1947 Tech 🇮🇳: 87
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Sequoia India & SEA welcomes Amit Jain to the growth team
By 2025, 70–75% of global economic growth will be in Asia.
Sequoia gets it and has been doubling down on Asia.
In April, Google’s Rajan Anandan joined Sequoia as a managing director and to head its startup accelerator program Surge.
This past week Sequoia scored another valuable asset Amit Jain. Amit was Uber’s Head of Asia Pacific, one of the fastest-growing regions for the company.
Amit’s 20 years of operating experience and terrific track record of building and managing hyper-growth tech businesses globally, is going to give founders of fast-growing startups in Sequoia's portfolio a huge advantage.
2. Khatabook raises $25M to help small businesses in India record financial transactions digitally and accept online payments
Welcome to India, RTP Global.
Global VCs are seeing India as a massive opportunity. Thus, everyone is looking to get a piece of it.
RTP which is a global fund based out of Moscow has already invested in 6 Indian companies. Khatabook is their 7th investment in India.
Besides Khatabook they have invested in Cred, MPL and Faasos this year.
3. India’s NoBroker raises $50M to help people buy and rent without real estate brokers
Rapid urbanization, internet penetration, and growing consuming power.
Every minute 20–30 people are migrating from rural areas to the cities in India. By 2015, India’s population in cities will nearly double to 810 million from 410 million in 2015
To sum it up. India’s real estate industry is estimated to grow to $1 trillion in worth by 2030. There is a massive opportunity to build tech products and services in this space.
4. India is second to China in Internet users
Of the 451 million monthly active users, 385 million are over 12 years of age and 66 million are in the age bracket of 5 to 11 years, who access the Internet on the devices of family members.
451: monthly active users — This is only 36% of internet penetration. Next billion internet users would come from India.
2/3 users are daily users — a high engagement rate.
2/3 of internet users are in the age group of 12–19
5. Worth reading:
Grofers eyes $1B revenue by year-end Link
Zomato revenue jumps three-fold to $205 million from last year Link
UPI transactions jump 4%, clock 955M transactions in September Link
HR tech startup Darwinbox raised $15M for expansion in Asia Link