Deals seemed to take place behind closed doors between dapper and sexy Ivy League-educated people who invested in entrepreneurs and ideas. There was a time when VC firms were enigmatic and exclusive glamour, style and appeal accrued to the VC and PE space. I’ve been tracking the private markets for more than 15 years. A decade later, there are 102 venture-backed private companies valued at more than $1 billion and $24 billion in annual venture investment," said Lightspeed venture partner Bejul Somaia in a Twitter thread. "A decade ago, there were two venture-backed private companies valued at more than $1 billion and $3 billion in annual venture investment. But, the departure of Sequoia Capital, and the creation of its new firm Peak XV does lead to another question reflecting the current VC ecosystem: Is more always better? That being said, Kleiner Perkins did seem to pull out of India in 2013 and NEA seemed to veer away from Indian investments in 2017. Dragoneer led a round in Indian startup Facilio, and Khosla Ventures invested in Indian startups Even and HealthifyMe. Since 2014, the VC giant has backed close to 125 Indian startups (as of February 2023). Tiger Global entered India about 16 years ago, in 2007. Andreessen Horowitz, which invested in CoinSwitch Kuber, reportedly earmarked about $500 million to back Indian startups. The exit came at a time when it looked as if top global VC firms in the ecosystem were eyeing the Indian market. Or was India not just that attractive anymore, no matter how much it tried to impress Sequoia? Some thought that India was collateral damage from the trade war between the US and China, others thought it may have been due to corporate governance and ethics issues that Sequoia’s Indian portfolio had been dealing with.
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