India is the new China. Not because it is like China, but because it is the next billion-person market building technology at scale.
Free Fire has 150 million daily active users. It's the most downloaded mobile game in history. A game made in Singapore, designed for phones that cost $100, played by people who've never owned a console.
Stripe does not work in Indonesia. PayPal barely works in the Philippines. The best payments companies in the world do not serve the fastest-growing internet economies. That is our opening.
We process billions of dollars a year and most Americans have never heard of us. That is fine. Our customers are in Jakarta, Manila, and Ho Chi Minh City. That is where the growth is.
B Capital invests in companies that bring technology to traditional industries in emerging markets. The opportunity is enormous because so much is still analog.
India is where China was twenty years ago. The opportunity is generational, and we intend to be there for every decade of it.
Free Fire was downloaded one billion times. One billion. And it was made by a team in a country that most gaming executives could not find on a map.
In Argentina and Turkey people use USDT to save their money from inflation. We are not just a crypto tool. We are a lifeline.
I have visited 90 countries looking for cheap stocks. Most fund managers will not leave Manhattan. That is my edge.
The best emerging market investments are made when everyone is leaving the country. I have made a career of arriving when others are departing.
The best opportunities are in markets where great entrepreneurs meet massive populations coming online for the first time.
The gap between what the market thinks about emerging market tech and what's actually happening is where all the money is.
Flipkart was a billion-dollar bet in a country where most investors wouldn't put a million. That's where the returns were.
The best emerging market trades happen when the politics change and the money hasn't moved yet.
Latin America is the most mispriced region in global finance. The volatility scares people away, and that creates opportunities.
Mexico has enormous potential. The people who bet against this country have been wrong every time.
Success in any market requires you to understand its people before you understand its economics. The economics will follow the people.
We saw what mobile phones could do in Europe and the United States. We asked: why can't the same thing happen in Africa? Nobody had a good answer.
Uganda has everything: people, resources, potential. What it has lacked is people who believe in it enough to stay and build.
When you build something in a market no one else believes in, the returns reflect that courage.
Africa is the last great frontier for business. The infrastructure gap is not a problem — it is the opportunity.
You cannot run a business in emerging markets from a distance. You have to be there, understand the culture, and earn trust over years.
The best deals I have ever made were in markets that other people thought were too risky to enter.
Egypt's housing deficit is not a crisis — it is the largest business opportunity on the continent. We are building the homes that 100 million people need.
India is not a market — it is a hundred markets. The biggest mistake is treating it as one.
India has hundreds of millions of potential entrepreneurs who have never had access to capital or mentorship. That is not a social problem. That is an economic opportunity the size of a continent.
India will produce the next generation of global technology leaders. I've bet my post-Cisco career on that.
The next billion customers are in Africa and Asia, not Silicon Valley.
The next billion internet users will come online on cheap phones, and they will not use apps the way Silicon Valley expects.
We defined ourselves as a top VC in emerging startup ecosystems.
The next billion people are coming online in our region. It's a huge opportunity and an equally huge pool of talent in the region is set to make the most of it.
People in Turkey do not think of Tether as a cryptocurrency. They think of Tether as money.
Crypto dollars are quietly dollarizing the global south, providing an escape valve for citizens living under hyperinflation.