Andreessen Horowitz denies India Office report as ‘fake news’

Venture capital firm Andreessen Horowitz (a16z) has responded to local media reports suggesting it plans to open an office in India, with a general partner calling the coverage “completely fake news.”

Earlier on Thursday, Indian media reported I mentioned A16z was preparing to establish a physical presence in the country by setting up an office in Bengaluru. The reports, which quoted unnamed sources, stated that the company is in the process of appointing a local partner.

However, Anish Acharya, general partner in the Gulf region at a16z who has spent the last six years with the company, denied these reports. “As much as I adore India and the many impressive founders and investors in the region, this is completely fake news!” he books On X.

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

This denial comes at a time when a16z appears to be scaling back some of its international ambitions. Earlier this year, the company decided so Closing its London office – any Opened in 2023 After the UK government spent Five years It is trying to attract the powerful company, according to the outlet Sifted. The closure came just 18 months after a16z set up shop, with the company citing a shift in strategy and more favorable regulatory developments back home. However, the company said it will continue to invest internationally through remote teams and local networks. Later reports indicated that many Scouting was active throughout Europe.

To date, India has not been a major focus for a16z – unlike other US venture firms such as Accel, General Catalyst, and Lightspeed Venture Partners, which have made deep inroads into the market. The company’s only notable bet in India was cryptocurrency exchange CoinSwitch, which it backed as part of the company’s plan. A $260 million financing round In 2021.

In the months that followed, a16z was reportedly seeking investment About $500 million in Indian startupsAlthough it has not made any major investments in the country since then.

As did TechCrunch previously notedMarc Andreessen, co-founder and general partner of a16z, gave a lecture at Stanford University’s Graduate School of Business several years ago, saying that although it is “very tempting” to back startups in emerging markets, it is also difficult for a venture capital fund to expand to more countries. Venture capital is “a very practical process of understanding the people you’re working with to evaluate and work with a company,” he said at the time.