What if the secret to building a $8.5 billion VC portfolio isn't chasing billion-dollar markets, but backing the right founders who can pivot their way to success?   In this episode, Sasha Mirchandani, Founder of Kae Capital and Co-Founder of Mumbai Angels, reveals why 90% of venture capital funds underperform and how his contrarian approach has created 4 unicorns including Porter, Fractal Analytics, Zetwerk, and Tata 1mg.   From traveling second-class trains as the son of Onida's Founder to becoming India's pioneer seed-stage investor, Sasha shares brutally honest insights on what it really takes to succeed in venture capital. He opens up about the 20-30 unicorns he passed on (including Ola and Nium), why Kae Capital avoided the crypto bubble, and how investment #29 from recycled capital became Porter's $1.2 billion unicorn story. Sasha explains why he deliberately keeps his funds small despite the ability to raise $300 million+, the recycling capital strategy that created hidden winners, and his founder-first investment philosophy that prioritizes grit and conscientiousness over market size. He shared this remarkable 25-year journey in this candid conversation with host Akshay Datt, revealing practical advice on pitch decks, portfolio construction, and surviving India's funding cycles while navigating Trump tariffs and startup ecosystem challenges.   What You'll Learn:   👉Why 90% of VC funds fail and how Kae Capital's small fund strategy generated 4 unicorns worth billions  👉The recycling capital playbook that turned investment #29 into Porter's $1.2B unicorn exit  👉How InMobi pivoted 4 times and Fractal transformed from Woodle.com to a pre-IPO AI unicorn  👉Sasha's "founder over TAM" philosophy and why he'd rather get market size wrong than entrepreneur quality wrong  👉Inside Kae Capital's LP strategy balancing 50% Indian capital with global investors expecting different returns  👉Surviving the crypto mania, edtech bubble, and Trump tariffs while maintaining investment discipline   CHAPTERS:  00:00 - What Is a Venture Capitalist? Sasha's Definition  03:52 - Wealth Manager vs Builder: Kae Capital's Investment Philosophy  08:19 - Why Venture Capital Is a Crappy Asset Class  12:13 - Fund Strategy: 25 Investments, Recycling Capital, Portfolio Construction  18:04 - Why Smaller VC Funds Outperform Larger Funds  23:40 - India's Startup Funding: 50% Indian LPs Now  28:11 - Investment Thesis: Founder Quality Over Market Size  34:38 - Avoiding Hype Cycles: Crypto Bubble, EdTech Mania  40:13 - The Unicorns Sasha Passed On: Ola, Nium, Mint  46:56 - Onida's Legacy: 550 Competitors Dead, One Survived  56:36 - Second Class Train to VC Success Story  1:00:50 - Starting Kae Capital: From BPO to Fractal's First Investment  1:06:08 - TAM Lessons From Father's Electronics Business   #VentureCapitalIndia #SeedFundingIndia #IndianStartupEcosystem #StartupFundingIndia #EarlyStageVC #IndianVCEcosystem #FounderFirstInvesting #VCStrategy #SmallFundAdvantage #RecyclingCapital #UnicornStartups #IndiaUnicorns #VCPortfolioStrategy #PitchDeckAdvice #StartupInvestor #VentureCapitalFunding #IndianEntrepreneurs #AngelInvestingIndia #PreSeedFunding #SeriesAFunding #StartupEcosystemIndia #FundingWinterSurvival #AIStartupsIndia #ConsumerTechIndia #SaaSFundingIndia #QuickCommerceIndia #LogisticsTechIndia #ManufacturingTechIndia #FinTechInvestments #VCPodcast #StartupPodcastIndia #EntrepreneurshipIndia #BusinessPodcastIndia

