The unlearning of Indian venture capital investors

Venture capital investors have learnt the hard way that making money in India is a slog and putting all their eggs in tech will barely ever return the desired multiples for a fund.

Note: This is the last story in a series where The Morning Context is doing deep dives into sectors where the Indian venture capital hypothesis has failed to live up to the hype. Over the past two decades, VC firms of all varieties have sold the India story to a whole host of institutional investors across the world. Several sectors have been packaged together, from e-commerce and education to real-money gaming, classifieds and short-video, to create this powerful idea that a market of a billion Indians is ripe for consumption, technology disruption and wealth creation.

Where pouring VC funds can …


Ashish K. Mishra

Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.




Harveen Ahluwalia

Harveen is a co-founder at The Morning Context, and leads our Internet coverage, overseeing a team of reporters writing on startups and tech. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.

Editor, Internet