Founder Thesis

How did a Google engineer turn a 90% revenue loss into a $XXM ARR LegalTech success story?    Madhav Bhagat's SpotDraft journey reveals the secrets of AI timing, opinionated product strategy, and global SaaS scaling.   From losing $900K in collections with his NYC nightlife startup DrinkLink to building SpotDraft into a leading contract lifecycle management platform, Madhav Bhagat's entrepreneurial journey is a masterclass in resilience, pivot strategy, and AI-first thinking.    After leaving Google where he helped scale Google Classroom to millions of users, Madhav co-founded SpotDraft with the vision of democratizing legal technology. What started as a tool for freelancers evolved into an enterprise-grade CLM platform that now serves major companies like PhonePe, Airbnb, and Panasonic. The company has achieved double-digit millions in ARR with 60% revenue coming from the US market.   In this candid conversation with host Akshay Datt, Madhav shares how SpotDraft reduced contract implementation times from 2 years to 60 days, leveraged AI cost reductions from $40 to 4 cents per contract, and built an opinionated product that outcompetes giants like icertis and Docusign. He reveals why being early to AI wasn't always an advantage, how non-technical teams now ship code using AI agents, and why focusing on mid-market customers over enterprise deals became their winning strategy. This episode offers invaluable insights for SaaS founders navigating AI adoption, international expansion, and building sustainable competitive advantages in crowded markets.   What you'll learn from this episode:   👉How Madhav built SpotDraft from Google exit to $XXM ARR in LegalTech  👉Why AI timing matters more than being first, and lessons from pre-GPT to post-GPT era  👉SpotDraft's opinionated product strategy that reduced implementation from 2 years to 60 days  👉Secrets of scaling SaaS globally with 60% US revenue from India base  👉How AI agents are transforming organizations and enabling non-technical teams to ship code  👉Why mid-market focus beats enterprise deals in competitive SaaS markets    #legaltech #startups #AIstartups #saas #startupfounder #AI #B2BSaaS #startupjourney #entrepreneurship #indianstartups #founderstory #artificialintelligence    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

How did a founder who sold millions of cars and managed billions in real estate become the CEO competing with Palantir for government healthcare contracts?   In this episode, we explore Avinav Nigam's journey from Cars24 to building TERN Group, an AI-powered healthcare recruitment platform solving the global nursing shortage.   Avinav Nigam has built companies worth over $10 billion in enterprise value across three different industries - and his latest venture might be his most ambitious yet. After co-founding Cars24 (India's used car unicorn) and IMMO Capital (a European real estate investment platform), Avinav is now tackling the global healthcare crisis with TERN Group, an AI-native recruitment platform that's already generating ₹250 crores ARR in just 24 months.    What makes this story remarkable isn't just the impressive metrics - 40% month-on-month growth, 88% conversion rates, and competing with enterprise giants like Palantir for government contracts - but the deeply personal mission driving it. After witnessing his colleague's death due to healthcare system failures and seeing talented Indian nurses exploited by unethical recruitment agents, Avinav built a zero-cost platform that charges employers instead of workers.    In this candid conversation with host Akshay Datt, he reveals how AI is revolutionizing healthcare recruitment, why he believes "AI replaces humans who don't use AI," and his vision for becoming the future of human mobility across borders.   Key Highlights   👉How Avinav built three successful companies across cars, real estate, and healthcare - reaching $10B+ enterprise value   👉TERN Group's explosive growth: ₹250 crores ARR, 40% MoM growth, and 88% conversion rates in 24 months  👉Why charging employers instead of healthcare workers created a more profitable and ethical business model   👉 How AI-powered interviews assess 80 nursing specializations across 28 different attributes with human-level accuracy   👉 The global healthcare worker shortage crisis: 15 million workers needed by 2030 and how TERN is solving it   👉 Competing with Palantir and other enterprise giants for billion-dollar government healthcare contracts   #CrossBorderBusiness [https://www.youtube.com/hashtag/crossborderbusiness] #AIFirstCompany [https://www.youtube.com/hashtag/aifirstcompany] #HealthcareWorkforce [https://www.youtube.com/hashtag/healthcareworkforce] #TalentMobility [https://www.youtube.com/hashtag/talentmobility] #EthicalRecruitment [https://www.youtube.com/hashtag/ethicalrecruitment] #MarketplaceModel [https://www.youtube.com/hashtag/marketplacemodel] #RealEstateInvesting [https://www.youtube.com/hashtag/realestateinvesting] #StartupJourney [https://www.youtube.com/hashtag/startupjourney] #FutureOfWork [https://www.youtube.com/hashtag/futureofwork] #GlobalTalentShortage [https://www.youtube.com/hashtag/globaltalentshortage] #B2GContracts [https://www.youtube.com/hashtag/b2gcontracts] #CompoundedCompanies [https://www.youtube.com/hashtag/compoundedcompanies] #DigitalTransformation [https://www.youtube.com/hashtag/digitaltransformation] #InternationalExpansion [https://www.youtube.com/hashtag/internationalexpansion]  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

