TechCrunch is reporting that Andreessen Horowitz has set aside $500 million to fuel Indian tech startups. The information comes not officially from the firm but from sources, so it is yet to be confirmed. Reportedly, the venture capital firm, which manages about $28 billion in assets, is specifically looking into funding a startup behind an opinion-sharing platform and another in early-stage Fintech.
The move comes just as India has notched a significant milestone– 100 unicorns– i.e., privately held startup companies valued at over $1 billion. The 100th was minted when Bengaluru-based neobank Open closed a Series D round from Indian firms IIFL Finance and 3one4 Capital, Singaporean state holding company Temasek and American firm Tiger Global. The startup had previously received investments from Google, Visa and SoftBank.