Silverhorn Perspective

The Next Frontier in Venture Capital Investing: Southeast Asia and India

Executive summary

From an economic development point of view, the importance of a vibrant Venture Capital (VC) ecosystem cannot be overstated. VC promotes innovation and productivity by providing the capital and resources needed for high-potential but less established businesses to grow. According to a recent study on the economic impact of VC, VC-backed companies account for an astounding 41% of the total US market capitalisation and 62% of US public companies’ R&D spending. Moreover, among public companies founded within the last fifty years, VC-backed companies account for half in number, three quarters by value, and more than 92% of R&D spending and patent value.

The Indian and Southeast Asian VC ecosystem are less mature and less sophisticated compared to the US system. However, what we observe on the ground in Asia is that 2021 was a milestone year for India and Southeast Asia because of significant exits coming from both markets (including Zomato, Freshworks, and Paytm from India and Bukalapak and Grab from Southeast Asia). VC ecosystems are entering a virtuous cycle where significant exits produce wealthy entrepreneurs who recycle their financial and human capital into the VC space, thereby increasing the pool of capital, talent, entrepreneurs, and ideas. In essence, success is breeding success.

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