The market for startups, especially in India, is going through a rough patch. But a global private equity firm General Atlantic plans to plough $2 billion into India and Southeast Asia.
Equity Firm General Atlantic
- General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for Atlantic Philanthropies
The plan of investment
- General Atlantic is in early-stage investment talks with about 15 companies in sectors including technology, financial services, retail and consumer, in India and Southeast Asia.
- General Atlantic's existing high-profile Indian investments include education technology companies such as Byju's, which offers online tutoring in a country where internet and smartphone use is booming and is valued at around $22 billion.
- It has also invested in Reliance Retail, India's largest Retailer.
- In Southeast Asia its portfolio includes Indonesian food and beverage retailer PT MAP Boga Adiperkasa and social entertainment platform Kumu in the Philippines.
Many tech companies globally have suffered in recent weeks as the conflict in Ukraine and rising interest rates hit investor sentiment. Given the tough market environment and falling valuations, Sandeep Naik managing director of General Atlantic is advising all its portfolio companies to look at consolidation opportunities.