Andreessen Horowitz denies report of India office, calls it ‘fake news’

Venture capital firm Andreessen Horowitz (a16z) has responded to local media reports suggesting it plans to open an office in India, with a general partner calling the coverage “completely fake news.”

Earlier on Thursday, Indian media reported that the a16z group is preparing to establish a physical presence in the country by setting up an office in Bengaluru. The reports, which quoted unnamed sources, stated that the company is in the process of appointing a local partner.

However, Anish Acharya, general partner in the Gulf region at a16z who has spent the last six years with the company, denied these reports. “As much as I adore India and the many impressive founders and investors in the region, this is completely fake news!” Written on X.

When contacted, an a16z spokesperson confirmed Acharya’s statement and referred to his post.

This denial comes at a time when a16z appears to be scaling back some of its international ambitions. Earlier this year, the company decided to close its London office — which opened in 2023 — after the UK government reportedly spent five years trying to woo the powerful company, according to outlet Sifted. The closure came just 18 months after a16z set up shop, with the company citing a shift in strategy and more favorable regulatory developments back home. However, the company said it will continue to invest internationally through remote teams and local networks. Reports later indicated that many Scouts were active throughout Europe.

To date, India has not been a major focus for a16z – unlike other US venture firms such as Accel, General Catalyst, and Lightspeed Venture Partners, which have made deep inroads into the market. The company’s only notable bet in India was cryptocurrency exchange CoinSwitch, which it backed as part of the company’s $260 million funding round in 2021.

In the months that followed, a16z was reportedly seeking to invest around $500 million in Indian startups, though it has not made any major investments in the country since then.

As TechCrunch previously noted, a16z co-founder and general partner Marc Andreessen gave a lecture at Stanford University’s Graduate School of Business several years ago, saying that while it is “very tempting” to back startups in emerging markets, it is also difficult for a venture capital fund to expand to more countries. Venture capital is “a very practical process of understanding the people you are working with to evaluate the company and the business[ing] “With the company,” he said at the time.