with Alpha Wave even outpacing Tiger Global in terms of activity, albeit marginally. While the former engaged in cumulative funding rounds totalling $3.5 billion, according to market intelligence platform Tracxn, Tiger Global's aggregate deal value amounted to $3.43 billion.

Now, even as the funding environment has chilled, the trend of Alpha Wave mirroring Tiger Global's investment strategies appears to have continued. Both Tiger Global and Alpha Wave have significantly scaled back their activity this year, with two deals for Tiger Global and just one for Alpha Wave.

This is a premium article and available only to subscribers.

Already a subscriber? Sign In

What's your right fit?

Be the smartest person in the room. Choose the plan that works for you and join our exclusive subscriber community.

Premium Articles

4 articles every week

Archives

>3 years of archives

Org. Chart

1 every week

Newsletter

4 every week

Gifting Credits

5 premium articles every month

Session

3 screens concurrently

₹1,399 / Year

₹3,999

Subscribe Now

Have a coupon code?

Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds

company1

company2

company3

company4

company5

company6

company7

company8

company9

company1

company2

company3

company4

company5

company6

company7

company8

company9

Trusted by the best

Karthik Reddy

Blume Ventures

The CapTable brings a refreshing set of insights for us at the Blume team, highlighting stories that bring together the underlying business and founders with that of investors' journeys with these startups. It's an important perspective that very few bring to startup ecosystem enthusiasts.

Umang Bedi

VerSe Innovation

The CapTable is an essential resource for Indian startups. Its insightful analysis and diverse perspectives make it a valuable asset for entrepreneurs and investors navigating the startup landscape.

Ashwin Damera

Eruditus

I enjoy reading The CapTable's insightful coverage of the Indian start up ecosystem. The articles are well researched, are deeply analytical and offer a balanced view. The CapTable has deep access to founders and investors and this enables it to publish very insightful commentary. I appreciate the spotlight they are giving to Indian startups. Kudos to the team!

Latest Articles

Inside Walmart’s push for a $15bn PhonePe IPO

Walmart aims to maintain liquidity options in India and has begun talks to list Flipkart and PhonePe. However, challenges remain due to market conditions, fierce competition in fintech and e-commerce, and the companies' readiness for listing.

Team Captable

India’s ageing EV cabs find new lease of life in small towns

Discarded by fleet operators in major metros, first-generation electric vehicles cabs are finding second careers in smaller cities where their limitations become strengths.

Pranav Balakrishnan

Fintechs bet on risk-sharing DLG deals to revive credit business

With lenders pulling back from small-ticket disbursements, fintech companies are increasingly ready to share default risk to get the credit pipeline flowing again. But will that be enough to salvage the digital lending business?

Sayan Sen

India's rising innovation ranking masks critical R&D collaboration gap

While India celebrated its climb to 39th place in the Global Innovation Index, a troubling trend lurks beneath. The country now ranks 86th in academia-industry R&D collaboration, down from 23rd in 2019, which could derail India’s innovation story going forward.

Parvathi Benu

Mind the gap: India’s startup ecosystem adapts as time from Seed to Series A widens

The gap between Seed and Series A, as well as Series A to Series B, has widened significantly, forcing India’s startup ecosystem to adapt. While founders focus on building more sustainable businesses, VCs are reassessing their exit strategies as securing follow-on capital becomes challenging.

Team Captable

subscribe_graffiti

Convinced that The Captable stories and insights
will give you the edge?

Convinced that The Captable stories
and insights will give you the edge?

Subscribe Now

If you want to see more, Sign Up for access to our Crux newsletter and several free articles

Sign Up Now