‘We intend to deepen our presence in Tier 2, 3 cities’

businesses such as consumer brands and supply-chain platforms serving non-urban India.

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We’ve also begun investing in deeptech— including space tech, energy tech and manufacturing tech— in India and plan to double down on this focus.Are there specific business models within these segments that you prefer?

Our investment lens has evolved from a primarily B2B focus to a stronger tilt toward B2C and B2B2C models, particularly in Tier-2 and Tier-3 cities. These markets are driving the next wave of India’s consumption growth. We prefer business models that are capitalefficient, scalable and have a clear path to profitability rather than those dependent on aggressive cash burn.

How many investments have you made so far this financial year?

So far this financial year, we’ve made four new investments and four follow-on investments through Fund III. In addition, our SMBC Asia Rising Fund has closed five new growth-stage investments. Across both funds, we’ve focused on highconviction bets aligned with our India and Southeast Asia thesis.

Tell us about your upcoming investments. How many do you plan to make by the end of FY26?