Founder Thesis

"ESOPs aren't lottery tickets; they're a calculated risk with a potential for real wealth creation."  This seemingly simple statement from Satish Mugulavalli, Founder and Managing Partner of Hissa, encapsulates the core message of this episode: shifting the perception of ESOPs from "paper money" to a strategic tool for both companies and employees. We unpack the often-confusing world of ESOPs, going beyond the jargon to reveal the real-world mechanics and benefits. Satish Mugulavalli is the Founder and Managing Partner of Hissa, a platform revolutionizing private market transactions in India. Hissa facilitates ESOP liquidity for employees and provides access to growth-stage private companies for investors. Satish is building a 150Cr fund with a 150 Cr greenshoe option. They have already closed 30 crores in their first round. The platform has generated over 5Cr in revenue till date.  Key Insights from the Conversation:  ✅Discounts are Normal: Understand why ESOP transactions often happen at a discount to the last valuation, and why it's not necessarily a red flag. ✅Tax Implications: Learn the crucial difference between perquisite tax and long-term capital gains, and how it impacts your decision to exercise. ✅The Founder's Perspective: Discover why companies offer ESOPs in the first place, and how they view them as a strategic tool. ✅The Employee's Perspective: Get practical advice on evaluating an ESOP offer and understanding your potential upside. ✅Building the Future: Hear Satish's ambitious vision for creating a transparent and efficient private market exchange in India. ✅The right questions to ask as an employee. Chapters: 0:00:00 - Introduction: Demystifying ESOPs and the Rise of Hissa 0:03:15 - Satish's Journey: From Startup Ecosystem to Private Markets 0:05:36 - Hissa's Dual Approach: SaaS Platform and Investment Fund 0:11:05 - Target Market: Identifying the Right Companies for ESOP Liquidity 0:20:30 - The Hissa Fund: Investment Strategy and Fundraising 0:39:23 - Understanding Valuation Discounts in Secondary ESOP Transactions 0:58:11 - ESOP 101: Grant, Vesting, Exercise, and Tax Implications 1:02:37 - The "Why Exercise?" Question: Balancing Risk and Reward 1:07:38 - Employee friendly ESOPs 1:11:51 - Building the "NSE/BSE of Private Markets": Hissa's Long-Term Vision 1:18:00 - Hissa's Go-To-Market Strategy: Reaching Founders and Companies 1:25:00- Future of ESOPs#ESOPs #StartupIndia #PrivateMarkets #Hissa #SatishMugulavalli #FounderThesis #Equity #Compensation #Vesting #StockOptions #Startups #Investing #Finance #India #Liquidity #TaxPlanning 

"You have to be good at collections if you want to be a good lender."  This was just one of Shruti Aggarwal's amazing insights in this episode: lending profitability relies on responsible repayment, not just customer acquisition.  Shruti Aggarwal is the Co-Founder of Stashfin, a digital lending platform in India. She has built a profitable fintech with a loan book of ₹2000 crores and monthly disbursements of ₹300-400 crores. Stashfin operates with remarkable efficiency, generating ₹800 crores in revenue with only 170 employees. Shruti is a CA, holds an MBA from Columbia Business School, and has experience at Merrill Lynch.  Key Insights from the Conversation: ✅Underserved Market: Stashfin focuses on the Indian middle class, often underserved by traditional banks, with small-ticket, unsecured personal loans. ✅RBI Regulations: The evolving regulatory landscape has impacted growth and capital requirements but ultimately promotes a more sustainable lending environment. ✅Technological Efficiency: Stashfin leverages technology for extreme operational efficiency, automating processes to minimize costs. ✅Customer Retention: 90% repeat business demonstrates the success of Stashfin's customer-centric approach and product convenience. ✅Leverage Control: Understanding and managing leverage is crucial for NBFCs, and recent RBI guidelines aim to limit risk.  Chapters:  0:00:00 - Introduction: Shruti Aggarwal's Entrepreneurial Journey 0:05:51 - Returning to India & Identifying the Credit Gap 0:11:18 - Choosing the NBFC Model: Control and Responsibility 0:17:01 - Stashfin's Profitability and Unit Economics 0:23:43 - Impact of RBI's PPI Guidelines on Credit Line Cards 0:28:58 - Overview of RBI's Fintech Regulations (2016-2024) 0:41:17 - The Chinese Loan Apps Issue and Regulatory Response 0:48:36 - The Importance of Leverage in Lending 0:53:54 - Stashfin's Funding Strategy: Diverse Sources 01:15:04 - Technology-Driven Efficiency at Stashfin 01:27:20 - Stashfin's Underwriting and Fraud Prevention 01:33:36 - Future Opportunities in Indian Fintech#FintechIndia #DigitalLending #NBFC #RBI #PersonalLoans #IndianEconomy #StartupIndia #Entrepreneurship #FinancialLiteracy #LendingRegulations

