Eight U.S. and Indian venture capital and private equity firms — including storied investors Accel, Blume Ventures, Celesta Capital, and Premji Invest — have formed an unusual coalition to back India’s deep tech startups, pledging more than $1 billion over the next decade to strengthen U.S.-India tech ties.

The alliance addresses longstanding funding concerns. In April, Indian Commerce Minister Piyush Goyal drew criticism after slamming domestic startups for focusing on food delivery instead of innovation, contrasting them with Chinese firms in a presentation titled “India vs. China: The Startup Reality Check.” Several investors and founders countered that India lacks capital for deep tech ventures and said Goyal’s comments overlooked the determination of founders building for the l

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