(MENAFN- KNN India)
New Delhi, Nov 16 (KNN)
General Catalyst, a prominent venture capital fund known for backing Indian unicorns like Zepto, Spinny, and Cred, has announced plans to invest USD 800 million to USD 1 billion in Indian startups over the next three years.
This move follows the closure of its $8-billion global fund and underscores India's growing prominence in the global innovation landscape.
CEO and Managing Director Hemant Taneja highlighted the fund's focus areas, which include manufacturing, fintech, healthcare, energy transition, artificial intelligence (AI), and defence.
Speaking to The Times of India, Taneja emphasised India's potential as a global leader in AI and supply chain management, particularly as the world seeks alternatives to China.
“We are paying attention to India's potential leadership in AI, certainly as a talent and the expertise to innovate, and second is manufacturing and the role of India as a supply chain leader,” Taneja said.
Defence has emerged as a critical area for the firm, with Taneja stressing the need for AI-enabled deterrence across democracies like India, Europe, and the US.
“There is an important need to create AI-enabled deterrence across democracies... We are investors in a few companies in Europe and the US and are trying to catalyse similar investments here,” he noted.
General Catalyst's integration with Venture Highways has bolstered its reach and scale in India, enabling it to capitalise on the country's fast-growing economy.
Taneja observed that buoyant public markets are attracting more private capital, positioning India as a hub for long-term innovation and investment.
GCI President Teresa Carlson flagged the regulation of AI as an ongoing area of dialogue with the Indian government, reflecting the growing importance of governance in this transformative sector.
As the world pivots towards emerging technologies and resilient supply chains, General Catalyst's substantial commitment underscores India's strategic importance in shaping the future of global innovation.
(KNN Bureau)
MENAFN16112024000155011030ID1108892431
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.