How did P. Venkatesh build Maveric Systems into a $75 million banking technology powerhouse without VC funding over 25 years?    In this episode, we explore the contrarian strategies behind one of India's most successful bootstrap stories in fintech.  P. Venkatesh, Director of Maveric Systems, shares the remarkable journey of building a domain-focused banking technology specialist that now serves global top-10 banks across 15 countries. From starting as a testing company in 2000 to becoming a comprehensive BankTech solutions provider, PV reveals the strategic decisions that enabled sustainable growth in the competitive IT services landscape. He discusses the concept of "unitization" - how technology democratizes access to complex financial instruments, the evolution of universal banking, and why AI will make banks more human rather than less. PV also shares candid insights on customer selection philosophy, the importance of vertical specialization over horizontal scaling, and why services businesses can be more defensible than SaaS products in complex domains.  He shared this wisdom in a candid conversation with host Akshay Datt, exploring how Maveric is positioning for an IPO while navigating the AI transformation sweeping through banking technology.   This episode offers invaluable lessons for entrepreneurs building B2B services companies, understanding banking industry trends, and creating sustainable competitive advantages through deep domain expertise.   Key Highlights:  👉How P. Venkatesh built Maveric Systems from testing startup to $75M ARR without VC funding over 25 years  👉The "unitization" framework explaining how technology democratizes access to complex financial systems  👉Why AI adoption in banking follows a predictable spectrum from technology companies to ISVs to traditional banks  👉Strategic lessons on choosing customer quality over revenue quantity for sustainable B2B growth  👉Maveric's vertical specialization strategy in banking technology and its competitive advantages  👉The future of banking technology, DeFi adoption, and why banks will remain financial gatekeepers   #BankingTechnology #BootstrapStartup #BankTechSolutions #AIInBanking #FintechIndia #StartupGrowthStrategy #B2BServices #BankingTransformation #ITServicesIndia #FinancialTechnology #DomainSpecialization #CustomerQualityStrategy #BankingAI #FounderThesisPodcast #IndianEntrepreneurs #TechStartupsIndia

How did Rohit Arora build a $100 million ARR fintech SaaS platform without raising venture capital while facilitating over $2 billion in SME loans?    Discover the untold story of Biz2Credit's journey from marketplace to hidden unicorn disrupting America's small business lending crisis.  In this episode, Rohit Arora, CEO and Co-founder of Biz2Credit and Biz2X, reveals how he transformed from a Deloitte consultant into one of America's most successful fintech entrepreneurs.  Starting as a simple marketplace in 2007, Biz2Credit evolved into a lending powerhouse by pioneering partnerships with hedge funds, leveraging regulatory arbitrage, and building proprietary AI-powered underwriting systems. Rohit shares candid insights about bootstrapping a $100+ million ARR SaaS business, expanding across the US, India, and Middle East, and preparing for a potential $15 billion IPO in 2027. He discusses how Trump's tariffs are creating new opportunities in SME lending, why traditional banks are losing the fintech battle, and how agentic AI is revolutionizing credit decisioning.    In this conversation with host Akshay Datt, Rohit also offers contrarian takes on venture capital, cross-border fintech regulation, and why India's conservative approach is limiting innovation compared to the Middle East's progressive framework.   Key highlights from this episode include how Rohit Arora built Biz2Credit into America's leading SME lending platform without traditional VC funding, strategic lessons from partnering with hedge funds and creating special purpose vehicles for lending operations, Biz2X's evolution into a global SaaS platform serving major banks like Citibank and HSBC with $100+ million in annual recurring revenue, insights on navigating cross-border fintech expansion across US, India, and Middle East markets with different regulatory frameworks, the impact of Trump's tariffs on small business lending demand and how it's creating new market opportunities, and Rohit's vision for agentic AI transforming lending workflows and his plans for going public in 2027 with a potential $15+ billion valuation.  #SME lendingfintech #VC #SaaS #unicorn #crossborderfintech #agenticAIv#hedgefund #lending    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

