The buyout funds are competing with PAG and Apollo Global Management who are still believed to in the fray but not that aggressive as the top three. Alpha Wave -- previously Falcon Edge Capital, has so far been a big backer of Indian start-ups like Lenskart, Off Business, Cred, DailyHunt, Cars 24, Dream 11 as well as global marque brands and ventures like Aman Resorts, Didi, Space X, Ant and Alibaba Group.