“I was sitting on the fence for the crypto segment,” says Anirudh. A. Damani of Artha Venture Fund

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Speaking on the Finance Minister Niramala Sitharaman announcement on cryptocurrency during the Budget 2022-23, Anirudh. A. Damani, Managing Partner of Artha Venture Fund said,  “As a VC fund manager, I was sitting on the fence for the crypto segment, largely because of the indecisiveness on the subject by the Govt.”

“However, the hon’ble FM has all given a clear message that crypto trading will now be legalised in India – crypto is here to stay and the Govt is here to support. Additionally, the launch of the ‘Digital Rupee’ by the Govt itself, has only firmed the credibility of the digital ecosystem! I am now much more confident in sourcing crypto startups deals. We will focus our investment efforts on such startups and we expect to witness significant innovation in the said segment. We are confident that this move will bring in a substantial influx of investment in the country, which will in-turn boost the tax revenues,” He said.

“Moreover, the launch of the 75 digital banking systems in 75 districts is bound to boost the social/e-commerce segment, which in-turn will promote last mile connectivity and lay the much-needed emphasis on the D2C enabler ecosystem,” Anirudh said.

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The introduction of 5G will provide a huge boost to the startup ecosystem and will unlock the gaming, content, and OTT segments; provided it is priced competitively.

Further speaking on the budget announcement, Anirudh said, “While there has been some rationalisation on the surcharge of selling startup investments, it is only a small drop in the ocean. While the recognition of the startup ecosystem’s contribution in the budget speech was welcome, I am quite disappointed that the Govt hasn’t done more to rationalise the taxation between listed and unlisted investments – that would have encouraged more participation of investors in the ecosystem.”

“Alternatively, the Govt should have provided tax benefits for making investments in the startup space, which although riskier than the listed space, but are critical for the nation as recognised by the hon’ble FM in her speech. I’m looking forward to the active actions by the ‘expert committee’ that will be setup for the PE /VC space. I truly hope that it is not simply for academic purposes and has a wide participation to include all stakeholders,” he added.

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Krishna Mali
Krishna Mali
Founder & Editor of TechGraph

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