Bharadwaj, a former India managing director of Sequoia Capital who now leads venture capital firm A91 Partners.
Indian VC firm Blume Ventures said in an April report consumption outside the top 30 million Indian households dropped sharply, and is driven by a "tiny superuser set".
"Indian startups are not catering to a billion consumers.
And only 271 Indian startups raised funding in Q1 2023, compared with 561 last year, according to CB Insights.
It invested $3 billion in Indian companies in 2021 and another $500 million in 2022, by April that year, Reuters calculations show.
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