India the flavour of the month in APAC for VC

Published on
March 6, 2024
February 3, 2022

We at the PTC would describe ourselves as “connoisseurs” of the world’s finest (take-away) cuisines - with a common point of consternation being whether to opt for Chinese or Indian food - both being excellent!.

It would seem that global capital VC funds were also weighing up a similar quandary between the two giants of APAC and have made their decision on who they are currently favouring.

For starters..

For the first time ever, in July 2021, VC investment in India for the month surpassed that of China. India also saw VC investment increase by 150% in 2021 (compared with 100% in China).

Moreover, according to Nikkei, over 211 funds made debut investments in India in 2021 an increase of over 33% on the prior year.

Tartare v Well done

The respective growth profiles of both countries are key to this re-allocation. China has demonstrated phenomenal growth over the last 20years, but recent events may suggest that the real estate market there will face correction. Conversely, India a paradox of huge scale yet highly localised markets, appears to be well primed to mirror China’s exceptional trajectory.

 

The sides

By 2030, there will be an anticipated 5m homes built annuallyin India (v 500k p.a in 2019). Moreover, REITs have only operated in Indiasince 2019, and we believe this vehicle type will help the aggregation of keymarkets which will unlock real value.

You can’t be Serious (A)….Indian dealflow growth

With a nod to Rafa’s great milestone win at the tennis thisweek (+ John McEnroe’s famous catchphrase for older readers…), Q4 2021 was a milestonequarter for us at the PTC also - with dealflow from India at Series A+ level beinga record quarter for us.

We saw over 25 Series A+ investment opportunities (andnumerous seed) and the recent IPOs/Vals are testament to the fact the market (andus) think that India is one of the largest Proptech markets for opportunity.

Food for thought indeed.

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