How did a serial entrepreneur who built AI solutions for Toyota and Honda before ChatGPT existed become India's pioneering AI-first venture capitalist?   In this episode, we explore Rahul Agarwalla's bold prediction of 100 AI unicorns emerging from India and his contrarian investment framework that's reshaping the startup ecosystem.   Rahul Agarwalla, Managing Partner at SenseAI Ventures, brings a unique perspective to AI investing - having built and sold three AI/ML companies since 1996, including enterprise solutions used by Fortune 500 giants like Toyota, Honda, and Canon. As India's first AI-focused VC fund, SenseAI has deployed over ₹200 crores across 31 investments, achieving four successful exits while pioneering the shift from AI infrastructure to applications.   In this candid conversation with host Akshay Datt, Rahul reveals his VDAT framework for evaluating AI startups, explains why most "AI wrappers" will fail, and shares controversial takes on outcome-based pricing, founder requirements, and market timing. With AI startups capturing 57.9% of global venture capital in 2025, Rahul's insights on building sustainable AI businesses, navigating the India-US corridor, and identifying the next wave of AI unicorns provide essential guidance for founders and investors riding the AI revolution.   Key Highlights:    👉How Rahul built AI solutions for Toyota and Honda before the ChatGPT era and transitioned to become India's first AI-focused VC   👉The VDAT framework: Why variety, data, architecture, and team are the only metrics that matter when evaluating AI startups   👉Why "AI wrappers" will fail and how to build defensible AI-native applications that OpenAI can't replicate overnight   👉SenseAI's contrarian bet on applications over infrastructure and why outcome-based pricing will replace traditional SaaS models   👉The roadmap to 100 AI unicorns from India and why technical founders are non-negotiable for AI success   👉Market insights on AI tooling opportunities and the shift from foundational models to specialized vertical solutions   Subscribe to the Founder Thesis Podcast for more deep-dive conversations with India's most innovative entrepreneurs and investors. Follow us on LinkedIn for exclusive content, founder insights, and startup ecosystem updates. Visit founderthesis.com to discover more inspiring founder stories and actionable insights from India's leading entrepreneurs.   #AI #venturecapital #AI startups #IndianStartups #StartupEcosystem #AIinIndia #TechEntrepreneur #DeepTech #StartupFunding #AIInvesting #ArtificialIntelligence #MachineLearning #AIVentureCapital #AIApplications #AIInfrastructure #OutcomeBasedPricing #AIWrappers #VDATFramework #DefensibleAI #AIUnicorns  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

How did Ankit Mehta build IdeaForge into India's leading drone technology company?    In this episode, host Akshay Datt explores his journey of creating mission-critical drones for defense, public safety, and industrial applications.    Ankit shares how IdeaForge scaled through India's funding winter, developed cutting-edge autonomous systems, and positioned itself as a leader in the rapidly growing drone market.   Key Highlights: 👉How Ankit Mehta built IdeaForge into India's top drone startup  👉Surviving India's funding winter and focusing on sustainable growth  👉The role of autonomous drones in defense and public safety  👉Overcoming government procurement challenges for defense contracts  👉The future of drone technology in India and the global market   #DroneIndustry #DefenseTech #DeepTech #IndianStartups #HardwareStartups #PatientCapital #BootstrapStory #IPOJourney #DefenseProcurement #MadeInIndia #DroneManufacturing #TechEntrepreneurship #IITFounders #MissionCriticalTech #IndigenousTechnology #StartupInsights #TechPolicy #DroneRegulations #HardwareVsSoftware #TechFounders #IndianDefense #StartupStrategy #EntrepreneurshipIndia #DeepTechStartups #DefenseContracts #TechInnovation #startupjourney    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"Infrastructure always beats applications."    This is the core philosophy that made Sharad Sanghi one of India's most successful tech entrepreneurs.    While others built consumer apps, he built the data centers that powered them. Now at 56, he's doing it again with AI infrastructure, showing why betting on the plumbing beats betting on the applications.   Sharad Sanghi is a pioneer who built India's technology infrastructure backbone. He founded NetMagic in 1998, India's first data center company, scaling it to ₹3,600 crores revenue and 19 data centers before selling to NTT Communications for $116 million. Under his leadership, the company grew to serve 1,500+ enterprise customers with 300MW of IT capacity. After a successful exit, he's now building his second unicorn - Neysa, an AI cloud platform that raised $50 million in just 6 months. With degrees from IIT Bombay and Columbia University, and experience building the early internet backbone in the US, Sharad brings 30+ years of infrastructure expertise to India's AI revolution.   Key Insights from the Conversation:   👉Infrastructure-First Strategy: Building foundational technology layers creates more defensible businesses than applications  👉Crisis Management: Survived dot-com crash and 2008 financial crisis through disciplined focus on profitability over growth  👉Zero Layoff Philosophy: Maintained employment through multiple economic downturns, proving empathy drives long-term success  👉80-20 Cloud Strategy: Competed with hyperscalers by focusing on 20% of features that 80% of customers actually use  👉AI Market Opportunity: India's transition from labor arbitrage to product innovation creates massive global opportunities  👉Supply-Constrained Business: Data center and AI infrastructure businesses benefit from demand exceeding supply  👉Second Innings Mentality: Starting a new venture at 56 proves age is irrelevant when solving transformative problems  This insightful conversation was conducted by Akshay Datt, serial entrepreneur and host of Founder Thesis, India's leading startup-focused podcast featuring deep conversations with disruptive founders.  #DataCenter [https://www.youtube.com/hashtag/datacenter] #CloudComputing [https://www.youtube.com/hashtag/cloudcomputing] #AIInfrastructure [https://www.youtube.com/hashtag/aiinfrastructure] #StartupPodcast [https://www.youtube.com/hashtag/startuppodcast] #TechEntrepreneur [https://www.youtube.com/hashtag/techentrepreneur] #IndianStartups [https://www.youtube.com/hashtag/indianstartups] #AICloud [https://www.youtube.com/hashtag/aicloud] #Infrastructure [https://www.youtube.com/hashtag/infrastructure] #Entrepreneurship [https://www.youtube.com/hashtag/entrepreneurship] #TechFounder [https://www.youtube.com/hashtag/techfounder] #CloudAI [https://www.youtube.com/hashtag/cloudai] #DataCenters [https://www.youtube.com/hashtag/datacenters] #AIRevolution [https://www.youtube.com/hashtag/airevolution] #TechLeadership [https://www.youtube.com/hashtag/techleadership] #StartupJourney [https://www.youtube.com/hashtag/startupjourney] #IndianTech [https://www.youtube.com/hashtag/indiantech] #AIAdoption [https://www.youtube.com/hashtag/aiadoption] #TechInnovation [https://www.youtube.com/hashtag/techinnovation] #CloudInfrastructure [https://www.youtube.com/hashtag/cloudinfrastructure] #aibusinessideas [https://www.youtube.com/hashtag/aibusinessideas]    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"80 to 90% of income for all artists, even Arijit Singh and Shreya Ghoshal, comes from live events only. YouTube pays barely 1-2 paise per stream today."   This shocking revelation from Gaurav Dagaonkar exposes the broken economics of the music industry. While millions stream their favorite songs, artists make almost nothing from digital plays - a problem that led him to build Hoopr, India's leading music licensing platform.   Gaurav Dagaonkar is the Co-founder and CEO of Hoopr, India's leading music licensing platform serving over 200,000 creators and 125+ enterprise clients including Myntra, ITC, and Marico. An IIM Ahmedabad MBA who rejected corporate placements to pursue music, Gaurav spent over a decade as a successful Bollywood music director working on films like Joker, Heartless, and Lanka. His YouTube channel Songfest has garnered half a million followers. After experiencing the industry's broken economics firsthand, he built Hoopr, which has raised multiple funding rounds and revolutionized how creators access licensed music. Host Akshay Datt explores how domain expertise combined with business acumen created this remarkable entrepreneurial success story.  Key Insights from the Conversation:   👉Industry Economics: Music streaming pays artists only 1-3 paise per play, forcing 80-90% of artist income to come from live performances  👉Market Opportunity: Only 1-2% of venues comply with music licensing laws, representing a massive untapped market  👉Customer Validation: Hoopr interviewed 150+ creators and 50+ brands before building their platform, ensuring strong product-market fit  👉Revenue Model Innovation: Rejecting minimum guarantee models in favor of transparent unit economics created sustainable growth  👉Creator Impact: Independent artists can earn more from a single micro-sync license than years of streaming revenue  👉Copyright Complexity: Indian artists gave away both publishing and master rights, unlike Western markets where artists retained publishing control #entrepreneurship #startup #musicindustry #creatoreconomy #iimahmedabad #bollywood #musictech #foundingindia #musiclicensing #startupjourney #businessbuilding #artistrights #copyrightlaw #digitalcreators #musicbusiness #startupfunding #productmarketfit #indianstartups #creativeindustry #founderstory #musicentrepreneur #techinnovation #platformbusiness #revenuemodel #sustainablebusiness #startuplife #entrepreneurmindset    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"Cash is just a commodity. What truly attracts top entrepreneurs is the connection you build."    Ashish Taneja completely flips the traditional investor-founder power dynamic in this eye-opening conversation with host Akshay Datt, revealing why the best founders actually choose their investors, not the other way around.   Ashish Taneja is the Founding Partner & CEO of GrowX Ventures, one of India's pioneering deep tech venture capital firms. A Chartered Accountant who transitioned from being the India CEO of Vertex (a major UK BPO firm) to venture investing, Ashish has bootstrapped GrowX from angel investments in 2008 to managing ₹400+ crores across institutional funds. His portfolio includes a spectacular 17x return from spacetech company Pixxel, and notable exits to companies like Reliance and NASDAQ. With 49 investments and 9 successful exits over 15+ years, Ashish has become a leading voice in India's hardware and deep tech ecosystem.   Key Insights from the Conversation:  👉Deep Tech Focus: India's future lies in hardware-first companies solving complex problems in space, defense, semiconductors, and advanced manufacturing  👉Patient Capital Thesis: Deep tech requires 4-6 year investment horizons versus software's 18-month cycles  👉Dual Valley Strategy: Successful deep tech investing means navigating both technology risk and commercialization risk simultaneously  👉Founder-First Philosophy: The best entrepreneurs choose their investors based on value-add, not just capital  👉Barbell Portfolio Strategy: Combining high-risk seed deep tech bets with lower-risk Series B growth investments  👉Bootstrap Mentality: Building a VC fund through personal savings, consulting revenue, and reinvested returns rather than institutional money #VentureCapital #DeepTech #SpaceTech #HardwareStartups #IndiaVC #StartupFunding #TechInvesting #DefenseTech #Semiconductors #PatientCapital #FounderThesis #AkshayDatt #GrowXVentures #AshishTaneja #StartupEcosystem #AngelInvesting #SeriesB #SeedFunding #TechEntrepreneur #IndianStartups #VCStrategy #InvestmentStrategy #TechFounders #StartupJourney #ModernIndustrials  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"Energy is the only input cost that can be systematically optimized over time."   A game-changing perspective from battery tech pioneer Sheetanshu Tyagi that's reshaping how India's quick-commerce giants think about profitability. This insight is driving EMO Energy's transformation from a hardware company to an Energy-as-a-Service platform.   