Stop thinking about your wealth like a startup.   Your biggest strength as a founder - your bias for high-risk, high-growth, and breakneck speed - is your biggest liability when managing your own money. The instinct that built your company can easily destroy your personal wealth. This episode is the antidote.   In this episode, host Akshay Datt sits down with Raghvendra Nath, a 30-year veteran of the Indian financial markets. After a stellar 18-year corporate career in senior roles at the Aditya Birla Group, Raghvendra co-founded Ladderup Wealth Management in 2011. He has since grown the firm to manage an AUM of 2,000 Crore by challenging the industry's product-pushing culture. His core philosophy is brutally simple: protect the capital first.   This conversation is a masterclass in building and preserving wealth for entrepreneurs who have created something valuable and can't afford to lose it.  Learn:  👉The math behind compounding that can double your money in 5 years instead of 10.  👉Why Raghvendra believes most day trading is a zero-sum game destined to fail.  👉The surprising truth about gold's performance and why central banks are buying it furiously.  👉A breakdown of when to use Mutual Funds, Portfolio Management Services (PMS), or Alternative Investment Funds (AIFs).  👉The single biggest mistake investors make when choosing a fund to invest in.  👉The powerful case study of Titan, and how a company's revenue can become its profit over a decade. If you're an entrepreneur or leader who has built something valuable, this conversation is non-negotiable.    #FounderThesis #Investing #WealthManagement #StockMarket #FinancialPlanning #Entrepreneurship #StartupIndia #AssetAllocation #Compounding #LongTermInvesting #IndianStartups   Disclaimer: The views expressed are those of the speaker, not necessarily the channel

