US VC QED investors set to deploy $300 million in India, APAC
US-based venture capital firm
QED Investors
is looking to deploy between $250 million to $300 million in early and growth-stage startups in India and Asia Pacific.
#Pahalgam Terrorist Attack
India much better equipped to target cross-border terror since Balakot
India conducts maiden flight-trials of stratospheric airship platform
Pakistan shuts ports for Indian ships after New Delhi bans imports from Islamabad
'While we do not have separate allocation for each geography, India will of course attract the major share of the investment planned for Asia,'
Sandeep Patil
, partner and head of Asia at QED Investors, told ET.
Armed with a $925-million fund it raised in 2023, the fintech-focused venture firm plans to invest in Indonesia, Singapore, Japan and all across Asia Pacific.
The strategy would be to invest in
growth-stage companies
and follow-up rounds beyond early-stage investments in Asia, Patil said.
'We have a growth fund and an early-stage fund,' he said. 'For the first cheque, we can deploy anywhere between $3 million to $20 million, and for growth stage companies, we can deploy between $20 million to $50 million.'
Live Events
In the last five years, QED Investors has invested around $220 million across Asia. It has taken early bets in Indian startups like neo-banking platform Jupiter, credit card sourcing platform OneCard, Upswing, which enables consumer facing startups to offer financial services, and Efficient Capital Labs, which offers financing solutions to Saas (Software-as-a-service) companies.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
QED Investors was founded in 2007 by Nigel Morris, who is also a cofounder of American banking corporation Capital One. Among Morris' famous early-stage venture bets are US-based personal finance startup Credit Karma, remittance startup Remitly, and Brazilian neo-bank NuBank. He is also an investor in Swedish fintech major Klarna.
In December,
QED Investors led a $25-million funding
round in OneCard.
While the fund has not undertaken any major stake sale in any of its Indian bets, Patil said booming public markets, with active retail institutional investor participation, and several successful startup IPOs over the last couple of years have given global investors much confidence to invest in India.
Within the broader fintech theme, Patil is looking out for embedded finance players and those who are using
artificial intelligence in finance
. 'By embedded finance, I mean even consumer-facing applications who can use unique data sets to underwrite customers better or have some unique opportunities to tie in financial services into their products,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
From seaweed-laced burger boxes to mycellium-based packaging: Alt-Packaging pioneers take on plastic
In 2019, mushrooms briefly turned Arpit Dhupar's life upside down—just when he had hoped to earn from them. 'I had quit as Chief Technology Officer at Chakra Innovation and invested around Rs 7–8 lakhs in an oyster mushroom farm, because mushrooms were then the rage. Everyone in South Delhi was buying them,' he recalls. His plan: rent a house in West Delhi, grow oyster mushrooms, and sell them at INA Market. But fungal contamination—green and black mould—ruined the idea. 'And so, I decided to cultivate a genetically superior mushroom strain that wouldn't get contaminated,' says the mechanical engineer. He found lab space at the Regional Centre for Biotechnology in Faridabad and started to research the fungus. 'I realised that eating mushrooms was underutilising their potential... Then I came across biofabrication and knew that was what I really wanted to do.' He began cultivating mycelium—the root system of mushrooms— on paddy straw waste to create a biomaterial thatpossessed all the properties of expanded polystyrene foam, but with an additional one, compostability. Put simply, he developed a sustainable alternative to thermocol. Today, Dharaksha Ecosolutions, which Dhupar co-founded, supplies mycelium-and-crop stubble packaging to companies like Dabur and Havells. 'When we started, we processed 100 kg of feedstock in 3–4 months,' he says. 'We now process 100 kg a day.' Dhupar is part of a growing group of material science entrepreneurs replacing single-use plastics (SUPs) with sustainable bio-based alternatives. SUPs—carry bags, food containers, ecommerce packaging—are high-volume, low-recyclability products with significant environmental and climate impacts. Packaging alone accounts for 56% of India's plastic consumption, with 95% discarded after short use, according to Saahas, a waste management nonprofit. And packaging is what new companies are focusing on. Derived from organic matter such as mushrooms, crop stubble, and seaweed, these alternative materials are making small but keen inroads into the Indian market, with plans to go deep and wide. To Market, To Market On May 28—International Burger Day—Swiggy cus-tomers in Bangalore, Mumbai, and Delhi noticed something unusual on their burger boxes: a label reading 'coated with seaweed'. The algae wasn't on the food—it was part of the box, made by Zerocircle, a Pune-based startup that partnered with Swiggy to launch its sustainable food packaging. Founded in 2020, Zerocircle makes seaweed-based films, pellets, and coatings that render paper packaging grease- and leak-proof. Their products are also 'microplastics-free, home-compostable, and ocean-degradable'. Founder Neha Jain credits growing consumer awareness. 