Sheetanshu Tyagi is the Co-Founder & CEO of EMO Energy, a deep-tech startup revolutionizing India's EV battery landscape. With over a decade of experience at world-class companies including Rivian (as one of the first 50 employees), Ather Energy, and Ola Electric, Sheetanshu has been at the forefront of the global EV revolution. He holds 8 patents for innovative automotive systems and has successfully raised $7.86 million for EMO Energy, achieving a valuation of ₹203 crores. Under his leadership, EMO has deployed over 2,000 battery packs, covered 18.3 million kilometers, and established partnerships with industry giants like Blinkit, BigBasket, and Domino's.   Host Akshay Datt explores Sheetanshu's journey from a 2BHK startup to building India's most advanced battery technology platform.   Key Insights from the Conversation:  👉Hardware-First Philosophy: EMO's contrarian approach focuses on superior mechanical and thermal engineering rather than expensive specialized cells  👉Fast Charging Breakthrough: 20-minute charging capability with 5+ year battery life, solving the critical downtime problem for commercial fleets  👉Immersion Cooling Innovation: Proprietary liquid cooling technology maintains uniform temperature within 1°C across all cells  👉Energy-as-a-Service Model: Transitioning from 90% hardware revenue to 50%+ software and services, offering systematic energy cost optimization  👉Strategic Market Focus: Targeting high-utilization commercial fleets rather than consumer market, doubling rider productivity to 140-160 km/day  👉Sodium-Ion Future: Predicting India's potential to bypass lithium dependency and build sovereign battery technology using locally available materials #EVBattery #StartupIndia #DeepTech #ElectricVehicles #BatteryTechnology #EnergyStorage #Entrepreneurship #TechStartup #Innovation #FastCharging #EMOEnergy #IndianStartups #CleanTech #SustainableMobility #VentureCapital #HardwareTech #EVInfrastructure #BengaluruStartups #FutureOfMobility #StartupJourney #TechFounder #electricmobility    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

India's real economic engine isn't in big cities - it's in the 400 million+ people building, trading, and growing across Middle India.   In this episode of the Founder Thesis Podcast, host Akshay Datt speaks with Jyotsna Krishnan (Managing Partner, Elevar Equity;  CEO and Co-Founder, Epic World) on how to invest, build, and scale startups for India's underserved majority.   With 15+ years in impact investing, Jyotsna shares how Elevar Equity has backed 50+ companies, catalyzed $3B+ in follow-on capital, and impacted over 60 million low-income households - proving that profit and purpose aren't mutually exclusive.   She also introduces Epic World and Epic Intelligence, a data platform designed to map the $10 trillion informal economy of entrepreneurial households in India.   Key Insights:  👉Elevar's customer-backward investment thesis  👉Why India's middle 70% is the biggest untapped market  👉Building startups with distribution, dignity, and deep context  👉Epic World's vision to productize ground-up insights  👉Why Middle India needs its own startup playbook  👉The real size of India's economy - beyond GDP metrics #ImpactInvesting #IndiaStartups #FounderThesis #MiddleIndia #VCIndia #SocialImpact #CustomerCentric #InclusiveGrowth #InformalEconomy #StartupIndia #MSME #StartupPodcast #VCPodcast #BusinessStrategy #InvestmentStrategy #StartupEcosystem  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"I have this fundamental belief that you make abnormal returns not when you are right but when people don't agree with you."    This contrarian mindset from Jaydeep Barman perfectly captures how Rebel Foods built a $1.4 billion unicorn by doing what everyone thought was impossible: decoupling restaurant brands from physical real estate.   Jaydeep Barman is the Co-founder and Group CEO of Rebel Foods, the world's largest internet restaurant platform operating 450+ cloud kitchens across 100+ cities in three countries. Under his leadership, the company processes 3 million orders monthly, generates ₹1,800+ crores in annual revenue, and achieved unicorn status at a $1.4 billion valuation. A former McKinsey Associate Partner with an MBA from INSEAD, Jaydeep pioneered the multi-brand cloud kitchen model that revolutionized how restaurants operate.  In this candid conversation with host Akshay Datt, he shares the journey from a failed Kolkata roll startup to building a category-defining global company.   Key Insights from the Conversation:   👉Contrarian Strategy: Being misunderstood by competitors created a protective moat during Rebel's early growth years  👉Cloud Kitchen Economics: 12-15 month payback periods with 25-30% monthly profits, dramatically better than traditional restaurants  👉Multi-Brand Innovation: Single kitchens operating 15+ brands simultaneously, maximizing asset utilization  👉Technology Moat: Proprietary Rebel OS automates cooking processes, ensuring consistency across hundreds of locations  👉Global Expansion: Strategic approach to international markets, focusing on structural advantages rather than rapid scaling  👉People Philosophy: Hiring for "founder mentality" over CVs, creating an intentionally "abnormal" company culture #CloudKitchen #StartupFounder #FoodTech #Unicorn #RebelFoods #EntrepreneurJourney #StartupStrategy #FoodDelivery #BusinessModel #StartupPodcast #FounderStory #IndianStartups #RestaurantTech #VentureCapital #BusinessStrategy #Entrepreneurship #StartupLessons  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

