Report is behind paywall, pls share PDF 😅

https://jumpshare.com/s/FZ2CQlHLhBdNDJ5etWsT 
  
 Here you go 🙏🏻

Corporate Strategist

Senior product manager

From the Chamath report on India

From the Chamath report on India- Grapevine

Welcome to Indian Startups's Private Community

Been spending way too much time on Grapevine lately - absolutely loving it @Micheal_Scott!

Posted the Prosus report takeaways yday - lots of you DMed asking questions. Then I saw NewsAnchor break down the entire Prosus Annual Report - great stuff.

I was an Associate at one of the largest VC funds in India, so I enjoy going through new reports and summarising them - found my notes from Bain's India Venture Capital Report 2024. Thought of sharing the unedited summary that I shared with the Partners at the fund, have a bunch of these - can share more if of value to any of you here (ofc removing the confidential parts)

Notes:
1/ India's maintaining its gravitational pull despite the global funding crunch. Sure, overall funding nosedived 63% to $9.6B, but we're still the #2 destination in Asia-Pacific. Might not necessarily be a crash, it's a necessary course correction.
2/ Early-stage investing is showing remarkable resilience. Seed deals now comprise 70% of all deals, up from 60%, with average check sizes holding steady at $1.4M. Smart money is quietly positioning itself for the next wave of innovation.
3/ The tech-only playbook is being rewritten. While consumer tech, fintech, and SaaS still command 60% of funding, traditional sectors like BFSI are gaining ground, with average deal sizes jumping from $8M to $15M. We're witnessing the birth of tech-enabled, not just tech-centric, growth stories.
4/ The unicorn factory has hit pause, with only 2 new billion-dollar valuations vs. 23 in 2022. Mega-rounds ($100M+) plummeted from 48 to 15. This isn't a drought; it's a return to fundamentals. The era of grow-now-profit-later is firmly behind us.
5/ Generative AI isn't just hype; it's reshaping the landscape. Funding exploded from $15M to $250M, with 80% flowing to existing companies integrating AI. India's quickly becoming a laboratory for practical AI applications, not just speculative moonshots.
6/ Electric mobility is rewiring itself. While overall funding dipped slightly to $600M+, charging infrastructure investment surged 50%. The real opportunity isn't just in vehicles; it's in building out the entire EV ecosystem.
7/ Exits are defying gravity, leaping 1.7x to $6.6B. Public market sales led the charge at 55%, even as IPOs cooled. LPs are getting liquidity, and the secondary market is proving surprisingly robust. There's still appetite for quality assets.
8/ PE is no longer just watching from the sidelines. These players doubled their share to 25% of investments, going toe-to-toe with traditional VCs. The lines between growth equity and venture capital are blurring, and it's changing the game for late-stage rounds.
9/ We're watching natural selection in real-time. Yes, 35,000+ startups shuttered and 20,000+ layoffs hit the headlines. But companies like Groww and Indifi turned profitable. This isn't a bubble bursting; it's an ecosystem strengthening its foundations.
10/ Domestic VCs are coming of age. While overall fund-raising halved to $4B, homegrown VCs led 90%+ of raises. They're not just following; they're specializing, with thematic funds like Omnivore's $150M agritech vehicle. The ecosystem is bootstrapping its own future.
11/ Regulation isn't just tightening; it's evolving. Angel Tax expanded and lending norms got stricter, but we're also seeing innovative policies like UPI for foreign travelers. India's crafting a uniquely balanced approach to fostering innovation while maintaining stability.

Topics we can discuss during our standup:
1/ Can India produce global tech giants if it's primarily adopting rather than pioneering in areas like AI? How do we enable this?
2/ How will the shift towards profitability impact India's ability to foster truly disruptive innovations? Implications for us, how should we be evaluating deals differently?
3/ With domestic VCs leading the charge, how will this change India's startup narrative on the global stage?
4/ Is this maturation setting the stage for more resilient, globally competitive Indian startups, or are we risking our innovation edge? How do we look at thesis driven investing v/s fomo investing?

Link to Bain's report - https://www.bain.com/insights/india-venture-capital-report-2024/

P.S. Do note that this is 6+ months old - data points mostly look diff now but sharing it anyways. Will post more as and when I get time :)

My notes on Bain's 2024 VC report as a VC Associate

Investor

The inside story on Social Capital's two big breakups

'The Dictator': Chamath Palihapitiya's Broken Professional Relationships

Looks like nobody wants to work with Chamath

Business Development Manager

Welcome to News Discussion's Private Community

Love him or hate him, but please watch the video once. This increasing dictatorship has to end.

Explore the intricate dynamics of democracy in India with our latest video, where we scrutinize the growing concerns around the 'One Nation, One Party' ideol...

Is India becoming a DICTATORSHIP? | Chandigarh Elections | Farmers Protest | Dhruv Rathee

Watch before it’s too late…

Software Engineer

It's quite exhaustive and detailed 
https://growthx.club/thesis/ev?utm_source=substack&utm_medium=email#ev-value-chain

https://growthx.club/thesis/ev

India's EV scenario Report

Associate Product Manager

Marketplaces present an opportunity for a lasting impact on the country’s economy. This report illustrates where this opportunity arises from.

The Rise of Digital Marketplaces in India

Interesting report on Marketplace businesses in India

Founder

Sharechat raises 50M USD via Convertible Debentures from existing investors. The picture isn't as rosy as what it seems. Plus, twitter bio suggests that they are now positioning as an AI powered content platform? Welcome to the peak AI era. Time to jump off the AI bandwagon when normies start chanting AI AI AI.

