1947 Tech 🇮🇳: 135
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. India is now exporting ideas. When we meet companies in SE Asia, they say they are the ‘Udaan’ — Prosus Ventures
In the past decade, macro-economic change has been promising. And today in the Indian startup ecosystem, we see maturity across all those facets. The founders and the ideas they are coming with has become sharper.
More recently, we have seen founders working on ideas that are solving India specific problems in a specific way, rather than being a clone of successful models in China or the US. This now attracts a consumer base beyond the top 50 million to 100 million users in India.
For example, Meesho is a different kind of social commerce company that you would see in China or the US.
Secondly, in terms of ideas, India is now exporting ideas. When we meet companies in Southeast Asia, they say they’re the ‘Udaan’ or ‘ElasticRun’ of Southeast Asia.
2. Flipping: Naukri.com founder Sanjeev Bikchandani says foreign funds colonising Indian startups
In perhaps the first red flag by a significant startup curator against ‘flipping’, a Naukri.com and Zomato investor has said foreign funds are the new East India Company that are colonising successful startups in India by transferring ownership overseas to skip Indian regulations and taxes.
Internet entrepreneur Sanjeev Bikhchandani says an estimated Rs 17 lakh crore of market cap has been transferred abroad after young Indian startups were forced to shift their company domicile overseas ..
Worth your attention:
Indian SaaS firms set to rake in $18–20 billion revenues by 2022: Report Link
As Vani Kola’s Kalaari mulls new fund, RIL could move in as white knight and boost its funding game Link
Wendy’s to launch cloud kitchens with India’s Rebel Foods Link
China’s Ant considers Paytm stake sale amid tensions with India — sources Link
Taxman to check if Indian startups’ flight flouts transfer pricing norms Link
PhonePe raises $700 million, becomes a separate entity Link
Flipkart plans to raise $10 billion through IPO, says report Link
Cuemath scores $40 Mn in Series C round; valuation crosses $170 Mn Link
DealShare raises $21 million in funding led by WestBridge Capital Link
Warburg Pincus-controlled SCIL invests Rs 140 Cr ($20M) in Rivigo Link