Venture capital firm General Catalyst is eyeing the Web3 space in India
General Catalyst, a US-based venture capital firm that has backed businesses like Cred, Airbnb, Stripe and Grammarly, will increase its investment in India in the coming months, with more deals in other locations. different stages. The company is looking to strengthen its position in one of the world’s largest emerging economies. Deep Nishar, a former senior managing partner at SoftBank, joined the organization a few months ago. Anand Chandrasekaran, former managing director at Snapdeal and Meta (formerly Facebook), has been appointed to manage the company’s investments in India.
One of the areas the company wants to focus on in India is Web3. General Catalyst tracked Web3 and crypto investments. Commenting on the company’s plans in the crypto space, especially at a time when the government imposed a 30% tax on income from virtual digital assets starting April 1, Mr. Chandrasekaran said that In India there has been emergence of Layer 1 and Layer 2 protocol domains. He added that there are a number of different models and many of them are working well within the current regulatory framework.
Web3 has become one of the most sought-after venture capital areas in recent times. According to venture capitalists, the space raised over $500 million last year, and funding is expected to grow as more companies enter the space. One of the reasons the company plans to become a part of the Indian Web3 space could be the great talent pool of the country, one of the largest in the world, with the number of people moving to use it. Web3 is growing.
Mr. Nishar announced that General Catalyst has made seven new investments in India and the company will devote more efforts to evaluating companies in the consumer, fintech, agritech and other sectors. , in addition to Web3.
The Foundation continues to be interested in the business-to-business SaaS (Software as a Service) model. The company recently invested in FarMart, an agribusiness that provides a SaaS-based food delivery platform.
Fund executives say they are looking to invest in other new banks in India, in addition to fintechs like CRED due to the huge opportunity in that sector.