"The solution to every problem lies in the market, not the boardroom."   Ashok Vashist shares a powerful lesson on the importance of staying grounded and understanding customer needs directly, rather than relying solely on theoretical discussions in boardrooms. This principle has guided WTI's success.  Ashok Vashist is the Founder of WTI Cabs (Wise Travel India), one of India's leading B2B mobility solutions providers. He built WTI from scratch, starting with ad-hoc services in 2009, to a 400Cr revenue company which had an IPO in 2024, and is now expanding globally. Ashok's story is a testament to resourcefulness, customer-centricity, and the power of a "hungry" team.  Key Insights from the Conversation:  👉Niche to Scale: WTI started by dominating a neglected niche (ad-hoc corporate transport) before expanding into broader mobility services. 👉DCO Model Evolution: The interview provides a unique perspective on the rise and fall of the Driver-Cum-Owner model in the Indian mobility landscape. 👉Customer-Centricity is King: WTI prioritizes long-term relationships and bespoke solutions for its corporate clients. 👉Building Internal Strength: Ashok champions financial prudence and building internal liquidity over reliance on external funding. 👉Org Structure by Capability: Organizational design should be based on the capabilities of the team, not just abstract process frameworks. 👉Global expansion: A strong B2B focussed expansion strategy to grow into a global mobility major.  Chapters:  0:00:00 - Introduction: Ashok Vashist's Journey Building WTI 0:03:43 - The Origin of WTI and the Early Days 0:05:41 - Finding Opportunity in the Ad Hoc Market 0:08:50 - Scaling Up: From Ad Hoc to Process-Oriented 0:17:34 - The DCO Model: Origins, Benefits, and Drawbacks 0:29:28 - The Future of Fleet Aggregation: Beyond DCO 0:35:56 - Expanding into Car Rentals and MSP Services 0:40:39 - The Commonwealth Games: A Defining Moment 0:45:08 - Organizational Structure: People Over Process 0:50:37 - Going Public: The SME Board and Beyond 0:58:45 - Global Expansion: The Dubai Strategy 01:03:51 - Culture, Hunger, and the Importance of Staying Grounded 01:09:16 - Building sales culture, and the power of honesty#IndianStartups #FounderJourney #Entrepreneurship #BusinessStrategy  #CustomerCentricity #OrganizationalCulture #CompanyCulture

"We realized that just lending is not the answer. You need to solve a problem for the small business owner." This quote from Tashwinder Singh encapsulates the core philosophy driving Niyogin's approach. It's not just about providing capital; it's about understanding and addressing the holistic needs of small businesses in India, moving beyond simple transactions to genuine problem-solving. This sets the stage for a discussion about a more nuanced and impactful approach to fintech. About Tashwinder Singh: Tashwinder Singh, CEO of Niyogin, is a financial services veteran with a track record of building and scaling businesses. He spent 18 years at Citibank, culminating in leadership roles before transitioning to the world of private credit at KKR, where he managed ~$1 billion in annual disbursements in India. Now, he's leading Niyogin's ambitious journey to revolutionize lending for small businesses, growing their loan book from ₹100 crores to a targeted ₹800 crores in the near future. His experience spans corporate finance, consumer banking, and the complexities of the Indian credit market.  Key Insights from the Conversation: 👉The Power of Partnerships: Niyogin's model heavily relies on strategic partnerships with a wide range of institutions, enabling them to reach a vast network of MSMEs and leverage existing distribution channels. 👉Beyond UPI: While UPI is a success story, Niyogin recognizes its limitations in rural India and focuses on addressing the unique challenges of cash-based economies and integrating cooperative banks. 👉Technology as an Enabler: The acquisition of iServeU and its technology platform (including soundbox technology) is central to Niyogin's strategy, providing both financial inclusion solutions and SaaS revenue streams. 👉Risk Management: Niyogin's approach to partner-originated loans, including risk cover, showcases a focus on sustainable growth and minimizing NPAs. 👉The Importance of Distribution: Niyogin's direct selling agents combined with strategic partnerships with institutions, gives them a wider and deeper reach.  Chapter Headings with Timestamps   00:00:00 - Introduction: Tashwinder Singh's Journey from Citibank to Niyogin 00:03:15 - The IL&FS Crisis and its Impact on Indian Credit 00:07:40 - Joining Niyogin: Identifying the Opportunity in MSME Lending 00:12:25 - Niyogin's Business Model: Lending, Distribution, and Technology 00:18:50 - Building the Loan Book: Targets and Strategies 00:24:30 - iServeU Acquisition: The Technology Backbone 00:31:10 - The Soundbox Strategy and Bank Partnerships 00:38:00 - Addressing the Challenges of Rural India: Beyond UPI 00:44:45 - Risk Management and the Zero NPA Approach 00:51:20 - The Future of Niyogin: Monetization and Growth Plans 00:57:00 - Competition and the Evolving Landscape 01:01:05 Key Learnings and Advice for Entrepreneurs  #Fintech #India #MSME #Lending #SmallBusiness #RuralIndia #UPI #FinancialInclusion #Credit #iServeU #Niyogin #TashwinderSingh #Investment #Banking #Technology #SaaS #Soundbox #DigitalPayments #Entrepreneurship #Startup #BusinessPodcast #FinancePodcast #KKR #Citibank #LoanBook #NPA #CooperativeBanks

