Changed priorities? Foxconn has invested only in four Indian startups so far

It was in August last year that Terry Gou, chairman of world's largest electronics contract manufacturing company Foxconn Technology Group, had announced that they had reached the final stages of investing in GreenDust, the New Delhi-based refurbished goods seller.

The deal, which was estimated to be worth $65-70 million (Rs 430-460 crore), would have been its second-largest investment in an Indian start-up, since it had already invested $200-million in online marketplace Snapdeal.

However, it’s been ten months and the deal is pending.

Even though the Taiwanese company had announced striving plans for India, it has only invested only in four Indian start-ups ever since.

Other than Snapdeal, Foxconn had also participated in a $9-million funding round in QikPod, investing undisclosed amounts in home automation start-up eGlu and mobile internet venture MoMagic, but that’s about it. Even the investments made in these companies are a far cry from the firm's intention of investing $1 billion in Indian start-ups.

A reason behind Foxconn's change in this strategy could be its $3.5-billion takeover of Japanese electronics manufacturer Sharp, as the deal involved last-minute disclosures and stiff competition from other suitors. Fall in global tech stocks could also be one of the reasons behind this.

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