Founder Thesis

Madhav Krishna's journey from Silicon Valley to solving India's 450-million blue-collar workforce challenge is a masterclass in finding product-market fit. Starting with a voice-based English teacher called Lakshmi in 2016, Madhav pivoted three times before discovering the real painkiller: recruitment, not training. Today, Vahan.ai powers hiring for Zomato, Swiggy, Blinkit, and Uber using a unique agency-powered model combined with GPT-4o voice AI that costs just ₹2 per minute compared to ₹3-4 for human recruiters.   He shared the complete journey in this candid conversation with host Akshay Datt, revealing why his WhatsApp bot with 500K users meant nothing until he embraced local recruitment agencies instead of trying to disintermediate them. From Y Combinator to backing by Khosla Ventures and Temasek, Madhav explains why SaaS fails in India, how outcome-based pricing became their moat, and why India's trust deficit requires human intermediaries even in the age of AI. With 150 employees generating 40,000 monthly placements and a clear path to profitability at just 3X scale, this is essential viewing for anyone building in India's gig economy, exploring vertical AI applications, or trying to understand what actually works in Indian enterprise markets. Key Highlights:  👉How Madhav Krishna built Vahan.ai from ed-tech pivot to India's largest blue-collar hiring platform with 40,000 monthly placements 👉Why 500K monthly active users meant nothing and how the agency model became the breakthrough to true product-market fit 👉The contrarian insight: why engagement doesn't equal revenue in India and how outcome-based pricing beat SaaS subscriptions 👉Building Voice AI for India: how GPT-4o, proprietary call data, and Hinglish capabilities created a ₹2/minute recruiter cheaper than humans 👉Lessons from scaling through India's funding winter: the path to EBITDA profitability with just 150 employees and capital-efficient growth 👉Why blue-collar workers don't look for jobs online and how Vahan.ai digitized 2,000 local agencies instead of disrupting them 👉The future of gig economy hiring: AI agents, regulatory changes, expansion to manufacturing, and the vision to reach 1 billion people globally#MadhavKrishna #VahanAI #BlueCollarHiring #GigEconomyIndia #VoiceAI #AIRecruitment #IndiaStartups #YCombinator #ProductMarketFit #QuickCommerce #ZomatoSwiggy #DeliveryJobs #GPT4o #VerticalAI #OutcomeBasedPricing #SaaSIndia #KhoslaVentures #StartupPivot #IndiaLabourMarket #WorkforceSolutions #HRTech #RecruitmentPlatform #IndianGigWorkers #AIForIndia #StartupFunding #FounderJourney #TechInIndia #BlueCollarJobs #HiringPlatform #FutureOfWork

What does it take to build India's fastest-growing kitchen appliance brand from scratch - without burning millions in funding?   In this episode, Ravi Saxena, Founder of Wonderchef, reveals how he turned a ₹1 crore bootstrap into a ₹500 crore household name set for an IPO.  From pioneering India's meal voucher ecosystem at Sodexo to creating the iconic VIP Strolley at age 23, Ravi's entrepreneurial journey spans three decades of market-making in post-liberalization India. After co-founding Wonderchef with celebrity chef Sanjeev Kapoor in 2009, he disrupted the cookware and appliances industry with breakthrough innovations like the NutriBlend blender and colored non-stick pans that became a cultural phenomenon.   He shared the journey in this candid conversation with host Akshay Datt. Unlike venture-backed D2C brands burning cash for growth, Wonderchef achieved profitability by obsessing over consumer pain points, building an 85,000-strong women entrepreneur network, and mastering omnichannel distribution across modern trade, general trade, e-commerce, and direct sales.   With 6.5 million Instagram followers and products in every third Indian kitchen, Ravi breaks down the precise strategies behind building brand love without brand budgets. From lobbying for meal voucher legislation in his twenties to cracking the kitchen automation market today, this is a masterclass in patient capital, innovation timing, and building category-defining businesses in India's consumer economy.  