“We’re generally not a good candidate for startups in emerging markets like India, although never say never,” venture capitalist Marc Andreessen wrote in response to a Quora question in May 2012. Nine years later, his firm, Andreessen Horowitz, has earmarked $500 million to invest in Indian startups, according to a TechCrunch report on May 3.
It’s not much money. Several foreign firms like Japan’s Softbank and US-based Tiger Global have pumped in billions in the world’s third largest startup ecosystem over the last few years. In 2021, VCs collectively invested upwards of $23.5 billion in Indian startups, according to PitchBook data, minting 17 new unicorns in the process.
And just six years ago, the company’s high-profile founder, Marc Andreessen, was forced to apologize after comparing India’s rejection of Facebook’s Free Basic’s program to its anti-colonial movement. Now, however, one of the key Silicon Valley VC firms is ready to make a commitment to the Indian market.
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Originally published on Quartz : Original article