Founder Thesis

"SaaS as we know it is DEAD."  This might sound controversial, but as Manav Garg explains, the old model of simple workflow automation is being rapidly superseded. AI agents are now capable of executing complex tasks based on simple commands, fundamentally changing how businesses operate and what they expect from technology.  Manav Garg is the Co-founder and Managing Partner of Together Fund, an operator-led VC firm managing over $250M AUM and backing ambitious early-stage Indian SaaS and AI startups. Before this, he founded Eka Software Solutions in 2004, building it over nearly two decades into a global leader in commodity management software. He scaled Eka to $34 million in revenue with $9 million in profit by 2014, raised over $55 million, navigated a complex pivot to the cloud, and ultimately exited the company. He is also a co-founder of SaaSBOOMi, Asia's largest SaaS community, and is passionate about building India as a Product Nation.  Key Insights from the Conversation: 👉The challenging journey of pivoting an already profitable company (Eka) to the cloud. 👉Learnings from bootstrapping, fundraising, M&A, and scaling enterprise SaaS globally. 👉The Operator-VC model: "Paying it forward" with capital plus know-how. 👉Why "People Buy From People": Building trust is paramount in enterprise sales. 👉The Founder Exit journey often involves an identity crisis, not just financial calculations.  Chapters: 00:00:00 - Introduction 00:03:32 - Early Career: Commodity Trading & Learning Lateral Thinking 00:10:50 - Spotting the Gap: The Founding Idea for Eka Software 00:19:29 - Starting Eka: Solo Founder, Seed Funding & Early Choices 00:25:33 - Zero-to-One: Building Eka Profitably From Year 1 00:34:20 - Scaling Up: Raising VC & Growing Through M&A ($34mn ARR) 00:40:55 - Facing Crisis: The Commodity Crash & The Cloud Pivot Decision 00:48:58 - Navigating the Difficult 3-Year Cloud Transition 00:53:07 - The Exit Journey: Deciding to Sell Eka & The Process 01:05:04 - SaaSBOOMi & Founding Together Fund (The Operator-VC Model) 01:10:09 - Investing Thesis: AI Wave, Market Size & Evaluating Founders 01:19:34 - Key Lessons from 20 Years: Pricing, Sales, Product Love & Processes 01:33:11 - Why SaaS is Dead & The Future with AI Agents  #FounderThesis #SaaS #StartupIndia #IndianStartups #VentureCapital #OperatorVC #AI #ArtificialIntelligence #EnterpriseSoftware #CloudComputing #FounderJourney #StartupExit #Entrepreneurship #Bootstrapping #SalesStrategy #ProductManagement #TechIndia #MakeInIndia Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Raising more money often means you made more mistakes."This counter-intuitive take from Vinod Kumar Meena challenges the common startup narrative where fundraising equals success. He argues that true success lies in capital efficiency and building a sustainable business, not just chasing the next round.  Vinod Kumar Meena is the Co-Founder & COO of KukuFM, India's leading audio content platform. An IIT Jodhpur graduate and Forbes 30 Under 30 Asia honoree, he has scaled Kuku FM to over 6 million paying subscribers, targeting over ₹1000 Crore ($150M) in ARR, demonstrating phenomenal growth in the vernacular content space after raising over $70M.  Key Insights from the Conversation:  👉Why Silicon Valley startup advice can be detrimental in the Indian context. 👉The critical role of content exclusivity and understanding 'Bharat' for monetization. 👉Mastering digital distribution, influencer marketing, and why 'ads are content'. 👉The 'science' behind engaging mobile-first content (fast-paced, escapism). 👉Why gut calls often trump logical debates in decision-making. 👉Building a 'default alive' business vs. a VC-dependent startup. 👉AI's role as an enabler in content, not (yet) a replacement for creators.  Chapters:  (0:00:00) - Intro: Vinod's Journey from Village to IIT & Entrepreneurship (0:07:30) - Early Startups, EdTech & Selling to Toppr (0:18:08) - Why Vinod Left EdTech & The Power of Travel (0:23:23) - Genesis of Kuku FM: Identifying the Vernacular Audio Gap (0:29:45) - Building Content Supply & Cracking Monetization for India (0:46:40) - Deep Dive: Monetization Strategy & Exclusivity (0:51:30) - Unique Distribution Tactics: Influencers & Content-as-Ads (01:06:30) - Mobile-First Content Science: What Engages 'Bharat'? (01:17:50) - Challenging Startup Norms: Fundraising, Gut Calls & Silicon Valley Myths (01:49:25) - AI in Content: Hype vs. Reality & Future Outlook (01:55:35) - Final Advice: Build a BUSINESS, Not Just a Startup  #FounderThesis #StartupIndia #IndianStartups #ContentBusiness #VernacularContent #AudioPlatform #Podcast #Entrepreneurship #StartupAdvice #Monetization #DigitalMarketing #InfluencerMarketing #BuildingForBharat #MakeInIndia #MediaTech #ContentStrategy #Fundraising #VentureCapital #BootstrappingMindset #Leadership #businessstrategy   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"When people think of AI, they think it's probably happened in the last 10 years or 20 years, but it's a journey of 70 plus years."  