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HCL Technologies 1137.05↓-4.85(-0.42%)
HDFC Bank 1606.50↑2.50(0.16%)
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UPL 683.35↑5.40(0.80%)
Wipro 404.95↓-2.20(-0.54%)

Foreign VC investors cut telecom allocations by 97% since 2018-19

Overall investment across sectors remains higher in 2022-23 than before

Anoushka Sawhney New Delhi

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2 min read Last Updated : May 16 2023 | 9:14 AM IST

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Foreign Venture Capital (VC) investors cut their exposure to the beleaguered telecommunication sector by 97 per cent during the Covid-19 pandemic, marking one of their biggest cuts among large sectors.

The overall exposure fell from Rs 4,923 crore in March 2019 to Rs 166 crore in March 2023, according to data. The Securities and Exchange Board of India (Sebi) provides information on foreign VC investors on a periodic basis. Other major sectors have also seen a decline in allocations since March 2019. Information technology had investments worth Rs 4,457 crore in March 2019. This fell to Rs 3,448 crore in March 2023. Other sectors which saw a decline in allocations include biotechnology, media and entertainment, services, and industrial products.

There has been an increase in the share of allocations towards the pharmaceutical sector from Rs 177 crore to Rs 656 crore in the same period (chart 1). The share of allocations to sectors