What if your idle savings could earn 8–13% returns instead of just 3–4% sitting in your bank account?  In this episode of the Spotlight, host Akshay Datt speaks with Suresh Darak, founder of Bondbazaar, a digital bond investment platform that's making the fixed-income space accessible to retail investors. With 20+ years in financial services and 13 years focused specifically on bonds, Suresh offers a masterclass in bond investing, debt capital markets, and personal finance strategies for modern India.   Key Takeaways:  👉India's corporate bond market stands at ₹50 lakh crore, growing at 20% CAG  👉Bonds offer predictable returns, lower volatility, and daily interest accrual  👉Bondbazaar is building retail-friendly infrastructure for investing in listed and privately placed bonds  👉SEBI regulations and credit ratings ensure transparency and investor safety  👉Robo-advisory for bonds is set to make smart investing even more accessible #BondMarket #Fintech #StartupStory #IndianStartups #FounderThesis #FixedIncome #RetailInvesting #UnfundedStartup #DebtMarkets #FinancialLiteracy #InvestmentStrategy #Entrepreneurship #BootstrappedStartup #IndianFintech #BondInvesting #WealthCreation #financialinclusion   Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"India's complex regulatory landscape, often seen as a hurdle, can actually be a powerful competitive advantage for startups."  Aditya Pandranki shares how Doqfy strategically leveraged the intricacies of varying state-wise stamp duty regulations, turning a common business challenge into a unique selling proposition and a significant moat.   Aditya Pandranki is the Founder and CEO of Doqfy, a B2B SaaS platform revolutionizing contract lifecycle management in India, founded in 2019. Drawing from over 18 years in IT and pivotal experience in banking with institutions like Standard Chartered, Aditya launched Doqfy, which now empowers over 1,000 businesses across 10+ industries. The platform has managed over 100 million contracts, achieved a $1.3 million revenue in FY24 (approx. Rs 9.05 Cr) with a stunning 110% year-over-year growth, and has successfully raised around $2 million in funding after an initial bootstrapping phase of Rs 25 lakhs.   Key Insights from the Conversation:  👉The critical legal necessity of stamp duty for contracts in India and why it's often misunderstood or sidestepped.  👉A deep dive into various digital signature mechanisms like Aadhaar eSign, DSC tokens, and electronic signatures, including their validity and use cases in India.  👉Doqfy's strategic evolution from a focused contract execution tool to a comprehensive Contract Lifecycle Management (CLM) platform.  👉The transformative role of AI and NLP in modern LegalTech, automating contract drafting, review, summarization, and proactive risk assessment.  👉Actionable strategies for customer acquisition, market penetration, and scaling a B2B SaaS business tailored for the Indian enterprise landscape.   Chapters:  00:00:00 - Introduction: Aditya Pandranki & The Doqfy Mission  00:01:25 - The Personal Story Behind Doqfy's Founding  00:03:15 - From Contract Execution to Full CLM & COVID's Impact  00:04:22 - When is a Contract Legally Binding in India?  00:05:25 - Stamp Duty: Why It's Crucial (and Often Skipped)  00:18:02 - Doqfy's High-Volume Use Cases: Banking & Beyond  00:24:00 - Automating eStamping & The Tech Behind Doqfy  00:27:00 - Decoding Digital Signatures: Aadhaar, DSC, Electronic Explained  00:43:45 - Doqfy's Revenue Model & Market Landscape  00:49:30 - The Role of AI in Modern Contract Lifecycle Management  01:00:15 - Client Acquisition & Scaling a B2B LegalTech in India  01:02:41 - Doqfy's ARR & Future Growth Projections   #LegalTech #ContractManagement #eSignature #eStamping #CLM #SaaS #B2BSaaS #StartupIndia #IndianStartups #Entrepreneurship #BusinessLaw #DigitalTransformation #AIinLaw #FounderThesis #MakeInIndia #DigitalIndia #RegulatoryMoat Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Waste is the resource which is in the wrong place."   This powerful statement from Dhruv Luthra encapsulates the core philosophy driving the Luthra Group. It's a paradigm shift from viewing waste as a problem to seeing it as an opportunity – a valuable raw material waiting to be transformed. This mindset has propelled the Luthra Group to the forefront of India's sustainability sector.   Dhruv Luthra is the Managing Director of the Luthra Group, a third-generation entrepreneur who has been instrumental in steering the family's legacy from its origins in textiles to becoming a pioneering force in hazardous waste management and sustainable energy solutions across India. Under his leadership, the group operates 11 plants, processes around 1100 tons of waste daily in its key recycling facilities, and has played a pivotal role in significant environmental achievements, including saving over 1.8 Lac ML of landfill waste and recycling 12 Lac Tonnes of Greenhouse Gases. The Luthra Group, which started its waste management journey in 1999 as arguably India's first private company in the sector, has seen remarkable growth, with an asset value growth from under Rs. 10 crores to over Rs. 400 crores over a 25-year period.   Key Insights from the Conversation:   👉The Genesis of Circular Economy: Understand that the "new age jargon" of Circular Economy is fundamentally the trusted "Reduce, Reuse, Recycle" principle, applied innovatively.  👉From Textiles to Transformation: Learn about the Luthra Group's strategic pivot from a successful textile business to tackling India's pressing waste management challenges.  👉Waste as a Valuable Resource: Discover how industrial waste, from textile effluents to hazardous materials, is not just managed but converted into valuable products.  👉Innovation in Action: Get a glimpse into the "recipes" and processes involved in treating and converting diverse waste streams, including solidification of semi-solid waste.  👉Scaling Sustainably: Insights into expanding operations across multiple states, the importance of being close to the source of waste, and the critical role of managing supply chain costs.  