New York-based private equity firm General Atlantic (GA) is looking to invest in consumer technology space in a big way, announced Sandeep Naik, India Managing Director, General Atlantic, in an interaction with CNBC TV18.

Speaking about funds deployment in India, Naik said that GA will be deploying at least $1-1.5 billion in the next year or two, which will GA's largest deployment in India over the next two years "specifically backing innovative digital disruptors that will build the Bharat of tomorrow".

For GA, Consumer technology spans across telecom platforms, grocery delivery, food delivery, digital fitness, tele-health as well as education technology.

Naik said that globally GA has about $10 billion of dry powder right now that company is willing to invest in the next 2 years. Dry powder is a slang term referred to cash reserves kept on hand by a company, venture capital firm or individual to cover future obligations, purchase assets or make acquisitions.

General Atlantic, which provides capital and strategic support for growth companies, has been investing in India since 2002 and has invested up to almost $3 billion to date. The 40-year-old PE firm has invested in more than 25 companies.

GA's portfolio companies include Capital Foods, BYJU, Euangguru, and Unacademy. Last month, GA led the Rs 230 crore funding round of NoBroker.

Established in 1980, General Atlantic is said to have pioneered the concept of growth equity a.k.a Growth capital (also called expansion capital and growth equity)-- a type of private equity investment, usually a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business

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