If I were a VC I would invest huge in Mexico City talent development. Far more under-trained talent there and same time zone so remote from MC is temporally seamless.
Harder to find English speakers there, though. Plus, Mexico's government is a lot more uncertain than India's.
Investing in border towns in the U.S. could help solve the language issue. There's a large population of bilingual talent there
Border town developer here. Indeed, there's a ton of talent in Mexico's border towns (specially in Mexicali and Tijuana), highly qualified and with decent bilingual skills.
From my experience, it's actually kind of easy to find English speakers here. That's why a lot of US-based tech companies are opening up teams here or recruiting people from here. The government's uncertainty has not affected business for this particular case.