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Middle India By Design

We are at the early stages of a huge technology product innovation cycle for Middle India - a level of change that would not have been possible even a few years ago.

Middle India - the 400M people who make between ₹ 3.5L ($5K) and ₹ 15L ($20K) a year in family income are the main drivers of economic growth and consumption in India. We are at the early stages of a huge technology product innovation cycle for Middle India – it’s a massive driver of change and a catalyst for market shifts. The exponential adoption of smartphones and API-led public digital transaction infrastructure - Aadhaar (biometric ID), UPI (mobile payments), eKYC (digital onboarding), Digilocker (public records), health stack (medical data) - has slashed traditional cost and distribution barriers in accessing this Next 400M market. Areas such as financial services, healthcare, food/agri and mobility account for almost 70% of the wallet share of Middle India consumers. These mega markets are seeing massive upheaval as consumers shift their allegiance to better, faster and lower cost solutions from innovative start-ups building solutions on top of this digital infrastructure.

Smartphone-led applications and ecosystems, SAAS platforms, IOT networks, and artificial intelligence are valuable enablers. The secret sauce for success will be the right combination of Next 400M domain expertise, innovation, and entrepreneurial chops. Founders who combine a deep understanding of Middle India, and leverage technology to design low cost solutions and efficient new business models can build highly differentiated and scalable businesses. We seek to partner with such founders and invest in industry redefining businesses.

India's Digital Infrastructure for Innovation

  • 2014
  • 2019
  • Aadhaar Enrollments

  • Aadhaar Linked Bank Accounts

  • Monthly UPI Transactions

  • Cost of 1GB 4G Data

  • Digilocker Documents

Our Past Experience With the Next 400M Market

  • IPO

    Small finance bank

  • IPO

    Affordable credit for the Next 400M

  • EXITED

    Digital skills testingAcquired by Mercer

  • Housing finance for the informal sectorCo-investors - Premji Invest

  • Digital small ticket loansCo-investors - SourceCode, Shunwei

  • Rail and bus tickets for the Next 400MCo-investors - Blume, Omidyar

  • Kirana store supply chain efficiencyCo-investors - Nexus, Kalaari

  • Digital credit scoringCo-investors - Matrix, Bharat Fund, Falcon Edge

  • Affordable healthcare financing for the Next 400MCo-investors - Omidyar, Kalaari, Prime ventures