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General Catalyst eyes VC deal in India push
General Catalyst, one of the largest U.S. venture capital firms, is in talks to acquire an India-focused venture fund as part of efforts to expand its General Catalyst, one of the largest U.S. venture capital firms, is in talks to acquire an India-focused venture fund, sources told TechCrunch.
General Catalyst has backed about a dozen and a half startups in India — including fintech giant CRED, used car marketplace Spinny, and healthtech Orange Health — but the venture firm has been looking to significantly expand its presence in the country for more than a year, several people familiar with the matter said. India, one of the world’s largest startup ecosystems, has attracted several heavyweights including Sequoia, Lightspeed, Accel, Tiger Global, SoftBank, and Insight Partners in the past decade and a half. Yet, globally funds — including asset managers — are increasingly expanding focus on India, whose $4 trillion GDP is expected to double by the end of the decade, according to Morgan Stanley.
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