This quote from Vinay Sankarapu challenges the common perception of AI as a recent phenomenon.Vinay Sankarapu is the Founder & CEO of Arya.ai- An Aurionpro Company, one of India's pioneering AI companies established in 2013. An IIT Bombay alumnus, Vinay led Arya.ai to become a profitable (EBITDA positive for 3+ years) enterprise AI player focusing on the BFSI sector, achieving significant scale (~₹50-100 Cr revenue range) before its acquisition by Aurionpro Solutions. He was named in Forbes 30 Under 30 (Asia) and is now also leading AryaXAI, focusing on making AI interpretable and safe for mission-critical applications.  Key Insights from the Conversation:👉AI's True Timeline: Unpacking the 70+ year evolution from Alan Turing to modern LLMs.👉Core Concepts Demystified: Neural Networks, Deep Learning, Backpropagation, CNNs, RNNs, Transformers explained simply.👉The Deep Tech Journey: The challenges and pivots involved in building an early AI startup in India. 👉Explainability is Key: Why making AI understandable (XAI) is critical for trust and adoption, especially in regulated industries. 👉Future of AI: Insights into AI agents, verticalization moats, responsible AI governance, and the changing SaaS landscape.#AI #ArtificialIntelligence #MachineLearning #DeepLearning #AIHistory #TechHistory #NeuralNetworks #LLMs #Transformers #ExplainableAI #XAI #ResponsibleAI #AIEthics #AIGovernance #StartupIndia #IndianStartups #Entrepreneurship #FounderThesis #DeepTech #BFSI #FintechAI #podcast   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"B2B sales is not selling a product. It's building up a relationship."  This insight from Dhruv Verma underscores a core theme of our conversation: in the high-stakes world of B2B, particularly with large enterprises, trust and deep understanding built through relationships are paramount, often trumping product features alone.  Dhruv Verma is the Founder & CEO of Thriwe, a global B2B consumer benefits marketplace he started in 2011 (initially as GolfLan). Facing extreme hardship early on, including selling his house to keep the company alive, Dhruv pivoted and built Thriwe into a leader serving over 15 million customers globally. The company is profitable and achieved revenues of ~$32 million (approx. 300 Cr INR), while Dhruv and his team retained ~65% equity.  Key Insights from the Conversation:  👉The immense power of resilience and learning from failure, including knowing when to cut losses decisively. 👉Why pivoting from B2C to a B2B focus unlocked significant growth and product-market fit. 👉The art of B2B sales: building deep trust and offering intuitive, innovative solutions beyond just delivering value. 👉How strategic acquisitions and building a strong tech stack create competitive advantages. 👉The importance of maintaining founder control and building a sustainable, profitable business over chasing valuations.  Chapters: 0:00:01 - Early Drive: Making Money Since School Days 0:07:14 - Corporate Stints & Early Failed Ventures 0:09:05 - Idea Spark: Golf & Mass Affluent Benefits 0:12:41 - Launching GolfLan  0:15:14 - Painful Failure & Selling House 0:18:24 - GolfLan B2C Model & The Breakage Problem 0:27:41 - The Profitable B2B Pivot  0:35:28 - Expanding Beyond Golf: Becoming Thriwe 0:41:17 - Building Supply, Tech Edge & Creative Products 0:51:14 - The Art of High-Value B2B Relationship Sales 1:07:21 - Rebranding Lessons & Founder Control 1:10:48 - Angel Investing & Tier 2/3 India Focus #FounderThesis #AkshayDatt #StartupIndia #Entrepreneurship #B2BSales #LoyaltyPrograms #CustomerEngagement #Pivoting #BusinessStrategy #Resilience #Bootstrapping #Profitability #StartupJourney #Leadership #Innovation #GolfLan #IndianStartups #TechStartup #GlobalBusiness #FounderStory #Podcast #businesspodcast   Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"If you're going to find something, think of building this for the next 20 years. Think very long term."  This powerful advice from Tarun Mathur underscores the importance of long-term vision in entrepreneurship, reminding founders that enduring companies aren't built overnight but over decades.  