Global Atlantic Corporation to invests $1 billion in India

General Atlantic expects to invest up to $1 billion per year in India in the next few years, betting on businesses based on Prime Minister Narendra Modi's efforts to expand financial inclusion.

“We are tracking big policy changes announced by the government that will accelerate creation of digital infrastructure for services and products,” said Shantanu Rastogi, managing director and the firm’s India head. “Affordable supply, affordable infrastructure for financial inclusion, affordable data are big themes for us,” he said.

According to Rastogi, General Atlantic has invested between $500 million and $1.2 billion per year in Southeast Asia and India in recent years. Over the past two decades, the New York-based company has invested $4.6 billion in India. Globally, the firm manages assets worth $71 billion.

Among the Indian companies Walmart Inc. has backed is PhonePe Pvt., a digital payments app with over 450 million users.

According to Rastogi, General Atlantic began investing primarily in consumer-focused enterprise software, health care and financial services companies a decade ago instead of export-oriented companies.

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In healthcare, General Atlantic has backed ASG Eye Hospitals and KIMS Hospitals in the country, according to Rastogi.

Varun Talukdar, a principal at the firm, said that the government launched production-linked incentives for medical device and pharmaceutical companies in India to lower costs. As a result, Talukdar says, lower-cost medical equipment and consumables are being built in India.

“I think India will become a very interesting manufacturing hub for a lot of these medical devices and consumables within the next 10 years,” Rastogi said.