GA plans to invest money in Indian tech startups
Sandeep Naik, the managing director and head of India and Southeast Asia notifies that the firm will begin evaluating companies early on and
Earlier GA has backed educational technology company Byju’s, online learning platform Unacademy and real estate portal NoBroker, and will explore more such opportunities as consolidation kicks in and valuations soften. This is a vastly different approach from earlier towards the fast-growing technology sector.
Historically, we intentionally stayed away from consumer technology in India. It was a deliberate play, as the unit economics of the business were not correlated to the valuations. For the majority of the past 7-8 years, consumer tech companies burned capital to acquire customers and get them to adopt their offering,” mentions Naik.
The firm recently ploughed fresh capital into Byju’s and NoBroker, even as many in the industry said the continued bets stemmed from the exponential valuations it saw in Byju’s since its first cheque in Byju Raveendran’s firm in 2018 when it was valued at a shade over $5 billion. Byju’s is currently valued at $10 billion.