Indian venture capital industry hits 'brutal' patch

Iron Pillar chief says fundraising taking longer amid global economic slump

20230418 A general view of high rise buildings in Mumbai.

Indian startups raised about $26 billion last year, down from $38 billion in 2021, according to management consultancy Bain & Co. © AP

SAYAN CHAKRABORTY, Nikkei staff writer

April 18, 2023 16:15 JST

BENGALURU -- Indian venture-capital fundraising has hit a "brutal" patch, with deals taking far longer to put together than was the case only months ago, one of the industry's top executives said.

Anand Prasanna, managing partner of Iron Pillar, a venture capital company with $400 million under management, told Nikkei Asia that investors remain enthusiastic about the potential of Indian startups but are treading carefully amid concerns about a global economic downturn.