How do you build a $100 million enterprise tech company - without raising a single dollar from venture capital?   In this episode, host Akshay Datt speaks to Rajesh Sinha, Founder of Fulcrum Digital and Culinary Digital, shares his remarkable story of scaling two global businesses to ~$100M ARR - fully bootstrapped.   From building a customer-funded SaaS + services hybrid model to leading the shift toward autonomous AI agents, Rajesh reveals his frameworks for disciplined growth, tech innovation, and global expansion.   He also unpacks how AI agents - powered by SLMs (Small Language Models), governed by secure enterprise frameworks, and orchestrated via Fulcrum's proprietary FT Rise platform - are set to reshape the future of business software.   Whether you're a startup founder, enterprise AI strategist, or services operator, this conversation is packed with insight on how to scale without capital, differentiate in crowded markets, and win in the age of AI.   Key Topics Covered:   👉How to bootstrap a $100M SaaS and digital services company  👉The evolution of Fulcrum through 5 tech eras: Web 1.0 → AI economy  👉Why vertical and horizontal AI agents are the future of work  👉How Fulcrum is using SLMs vs LLMs for cost-effective AI delivery  👉The mechanics of AI agent governance, pricing, and orchestration  👉Fulcrum's global delivery model: India, Brazil, Argentina, and beyond  👉Navigating enterprise sales, customer concentration risk, and culture  👉Why Rajesh now sees the value of investors - but didn't need them   #BootstrappedStartup #AIAgents #DigitalTransformation #TechEntrepreneur #StartupGrowth #CustomerFunding #IntelligenceAmplification #PlatformBusiness #EnterpriseAI #FounderThesis #TechServices #ScalingWithoutVC #AIStrategy #BusinessAutomation #TechLeadership #StartupPodcast #Entrepreneurship #SaaS #GlobalBusiness #techinnovation    Disclaimer: The views expressed are those of the speaker, not necessarily the channel

"Venture debt is like an umbrella - you buy it before it starts raining, because once it starts raining, everything becomes expensive."    This analogy perfectly captures the strategic timing required for startup capital - smart founders raise debt when they don't need it, not when they're desperate.   Vinod Murali is the Co-founder and Managing Partner of Alteria Capital, India's largest venture debt fund managing ₹4,500 crores across multiple funds. Widely recognized as the pioneer of venture debt in India, he has over 17 years of experience in the space and has personally backed more than 220 startups including unicorns like Spinny, Rebel Foods, Country Delight, and OneCard. His firm has deployed over ₹7,500 crores to date, making him one of the most influential figures in Indian startup financing. Before founding Alteria, Vinod spent nearly a decade building India's first venture debt business at Silicon Valley Bank and later InnoVen Capital.   Key Insights:  👉Private Credit Evolution: Venture debt sits within the ₹2 trillion private credit ecosystem, filling the gap between traditional banking and equity financing  👉Indian Market Adaptation: India required a complete rewrite of the Silicon Valley venture debt model due to its execution-heavy versus IP-heavy nature  👉Risk Framework: Successful venture debt relies on evaluating four key risks - selection, performance, payment, and resolution  👉Capital Timing Strategy: The best time to raise debt is when you don't need it, not during crisis situations  👉Portfolio Performance: Alteria has achieved less than 0.5% losses across their ₹7,500 crore deployment  👉Regulatory Arbitrage: The shift from NBFC to AIF structure unlocked better capital access and tax efficiency for venture debt funds #VentureDebt #StartupFunding #IndianStartups #PrivateCredit #StartupCapital #VentureCapital #AlteriaCapital #StartupAdvice #Entrepreneurship #StartupStrategy #VinodMurali #FounderThesis #AkshayDatt #StartupFinance #VentureFinancing #StartupEcosystem #BusinessStrategy #StartupGrowth #FinancialStrategy #startuppodcast    Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

In this powerful episode of Founder Thesis, host Akshay Datt speaks with Kalyan Rao Konda, Co - founder of QualiZeal, a quality engineering firm transforming how global companies approach software testing and quality assurance.   With over two decades of experience in QA, Kalyan shares his journey - from the early days of reactive testing to today's proactive, "shift-left" quality engineering model. He unpacks what it takes to build a world-class IT services company, grounded in deep client-centricity, employee empowerment, and a willingness to sacrifice short-term wins for long-term trust.   We also explore how AI is revolutionizing software testing, including:  👉How QualiZeal's proprietary "Humanities AI" platform augments engineers (not replaces them)  👉Solving modern QA challenges like AI hallucinations  👉Improving productivity by 25–30% with AI co-pilots   Kalyan candidly breaks down the economics of IT services-from pricing, utilization, and accelerators to gross margins and client segmentation. He explains why value buyers win, how accelerators and COEs give firms a strategic edge, and how to stand out in a crowded, commoditized market.  For aspiring entrepreneurs, Kalyan offers hard-won insights on:  👉Founding a company at 45  👉Sales strategies that emphasize relationships ("People buy from people")  👉Navigating legal challenges while scaling  👉Finding your niche and staying the course   This is a must-watch for anyone building in quality engineering, IT services, AI-powered testing, or enterprise SaaS.   #QualityEngineering #SoftwareTesting #AIinQA #ShiftLeftTesting #QAPlatform #FounderThesis #ITServicesBusiness #EnterpriseSaaS #StartupJourney #SoftwareQuality #AIinSoftwareTesting #ClientCentricity #HumanitiesAI #BusinessOfQA #Entrepreneurship #Founderthesis Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Each rack can deliver 2 crores of revenue versus 6 lakh rupees from data centers."   This striking comparison from A.S. Rajgopal reveals why cloud services generate 10x more revenue per rack than traditional data center hosting - a fundamental shift that's reshaping India's digital infrastructure landscape.  