其他
印度知名媒体对话Tej Kapoor：印度未来十年，将远超过去十年| 锐•观点
Tej Kapoor
复星锐正
联席执行总裁
近日，Tej接受了印度知名创投媒体YourStory的专题采访。在“100x企业家播客”节目中，Tej与印度创始人、风险投资家和天使投资人共同探讨印度市场的创业与投资机遇。
以下为采访精编：
复星锐正到底是一家怎样的VC？
复星锐正作为复星旗下唯一的全球风险投资平台，在美国、以色列、中国、东南亚和印度等地，均有本地化投资团队。在其投资的企业中，既有种子公司，也有Delhivery和MakeMyTrip等高成长型企业。
Tej提到：“复星锐正会做大规模的投资，但由于印度市场的特殊性，印度项目估值会有些虚高，因此通常不会投资D轮或E轮，偏向于投资早期或者早中期项目”。
Fosun RZ Capital’s portfolio has both seeded companies and large startups like Delhivery and MakeMyTrip. The global VC fund has offices in the US, Israel, China, Southeast Asia, and India.
"We do large-ticket transactions. We don’t typically come into Series D or E, because, in India, the valuation can end up being expensive. So, either we try to come in early or we try to come in late," Tej explains.
印度市场的投资参数与偏好
复星锐正支持那些有经验，年轻但有颠覆现有模式想法的创始人。因为建立一家公司需要付出很多努力，我们偏好投资合伙团队，而不是只有一位创始人的公司。
Tej同时也提到，初创公司拥有巨大的行业增长潜力以及产品市场适应性是很有必要的。复星锐正资本致力于帮助初创企业寻找数十倍速度增长的有效方法，开展团队扩建，并且带领他们了解中国市场以及中国的模式。他认为，相比于美国市场的商业模式，印度更关注与对标中国市场。
“我们希望与能够超越你我视野的CEO们合作，努力为印度民众带来更大的价值。”Tej谈到。
目前，复星锐正在印度更加关注金融科技和物流等行业，在这些行业中，复星锐正具备核心优势。除此之外，我们还将关注旅游、消费互联网和交易平台，以及发展趋势日趋明朗的电子商务。
For the seed stage, Tej says it is very important that the startup has a disruptive business model and an aggressive founding team, since building companies in India is hard.
He adds, "You would need to back founders who have prior experience or are young and want to disrupt the models. We also look at co-founding team and don’t typically invest in a one-founder company because I think it takes a lot of effort to build the company."
Tej goes for large-sized sectors that have high potential for growth, and looks at the product-market fit of the startup. The fund helps the startups at hiring and to identify how they can grow by 10x than 1x, and also help them travel to China often to learn from the Chinese market. He believes India is following the Chinese market more closely than the US market when it comes to business models. "
We want to work with CEOs who can look beyond what you and I see and try to bring in immense value to the consumer," Tej says.
This year, RZ Capital will focus on sectors like fintech and logistics, which Tej calls their core strength areas. Besides these, travel, consumer internet, and product marketplaces too will be given attention, with ecommerce being an obvious bet.
来自中国的投资文化
“在人均GDP、网络运行速度、网络数据使用量和人们对产品的理解等方面，中国远远领先于印度。换句话说，中国已深耕互联网市场，而且表现非常活跃。在中国，有4亿人使用互联网购物，而印度目前可能只有8000万。这里的数据指的是日活用户而非月活用户。”Tej补充道。
但是Tej对印度互联网的市场充满信心，随着电信运营商Jio的发展，部分农村地区已经可以获得4G数据，他相信印度互联网市场的未来肯定会与中国一样繁荣。当内容方面的数据消费随着互联网的普及而增长时，专注内容开发的初创公司将得到机遇把内容转换成产品，复星锐正已投企业Headfone就是一家公司。
“印度未来的10年，将远远好于过去10年。现在正是投资印度的大好时机，市场已逐渐变得成熟，企业家们也越来越聪明。现在的印度已经出现了很多有潜力的公司，很多企业家在其中脱颖而出，并积累了丰富的经验，不会再犯与过去相同的错误。”
此外，中国投资者热衷于深度了解和学习印度市场，为投资印度市场打下基础。Tej相信“现在正是在印度创业和投资的大好时机”。
India and China are not very dissimilar in terms of cultures. Tej notes that while people think similar both countries are way apart in terms of scale. He says the entirety of China lives on the mobile phone throughout the day, whether it is ordering food or booking a cab.
China is far ahead of us in GDP per capita, consumer internet speed, usage of data, and people’s understanding of products. So, China is a country that is on steroids when it comes to the internet, and the market is very deep. There are 400 million people who buy products in China, compared to maybe 80 million in India now. They don't talk in MAUs but in DAUs," he adds.
Tej explains that when he saw he could get 4G data in some rural areas of Madhya Pradesh, he understood that the future of internet in India will certainly be like that of China's, especially with the introduction of Jio. When data consumption on the content side grows along with internet penetration, content-based startups would have to convert into product orders, and Tej says this would be when India will see a massive growth.
The next 10 years are going to be far, far better than the previous 10 years. This is a real time to invest here, and the market is getting deeper by the day. The entrepreneurs are getting smarter. Now, we also have a chain of companies that have been built and people are coming out of that. They already have learnings. So, they will not make the same mistakes again," he explains.
Tej speaks of the enthusiasm from Chinese investors to learn and understand the Indian market in order to invest in it. "It’s a great time to be an entrepreneur as well as an investor in India," he adds.
2月12日，复星锐正资本将与36氪联合举办“创梦韶华 · 2020科技商业领袖峰会”，聚焦智能化技术、产业互联网、创新消费等潜力赛道的发展机会，探讨2020行业新格局。邀您在乍暖还寒之际相约上海，共议2020新机遇！点击“阅读原文”或“扫描下方二维码”报名参会！