As India hits the 100 unicorn startups mark, the country is turning out to be a lucrative deal for investors worldwide.
In a recent move, Silicon Valley-based venture capital firm Andreessen Horowitz, which made its maiden investment in the country last year, is looking to invest about $500 million to back Indian startups, according to a TechCrunch report.
The firm last year led a funding round in the cryptocurrency exchange CoinSwitch Kuber, which rivals the likes of Coinbase Global, Inc COIN, in enabling trading of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.
According to TechCrunch’s anonymous source, the company is also looking to hire for several investment roles in the country. It further noted that a number of partners at the firm were engaged with several Indian startups in recent months.
Andreessen Horowitz did not immediately respond to Benzinga’s request for comment.
The venture capitalist firm has been exploring emerging markets like India for years and has been open about the complexity of entering new regions. Almost half a decade ago, in a conversation at Stanford Graduate School of Business, Andreessen Horowitz co-founder and general partner Marc Andreessen had said it was “extremely tempting” to back startups in emerging markets.
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