Key Highlights:  👉How Ravi invented the VIP Strolley name that became a generic trademark for wheeled luggage 👉The counterintuitive strategy that made Sodexo meal vouchers successful in India without tax benefits 👉Why Wonderchef's NutriBlend became the single largest-selling mixer SKU in India, accounting for 25% of sales 👉Building an 85,000-strong women entrepreneur network that operates on negative working capital 👉The "HTC framework" (Health, Taste, Convenience) that guides every product innovation 👉How Wonderchef reached ₹500 crore revenue burning less than $6 million, while competitors burn multiples more 👉Why the Indian MSME manufacturing model must evolve beyond the "Malik culture" to compete globally#IndianStartups #ConsumerBrands #D2CIndia #KitchenAppliances #SanjeevKapoor #StartupIndia #EntrepreneurshipIndia #MakeInIndia #SodexoIndia #VIPLuggage #NutriBlend #StartupFunding #CapitalEfficiency #OmnichannelRetail #DirectSelling #WomenEntrepreneurs #IndianManufacturing #StartupIPO #FounderStories #IndiaConsumerMarket #BrandBuildingDisclaimer: The views expressed are those of the speaker, not necessarily the channel

How did Shubham Garg bootstrap CodeVyasa to $XXM ARR without a single dollar of VC funding?In this episode, we uncover the contrarian playbook behind India's fastest-growing AI-powered IT services firm and why enterprises are ditching SaaS for custom software.  Shubham Garg is the Founder and CEO of CodeVyasa, a 600-person bootstrapped IT services company serving unicorns like Mamaearth, UpGrad, and Yatra, plus Fortune 500 clients including HDFC Bank and major oil and gas PSUs. What makes his story remarkable is the journey itself - from failing at a supply chain SaaS startup in 2019 to pivoting into high-value outcome-based engineering services that reached $XXM in annual recurring revenue, all without external funding.In this candid conversation with host Akshay Datt, Shubham reveals how CodeVyasa helped UpGrad slash their AWS cloud bill by 40% (saving $2M annually), replaced SAP's enterprise software for a government PSU in just two quarters, and is now capitalizing on the AI revolution by selling GenAI implementation services. He shares hard-earned lessons of scaling a services business with no VC money, and his controversial thesis that the era of SaaS dominance is ending as enterprises shift to building custom AI-powered tools in-house.This episode is essential viewing for bootstrapped founders, service business operators, enterprise sales professionals, and anyone navigating India's IT services boom in the AI era.What You'll Learn:👉How Shubham Garg scaled CodeVyasa from zero to $XXM ARR and 600 employees without VC funding using pure customer revenue and cash flow discipline👉Why outcome-based pricing beats traditional time and material models, and how CodeVyasa competes with giants like Infosys and PwC for Fortune 500 contracts👉The build versus buy revolution - why enterprises are replacing SaaS platforms like SAP and Salesforce with custom AI-powered software built in-house👉CodeVyasa's AI enablement strategy including data pipelines, LLM operations, and identity stitching that now represents 20-25% of revenue#ITServicesIndia #BootstrappedStartup #AIServices #ProductEngineering #OutcomeBasedPricing #DevOpsConsulting #GenAIImplementation #BuildVsBuySoftware #SaaSvsCustimSoftware #IndianUnicorns #DataEngineering #LLMOperations #IdentityStitching #ChinaPlusOneStrategy #FortuneIndiaIT #EnterpriseSales #B2BTechSales #ScalingWithoutVC #CashFlowMasterclass #TechStartupIndia #QAAutomation #CloudOptimization #ReplacingSAP #BootstrappedGrowth

When China banned gallium exports, it didn't hurt AGNIT Semiconductors, it made them essential. Hareesh Chandrasekar reveals how geopolitical supply chain wars created a $13 million opportunity and why India's first GaN chip company is competing with billion-dollar rivals on just $5 million.  In this episode, Hareesh Chandrasekar, Co-Founder and CEO of AGNIT Semiconductors, shares the unconventional journey of commercializing 18 years of IISc research into India's first indigenous GaN chip company. From leveraging ₹300 crores in government-funded R&D infrastructure to competing with billion-dollar global players on a $4.87 million budget, Hareesh breaks down the capital-efficient playbook for deep tech startups.   He reveals how China's gallium export restrictions created sovereign demand for AGNIT's chips, why defense contracts came before consumer markets, and the brutal reality of scaling from lab prototypes to 100,000 chips in 12 months. With three chips currently in field trials for defense applications and expansion planned into electric two-wheelers, AGNIT is at the forefront of India's semiconductor manufacturing revolution.  