Venture Capital Firm General Catalyst Eyes Web3 Space In India

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Venture capital firm General Catalyst is eyeing Web3 space in India

General Catalyst, a US-based venture capital firm that has supported businesses such as Cred, Airbnb, Stripe, and Grammarly, will increase its India investments in the next months, with more deals at various stages. The company seeks to strengthen its position in one of the world's largest rising economies. Deep Nishar, a former SoftBank senior managing partner, joined the organisation a few months ago. Anand Chandrasekaran, a former executive at Snapdeal and Meta (the previous Facebook), has been appointed to manage the company's India investments.

One of the areas the company wants to focus in India is Web3. General Catalyst has been on the lookout for Web3 and crypto investments. Commenting on the firm's plans in the crypto space, especially at a time when the government has imposed a 30 percent tax on gains from virtual digital assets starting from April 1, Mr Chandrasekaran said that in India there was an emergence of Layer 1 and Layer 2 protocol sectors. He added that there were a number of different models, and many of them were working well within the current regulatory framework.

Web3 has become one of the most sought-after venture capital areas in recent times. According to venture capitalists, the space raised more than $500 million last year, and financing is expected to increase manifold as more firms look into it. One of the reasons for the company's plans to be a part of India's Web3 space could be the country's large talent pool, which is among the largest in the world, with a growing number of people switching to Web3.

Mr Nishar stated that General Catalyst had already made seven new investments in India and that the firm will devote more