👉Technology as an Enabler: How the Luthra Group leverages technology like SAP for ERP, and is implementing advanced systems like Automatic Storage and Retrieval Systems (ASRS) to enhance efficiency and safety.  👉The Hard Decisions: The rationale behind exiting the decades-old family textile business to focus entirely on the burgeoning field of environmental solutions. #CircularEconomy [https://www.youtube.com/hashtag/circulareconomy] #WasteManagement [https://www.youtube.com/hashtag/wastemanagement] #Sustainability [https://www.youtube.com/hashtag/sustainability] #Entrepreneurship [https://www.youtube.com/hashtag/entrepreneurship] #StartupIndia [https://www.youtube.com/hashtag/startupindia] #MakeInIndia [https://www.youtube.com/hashtag/makeinindia] #GreenTech [https://www.youtube.com/hashtag/greentech] #Innovation [https://www.youtube.com/hashtag/innovation] #WasteToEnergy [https://www.youtube.com/hashtag/wastetoenergy] #HazardousWaste [https://www.youtube.com/hashtag/hazardouswaste] #Recycling [https://www.youtube.com/hashtag/recycling] #IndianBusiness [https://www.youtube.com/hashtag/indianbusiness] #FamilyBusiness [https://www.youtube.com/hashtag/familybusiness] #EnvironmentalSolutions [https://www.youtube.com/hashtag/environmentalsolutions] #ClimateAction [https://www.youtube.com/hashtag/climateaction] #FounderThesis [https://www.youtube.com/hashtag/founderthesis]  Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"The journey of reduction in health care costs is not the responsibility of the hospital on its own, it's also the responsibility at the patient level."   Aditya Sharma, CEO and Co- founder of AffordPlan, is tackling the critical issue of healthcare affordability in India. From his unique perspective as an investor-turned-founder, he's driving a purpose-led mission to reduce out-of-pocket healthcare expenses for millions. AffordPlan partners with hospitals to offer a blend of micro-insurance, loans, and wellness programs, making essential healthcare services more accessible and financially manageable for patients.   Key Insights from the Conversation:   👉 Healthcare Affordability Focus: Afford Plan's central mission is to alleviate the financial burden of healthcare on Indian families.  👉 Integrated Hospital Partnerships: The company's success relies on close collaboration with hospitals, integrating their services into existing healthcare systems.  👉 Financial Tools for Patients: Micro-insurance and loan options are strategically bundled to reduce immediate and long-term healthcare costs.  👉 Beyond Traditional Loyalty: Afford Plan's program offers tangible financial benefits, creating a sustainable relationship between patients and hospitals.  👉 Purpose-Driven Entrepreneurship: Aditya's approach emphasizes social impact, aligning business goals with the critical need for affordable healthcare.  👉 Strategic Turnaround Experience: Valuable insights into navigating a company turnaround, highlighting the importance of adaptability and decisive action.  👉 Investor's Perspective on Founding: Aditya discusses how his investment background shapes his strategic thinking and risk management.  👉 Emerging Healthcare Opportunities: He identifies wellness and AI as key areas for innovation in the Indian healthcare sector.   #HealthcareAffordability #AffordPlan #FintechIndia #HealthTech #MicroInsurance #IndianHealthcare #PatientFinance #HealthInnovation #StartupIndia #SocialImpact #HealthcareCosts #HealthWellness #AIHealthcare  Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"You cannot grow the country's GDP if a third of your population is not a part of the financial inclusion piece."   Sameer Mathur highlights the critical link between financial inclusion and national economic growth, emphasizing the vast untapped potential of serving the underserved in India. This isn't just about business; it's about societal impact.   Sameer Mathur, Managing Director of ROINet Solutions, is a former Country Manager at HP who transitioned to entrepreneurship, driven by a desire to make a difference. He co-founded FIA Technology before starting ROINet, which has scaled to 70,000 Customer Service Points (CSPs), generating ₹350Cr in revenue, and employing 500 people. His story is about resilience, strategic pivots, and building a sustainable business in the challenging but rewarding fintech space.  Key Insights from the Conversation:   👉The "Assisted Model" Endures: Digital adoption in rural India is growing, but the need for human assistance at physical CSPs remains strong, driven by trust and familiarity.  👉Founder-Investor Synergy is Vital: Sameer's experience underscores the importance of having investors who are aligned with the company's long-term vision and provide support during challenging times.  👉Bootstrapping is Viable: ROINet's initial growth was fueled by internal resources and leveraging existing relationships, demonstrating the power of bootstrapping.  👉Product Diversification Fuels Growth: Expanding beyond basic banking services to include travel, investments, and lending is crucial for scaling in the financial inclusion space.  👉Hyperlocal approach wins: Creating a large business is about winning multiple, smaller battles. Having a hyperlocal strategy helps.  👉Social impact is a business advantage: ROINet's focus extends to the triple bottom line.   Chapters:   0:00:00 - Introduction: Sameer Mathur's Journey from Corporate to Startup  0:03:44 - The Pivotal MBA and the Financial Inclusion Opportunity  0:07:52 - Founding and Scaling FIA Technology: The BC Model  0:18:08 - Strategic Differences and the Decision to Leave FIA  0:20:28 - ROINet: Building a Diversified Fintech Platform  0:27:10 - The Technology Behind 70,000 Banking Points  0:32:52 - Scaling Sales and Reaching Rural India  0:41:44 - Key Leadership Lessons for Aspiring Founders  0:47:06 - Weathering the Storms: Downturns and Resilience  0:53:54 - Validating the Customer: Biometrics and Trust 0:56:27 - The Future of Fintech and ROINet's Expansion Plans  0:59:37 - Expanding Access to Credit: ROINet's Lending Strategy  #Fintech #India #FinancialInclusion #RuralIndia #Startup #Entrepreneurship #Bootstrapping #VentureCapital #Banking #ScaleUp #Leadership #DigitalIndia #Innovation #ImpactInvesting #SocialImpact #MSME #Lending #Insurance #Investment  #BusinessGrowth