He shared this candid journey with host Akshay Datt, exploring the intersection of geopolitics, deep tech commercialization, and the India Semiconductor Mission 2.0. This conversation is essential for founders tackling hardware, investors evaluating deep tech, and anyone interested in India's strategic technology ambitions. In this episode, you'll discover: 👉How Hareesh Chandrasekar spent 18 years building GaN expertise at IISc before raising a single VC dollar, using institutional R&D as non-dilutive capital to de-risk AGNIT Semiconductors 👉Why semiconductor startups take 2-4 years and $2 million just to reach VC-fundable stage, and how the deep tech timeline differs radically from software 👉The military-to-commercial strategy: starting with defense jammers, radars, and drone communication chips before pivoting to high-volume electric vehicle markets 👉How China's control of 87-90% of global gallium reserves and export restrictions created guaranteed sovereign demand for indigenous semiconductor supply chains 👉AGNIT's fab-lite model: controlling IP and critical manufacturing steps while outsourcing volume production, competing with $300M+ funded rivals on $5M 👉The make-or-break challenge: scaling from hundreds to 100,000 chips in 12 months to validate foundry partnerships and achieve commercial viability 👉India's semiconductor ecosystem reality: zero domestic wafer production, complete import dependence, and why $500M GaN foundries are more achievable than $20B silicon fabs 👉Why pitch decks work for investors but defense customers demand working prototypes, data sheets, and field trial results before taking startups seriously#Indiasemiconductor #GalliumNitride #GaNchips #semiconductorstartupIndia #IndiaSemiconductorMission #ISM2.0 #defensetech #compoundsemiconductors #semiconductormanufacturing #chinaexportbanDisclaimer: The views expressed are those of the speaker, not necessarily the channel

In this episode, we unpack the $4M-$10M funding gap that's stranded hundreds of Indian startups, why Anand raised $45M during COVID when everyone else froze, and the brutal truth about unicorn valuations in India's tech ecosystem. Anand Prasanna is the Managing Partner of Iron Pillar, a $400M+ venture growth fund that's cracked the code on taking Indian companies from $10M to $100M in revenue and shepherding them to IPO. With exits like Bluestone's NSE listing and Vyome's historic Nasdaq debut, Iron Pillar proves that the "India for the World" thesis isn't just talk, it's delivering real returns. From his days at McKinsey and Sequoia to running Morgan Creek's Asia office in Shanghai, Anand brings a rare global lens to Indian venture capital. He shared his contrarian playbook, investment discipline, and why he's passing on the AI hype cycle in this candid, no-holds-barred conversation with host Akshay Datt.   Whether you're a founder navigating Series B, an LP evaluating fund managers, or an operator curious about what metrics actually matter at scale, this episode breaks down growth-stage VC like never before. You'll learn the 444 process for picking winners, why CAC payback matters more than growth rate, the dual exit strategy for Indian startups, and Anand's brutally honest takes on Zepto, Cred, Physics Wallah, and why 30% of India's unicorns are overvalued.#VentureCapital #GrowthStageVC #IndiaStartups #SeriesBFunding #StartupFunding #IndianUnicorns #VCInvesting #StartupIPO #BluestoneIPO #FounderThesisPod #StartupMetrics #CACPayback #UnitEconomics #InvestmentStrategy #PrivateEquity #IndiaVC #StartupEcosystem #FundingGap #ScalingStartups #IndiaForTheWorld #GlobalExpansion #VCReturns #LPCapital #StartupValuationDisclaimer: The views expressed are those of the speaker, not necessarily the channel

How do brands grow using the power of sound?   In this episode, Rajeev Raja reveals how BrandMusiq created the sonic identities for Mastercard, 7Up, and dozens of global brands.  