A.S. Rajgopal is the Managing Director & CEO of NxtGen Cloud Technologies, one of India's leading sovereign cloud providers. With nearly 30 years of corporate experience at Dell, Microsoft, and Reliance Communications, he built and led Reliance's enterprise division to over ₹1000 crores in revenue. Since founding NxtGen in 2012, he has grown it to serve 1000+ organizations with a 44% EBITDA margin and 24% year-on-year growth from existing customers alone. An alumnus of Kellogg and Yale executive programs, Rajgopal is now raising $400 million to build India's largest AI GPU infrastructure, positioning NxtGen at the forefront of India's digital sovereignty movement.   Key Insights from the Conversation:   👉Data Sovereignty: Indian enterprises are shifting from cost-focused to compliance-focused cloud adoption due to data localization requirements and foreign jurisdiction risks  👉Infrastructure Evolution: AI workloads require 10x more power density (100-600 kilowatts per rack) compared to traditional servers, demanding complete data center redesign  👉Business Model Transformation: Cloud services generate 10x revenue per rack compared to traditional data center hosting while requiring higher but more profitable investments  👉Open Source Strategy: Leveraging Red Hat OpenStack/OpenShift reduces customer costs by 10x compared to proprietary platforms while maintaining enterprise-grade capabilities  👉India AI Opportunity: The government's ₹10,000 crore AI initiative creates a ₹20,000 crore market opportunity for sovereign GPU cloud providers #DataCenter #CloudComputing #AIInfrastructure #DigitalIndia #Entrepreneurship #TechFounder #SovereignCloud #GPUCloud #IndiaAI #Datacenter #CloudServices #TechEntrepreneur #DigitalTransformation #AIRevolution #TechInfrastructure #IndianStartups #EnterpriseCloud #TechLeadership #FounderStory #CloudStrategy #AIComputing #TechInnovation #DigitalSovereignty #CloudInfrastructure #TechPodcast

"Craft does not define size... craft is defined by technique, innovation, and quality."  This insight from Ishan Varshnei challenges the common misconception that craft businesses can't scale. His scientific approach to brewing has proven that maintaining artisanal quality while achieving commercial scale is not just possible, but profitable.   Ishan Varshnei is the CEO of Latambarcem Brewers, housing craft beer brand Maka Di and functional beverage brand Borécha. He has built a dual-brand beverage empire generating ₹30 crores annual run rate, with 80 lakhs monthly revenue from kombucha alone and 400% projected growth this year. After bootstrapping with ₹25 crores family funding for 4 years, he raised ₹12.5 crores in Pre-Series A and is targeting ₹500 crores revenue within 5 years. Ishan holds advanced degrees in Nanoengineering from UC San Diego and Materials Science from Columbia University, and previously worked as a Business Analyst at a Blackstone portfolio fund.   Key Insights from the Conversation:  👉Product-First Philosophy: Spending only 10% on marketing vs competitors' 40-50%, focusing on product excellence over promotion  👉Regulatory Navigation: Successfully operating across multiple Indian states with varying alcohol policies and taxation structures  👉Scientific Innovation: Developing patented SCOBY technology for kombucha using metagenomics and 16S rRNA sequencing  👉Sustainable Growth: Building profitable unit economics before scaling with external capital 👉Distribution Mastery: Achieving 30% revenue from quick commerce and 30% from institutional sales within 6 months  👉Family Funding Dynamics: Leveraging family investment for patient capital and long-term vision alignment #BrewingBusiness #BeverageStartup #FermentationInnovation #IndianEntrepreneurs #StartupJourney #BootstrappedToFunded #QuickCommerce #FounderStory #FounderThesis  Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"We have zero customer acquisition cost with a hardware business."   This seemingly impossible statement from Amit Gupta reveals a counterintuitive truth: asset-heavy businesses can create stronger competitive moats than asset-light ones. While Silicon Valley preaches software scalability, Amit proved that owning physical infrastructure can lead to supply-constrained growth where customers queue up for your product.  Amit Gupta is the Co-founder and CEO of Yulu, India's largest shared electric mobility platform with 45,000+ vehicles facilitating over 80 million rides and 20+ million monthly deliveries. Previously, he co-founded InMobi, one of India's first profitable unicorns valued at $1+ billion, where he drove global expansion across 70+ countries and helped build a $200 million revenue business. From mobile advertising networks to electric vehicle fleets, Amit has mastered the art of building category-defining companies in completely different industries.  Key Insights from the Conversation:   👉Asset-Heavy Advantage: Physical infrastructure creates defensible moats that digital competitors cannot easily replicate  👉Supply Constraint Strategy: Being supply-constrained with high demand beats demand-constrained growth models  👉EBITDA vs EBIT: Understanding the financial progression from operational profitability to full profitability in asset-heavy businesses  👉Purpose-Built Design: Custom-designed vehicles for commercial use achieve 10x better unit economics than generic products  👉Regulatory Arbitrage: Strategic product design around regulations (sub-25kmph) expanded addressable market significantly  👉Second-Time Founder Lessons: Technology focus vs business expansion - applying learnings across different industries  👉Zero CAC Achievement: Network effects in physical infrastructure leading to organic customer acquisition  Chapters:  0:00:00 - Introduction: From Family Business to Tech Entrepreneur  0:18:32 - Early Career: Software to Banking to Startups  0:26:36 - M-Khoj: SMS Search to Mobile Internet Pioneer  0:49:22 - InMobi Success: Building India's First Profitable Unicorn  1:07:21 - Glance Innovation: Lock Screen Revolution Within InMobi  1:17:37 - Yulu Genesis: Personal Traffic Frustration to Mobility Mission  1:25:28 - Product Evolution: Bicycles to Electric Vehicles Pivot  1:39:14 - Technology Deep Dive: IoT, Predictive Maintenance & Security  1:51:52 - Business Model: Asset-Heavy Strategy & Unit Economics  2:12:14 - Scaling Strategy: Direct Operations vs Franchise Model  2:24:51 - Second-Time Founder Wisdom: Key Transferable Lessons   #ElectricVehicles #SharedMobility #StartupIndia #Unicorn #AssetHeavy #Hardware #IoT #UrbanMobility #Sustainability #SecondTimeFounder #Entrepreneurship #TechStartups #MobilityTech #IndianStartups #VentureCapital #Scaling #ZeroCAC #SupplyConstrained #RegulatoryStrategy #PhysicalInfrastructure #EntrepreneurAdvice #startuplessons    Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"When UPI happened, it was like, very clear now, this is something that will change everything."   