The J Curve with Olga Maslikhova Moats, Unit Economics, Retention: What Makes a Great Business - with Dileep Thazhmon (Jeeves) and Bruno Maimone (Warburg Pincus)
Dec 10, 2025
Dileep Thazhmon, CEO of Jeeves, and Bruno Maimone, Growth Investor at Warburg Pincus, dive into the pulse of Brazil's booming business landscape. They discuss the rapid rise of B2B companies and the importance of localizing products to thrive. The duo also explores how AI is reshaping industries, presenting both threats and opportunities for established players. Key aspects like unit economics, retention, and the nuanced strategies for international expansion are unveiled, providing invaluable insights for founders looking to navigate this dynamic market.
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Brazil's Tech Ecosystem Rapidly Matured
- Brazil grew from six to over thirty $100M ARR tech companies in a few years, showing rapid ecosystem maturation.
- That growth attracted deep-pocketed growth investors and world-class operators into Brazil.
Jeeves' Two-Year Brazil Lesson
- Jeeves scaled from Mexico and Colombia to Brazil and discovered the same product failed initially in Brazil.
- It took about two years to learn Brazil needed locally built products before growth accelerated.
Brazil Requires Deep Local Financial Knowledge
- Brazil's financial system is unusually sophisticated and requires local payment, installments, and credit features.
- Understanding local instruments like Boleto and unique installment models is critical to product-market fit.