Rajeev Raja is the founder of BrandMusiq, Asia's first sonic branding agency that's redefining how brands connect emotionally with consumers through strategic sound design. In this conversation with host Akshay Datt, Rajeev shares his unconventional journey from being National Creative Director at DDB Mudra and a professional jazz flautist to pioneering an entirely new category in India's advertising landscape. Rajeev breaks down the science and art of sonic branding, from understanding Indian classical Navarasas to leveraging AI for scalable sound production, while revealing the capital-efficient playbook that helped him build a bootstrapped agency serving Fortune 500 clients. In this episode, you'll learn: 👉How Rajeev Raja built BrandMusiq into Asia's leading sonic branding agency without venture capital funding 👉The difference between jingles and strategic sonic identity systems, and why brands need MOGOs in the audio-first economy 👉Inside BrandMusiq's proprietary MUSE framework that turns brand personality into emotionally resonant sound👉Why sonic branding delivers 8.5x more effectiveness than visual-only advertising and drives measurable brand trust 👉How AI is transforming music creation for brands while human creativity remains irreplaceable for emotional connection 👉Real-world pricing and business models, from several hundred thousand dollar global deals to startup-friendly licensing options#AudioMarketing #BrandIdentity #SonicIdentitySystem #AdvertisingIndustry #CreativeEntrepreneurship #AudioFirstBranding #MumbaiStartups #SoundBrandingAgency #FounderStory #PodcastSonicIdentity #AIMusic #MusicBranding #indianadvertisingDisclaimer: The views expressed are those of the speaker, not necessarily the channel

How does a Bollywood director think about making blockbusters?   From script to screen to box office success, discover the hidden economics of India's most glamorous industry.  Ever wondered how a Bollywood film actually gets made and who makes money from it? In this revealing episode, acclaimed director Shashank Khaitan pulls back the curtain on the complex business machinery of Hindi cinema. From his journey as a small-town dreamer in Nashik who played tennis at the junior international level to becoming the creative force behind romantic comedies like Humpty Sharma Ki Dulhania and Badrinath Ki Dulhania, Shashank breaks down the entire filmmaking value chain. He shares candid insights on how producers, directors, actors, and studios split revenues, the evolving role of OTT platforms in film financing, and why building a rom-com requires balancing romance with comedy down to precise percentages.   Beyond Bollywood, Shashank reveals his ambitious second act as co-founder of Global Sports Pickleball, where he's applying his storytelling expertise to build India's next major sporting ecosystem. He shared this fascinating journey in a candid conversation with host Akshay Datt, exploring how capital flows through India's entertainment industry, the rise of franchise leagues, and why karma matters more than luck in building sustainable success.  Key Highlights: 👉How Shashank transitioned from junior international tennis to becoming a successful Bollywood director with multiple hit films 👉The complete economics of Bollywood filmmaking, from script acquisition and actor fees to OTT deals worth 25-130 crores and theatrical revenue splits 👉Why producers are the dealmakers and chief marketing officers who manage everything from casting to distribution strategy 👉The secret to rom-com success: balancing romance and comedy while creating characters audiences genuinely care about 👉How Shashank is building Global Sports Pickleball into a 1000-crore business by 2027, leveraging his storytelling skills to create India's next sporting phenomenon 👉Why self-awareness and process-driven thinking trump outcome obsession for long-term entrepreneurial success  Chapters: 00:00 - Shashank Khaitan's Journey from Tennis to Bollywood 08:07 - How Bollywood Films Actually Get Made 21:56 - Breaking Down Bollywood's Revenue Models 42:20 - Producer's Role in Film Business 01:01:03 - Marketing Strategy for Bollywood Releases 01:23:36 - Building Global Sports Pickleball Empire 01:40:56 - Future of Sports Infrastructure in India  #BollywoodBusiness #FilmIndustryIndia #BollywoodDirector #MovieProduction #OTTPlatforms #NetflixIndia #DharmaProductions #YashRajFilms #FilmFinancing #BollywoodEconomics #IndianCinema #RomComMovies #HumptySharmaKiDulhania #BadrinathKiDulhania #PickleballIndia #GlobalSportsPickleball #SportsStartups #SportsInfrastructure #IndianSportsIndustry #StartupPodcast #EntrepreneurJourney #BollywoodInsights #FilmDistribution #MovieMarketing #CelebrityEntrepreneurs #SportsLeagues #IPLModel  Disclaimer: The views expressed are those of the speaker, not necessarily the channel