This powerful statement from Deepak Chand Thakur encapsulates the monumental shift the Unified Payments Interface has brought to India's financial landscape. It wasn't just another payment system; it was a revolution that reshaped commerce, financial access, and technological innovation —a revolution that Deepak and NPST have been at the heart of.   Deepak Chand Thakur is the Co-Founder and Chief Executive Officer (CEO) of Network People Services Technologies Ltd. (NPST). He has guided NPST from a bootstrapped startup to a publicly listed entity on the mainboards of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Under his leadership, NPST achieved FY24 revenues of ₹130.08 crore, a 216% year-on-year increase, and a net profit surging by 310% to ₹26.71 crore. The company's SME IPO in 2021, which Deepak recounts was valued at ₹50 crore, saw it deliver approximately 9000% returns to its early investors and reach a peak market capitalization of around ₹5000 crore.   Key Insights from the Conversation:  👉UPI's Genesis & Evolution: A deep dive into how UPI was conceived, its evolution from IMPS, and why it became a uniquely successful global model for digital payments.  👉NPST's Role in UPI: How NPST became a crucial technology service provider, bridging the gap between NPCI and banks to facilitate UPI adoption and build scalable solutions.  👉The Tech Behind Scale: Understanding the microservices architecture NPST employs to handle massive transaction volumes, like processing over 5.5 crore transactions daily for a single banking partner.  👉Innovation Beyond MDR: How the absence of Merchant Discount Rate (MDR) on UPI payments spurred innovation towards creating value-added services and new revenue models.  👉JAM Trinity's Impact: The foundational role of Jan Dhan-Aadhaar-Mobile (JAM) in creating the digital backbone that enabled UPI's widespread success in India.  👉Future of Payments: Exploring what's next after UPI, including digital currency (e₹), ONDC, and BBPS.   Chapters:   00:00:49 - Introduction: Deepak's Journey to Becoming a Fintech Founder  00:07:36 - Understanding NPCI and India's Early Payment Ecosystem  00:15:11 - NPST's Bootstrapping Strategy & Early Days Before UPI  00:22:33 - The UPI Revolution: Impact and NPST's Pivot  00:39:14 - Deep Dive: UPI Architecture, Evolution from IMPS & Global Uniqueness  01:07:07 - The Business of UPI: No MDR, Scarcity Driving Innovation  01:19:01 - UPI Going Global & The Foundational JAM Trinity  01:32:55 - Beyond UPI: Exploring BBPS, ONDC & Account Aggregators  01:53:31 - NPST's Business Model in the UPI Era: PPaaS & Value Creation  02:03:48 - The NPST IPO Journey: Fueled by Fintech Growth  02:14:37 - Life After IPO & The Future of Digital Payments in India   #UPI #FounderThesis #DigitalIndia #FintechIndia #PaymentsRevolution #NPCI #DigitalPayments #MakeInIndia #StartupIndia #TechInnovation #IndianFintech #Innovation #DigitalTransformation #PaymentGateway #Fintech

"The sooner you can get to a level where you can actually make yourself redundant, I think that's when you start building an institution."   This powerful insight from Rohit M A encapsulates a core theme of our conversation: sustainable growth isn't just about a visionary founder, but about building systems and teams that can thrive independently. It's about transitioning from being the indispensable force to the architect of an enduring enterprise.  Rohit M A is the Managing Partner at PeerCapital, an early-stage tech-native venture capital fund. Before co-founding PeerCapital, he was instrumental in scaling Cloudnine Group of Hospitals from a single unit to a national leader with 42 locations and revenues exceeding ₹1200 crores. With over 23 years of entrepreneurial and management experience, and having angel invested in 70-75 companies, Rohit brings a deep operator's perspective to venture investing. PeerCapital's first fund is close to $40 million, focusing on "consumption enablers" and providing "valuable capital" to founders.  Key Insights from the Conversation:   👉The Operator-to-VC Journey: Understanding the mindset shift and challenges when transitioning from building a company to funding many.  👉Scaling with Process & Data: How establishing robust processes and leveraging data were critical to massive growth, moving beyond founder-led decisions.  👉"Valuable Capital": PeerCapital's thesis on providing more than just money – offering strategic, operational, and intellectual support.  👉Fundraising Realities: The candid truth about how difficult fundraising is, both for founders seeking capital and VCs raising funds from LPs.  👉Institutionalizing a Business: The importance of professional management, board governance, and preparing a company for long-term success, including being public-listing ready.  👉Focus on the Problem: Why VCs (and founders) should obsess over the problem being solved rather than getting fixated on a single solution.   Chapters:  00:00:00 - Introduction: Rohit M A's Entrepreneurial Path  00:02:13 - The Genesis & Early Vision of Cloudnine Hospitals  00:10:03 - Scaling Cloudnine: From 1 to 42 Hospitals & Key Metrics  00:17:00 - Transitioning to Professional Management & Making Yourself Redundant  00:52:46 - Leveraging Data & Technology for Operational Excellence  01:10:45 - The Cloudnine Fundraising Journey: From VCs to Private Equity  01:24:23 - The Shift to Venture Capital: Founding PeerCapital  01:26:34 - PeerCapital's Investment Thesis: "Valuable Capital" & Founder Fit  01:33:04 - The Surprising Realities & Challenges of Running a VC Firm  01:49:17 - How PeerCapital Evaluates Startups for Investment  02:00:47 - What Kind of Founders Should Approach PeerCapital?   #FounderThesis #VentureCapital #StartupIndia #Entrepreneurship #ScalingBusiness #HealthcareInnovation #TechInvestment #OperatorVC #StartupFunding #BuildingInstitutions #LeadershipLessons #IndianStartups #VCInsights #FounderJourney

