SAP Ventures, the corporate venturing unit of the Germany-based technology company, has reportedly grown cold on investing in India.
The corporate venturing unit, which has invested 15% of its $353m fund in India, in four companies, is now considering putting its investment in the country on hold due to regulations, news provider Business Standard said.
Jai Das, managing director of SAP Ventures, said, according to the Business Standard: "With the proposed tax regulation and [General Anti-Avoidance Rules] we doubt we can invest more in India.
Das added: "We were planning to open an office here. But now, because of the regulatory issues and risks from the regulatory issues and /risks that are developing, we are having thoughts. We are a global fund, and instead of making investments in India despite the regulatory challenges, I can invest in some other country."