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"\r\n\tChina&rsquo;s crackdown on its technology industry means global investors seeking emerging-markets exposure will turn their attention to India, said Sumant Mandal, a managing partner at U.S. venture investor March Capital Partners.\r\n\r\n\tInvestors are now putting more weight on &ldquo;government risk&rdquo; as they assess Chinese technology companies, Mandal said in a video interview. Indian startups in areas such as internet and cloud software offer strong growth prospects but without a similar risk profile, said Mandal, co-founder of the Santa Monica, California-based firm.\r\n\r\n\tChinese regulators are reining in unruly internet companies in a campaign that spans everything from gaming to &ldquo;money worship,&rdquo; raising questions about their growth and earnings prospects. While India&rsquo;s internet industry is trailing far behind that of China in size, it&rsquo;s recently produced new billion-dollar startups and initial public offerings at an intensifying pace.\r\n\r\n\t&ldquo;China&rsquo;s market is of a size and scale that&rsquo;s unmatched,&rdquo; Mandal said. &ldquo;But the risk-reward structure around China has changed&rdquo; and investors from the U.S., Europe, Asia and the Middle East are now looking to balance their portfolios by re-routing investments to its neighbor, he said.\r\n\r\n\tMarch Capital has a long track record of backing Indian startups and it plans to increase such investments, he said. The coronavirus has changed consumer behavior in India, a boon for companies handling e-commerce and digital transactions.\r\n\r\n\tThe firm has more than $1 billion in assets under management, including a $450 million fund which closed early this year. Last month, March had two exits in India that represented nearly $6 billion in combined deal value: Online payments service BillDesk was acquired for $4.7 billion, just days after CarTrade Tech Ltd. had its IPO.\r\n\r\n\tMandal leads March&rsquo;s investments in areas such as blockchain, network infrastructure and software as a service, or SaaS. More than two dozen India-born SaaS startups have moved to the U.S. to successfully win global customers and garner hundreds of millions of dollars in revenue, he said.\r\n\r\n\t&ldquo;Now there&rsquo;s more of a belief system around India,&rdquo; he said. &ldquo;The size of startups like Flipkart, Byju&rsquo;s and BillDesk changes everything.&rdquo;"
<https://www.business-standard.com/article/finance/china-tech-crackdown-is-india-s-gain-us-venture-investor-march-capital-121092100100_1.html>