'The success with the Swiggy partnership is largely because consumers are constantlytalking about microplastics in food... That is why we have come this far without subsidies or big pushes from govt, brands, or manufacturers,' she says. Venture capital, grants and awards have played a key role. Zerocircle raised Rs 20 crore this year; Dharaksha, Rs 24.8 crore in 2024; and Faridabad-based Ukhi, Rs 7.7 crore last year. Ukhi converts rice husk, hemp, nettle stems, and pine needles into EcoGran, a compostable, biodegradable biopolymer for flexible packaging—used in garbage bags, e-commerce mailers, and shrink wrap. 'Flexible packaging accounts for a quarter of the 200 million tons of single-use plastics produced globally,' says Vishal Vivek, CEO and co-founder of Ukhi.'In six years, we've worked with over 100 farmers. But we need many more—our new facility will require 500 tons of agriwaste a year.' How To Scale Sixty per cent of Ukhi's clients—including Ralph Lauren—are international. For Zerocircle, it's 90%. That's partly due to global market maturity and partly to cost. 'Globally, we are 50% cheaper than other natural polymers companies,' says Jain. In India, sustainable packaging alternatives remain niche—awareness is low and costs can be 3–5 times higher than SUPs. 'Alternative materials are inherently costlier than their crude-based counterparts because the fossil fuel industry has been around for over a hundred years and has been optimised and scaled significantly,' explains Dhupar. 'Once we scale, have 10–20 large customers, and industry bodies issue stricter mandates to use alternative materials, things will start to accelerate,' he adds. In 2021, Confederation of Indian Industry (CII) launched the India Plastics Pact, a platform to helpbusinesses make the transition to a circular economy for plastic packaging. The first of its four targets is to redesign and innovate for problematic plastic packaging. However, a CII spokesperson notes that while alternatives are key for certain applications, they won't solve all industrial packaging needs. Sarkari Support Founders agree that while direct govt support for alternative materials has been limited, plastic regulations have helped indirectly. In July 2022, the govt banned 19 low-utility, highlitter SUP items like plastic straws and carry bags thinner than 120 microns. Though the broader policy still focuses on reducing, reusing, and recycling plastic, these bans are nudging consumers toward alternatives. 'It will take time but gradually bioplastics like ours will become one of the substitutes to plastics,' says Vivek. 'They may never replace everything plastic, but they will replace a larger share of what's now in the market. ' Another key policy may help lower costs. The revised Extended Producer Responsibility (EPR) mandate requires a minimum amount of recycled plastic in packaging from April 1, 2025. 'This is going to be a major lever, because EPR has been a significant promoter of alternative materials in the West,' says Dhupar. 'We can't compete on price, so there has to be a value proposition. EPR makes that stronger. If recycled plastic adds 10–15% to brandcosts, they might as well invest 20–25% in safer, more sustainable materials that offer a better marketing story. That's what will bridge the gap.' Need Of The Hour Not everyone can make the switch at once. 'Street vendors, small shops, and others in the informal economy don't have the leverage to buy alternatives to single-use items. It's therefore a question of the economic viability of these alternatives,' says Swati Sambyal, Senior Circular Economy Expert at GRID-Arendal. 'Will Rs 100, that can buy say 400 or 500 plastic carry bags, buy the equivalent number of sustainable alternatives? Therefore, the social, economic and environmental viability of alternatives of SUPs have to be looked at together. We must make alternatives cheaper and develop mechanisms to make it happen.' But cost isn't the only challenge. 'We also need clear enforceable standards for alternatives and investment in waste infrastructure that can handle these new waste streams,' Sambyal adds. She points out that alternative materials should besorted separately from dry and wet waste, as they can contaminate recycling streams. For example, if recyclers misidentify mycelium-based packaging and send it for dry waste processing, it could compromise the quality of recycled granules. Labelling is also essential. The alternatives market includes diverse materials with different chemical makeup, and the 'bio' label can be misleading. 'For instance, you may start out with agriculturally produced biomass, like bagasse or corn, and polymerise it with synthetic compounds for additional properties like elasticity or strength. But when it breaks down, it will leave those synthetic chemicals behind,' says Jain. 'Just because it comes from a plant source doesn't make it better.' The same goes for biodegradability and compostability. 'Biodegradable does not mean degradation like a vegetable,' she continues. 