Episode 71: Million-Dollar Stock to Backing Indian Startups

https://is1-ssl.mzstatic.com/image/thumb/Podcasts124/v4/ce/5a/f4/ce5af438-01e1-c952-10c0-df078890f658/mza_9586269292494424115.jpg/600x600bb.jpg

#DamaniTalks

Anirudh A Damani

75 episodes

6 days ago

I look for exciting people doing unique things, often being entrepreneurs and people with startup experience. Instead of just talking about 'what' they do, I want to bring out the 'why' behind what it is they do. Live every week on LinkedIn, YouTube, Instagram, Facebook, and Twitter @showmedamani.

Entrepreneurship

Business

RSS

All content for #DamaniTalks is the property of Anirudh A Damani and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Entrepreneurship

Business

https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded/7003934/7003934-1594030223798-cc465a5ab43de.jpg

Episode 71: Million-Dollar Stock to Backing Indian Startups | Sandeep Murthy

#DamaniTalks

2 hours 26 minutes 1 second

4 months ago

Episode 71: Million-Dollar Stock to Backing Indian Startups | Sandeep Murthy

In Episode 71 of #DamaniTalks, Anirudh A. Damani is in conversation with Sandeep Murthy, Founding Partner at Lightbox, and one of the earliest champions of long-term, product-first startups in India.

From his formative years under Barry Diller to funding Cleartrip and shaping India’s consumer internet story, Sandeep reflects on 25 years of backing bold ideas before they were cool - and staying the course when others walked away.

But this is more than just a career recap. It’s a candid, no-frills masterclass on what it really takes to build durable businesses and why the current VC playbook needs a rethink.

Expect raw truths about broken feedback loops in venture, distorted cap tables, the obsession with IRR over DPI, and why burn is not a business model.

Whether you are a founder navigating PMF, an LP questioning returns, or a VC looking for perspective, this episode is packed with grounded insights, real stories, and hard-won wisdom.

Highlights:

The inside story of TripAdvisor’s early days
The $10M deal where Sony took 92% equity - and the hard lessons it left
Betting on Indian travel before it was a thing
How VC signals are failing the founders they fund
Why “valuation is vanity, exit is reality” still holds true
What real founder support looks like

Tune in for a deep dive into what it truly means to be a founder-first investor and why Sandeep Murthy is still betting on real businesses over flashy pitch decks.

Chapters:

08:46 – Dotcom days: Match, Expedia & TripAdvisor

20:15 – The 92% equity story: A deal that changed everything

30:49 – From IAC to India: The Cleartrip chapter

44:08 – Betting on Indian consumption

50:20 – How to balance ambition and burnout?

1:00:24 – How to invest strategically in emerging markets?

1:10:26 – How to build founder-investor relationships?

1:20:29 – Why do most new venture funds struggle?

1:30:31 – How to choose the right team and investors?

1:40:34 – Measured growth and founder evolution

1:50:38 – Local adaptation in the Indian market