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Wednesday, October 4, 2023

Facebook co-founder Saverin says Indian start-up market is worth betting on

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Eduardo Saverin, co-founder of Facebook, has praised India’s startup potential. Saverin believes
that corporate IT businesses will drive most of India’s growth.

Eduardo Saverin, co-founder of Facebook, has praised the Indian start-up potential, stating that while
the Indian start-up industry is a few years behind China’s, it is still a sector worth betting on.

He mentioned this during a panel discussion at the Forbes Global CEO Conference, which was held in
Singapore last month. Saverin noted that his investment firm, B Capital, is putting “a lot of money” into
India and is concerned about the long-term success of new enterprises there.

Saverin believes that corporate IT businesses will drive most of India’s growth. These are technology
firms that provide services to businesses. He stated that his organization has invested in an electronic
health records company as well as a contract management firm.

Responding to a query on why India’s start-up ecosystem has not produced higher returnsm.Saverin
said, “I think India is a gigantic market with really incredible potential. And I believe that as the industry
matures and as the macroeconomic situation improves, it is a market to bet on, in conjunction with
Southeast Asia.”

With approximately 77,000 firms, India is the world’s third largest startup ecosystem. The country itself
has an active start-up scene. Apart from India, Singapore, remains an appealing investment location.

Edwin Chow, Assistant CEO (Innovation and Enterprise), EnterpriseSG, said, “Driving innovation and
nurturing startups is, and will continue to be one of our key priorities over the next decade. Despite
difficult conditions, the pandemic has highlighted the critical role that startups have played in generating
solutions to disrupt and revitalize sectors. This resiliency and entrepreneurial spirit will serve as the
foundation of our innovation economy. EnterpriseSG is dedicated to extending our network of local and
international partners in order to continue catalyzing the establishment of innovative entrepreneurs and
supporting their growth in Singapore and beyond.”

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