In an interview with Bloomberg, partner at March Capital Sumant Mandal said, “China’s market is of a size and scale that’s unmatched. But the risk-reward structure around China has changed, and investors from the U.S., Europe, Asia, and the Middle East are now looking to balance their portfolios by re-routing investments to its neighbor, India. Investors are now putting more weight on ‘government risk’ as they assess Chinese technology companies,” Mandal said in a video interview. Indian startups in areas such as internet and cloud software offer strong growth prospects but without a similar risk profile, said Mandal, co-founder of the Santa Monica, California-based firm.
He speaks from recent experience as this blog has reported. Mandal had two exits in India that represented nearly $6 billion in combined deal value: Online payments service BillDesk was acquired for $4.7 billion, just days after CarTrade Tech Ltd. had its IPO. Mandal leads March’s investments in areas such as blockchain, network infrastructure, and software as a service, or SaaS. More than two dozen India-born SaaS startups have moved to the U.S. to successfully win global customers and garner hundreds of millions of dollars in revenue, he added.
Last updated: December 26th, 2025
