Alpha Wave pivots from backing tech titans to traditional firms

In 2021, at the height of venture capital bullishness, Falcon Edge, known for its bold investment strategies, launched a massive $10.7 billion fund dedicated to investing in startups globally. At the time, this fund was among the largest of its kind. By December of that year, the New York-based investment firm marked the first close of the fund, concurrently rebranding itself as Alpha Wave Global. 

Flush with funds, a fresh brand identity, and an intensified commitment to startups, Alpha Wave soon carved out a reputation as a serious player in the late-stage tech investment landscape, jostling even with established names such as SoftBank and Tiger Global.

In the years since, India has emerged as the largest hunting ground for Alpha Wave, with the firm participating in 25 deals in the first half of 2022 alone, minting two new unicorns—Oxyzo and Dealshare—in the process.

All that changed in July 2022. Even as the global funding winter was setting in, Alpha Wave, for the first time in 18 months, did not invest in a single Indian company. In the 18 months since, it has invested in just 15 deals.