South Africa tour of India 2019
CAA Makes Tim Draper Think About His Business plans In India
Top venture capitalist Tim Draper has expressed anxieties over the Narendra Modi government’s Citizenship (Amendment) Act (CAA), calling it an issue that may hamper his plans to fund businesses in India.
Draper, well known for his early investments in companies like Tesla, Skype, and Baidu, recently re-entered India through a partnership with
Draper first set up shop in India in late 2007 and invested $70 million in several companies including Cleartrip, Komli Media and iYogi. In 2013 though, DFJ shut its offices in the country and sold its entire India portfolio to NewQuest Capital Partners, citing a corrupt environment.
In 2017 with Modi’s demonetization move against corruption, he thought about coming back in India. But after CAA he is concerned about his plans for the business in India.
The law offers citizenship to non-Muslim immigrants from Bangladesh, Pakistan, and Afghanistan who settled in India before 2015. "Unfairness infuses society like cancer. I don't want to invest to support bad behavior," Draper said.
According to Draper, "Freedom is a big thing. More rules and restrictions create more corruption."
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