Tiger Global is bullish on the returns from Indian startup investments, with partner Scott Shleifer projecting the highest equity returns from the nation in the future on the investor call on Tuesday.  Shleifer's optimism in the market is surprising, given that the firm's bets in India have yielded below-average returns so far. He cites the low penetration of e-commerce, fast revenue growth potential, and a large internet-connected market as the reasons behind his bullish future prospects.  By mid-2022, the New York-based firm had invested $6.5B in India alone.  Notable previous bets include acquiring a ~17% stake in e-commerce giant Flipkart for $8M in 2010, a 10% stake in B2B e-commerce startup InfraMarket for $8M, and nearly 33% of investment app Upstox for $50M.  Flipkart is currently valued at over $37B, while InfraMarket and Upstox are valued at over $2.5B each.  Tiger Global has invested $1B in Flipkart to date.  Shleifer noted that the returns remained subdued in the past due to a lack of exit liquidity.  He notes that venture capitalists were able to nab 20% returns on investments, much lower than the percentages in the mid-30s and low-50s from the U.S. and China, respectively, in the same time period.