Why 2 to 3x returns Beats Unicorn Chasing | Abhishek Sharman, Carpediem

How does Abhishek Sharman turn India’s unglamorous SMEs into durable consumer brands? In this Founder Thesis episode, the Carpediem Capital founder breaks down an operator-led private equity playbook for QSR, value retail, and organized services in India.

Abhishek traces his path from traditional PE to building Carpediem Capital, a mid-market, control/large-minority investor focused on turning founder-led SMEs into professionally run category leaders. We unpack Carpediem’s co-build model—governance, MIS, org design, and capital discipline—that prioritizes cashflow and resilience over hype. He shares contrarian takes on why 2–3x repeatable outcomes can beat unicorn-chasing, lessons from exits like Yaantra→Flipkart, and how continuation funds (Yugadi) change the exit clock. We also cover scaling Bharat-first formats in QSR and value retail, AI’s real use in operations (not vanity), and how formalization, UPI, and policy tailwinds are reshaping consumer PE in India. If you care about PMF→process→profitability, this conversation is a masterclass.

• How Abhishek Sharman built Carpediem Capital’s operator-led PE model
• Playbooks for turning Indian SMEs into category brands (QSR, value retail)
• Surviving the funding winter with unit economics and governance
• Inside a strategic exit: Yaantra’s acquisition by Flipkart
• Continuation funds (Yugadi): GP-led secondaries and longer hold periods
• Bharat-scale distribution: store economics, payback, and format innovation

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Chapters
00:00 - Abhishek Sharman’s Journey & Carpediem
05:10 - Operator-Led Private Equity in India
12:40 - Turning SMEs into Category Brands
20:05 - Unit Economics vs. Funding Hype
28:30 - QSR & Value Retail: Bharat Playbook
36:45 - Yaantra→Flipkart: Anatomy of an Exit
45:20 - Continuation Funds & GP-Led Secondaries
53:10 - AI in Ops, Governance, What’s Next

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