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

Sasha Mirchandani(Kae Capital) Explains How Small VC Funds Beat Big Ones

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

The Unitization Revolution: How P. Venkatesh(Maveric Systems) Explains Fintech's Biggest Trend

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

The Immigrant to Fintech Billionaire Path | Rohit Arora, Biz2X

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

Crypto vs Stocks vs Gold: What Should You Really Invest In? | Raghvendra Nath(Ladderup) Explains

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

Your Money Deserves More Than 3% - Bond Investing Explained | Suresh Darak (Bondbazaar)

"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.

A Founder's Guide to Legal Contracts | Aditya Pandranki (Doqfy)

"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.

Building a 400cr+ Waste Empire | Dhruv Luthra (Luthra Group)

"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.

Solving Healthcare Affordability Crisis | Aditya Sharma (Affordplan)

"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

Surviving Downturns and Bootstrapping a Fintech Giant | Sameer Mathur (ROINet)

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

Ajay Singhania (Epack Durable) on building a Rs 3500Cr empire from near bankruptcy

At The Spotlight, we go behind the scenes and identify and highlight the upcoming disruptors from the startup space!