The funding rally in India, though encouraging, doesn’t necessarily indicate that the ongoing downturn in the local venture capital market has come to an end. Last month, it teamed up with Sunil Munjal’s Hero Enterprise and venture capital firms Sequoia Capital, Lightspeed Venture Partners and Greenoaks Capital, to lead a $250 million funding round in budget stays aggregator OYO (Oravel Stays Pvt. At the current pace of investments, SoftBank’s investments here will easily hit the $10 billion investment target set by Son, Softbank’s founder and CEO, over a 10-year period, well before schedule. Another important factor is that the past 12-18 months have seen the entry of several new home-grown venture capital firms in the market. It will, by most accounts, be several more quarters before the downturn in the venture capital market begins to ease.

Source: Mint October 25, 2017 19:07 UTC