India 2016: How venture capital’s Big Three raised funds and spent them

Nobody will disagree that the past 12 months have been among the most difficult that India’s start-ups, especially those vested with lofty billion-dollar valuations on paper, have experienced in a while. Capital has been elusive and valuations remain under pressure as concerns run high about whether the somewhat irrational deal-making of the past two years will yield profitable returns. Those concerns, however, haven’t discouraged global institutional investors from continuing to bankroll India’s venture capital firms.