Venture capital firm Andreessen Horowitz (a16z) has denied reports that it plans to open an office in India, calling the claims “fake news.” Several Indian media outlets reported on Thursday that a16z was preparing to establish a physical presence in the country by setting up an office in Bengaluru.
The reports, which cited unnamed sources, also said the firm was in the process of hiring a local partner. Anish Acharya, a Bay Area-based general partner at a16z dismissed the claims, saying “As much as I adore India and the many impressive founders+investors in the region, this is entirely fake news!” via X.
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This comes at a time when the firm is scaling back some of its international ambitions. a16z had decided earlier this year to shut down its London office which opened in 2023, citing a shift in strategy and more favorable regulatory developments back home. However, it also said that it would continue to invest internationally through remote teams and local networks. According to later reports, several of the company’s scouts were active across Europe.
India has not been a major focus for a16z so far, unlike other U.S. venture capital firms like Accel, General Catalyst, and Lightspeed Venture Partners. a16z’s only significant bet in the country has been crypto exchange CoinSwitch, which it backed as part of the company’s $260 million funding round in 2021. Since then, there were reports that the firm was seeking to invest about $500 million in Indian startups but it hasn’t made any investments in the country since then.
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TechCrunch noted that Marc Andreessen, co-founder of a16z, said at a talk at Stanford Graduate School of Business many years ago that while it is “extremely tempting” to back startups in emerging markets, it is also challenging for a venture fund to expand to more countries. Venture capital is a “very hands-on process of understanding the people you’re working with for both evaluating the company and work[ing] with the company,” he said at the time.
Earlier this year, a16z sought to tap into AI momentum to raise about $20 billion. The firm told limited partners that the fund will be dedicated to growth-stage investments in AI companies and draw upon global investors keen on investing in American companies.
a16z also came into the spotlight after reports showed that it had spent $1.49 million so far in federal lobbying this year. Records indicated the firm outspent its own industry trade group, the National Venture Capital Association, as well as other VC firms.