Taps Coogan – November 17th, 2021

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As we’ve noted before, the Indian stock market has been the best performing large market in the world this year, not only handily outpacing other emerging markets which have generally struggled with flat or negative returns, but also outperforming the US.

Driving that outperformance has not just been India increasingly displacing China as the world’s largest low wage manufacturer, but a vibrant tech and venture capital scene. To that effect, venture capital deals in India grew from $8 billion in the first three quarters of last year to $20 billion this year, a blistering 147% year-over-year jump. By comparison, the larger Chinese market grew by about 100% over the same period according to Statista and CB Insights.

There are now 17 ‘Unicorns’ in India according to Cruchbase, venture capital backed companies worth more than $1 billion, more than double the number from last year.

As China’s Premier-for-Life tries a soft reboot of the Cultural Revolution, India is quietly positioning itself as the fastest growing large economy in the world, a reform minded democracy, and the largest low wage manufacturer in the world.

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