"Founders often wear a mask of 'irrational optimism' for their team; a necessary front when leading through uncertainty."   This insight from Ashish Munjal delves into the often unspoken psychological aspect of entrepreneurship, where maintaining a strong, positive exterior is crucial for team morale and navigating the startup journey's inherent challenges, even when founders internally grapple with difficulties.   Ashish Munjal is the Co-Founder & CEO of Sunstone, one of India's leading higher education service providers. Recognized in the Times 40 under 40 (2022), he is steering Sunstone to impact nearly 20,000 students across 14 cities and over 27 colleges, with projected gross sales of around ₹300 crore by the end of the year discussed in the podcast. His mission is to make quality, job-oriented higher education accessible, particularly for students in Tier II & III cities.    Key Insights from the Conversation:   👉Viral Growth & Engagement: How Crown It achieved massive user engagement (50% MTU/MAU) with near-zero paid marketing, relying heavily on organic referrals.   👉Bold Business Models: The strategic thinking behind Sunstone's initial "Pay After Placement" model to build trust and cut through market clutter.   👉The Power of Pivots: Lessons from Crown It's evolution (deals to data monetization, then enterprise) and Sunstone's strategic shifts (like removing pay-after-placement for UG courses) for long-term sustainability.   👉Offline-First in EdTech: How Sunstone's offline-centric approach proved resilient and attractive to investors, especially when the online EdTech wave faced scrutiny.   👉AI in Operations: Practical examples of how AI is already being used at Sunstone for lead qualification, CV automation, and even creating initial drafts of educational content.    Chapters:   00:00:00 - Introduction: The Entrepreneurial Itch  00:01:49 - The Crown It Journey: Building a Viral Deals App & Growth Hacks  00:15:35 - Challenges of Gamified Rewards & Why Crown It Pivoted  00:40:47 - The Shift to Education: Identifying the Core Problem for Sunstone  00:48:44 - Sunstone's Innovative Higher Education Model  00:56:19 - "Pay After Placement" & Navigating Sunstone's Early Challenges  01:06:56 - Sunstone's Unique Operations: The University Track vs. Sunstone Track  01:13:18 - Cracking Student Acquisition & The "Easier" Part: Placements  01:23:08 - Funding Journey: Navigating EdTech Investor Waves  01:27:48 - Lessons as a Two-Time Founder & Angel Investing Thesis  01:38:10 - Signalling Credibility to Investors: Early Stage vs. Series A  01:42:52 - AI in Action: Automating Operations & Replacing Resources   #FounderThesis #EdTechIndia #HigherEducation #StartupIndia #Entrepreneurship #IndianStartups #SerialEntrepreneur #StartupLessons #GrowthHacking #EdTechTrends #BusinessPivots #VentureCapital #AIinBusiness #Podcast #InnovationInEducation #leadershipjourney    Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"SaaS as we know it is DEAD."   This might sound controversial, but as Manav Garg explains, the old model of simple workflow automation is being rapidly superseded. AI agents are now capable of executing complex tasks based on simple commands, fundamentally changing how businesses operate and what they expect from technology.   Manav Garg is the Co-founder and Managing Partner of Together Fund, an operator-led VC firm managing over $250M AUM and backing ambitious early-stage Indian SaaS and AI startups. Before this, he founded Eka Software Solutions in 2004, building it over nearly two decades into a global leader in commodity management software. He scaled Eka to $34 million in revenue with $9 million in profit by 2014, raised over $55 million, navigated a complex pivot to the cloud, and ultimately exited the company. He is also a co-founder of SaaSBOOMi, Asia's largest SaaS community, and is passionate about building India as a Product Nation.   Key Insights from the Conversation:  👉The challenging journey of pivoting an already profitable company (Eka) to the cloud.  👉Learnings from bootstrapping, fundraising, M&A, and scaling enterprise SaaS globally.  👉The Operator-VC model: "Paying it forward" with capital plus know-how.  👉Why "People Buy From People": Building trust is paramount in enterprise sales.  👉The Founder Exit journey often involves an identity crisis, not just financial calculations.   Chapters:  00:00:00 - Introduction  00:03:32 - Early Career: Commodity Trading & Learning Lateral Thinking  00:10:50 - Spotting the Gap: The Founding Idea for Eka Software  00:19:29 - Starting Eka: Solo Founder, Seed Funding & Early Choices  00:25:33 - Zero-to-One: Building Eka Profitably From Year 1  00:34:20 - Scaling Up: Raising VC & Growing Through M&A ($34mn ARR)  00:40:55 - Facing Crisis: The Commodity Crash & The Cloud Pivot Decision  00:48:58 - Navigating the Difficult 3-Year Cloud Transition  00:53:07 - The Exit Journey: Deciding to Sell Eka & The Process  01:05:04 - SaaSBOOMi & Founding Together Fund (The Operator-VC Model)  01:10:09 - Investing Thesis: AI Wave, Market Size & Evaluating Founders  01:19:34 - Key Lessons from 20 Years: Pricing, Sales, Product Love & Processes  01:33:11 - Why SaaS is Dead & The Future with AI Agents   #FounderThesis #SaaS #StartupIndia #IndianStartups #VentureCapital #OperatorVC #AI #ArtificialIntelligence #EnterpriseSoftware #CloudComputing #FounderJourney #StartupExit #Entrepreneurship #Bootstrapping #SalesStrategy #ProductManagement #TechIndia #MakeInIndia  Disclaimer: The views expressed are those of the speaker, not necessarily the channel.