The global reach of India’s startup ecosystem has pulled in investors from all geographies. While US funds dominate the landscape, even VCs from Europe, the Middle East and Southeast Asia are looking for upsides in the dynamic market, having seen the trajectory of Silicon Valley startups up close.

Among these is Canada-based Ocgrow Ventures, which has been an active investor in the tech industry since 1995, when the product economy was still building steam in the West. The privately held VC fund that manages the assets and investments of Harish Consul and his family, primarily focusses on early stage investments. The firm, led by Consul, has invested over $100 Mn across more than 50 companies worldwide, including early investments in tech giants Amazon and Shopify.

In India, Ocgrow Ventures’ portfolio includes 18 startups, including the likes of Garuda Aerospace, Rebel Foods, Gupshup, and Saveo.

“We invested in all the above companies at the seed or Pre-Series A stages. Our focus is on young India centric companies, which target Gen Z market, the huge growth in the middle class of young consumer market looking for new consumer services ranging from higher end products & services, including wealth management fintech to new social commerce buying habits for this next generation,” Ocgrow Ventures’ Consul told Inc42 as he outlined the fund’s thesis for the Indian market.

Consul, with over 35 years of entrepreneurial experience, highlighted India’s rapid rise as a global innovation hub in areas such as digital transformation, generative AI, fintech, and health technology.

Despite some inherent growth challenges in India, Consul views India as a promising market for startups and innovation.

In this conversation with Inc42, Consul sheds light on Ocgrow Ventures’ investment strategy, key sectors of interest for the Canadian VC firm, and the challenges Indian startups face as they scale.

Edited excerpts

Inc42: How has India’s private equity and venture capital investment ecosystem changed over the past two decades?

Harish Consul: Ocgrow Ventures has been investing globally since 1995 and in India specifically since 2011 through our global fund. Over the last three to five years, the change has been dramatic. India’s startup ecosystem has matured rapidly, with founders driving innovation and growth. We’re deeply connected to India’s market, speaking regularly at global tech and investment conferences with an India focus.

What sets us apart is our global network, which helps Indian startups scale internationally. A great example is Garuda, which started in India and is now growing globally with offices around the world. The mindset of founders has also shifted—from a “growth at any cost” approach to balancing growth with profitability.

We believe companies can achieve both, and technologies like........

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