'The product doesn't disappear but only breaks down into smaller fragments. In the same way, compostable plastics, such as bin liners, can only be industrially composted, which means 60 degrees of heat and industrial infrastructure. So, the first thing we need to do is identify standards that differentiate different materials and their end-of-life based on the infrastructure that exists. ' Startups are working to build awareness but often must begin at the most basic level. 'People start the conversation with, 'Is your solution green?',' says Jain, 'And I'm like, 'Okay, we have to really break this down'.' Dishing out compostable crockery to the world When Vinay Balakrishnan launched his edible wheat bran plates in 2021, it was Europe that showed interest. 'Indian consumers want aesthetics, not sustainability,' says the Coimbatore-basedentrepreneur. Today, his brand Thooshan exports crop-based crockery to seven countries, though the business has been running at a loss. This year, he hopes to break even, thanks to orders from Switzerland and Mexico. 'Last year, it took the Swiss six months to clear the streets of discarded Christmas trees when the season ended,' he says. This year, Thooshan was tasked with turning that waste into biodegradable tableware. In Mexico, he is turning Agave tequilana—the tequila plant—into cutlery. 'They export tequila but are left with tonnes of cactus waste.' I've had my eye on all kinds of agri-waste,' says Balakrishnan. 'Corn and wheat from the US, rice husk from Argentina, date seeds from the UAE, and oil cake waste from canola and mustard in Canada. My goal is to turn this waste into sustainable products and reduce single-use plastic.' —Kamini Mathai Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
&w=3840&q=100)
First Post
14 minutes ago
- First Post
4 'firsts' when PM Modi travels to Canada for G7 meet
It is PM Modi's first visit to Canada since the bilateral ties nosedived under PM Trudeau following the Nijjar controversy. Modi's visit provides an opportunity to both nations to press the reset button read more Indian Prime Minister Narendra Modi Friday (June 6) confirmed his participation at the upcoming G7 Summit in Kananaskis, Canada. The PM said his Canadian counterpart Mark Carney extended an invitation to him, which he accepted. 'Glad to receive a call from Prime Minister Mark J Carney of Canada. Congratulated him on his recent election victory and thanked him for the invitation to the G7 Summit in Kananaskis later this month,' PM Modi posted on X. STORY CONTINUES BELOW THIS AD The visit by the Indian PM to Canada is extremely significant, especially in the backdrop of Ottawa-New Delhi tensions that followed the killing of Khalistani separatist leader Hardeep Singh Nijjar in Canada in 2023. Carney's predecessor Justin Trudeau accused the Modi government of orchestrating the fatal attack on Canadian soil, which led to the rapid deterioration of bilateral ties. Now, Modi's visit to Canada signals an emerging thaw in the bilateral relationship. First Modi-Carney meeting It would be the first meeting between PM Carney and PM Modi. During his election campaign, Carney repeatedly called India ties 'incredibly important' for the country. 'There are strains on that relationship that we didn't cause, to be clear,' he said. 'But there is a path forward to address those with mutual respect.' Carney, who was under pressure by pro-Khalistani groups over the invitation to Modi, told reporters Thursday that a legal process was still underway in Canada and 'it's never appropriate to make comments'. He also justified G7 invitation to PM Modi, saying, 'India is the fifth largest economy in the world, the most populous country, and central to supply chains.' First visit to Canada since diplomatic blow-up It is PM Modi's first visit to Canada since the bilateral ties nosedived under PM Trudeau following the Nijjar controversy. The Trudeau administration not only accused India of interfering in its election process but also blamed 'agents of the government of India' for Nijjar's murder. Followed by this, diplomatic expulsions took place on both sides. Now, Modi's visit to Canada provides an opportunity to both nations to press the reset button. Modi's first foreign visit since the conflict with Pakistan It is PM Modi's first foreign visit after India's four-day military conflict and Operation Sindoor against Pakistan in May. During the visit, the prime minister is likely to call out Pakistan's terror agenda. Meanwhile, the Canadian readout did not highlight much about the visit. PM Modi's first meeting with Trump amidst tariff tussle The G7 summit will see PM Modi and Trump come face-to-face for the first time since the latter imposed a 26 per cent tariff on India in April this year but later paused. As per reports, extensive talks are underway between India and the US to reach a trade deal. Both sides are pressing each other for tariff cuts and concessions amid pressure to hammer out a draft ahead of the July 9 deadline. STORY CONTINUES BELOW THIS AD This will be Modi's first interaction with Trump since their White House interaction in February. The G7 summit will be held in Alberta province from June 15 to 17. While India is not a member of the elite bloc, India has been receiving invitations to the table as a guest nation since 2019, when France first extended an invitation to the Biarritz summit.