From losing their biggest client to building a ₹3500 Cr manufacturing powerhouse, hear the inspiring journey of Ajay Singhania, MD & CEO of Epack Durable! In this episode of "The Spotlight", presented by the Founder Thesis podcast, learn how resilience, strategic pivots, and a commitment to "Make in India" fueled Epack's rise from near collapse to industry leadership. Discover actionable insights for aspiring entrepreneurs on building, adapting, and scaling a successful business. Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 500+ founders to date. Connect: Ajay Singhania: https://www.linkedin.com/in/ajay-dd-singhania-a492258/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/ Founder Thesis: www.founderthesis.com

In this episode, Amit Mehta, Managing Partner at Asha Ventures, a venture capital and private equity firm highlights key lessons from his successful investments and the evolving Indian VC landscape. He discusses Asha Ventures' focus on sustainability, healthcare, and inclusion in its investment strategy, as well as the importance of governance and vision in selecting impactful startups. Tune in to explore Amit's insights on building scalable businesses that create positive change. Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 500+ founders to date. Connect: Amit Mehta: https://www.linkedin.com/in/amit-mehta-6b90b92/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/ Founder Thesis: www.founderthesis.com

In this episode, join Sahil Anand, founder of Cedar IBSi Capital, as he shares his entrepreneurial journey, exploring the evolution of Cedar Consulting and the unique challenges of launching a fintech investment fund. Learn about the consulting landscape, Cedar's execution-heavy approach, and the promising future of fintech in India. Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 500+ founders to date. Connect: Sahil Anand: https://www.linkedin.com/in/sahil-anand-0669a689/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/   Founder Thesis: www.founderthesis.com

Dive into the world of fashion manufacturing with Ankit Jaipuria, Co-founder of ZYOD! Discover how ZYOD is disrupting the B2B fashion industry with a cutting-edge supply chain, learn about the rise of fast fashion, and explore opportunities in India's growing market. Whether you're a fashion enthusiast, a business owner, or an aspiring entrepreneur, this episode is packed with valuable insights into the future of fashion . Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 500+ founders to date. Connect: Ankit Jaipuria: https://www.linkedin.com/in/ankit-jaipuria/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/ Founder Thesis: www.founderthesis.com

