QED Investors will deploy up to $500 million in Indian startups in the next three years, Sandeep Patil, partner and head of Asia at QED, said. These investments are spread across neobank Jupiter, Refyne, Upswing, and FPL Technologies. QED will also invest in lending companies, digital banks, SME lenders, insurance space, wealth management and crypto companies.

“We are focusing largely on two sectors. The first is embedded finance, where financial services can be a source of economic advantage for companies. The second is new asset classes like crypto. We are not first and forward in this, but we are thoughtful, conservative, and a unit economics-driven investor,” Patil said. “India is a growth hotspot. Once the liquidity situation settles down towards the second half of the year, I expect momentum to return. We are not looking at slowing down our pace of investment in India. We expect to invest over $500 million in India in the next three years,” Patil added.