Andreessen Horowitz denies report of India office, calls it ‘fake news’

Venture superior steadfast Andreessen Horowitz (a16z) has pushed backmost connected section media reports suggesting it plans to unfastened an bureau successful India, with a wide spouse calling the sum “entirely fake news.”

Earlier connected Thursday, Indian media outlets reported that a16z was preparing to found a carnal beingness successful the state by mounting up an bureau successful Bengaluru. The reports, which cited unnamed sources, besides said the steadfast was successful the process of hiring a section partner.

However, Anish Acharya, a Bay Area-based wide spouse astatine a16z who has spent the past six years with the firm, dismissed the reports. “As overmuch arsenic I adore India and the galore awesome founders+investors successful the region, this is wholly fake news!” helium wrote connected X.

When contacted, an a16z spokesperson confirmed Acharya’s connection and referred to his post.

The denial comes arsenic a16z appears to beryllium scaling backmost immoderate of its planetary ambitions. Earlier this year, the steadfast decided to shut down its London office — which opened successful 2023 aft the U.K. authorities reportedly spent five years trying to woo the powerhouse firm, according to the outlet Sifted. The closure came conscionable 18 months aft a16z acceptable up shop, with the steadfast citing a displacement successful strategy and much favorable regulatory developments backmost home. The steadfast said, however, that it would proceed to put internationally done distant teams and section networks. Reports aboriginal indicated that respective of its scouts were progressive crossed Europe.

So far, India has not been a large absorption for a16z — dissimilar different U.S. task firms specified arsenic Accel, General Catalyst, and Lightspeed Venture Partners, which person made heavy inroads into the market. The firm’s lone notable stake successful India has has been crypto speech CoinSwitch, which it backed arsenic portion of the company’s $260 cardinal backing round successful 2021.

In the months that followed, a16z was reportedly seeking to put about $500 cardinal successful Indian startups, though it has not made immoderate large investments successful the state since.

As TechCrunch has previously noted, a16z co-founder and wide spouse Marc Andreessen delivered a speech astatine Stanford Graduate School of Business galore years ago, saying portion it is “extremely tempting” to backmost startups successful emerging markets, it is besides challenging for a task money to grow to much countries. Venture superior is simply a “very hands-on process of knowing the radical you’re moving with for some evaluating the institution and enactment with the company,” helium said astatine the time.