Eduardo Saverin, a co-founder of Facebook, recently praised India’s startup potential, noting that even though it lags China’s by a few years, it is still a market worth investing in.
At a panel discussion last month in Singapore at the Forbes Global CEO Conference, he made this statement. Saverin continued by saying that his investment firm, B Capital, had invested “a lot of money” in India and was considering the long-term performance of new businesses there.
The co-founder of Facebook thinks that enterprise tech firms, or those that offer services to businesses, would contribute significantly to India’s growth. He said that his business had invested in both a contract management firm and an electronic health records business.
In response to a query about why India’s startup ecosystem has not produced higher returns, he was quoted by CNCB as saying, “I think India is a massive market with really great potential.”
And I believe that it is a market to gamble on when combined with Southeast Asia as the industry develops and as you enter a better macroeconomic climate.
India is home to more than 77,000 firms, making it the third-largest startup environment in the world. Singapore is still a popular investment destination in addition to India.
According to a report released last week by EnterpriseSG (Enterprise Singapore), venture funding in Singapore increased by a remarkable 54% in the first half of this year to reach SG$8.18 billion ($5.71 billion) compared to the same time in 2016.
For the entire year of 2021, funding totaled SG$14.7 billion ($10.26 billion), increasing by 45% annually between 2017 and 2021. The government body claimed that despite the pandemic, Singapore’s innovation and startup ecosystem has maintained robust development over the past five years and is still thriving and resilient.
Indian businesses have frequently been drawn to this country because of things like the favourable tax rates, robust infrastructure, stable administration, straightforward business regulations, and legal environment.
More than 8,000 Indian enterprises have established a presence in Singapore since the year 2000. Mercator, Tata Consultancy Services, and Flipkart are a few examples of well-known Indian businesses that are active here in some capacity (TCS).
“One of our top focuses over the next ten years will be to promote innovation and support entrepreneurs. We require an entrepreneurial attitude to lay the foundation for our innovation economy “according to Edwin Chow, Assistant CEO (Innovation and Enterprise), EnterpriseSG.