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.
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It is becoming increasingly clear that the startup ecosystem is stuck with building for the top 3% of Indian society. Now consumption in even this rarefied segment is under pressure.
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.