Join us as we explore the inspiring journey of Brijesh Damodaran, Managing Partner of Auxano Capital, as he transitions from a corporate financial controller to a leading entrepreneur in wealth management. Discover his innovative "three-bucket strategy", insights into private market investing, approach to adapting to regulatory changes, and the importance of building trust through client relationships. Brijesh Damodaran is the Managing Partner of Auxano Capital, a venture capital firm investing in tech-enabled, next-generation businesses, focusing on Seed and pre-IPO stages. Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 500+ founders to date. Connect: Brijesh Damodaran: https://www.linkedin.com/in/brijeshdamodaran/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/ Founder Thesis: www.founderthesis.com

Join us for an enlightening episode featuring Binu Jacob, MD & CEO of Experion Technologies, as he recounts his extraordinary transition from aspiring professor to thriving entrepreneur in the product engineering services arena.    Binu is the MD & CEO of Experion Technologies, a Global Product Engineering Services company offering enterprises future-ready and transformative digital solutions. He is a visionary with a proven track record for driving growth over his 30 years of professional experience.   Akshay Datt, a serial entrepreneur having run ventures in Employability Training and hiring, is the host of "The Spotlight", presented by the Founder Thesis podcast. He has interviewed 400+ founders to date.

How do deep tech VCs pick future-defining startups in India? In this episode, we uncover the journey of Vishesh Rajaram, Co-Founder and Managing Partner at Speciale Invest, a seed stage venture capital fund backing India's most audacious deep tech entrepreneurs. From rockets to EVs to AI SaaS, this conversation dives into the mechanics of zero-to-one investing, portfolio discipline, and why deep tech is India's next frontier. Vishesh shares how personal experiences shaped his risk appetite, his decade-long apprenticeship at VentureEast, and the contrarian leap to start Speciale Invest with a focus on exponential rather than incremental innovation. He explains the philosophy behind investing in companies like Agnikul Cosmos, Ultraviolette, Seinler Robotics, and Rocketlane, and why early-stage VCs must operate like startups themselves. Hosted by Akshay Datt, this candid discussion is packed with lessons for founders, VCs, and startup enthusiasts navigating India's evolving venture capital ecosystem. * How Vishesh Rajaram built Speciale Invest into India's deep tech VC * Lessons from backing Agnikul Cosmos, Ultraviolette, Seinler and Rocketlane * Secrets to portfolio construction and finding the 1 percent of investable startups * Contrarian philosophy of exponential over incremental innovation * The role of discipline, patience and risk appetite in venture capital * Macro shifts driving India's space, EV and AI startup ecosystem Subscribe to the Founder Thesis Podcast Follow us on LinkedIn (podm.in/ad) for exclusive content Visit founderthesis.com for more founder stories 00:00 - Vishesh Rajaram journey into venture capital 05:20 - Founding story of Speciale Invest 13:10 - Portfolio construction and VC discipline explained 21:35 - Betting on India's EV revolution with Ultraviolette 29:10 - Agnikul Cosmos and India's space tech breakthrough 36:55 - Robotics, AI and exponential innovation bets 45:20 - Lessons from Rocketlane and SaaS investing 52:40 - Building a venture capital fund like a startup 59:30 - Advice to founders on when to raise VC #VisheshRajaram #SpecialeInvest #DeepTechStartups #IndiaVentureCapital #AgnikulCosmos #Ultraviolette #Rocketlane #SeinlerRobotics #DeepTechVCIndia #SeedFundingIndia #SpaceTechIndia #EVStartupsIndia #AISaaSIndia #FounderThesis #AkshayDatt #StartupFundingIndia #ZeroToOneStartups #FutureOfDeepTech #IndiaStartupEcosystem

In this episode of The Spotlight, we delve into the world of air quality innovation with Dmitry, the visionary founder of Airvoice. This episode offers a fascinating glimpse into the transformative solutions Airvoice is pioneering to address air quality challenges in urban environments. Dmitry shares his personal journey and how his experiences have shaped his passion for creating healthier indoor environments. He describes the "smell of freedom" he associates with his work and how it has influenced his decision to make this country his home for the next few years. Listen to this episode as Dmitry, explains Airvoice's cutting-edge products, including advanced air filtration systems and indoor air quality monitors, designed to enhance both air quality and energy efficiency in buildings.

