Canaan Partners Remains Bullish On India
As the fund-raising environment worsened and fund sizes were cut, some venture firms pulled back from what used to be excited efforts to invest in emerging markets like India. Canaan Partners, however, says it’s still bullish on India and is carrying forward a plan to invest 20 percent of its $650 million eighth fund in the region.
“We have at least three or four potential big exits,” General Partner Depak Kamra said. “We’re really excited.”
Kamra, based in the firm’s Menlo Park, Calif., office, works closely with three investment professionals on the ground in India. Canaan has closed 10 deals in India since opening shop there four years ago.
“When we first went in, everyone was jumping in,” Kamra said. “Then they stopped. Only the strong survived. The ones that did, then had some turnover or cut back. There’s still lots of competition, but there’s not a frenzy. That may change when some of these big exits happen.”
