BENGALURU -- Indian venture capital firms are turning to the Middle East and Southeast Asia for funding as traditional U.S. backers retreat in response to tightening credit conditions and the uncertain outlook for initial public offerings.
The search for investors closer to home marks the latest chapter in a tumultuous period for Indian VC firms, which flourished at the start of the decade on hopes that their country would be the "next China" but hit tougher times in the second half of 2022.