Time of India
15 minutes ago
- Time of India
US suspends nuclear equipment exports to China amid trade war escalation
The US in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war . The suspensions were sent to companies by the US Department of Commerce , the people said, and affect export licenses for parts and equipment used with nuclear power plants . Nuclear equipment suppliers are among a wide range of companies whose sales have been restricted over the past two weeks as the US-China trade war shifted from negotiating tariffs to throttling each other's supply chains. It is unclear whether a Thursday call between US President Donald Trump and Chinese President Xi Jinping would affect the suspensions. The US and China agreed on May 12 to roll back triple digit, tit-for-tat tariffs for 90 days, but the truce between the two biggest economies quickly went south, with the US claiming China reneged on terms related to rare earth elements , and China accusing the US of "abusing export control measures" by warning that using Huawei Ascend AI chips anywhere in the world violated US export controls. On Friday, Trump said US and Chinese officials would meet again on June 9. The US Department of Commerce did not respond to a request for comment on the nuclear equipment restrictions. On May 28, a spokesperson said the department was reviewing exports of strategic significance to China. "In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending," the spokesperson said in a statement. US nuclear equipment suppliers include Westinghouse and Emerson . Westinghouse, whose technology is used in over 400 nuclear reactors around the world, and Emerson, which provides measurement and other tools for the nuclear industry, did not respond to requests for comment. The suspensions affect business worth hundreds of millions of dollars, two of the sources said. A spokesperson for the Chinese Embassy in Washington said Xi emphasized on his call with Trump that both sides should make good on the agreement reached in Geneva on May 12. China has been "earnestly" executing the agreement, the spokesperson, Liu Pengyu, said in a statement on Friday. "The US side should acknowledge the progress already made, and remove the negative measures taken against China," the statement said. China's rare earth export controls are in line with common practice and not targeted at specific countries, it added. They also coincide with Chinese restrictions on critical metals threatening supply chains for manufacturers worldwide, especially America's Big Three automakers. China has granted temporary export licenses to rare-earth suppliers for the US automakers, Reuters reported on Friday. Reuters could not determine whether the new restrictions were tied to the trade war, or if and how quickly they might be reinstated. Department of Commerce export licenses typically run for four years and include authorized quantities and values. But many new restrictions on exports to China have been imposed in the last two weeks, according to sources, and include license requirements for a hydraulic fluids supplier for sales to China. Other license suspensions went to GE Aerospace for jet engines for China's COMAC aircraft, sources said. The US also now requires licenses to ship ethane to China, as Reuters reported first last week. Houston-based Enterprise Product Partners said Wednesday that its emergency requests to complete three proposed cargoes of ethane to China, totaling some 2.2 million barrels, had not been granted. Enterprise said a May 23 requirement for a license to sell butane to China, in addition to the ethane, was subsequently withdrawn. Dallas-based Energy Transfer said it was notified on Tuesday about the new ethane licensing requirement, and planned to apply and file for an emergency authorization. Other sectors that have been hit with new restrictions include companies that sell electronic design automation software such as Cadence Design Systems.
