In a discussion on startup funding at the Global Huddle 2023, Anil Joshi, managing partner of Unicorn India Ventures, stated that by 2025, fifty per cent of venture capitalists’ portfolios would be from Tier II and III cities in India. Joshi highlighted the success of Genrobotics in Thiruvananthapuram, emphasizing the value of investing in companies addressing local challenges.
Joshi urged investors to expand beyond major tech hubs and support promising enterprises in smaller cities. He acknowledged the decrease in overall startup funding nationwide in the last financial year but noted sustained activity in Kerala, particularly among early-stage firms.
Of the 38 portfolios held by Unicorn India Ventures, 40 per cent are invested in Kerala-based firms. Vineet Mohan, co-founder of Konglo Ventures, echoed Joshi’s sentiment, emphasizing the importance of innovative companies with solid business plans over celebrating unicorn valuations.
Mohammed Shoeb Ali, co-founder of Transition VC, highlighted the climate tech sector’s increased investments, citing areas like clean energy and green mobility. Despite a 50 per cent YoY drop in overall funding activities, Ali emphasized the growing need for technology and innovation to achieve global carbon neutrality goals, creating ample space for startups to flourish.
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