Founder Thesis

Utham Gowda, the founder and Group CEO of Captain Fresh, shares his dramatic journey from a $500 million valuation to building a global seafood powerhouse. He reveals the bold decisions behind an aggressive M&A strategy that led to acquiring over $120 million in companies without debt. Utham discusses the importance of radical honesty in business, the shift from a domestic to a global focus, and how Captain Fresh tripled its profitability. He also emphasizes the vast opportunities in the seafood industry, advocating for a mission-driven approach for aspiring founders.

In this episode, Dr. Arjun Jain - Founder of Fast Code AI - reveals why the AI industry's trillion-dollar bet on bigger models is failing, and what's replacing it.  Dr. Arjun Jain isn't your typical AI founder. After training under Turing Award winner Yann LeCun at NYU, working on Apple's secretive autonomous vehicle project, and leading Mercedes-Benz's robotaxi AI, he returned to India to bootstrap Fast Code AI with zero venture capital. In just two years, his company grew 8x by doing what the AI giants won't: charging for outcomes instead of software seats, deploying Small Language Models that outperform GPT-4 for specific tasks, and building agents that actually work in production.   He shared this contrarian journey in this candid conversation with host Akshay Datt. From explaining why "we have but one internet and we've used it all" (quoting OpenAI's Ilya Sutskever) to revealing how procurement agents train by negotiating with themselves millions of times, this episode dismantles the AI hype and shows what enterprise automation actually looks like. Whether you're a founder evaluating AI vendors, an engineer choosing between foundation model labs and application companies, or an investor trying to separate signal from noise, this is the reality check the industry needs.  What You'll Learn:  👉Why scaling laws have stagnated and what test-time compute and reinforcement learning mean for enterprise AI's future 👉How Fast Code AI captures "Salary TAM" (30-70% of revenue) through outcome-based pricing instead of traditional SaaS seat licenses 👉The real reason AI engineers command $10-100 million salaries, and why this won't last as foundation models commoditize 👉Why Project Athena (Mercedes-Bosch's multi-billion euro robotaxi venture) failed, and what end-to-end learning beats modular approaches 👉How Small Language Models fine-tuned on company data outperform massive generic models at 1/10th the inference cost 👉The "self-play" reinforcement learning methodology that makes Fast Code's agents reliable in production, not just impressive in demos#DrArjunJain #FastCodeAI #AgenticAI #AIScalingLaws #EnterpriseAI #SmallLanguageModels #OutcomeBasedPricing #ReinforcementLearning #AIAgents #YannLeCun #BootstrappedStartup #IndiaAIStartups #AIServices #TestTimeCompute #FoundationModels #LLMLimitations #AIForEnterprise #ProcurementAutomation #AIEngineers #AutonomousDriving #ProjectAthena #SalaryTAM #AIInference #AIDeployment #BangaloreAI #AIConsulting #MachineLearningExplained #DeepLearning #TransformersAI #FounderThesisPodcast Disclaimer: The views expressed are those of the speaker, not necessarily the channel

Mark Kahn is the Managing Partner of Omnivore, India's pioneering agriculture and rural economy venture capital fund with over $325 million in assets under management. Since 2011, Omnivore has backed 50+ startups including DeHaat (India's near-unicorn agritech platform), Pixxel (space tech), Ecozen (climate hardware), and dozens of companies transforming India's 600 million rural population.In this conversation with host Akshay Datt, Kahn unpacks his contrarian thesis on smallholder farming, explains why "B2B SaaS is fucked by AI," dissects the horseshoe politics blocking GM crops in India, and reveals why Trump's 50% tariffs and Modi's dairy farmers are on a collision course. From his operational years at Godrej Agrovet to building India's leading agritech VC, Mark offers a masterclass in sectoral investing, the realities of raising from DFIs, and why India's bioeconomy could hit $300 billion by 2030 - if entrepreneurs stop becoming software engineers and start doing actual biology.What You'll Learn:👉Why Mark Kahn believes India will never have a unicorn agritech company by traditional metrics, and why he's okay with that👉How Omnivore's portfolio companies like DeHaat, Arya.ag, and Captain Fresh are approaching profitability and IPOs while others like WayCool imploded👉The "Kirana shop analogy" - why Indian smallholder farmers are more productive than you think and will beat US industrial agriculture👉Why both the Indian left and right agree on blocking GM crops (horseshoe theory), and how Indians have been eating GM food derivatives for 20 years without knowing it👉Mark Kahn's provocative take on US-India trade negotiations: why dairy imports should be blocked but feed ingredients should be welcomed👉The shocking reality that India's biotech sector has produced zero new billionaires in 20+ years, and what the $300 billion bioeconomy opportunity requiresCHAPTERS:00:00 - Mark Kahn's Journey to Omnivore VC01:18 - Why Agritech Over B2B SaaS02:52 - India's Agritech Unicorn Problem Explained06:37 - Bharat Economy Beyond Agriculture09:49 - India's Agricultural Future Vision13:27 - GM Crops Controversy and Yield Gaps18:26 - The GM Foods Paradox23:21 - Omnivore's Investment Thesis and Portfolio30:35 - Fund Size and LP Strategy31:45 - Origin Story of Omnivore40:06 - Early Days at Omnivore50:12 - Agriculture Protection and Trade Policy52:25 - US-India Agricultural Trade War57:52 - Why India's Farm Policy is Soviet1:01:08 - The Farm Reforms That Failed1:06:13 - AgriStack Digital Infrastructure1:09:04 - Smallholder Farmers vs Industrial Agriculture1:13:01 - Zero Percent Probability of Reform1:14:13 - India Through an Immigrant's Eyes1:20:31 - Advice for Founders Raising VC1:26:56 - The Bioeconomy Opportunity#MarkKahn #OmnivoreVC #AgritechIndia #VentureCapitalIndia #IndianAgriculture #AgritechUnicorn #DeHaat #RuralIndia #BharatEconomy #GMCrops #AgriculturePolicy #USIndiaTrade #TrumpTariffs #BiotechIndia #SpaceTech #Pixxel #Climatetech #ImpactInvesting #AgricultureVC #StartupFunding #IndiaVC #FarmersIndia #SmallholderFarming #AgricultureReform #FoodSecurity #SustainableAgriculture #AgriFintech #RuralFintech #DigitalAgriculture #AgriStackDisclaimer: The views expressed are those of the speaker, not necessarily the channel

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