Ever wondered how credit card companies actually make money and why your rewards never seem to add up?   Anil Goteti, Founder of Scapia, reveals the hidden business of cards: from interchange fees and breakage profits to why banks spend ₹3,500 acquiring each customer and still wait three years to break even.   The business of cards in India is a multi-billion dollar industry built on economics most consumers never see. Anil Goteti spent eight years at Flipkart mastering consumer behavior before diving into this opaque world with Scapia, a travel-focused credit card that's raised $72 million to challenge how the card business operates.   In this masterclass conversation with host Akshay Datt, Anil deconstructs the entire value chain: how merchant discount rates get split between issuing banks, acquiring banks, and payment networks like Visa and Mastercard, why co-branded card partnerships exist, and how rewards programs are designed so 50% of points expire unused, a profit center called breakage. He exposes why traditional banks charge forex markups of 3-5% on international spending, how customer acquisition costs in the card business have ballooned to ₹3,000-3,500 per customer, and why it takes six to nine years of card usage before banks see real profit.   Anil also shares Scapia's contrarian approach: zero fees, zero forex markup, instant transaction visibility, and making reward redemption so easy it threatens the breakage model competitors rely on. Beyond card economics, this episode explores how Scapia survived when RBI banned their banking partner from issuing new cards, why the business of cards in India is still massively underpenetrated compared to Western markets, and how the convergence of fintech and travel creates dual revenue streams that make their aggressive customer economics sustainable at scale.  What You'll Learn:  👉The complete business model of credit cards: how interchange fees, MDR splits, rewards programs, and interest income create the revenue stack 👉Why banks spend ₹3,000-3,500 acquiring each card customer and still need three years to reach breakeven on that investment 👉How Scapia built a $72M card business with zero fees by monetizing through travel commerce and challenging the breakage profit model 👉The hidden economics of co-branded cards: how fintech companies and banks share risk, revenue, and customer acquisition costs 👉Why India's card business is poised for explosive growth with only 6-7 cards per 100 people versus 300+ in developed markets 👉Real-time product innovation that's reshaping the card business: instant forex conversion, transparent rewards ledgers, and seamless bill payments#CreditCardBusiness #CreditCardEconomics #InterchangeFees #MDRExplained #CardBusinessModel #CreditCardIndustry #CobrandedCards #RewardsPrograms #BreakageProfits #ForexMarkup #CustomerAcquisitionCost #CardUnitEconomics #PaymentNetworks #IndiaFintech #CreditCardStartups #FintechBusinessModel #TravelFintech #CardIssuingBusiness #BankingPartnership #CreditCardRevenue #StartupIndia #FintechIndia #CardPayments #digitalpayments   Disclaimer: The views expressed are those of the speaker, not necessarily the channel

In this episode, Raution Jaiswal reveals how he built InsuredMine from $40,000 in funding to $5 million ARR, competing against giants like Salesforce in the US insurance agency software market.  Starting as an immigrant founder with no insurance background, Raution bootstrapped his way through the brutal early days, moonlighting while building his first product, pivoting from a consumer app to B2B CRM, and eventually capturing 17 of the top 50 insurance agencies in America.   He shared the journey in this candid conversation with host Akshay Datt. Raution breaks down his "Trojan Horse" go-to-market strategy, positioning InsuredMine as a friendly add-on to legacy systems before becoming the central hub of agency operations. He discusses why modern product architecture is his secret weapon, how he's embracing AI to move from automation to prescriptive intelligence, and why he chose to return to India after 18 years in the US to run his American business and give back through his foundation. This is a masterclass in vertical SaaS, capital efficiency, and contrarian company building in a massive but overlooked market.  