How did a Japanese investment banker turn into one of India's most influential seed stage venture capitalists? In this episode of the Founder Thesis Podcast, Nao Murakami, Founder and General Partner of Incubate Fund Asia, shares his journey from Nomura to building one of the most active seed VC funds in India and Southeast Asia. Nao recounts his move from Tokyo and New York to Delhi, the failure of his first startup, and the serendipitous meeting that led to launching Incubate Fund Asia. From backing early bets like ShopKirana, Captain Fresh, and Yulu to now co-running a 200 million dollar fintech growth fund with SMBC, Nao brings unique insights from Japan's profitability-first culture to India's dream-big ecosystem. In this candid conversation with Akshay Datt, he unpacks founder quality as the ultimate success factor, Japan-India cross border synergies, and the evolving exit landscape in Indian startups. This episode is a must-listen for founders, investors, and operators curious about the future of early stage venture capital in India. Key highlights: * How Nao Murakami transitioned from Nomura to founding Incubate Fund Asia * Lessons from investing in ShopKirana, Captain Fresh, Yulu and Plum * Insights on founder quality as the biggest driver of success in India * How Japanese LPs and corporates are entering India through venture funds * The changing Indian startup exit story from 2016 to today * Sectors where Incubate Fund Asia is placing bold bets in 2025 Subscribe to the Founder Thesis Podcast Follow us on LinkedIn (podm.in/ad) for exclusive content Visit founderthesis.com for more founder stories 00:00 - Nao Murakami's journey from Nomura to VC 02:20 - Launching Incubate Fund Asia in India 06:10 - Seed fund strategy and portfolio highlights 12:00 - Japanese vs Indian startup mindset 18:15 - Betting early on ShopKirana, Yulu and Captain Fresh 25:00 - Why founder quality drives success in India 31:20 - LPs from Japan entering Indian startup ecosystem 37:50 - The evolving exit landscape for Indian startups 44:40 - New bets in fintech, D2C, deeptech and greentech 51:10 - Nao's advice for Indian founders looking at Japan #NaoMurakami #IncubateFundAsia #FounderThesisPodcast #IndiaStartupEcosystem #SeedStageVC #VentureCapitalIndia #CaptainFresh #Yulu #ShopKirana #PlumInsurance #JapaneseVC #FintechIndia #FundingWinter #StartupExitsIndia #B2BCommerceIndia #EarlyStageInvesting #SMBCAsiaRisingFund #DeeptechIndia #EVStartupsIndia #D2CIndia

Inspired by his Gujarati family's business background, Kulin Shah of Onsurity, shares his entrepreneurial journey. His journey began during his college days, where he and a colleague attempted to start a business in exporting wedding cards and an EdTech platform, both unsuccessful. In this episode he shares how he pivoted  from the early business ventures and his roles at Aditya Birla group and Reliance, Free Charge and Acko to create Onsurity, a holistic platform for health and wellness, including mental wellness plans, gym memberships, and insurance options. Kulin shares his key learnings that helped him to understand the financial realities and  how he differentiated in a competitive market by adopting unique positioning strategies. Listen to the episode to learn more about how Kulin built Onsurity.

Ghost kitchens are a hot trend in the food scene, and Karan Tanna, Founder and CEO of Ghost Kitchens, is here to guide you through it. Listen in to learn about how this former automobile engineer and successful F&B entrepreneur launched Ghost Kitchens after scaling and exiting two startups. In this episode, Karan reveals his exciting journey, offers insights into the franchising model and fulfillment partner program, discusses celebrity collaborations, and shares how he bounced back after being forced to shut down his kitchens during COVID.