The valuation of the startup, which had to withdraw its DRHP a second time this year, is now lower than the $3.3 billion it has raised across multiple rounds so far.
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The fund seems convinced that technology-led businesses in India are overvalued and not good for making big exits. Instead, what is needed to return large sums of capital are investments in mature companies with a proven track record.
Co-founder Walid Mansour and partner Ankit Sarwahi of Middle East Venture Partners talk about the big changes in the tech investing ecosystem, their fund’s trajectory and the million-dollar question of returns.
The recent spate of exits at the newly independent VC firm is not a surprise. It is a reset for a fund that’s so far operated as if it is special and now has to adjust to new realities.