Venture Capital
New York
India is dominated by middlemen: traders, brokers, resellers. Over 60% of GDP comes from services, compared to 20% in China. In this low-trust, high-touch economy, a risk-averse consumer is likely to prefer a trusted human over a faceless online brand. Rather than fight this ruckus, we invest in companies that enable on-the-ground partners to solve this trust deficit by leveraging intermediaries to provide a high-touch, human interface to consumers. We place intermediaries at the heart of business models, leveraging them for a low-CAC and high-conversion product delivery. Recent developments in AI allow us to bridge skill gaps further, taking on complex tasks and narrowing the scope for intermediaries which ultimately allows them to have a deeper focus on their core competencies. AI essentially supercharges these intermediaries, by doing all the work they are not good at. However, technology alone does not drive progress here. The solution lies in business models embracing and empowering people. We believe India’s structural uniqueness means that what works in Silicon Valley won’t necessarily work here. But alternate approaches, often overlooked and often contrarian – such as empowering intermediaries as the whole world tries to remove them – can thrive with the right backing.
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