Bessemer started the idea of the “anti-portfolio” – the companies that you passed on, but…
Version One
India has long been recognized as home to the largest developer ecosystem in the world, stemming from the global trend of outsourcing software development to India’s pool of skilled and cheaper developers. But what started as a move by Western companies to reduce development costs has now evolved into a thriving and dynamic tech hub […]
Bessemer started the idea of the “anti-portfolio” – the companies that you passed on, but…
Some exciting job opportunities that came up in our portfolio companies in recent weeks -…
India has long been recognized as home to the largest developer ecosystem in the world, stemming from the global trend of outsourcing software development to India’s pool of skilled and cheaper developers. But what started as a move by Western companies to reduce development costs has now evolved into a thriving and dynamic tech hub of its own. India has given rise to large standalone software companies like Freshworks and Zoho.
India’s role as an outsourcing hub will have to redefine itself in the age of AI, where the shift toward automation will lower the world’s need for low-cost developers. However, fascinating opportunities are emerging from Indian start-ups who are building solutions for India’s rapidly evolving domestic market. “India for India” is fast overtaking “India for the World.”
This dynamic resembles the market in China two decades ago and is driven by several key factors:
While some Indian start-ups copy business models invented in North America and adapt them for India, the vast majority of Indian start-ups are focused on creating products and solving problems unique to India. One of the most striking examples is the rise of quick commerce, where start-ups promise to deliver groceries and other everyday essentials within minutes thanks to a dense network of dark stores and delivery drivers. Anyone who has been to a large Indian city knows the traffic congestion all too well. The ability to receive deliveries quickly becomes a game-changer. And quick commerce companies like Zomato, Blinkit, Swiggy and Zepto have become true household names in India.
Quick commerce is just one example of how Indian start-ups are innovating by adapting to local conditions. Other innovation waves include:
After three trips to India over the past 1.5 years, my impressions of the country have evolved from curiosity to deep conviction. I didn’t know much about the country before my first visit. Now, I want to focus much of my investment activity over the next few years on the “India for India” opportunity. To date, Version One has made three investments in the country (Headout, Bolt.earth plus one unannounced) but we are planning to aggressively double down in the near future.
Version One
It’s been about a little over a month since I joined Version One and returned to early-stage venture after spending the past five years as a founder in the addiction treatment space. While a month is a short amount of time, it’s been fascinating to see how certain things have changed during my time away. […]
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