As part of GOAP (Geeks on a Plane) trip to India, we had a conversation with Dave McClure on his India trip and importantly 500Startups’ India plans. In this short discussion, Dave talks about his India experience of meeting several entrepreneurs, the angel investment scene in India and importantly, the decision to invest in at least 5-10 Indian startups in 2012.
Angel Funding Scene in India
Currently, the angel investment process in India is like Series C investment! While India is known for the number of fake angels we have, the ones who are serious (or pretend to be) tend to ask questions which mandate one to fake numbers (and in the process turn into Excel dude). And most of the bigger networks tend to take more than 2-3 months to share their decision (which is mostly NO).
And all this needs to change.
500Startups can potentially disrupt the angel funding scene in India, owing to their Non-BS attitude and focus on investing in team.
Watch the video where Dave McClure talks about his take on Indian startup ecosystem, his advice to Indian entrepreneurs (“focus on design/marketing”) and the decision to invest in at least 5-10 Indian startups in the coming days (they have already made 2 investments so far).
PS: Apologies for the video quality. But then, (shit) happens when there is just too much of beer (esp. when it spills on your camera).
» Aside, do subscribe to Pluggd.in (RSS, Twitter, Facebook) for more updates on angel investing scene in India – we will be playing a crucial role in the coming days.