Key Highlights:  👉How Raution built InsuredMine to $5M ARR with only $40K in funding, competing against Salesforce and legacy insurance software giants 👉The "add-on" Trojan Horse strategy that helps InsuredMine infiltrate agencies and become their central operating system 👉Why modern product architecture is InsuredMine's biggest competitive moat against billion-dollar competitors with legacy tech debt 👉Raution's pivot from B2C insurance wallet app to B2B agency CRM, and how he validated the business with 50 paying customers before quitting his job 👉How InsuredMine is leveraging AI to move from generative features to predictive analytics to prescriptive recommendations for insurance agents 👉Why Raution moved back to India after 18 years in the US to run his American business and launch his foundation for underprivileged students  Chapters: 00:00 - Raution Jaiswal's InsuredMine Origin Story 01:20 - US vs India Insurance Industry Landscape 05:25 - How Insurance Distribution Works in America 10:26 - The Problem InsuredMine Solves for Agencies 14:24 - Building CRM for Insurance Agency Market 17:25 - InsuredMine vs Legacy Agency Management Systems 20:54 - Why VCs Chase InsuredMine Despite Bootstrapping 24:33 - The $40K to $5M ARR Journey 27:24 - Scaling InsuredMine Without Venture Capital 29:03 - Bootstrapping Secrets and Capital Efficiency Playbook 32:09 - Managing US Business from India Strategy 35:41 - Product Evolution from Automation to AI 37:06 - Building World-Class Support at Scale 40:38 - Running Global SaaS Company from Bangalore 42:10 - From Kolkata Streets to US Entrepreneur 47:59 - Paying It Forward Through Education Foundation 50:59 - Building Trust-Based Sales Without VC Money 52:38 - Product Roadmap and AI CRM Vision 56:03 - AI Agents vs Human Insurance Agents  #InsurtechStartup #BootstrappedStartup #VerticalSaaS #InsuranceAgencySoftware #InsuranceCRM #SaaS #StartupIndia #FounderStory #USInsuranceMarket #InsuranceTechnology #AIinInsurance #StartupBootstrapping #IndependentInsuranceAgents #PropertyCasualtyInsurance #SalesforceAlternative #AgencyManagementSystem #InsuranceDistribution #CapitalEfficiency #StartupJourney #B2BSaaS #InsuranceInnovation #StartupPodcast Disclaimer: The views expressed are those of the speaker, not necessarily the channel

How did Apurv Agrawal transform SquadStack from a data collection startup into India's leading AI-powered BPO generating ₹200+ crore ARR?   This episode reveals the 10-year journey to finding true product-market fit and disrupting India's massive outsourcing industry.  Apurv Agrawal, Co-Founder and CEO of SquadStack, shares the remarkable evolution from Squadrun's gig economy roots to becoming India's most advanced AI-native contact center platform. Starting as a horizontal marketplace for data collection tasks, SquadStack pivoted multiple times before discovering their breakthrough in distributed calling services during COVID-19. What began as weekend experiments became enterprise solutions for major brands like Kotak, Axis Bank, and Bajaj. Apurv reveals how they built a billion-interaction dataset, achieved 95% AI implementation success rates while competitors fail, and created a unique hybrid workforce combining stay-at-home professionals with local agencies across tier-2 and tier-3 cities. He candidly discusses the emotional definition of PMF, why founders can't fight market forces, and his contrarian leadership philosophy of "leading with love" that attracted 19% ex-founders to his team. With voice cloning technology and hyper-personalized customer journeys, SquadStack is reshaping how enterprises handle sales, support, and collections through AI-human collaboration. He shared this transformative journey in this insightful conversation with host Akshay Datt, offering invaluable lessons on market timing, vertical focus, and building sustainable competitive moats in the AI era.  Key insights you'll discover:   👉How Apurv built SquadStack into a ₹200+ crore ARR leader through strategic pivots and market timing 👉Lessons from transitioning from horizontal gig marketplace to vertical AI-BPO specialist serving enterprise customers 👉SquadStack's breakthrough approach to distributed workforce management combining individual professionals with agency partnerships across India 👉Revolutionary AI implementation strategies achieving 95% success rates while industry reports 95% failure rates 👉Deep dive into voice cloning technology and hyper-personalized customer journey automation transforming contact center operations 👉Founder philosophy on high-agency hiring 👉Ubuntu leadership principles, and why love-based culture attracts exceptional entrepreneurial talent#BPOstartups #AIautomation #IndianstartupsPMF #productmarketfit #distributedworkforce #contactcenterAI #voicecloning #enterpriseAI #gigeconomyIndia #BPOdisruption #remoteworkIndia #startupfunding #founderstory #entrepreneurshipIndia #AIimplementation #customerserviceAI #startuppivot Disclaimer: The views expressed are those of the speaker, not necessarily the channel