From a $10,000 first customer to multi-million dollar contracts, hear the incredible growth story of Locus!In this episode of the Founder Thesis podcast, Founder and CEO Nishith Rastogi shares key strategies on how a shift from B2C to B2B helped fuel its success in the on-demand economy. Gain key insights into their go-to-market strategy, AI integration, and the importance of building strong customer relationships. Get actionable insights for your own entrepreneurial journey!Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.Connect:Nishith Rastogi: https://www.linkedin.com/in/nishithrastogi/Akshay Datt: https://www.linkedin.com/in/akshay-datt/Founder Thesis: www.founderthesis.com

Yamini Bhat is a rare breed - a female founder of a tech startup, but beyond that her achievements are simply phenomenal - Vymo is a global Saas company doing double digit million in ARR, and has raised $45mn till date. In this episode of the Founder Thesis podcast Yamini Bhat recounts her fascinating transition from McKinsey consultant to the founder of Vymo, a cutting-edge sales automation platform. Learn about the challenges she faced, the lessons learned, and the breakthroughs and strategies that helped her scale the company globally. Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.Connect:Yamini Bhat: https://www.linkedin.com/in/yamininatti/Akshay Datt: https://www.linkedin.com/in/akshay-datt/Founder Thesis: www.founderthesis.com

In this episode, we dive into the entrepreneurial journey of Arvind Parthiban, CEO & Co-Founder of SuperOps, a $50M SaaS company. Arvind highlights the critical role of product marketing in startup success and emphasizes the importance of purpose-driven entrepreneurship.Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.Connect:Arvind Parthiban: https://www.linkedin.com/in/arvind-parthiban/ Akshay Datt: https://www.linkedin.com/in/akshay-datt/Founder Thesis: www.founderthesis.com

The global cross-border payments market is on a remarkable growth trajectory, expected to hit $290 trillion by 2030. Amidst this booming landscape, discover how Srivatsan Sridhar successfully navigated the challenges and founded Skydo, a platform which addresses traditional pain points around high fees, delayed settlements, and compliance hurdles and makes international transactions hassle-free.Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.Connect:Srivatsan Sridhar: https://www.linkedin.com/in/srivats80/  Akshay Datt: https://www.linkedin.com/in/akshay-datt/     Founder Thesis: www.founderthesis.com

In this episode, Divakar Vijayasarathy shares his inspiring entrepreneurial journey, from overcoming early struggles to building a global financial powerhouse. Tune in for invaluable lessons on scaling businesses, mastering tax dynamics, and creating lasting value in the professional services sector.  Divakar is the Founder of DVS Advisory Group, a tax advisory, business advisory and PE firm that has grown to an annual revenue of $300mn and has 18,000 clients across 40 countries.  He is a published author of 17 books related to Tax.  Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.Connect:Divakar Vijayasarathy: https://www.linkedin.com/in/divakar-dvs/   Akshay Datt: https://www.linkedin.com/in/akshay-datt/     Founder Thesis: www.founderthesis.com

In this episode, we delve into Rajul Garg's inspiring journey from his beginnings as a budding entrepreneur to a successful venture capitalist.Rajul is the founder and managing partner of Leo Capital, a venture fund that invests in early-stage technology companies. A serial entrepreneur turned investor, Rajul co-founded GlobalLogic, a digital engineering services company that was acquired by a Japanese company for $10 billion. He also co-founded Pine Labs, a merchant commerce platform valued at $6 billion, which plans to launch an IPO soon. In addition, he ventured into the edtech space by co-founding Sunstone Eduversity.Akshay Datt, a serial entrepreneur who has run ventures in employability training and hiring, hosts the Founder Thesis podcast. He has interviewed 500+ founders to date.