Sharechat valuation slashed by 60% 🚨

Product Manager

Non taxpayers can also comment how to avoid paying taxes

Any Crorepati taxpayers in the house?

Business analyst

Bill Gurley (Benchmark Capital) delivered a spirited talk at the All In Pod Summit a few weeks ago about regulatory capture in the US . Link to the full presentation below

While a lot of ongoing news narrative suggests it happens a lot in India, does anyone have any examples of regulatory capture in India. (This is political party agnostic, so examples from any time period is fine)

This talk was recorded live at the All-In Summit 2023 at Royce Hall on UCLA's campus in Los Angeles. (0:00) 2,851 Miles(24:44) In conversation with Bill Gurl...

All-In Summit: Bill Gurley presents 2,851 Miles

Regulatory Capture in India

What's the reason?
Modi loving Meloni is bs, there is more to this PR stunt

People who understand geopolitics, why is Italy being so cutesy with us?

- India's space program, led by **ISRO**, has generated an additional **$2.54** for every dollar invested, according to a report released on **August 23**.
- The study, conducted by **Econ One** and **Euroconsult**, highlights the economic and social benefits of India's space activities.
- Over the last decade, the space sector has contributed **$60 billion** to the GDP and supported **4.7 million jobs**.
- The report also notes challenges like regulatory issues and financing, but expects improvements with greater collaboration and public-private partnerships.
- Future recommendations include enhancing competitiveness, embracing global opportunities, and fostering an inclusive space program. 

 Source: [Moneycontrol](https://www.moneycontrol.com/news/business/economy/for-every-dollar-indias-space-sector-has-given-back-2-54-to-the-economy-report-12805458.html)

India's Space Sector Yields $2.54 for Every Dollar Invested: Report

Journalist

Indians. It Feels we might be on the verge of something epic

- 42% of this will be Grocery, followed by Fashion at 24%
- 65% of D2C brand sales expected to be driven by Marketplaces (as they are today) 
- Today, 92% of retail is offline. By 2027, 89% of retail will be still offline (fair)

India D2C market expected to go from $16.9Bn in '23 to $61Bn in '27

Software Developer

Welcome to Personal Finance's Private Community

The tailwinds are here now. This is probably the most optimism I have seen for India in the last decade.

Investors are paying close attention to the contrasting trajectories of two of Asia’s greatest powers.

Wall Street Snubs China for India in a Historic Markets Shift

- On 23 July, Finance Minister Nirmala Sitharaman announced higher taxes on stock gains, causing a brief market crash that quickly recovered.
- The Indian stock market has tripled since April 2020, driven by individual investors who are now experiencing a 'wealth effect' and increased spending.
- A survey by The Ken reveals that one in five investors has seen their spending outpace their income due to market gains, leading to a rise in luxury purchases and experiences.
- Confidence among investors is high, with many planning for early retirement and shifting investments from fixed deposits to equities.
- Despite the optimism, some investors are cautious, fearing a market correction due to the disconnect between stock prices and economic fundamentals. 

 Source: The Ken

The Wealth Effect of India’s Stock-Market Boom

2021: Indian SaaS market size was at $11B

2030: Indian SaaS market expected to cross $50B

Context

The Indian SaaS ecosystem is booming - 11 companies surpassing $100M+ ARR. So let's dive into the major tailwinds in the ecosystem

1/. Explosive Growth in Early-Stage Firms

The number of SaaS companies hitting the $10M

revenue mark ~3X'd from 30 to 85 in just 6 years. Indian SaaS companies are set to capture 8% of the global SaaS market

2/. Efficiency as a Competitive Edge

Indian SaaS companies are redefining growth with unmatched efficiency. Early-stage firms are delivering a median efficiency score of 165% as opposed to global SaaS companies (making $10-$30M in ARR) delivering just 69%

3/. Multi-Product Mastery

Companies like Zoho are mastering multi-product strategies, driving sustained revenue growth without heavy external funding.

Their $1B ARR success showcases the power of cross-selling:

The larger total addressable market

Durable growth & lower churn, and higher LTV

Reduced CAC by selling new products to existing customers

This creates stronger retention and a competitive moat through an integrated platform.

*What's next?

As the global VC landscape recovers from its 2021 peak, 2024 is set to exceed 2023 by 25%, with nearly $1B in funding into Indian startups.

Al-focused companies are at the forefront, drawing $175M in 2023 and signaling where the future of SaaS is headed.

Credits:- https://youtube.com/@growthx?si=0adet2Hm4ZhZ6lmZ

Indian SaaS Market Growth

https://themorningcontext.com/internet/what-does-softbank-know-about-india-that-others-dont

Softbank is looking to offload India investments at any cost.

Can someone please upload a pdf?

Analyst

Looking to understand the new to credit market better to ideate a solution for them. Any research that can help? Also very keen to chat if anyone is thinking about solving for this market too!

New to credit janta

Growth Manager

The US is in its late stage capitalist phase, a ship that's going to sink for the next 50 years. If you're a young person there it doesn't make sense to work as hard as your Grandpa the reward on average isn't as great. 

India on the other hand is poised to become a great multi-trillion $ economy.

Onto something huge. We're talking like 10x growth of the economy here.

Start-ups that have made it like Razorpay, Swiggy, PayTM, even Cred, if they survive will be really huge as capital in the country, liquidity and lifestyles go up over the next 50 years. 

Be the capitalist, take the risks, make bets, work and stack up promotions and money.

Don't join an Infosys and work 70 hours there, do it for a start up of any scale you believe is going to make it. Or better yet start your own.

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