Tarun Mathur is the Co-Founder & Chief Business Officer at Policybazaar for Business, India's leading online insurance marketplace. With an impressive 17-year journey since co-founding the company in 2008, Tarun has been instrumental in its growth, including the launch and leadership of its B2B arm, Policybazaar for Business. His experience spans analytics, revenue management, strategic initiatives, and various insurance verticals within the company.  Key Insights from the Conversation:  👉Mission-Driven: Policy Bazaar was founded with a mission to protect middle-class India through transparent, accessible insurance, focusing initially on term life insurance. 👉Evolving Sales Model: Realizing insurance is a complex purchase, Policy Bazaar shifted from a purely digital model to an assisted one, incorporating call centers and advisors to build trust and aid understanding. 👉Product Focus: While starting with auto insurance, the focus evolved to high-importance protection products like health and term life insurance, educating the market along the way. 👉B2B Expansion: PolicyBazaar for Business targets the underserved SME/MSME sector, offering protection products like liability, cyber, and group health insurance, tailored to business needs. 👉Data-Led Product Innovation: Customer conversations and claims data are rigorously analyzed to improve user experience, develop relevant product propositions, and refine pricing with insurance partners. 👉Building for the Long Haul: Success stems from a long-term vision, customer obsession, focusing on product proposition, and consistently showing up over many years.  Chapters: 00:00:00 - Intro: Tarun Mathur's Origin Story  00:06:43 - The Genesis of Policy Bazaar  00:12:00 - Early Challenges & Securing Funding  00:15:37 - Selling Insurance Digitally: The Pivot to Assisted Sales  00:19:03 - Understanding Insurance Distribution Models (Agent vs Broker)  00:25:34 - Evolution of Product Mix: Auto, Health & Term Life  00:35:08 - Building Policy Bazaar for Business (B2B)  00:45:54 - The Cyber Insurance Opportunity & Product Innovation  00:55:48 - B2B vs B2C Customer Acquisition Strategy  01:00:45 - The Journey to IPO 01:04:14 - Entering the Reinsurance Market  01:23:28 - Policy Bazaar's Secret Sauce: Customer Obsession  01:35:42 - Advice for Young Founders #FounderThesis #Insurtech #InsuranceIndia #StartupIndia #IndianStartups #Entrepreneurship #AkshayDatt #Fintech #DigitalInsurance #B2B #SME #MSME #TermInsurance #HealthInsurance #CyberInsurance #IPO #BusinessStrategy #CustomerObsession #ProductManagement #DataAnalytics #Leadership #StartupAdvice Disclaimer: The views expressed are those of the speaker, not necessarily the channel.

"Behind the scenes, it's a Climate AI. It's a very deep Climate AI engine that we have built, which drives all of these workflows."  Rohit Toshniwal pulls back the curtain on the sophisticated technology needed to tackle complex environmental challenges, highlighting how Artificial Intelligence is becoming essential for managing sustainability data and driving climate action.  Rohit Toshniwal is a serial tech entrepreneur and Co-Founder of Sprih, which builds a Carbon Intelligence and Management platform using Climate AI to help organizations catalyze climate action. An IIT Kanpur graduate, Rohit previously co-founded Arkin Net, acquired by VMware for over $100 million, and helped scale that business within VMware to ~$250 million in revenue.  Key Insights from the Conversation:  👉Why tracking environmental and social impact is becoming critical for businesses, driven by regulations, investors, and customers. 👉 Understanding Carbon Dioxide Equivalence (CO2e) as a key metric for environmental performance. 👉 How strong performance on sustainability metrics can unlock preferential financing and attract talent. 👉 The role of technology, particularly Climate AI, in simplifying complex data collection, analysis, and reporting for climate action. 👉 Lessons from building and selling Arkin Net, and scaling it post-acquisition. 👉 The importance of long-term vision and the right partners for building sustainable businesses.  Chapters: 👉 00:00:51 - Intro: Rohit's Journey into Green Tech & Sustainability 👉 00:04:30 - Understanding Corporate Impact: Beyond Finance 👉 00:09:39 - Why All Companies Should Track Climate Impact 👉 00:15:07 - Deep Dive: Understanding Carbon Reporting & CO2e 👉 00:20:13 - Climate Performance, Capital Access & Business Advantage 👉 00:26:05 - Introducing Sprih: Climate AI for Carbon Management 👉 00:39:50 - The Market Opportunity in Climate Tech & Carbon Intelligence 👉 00:57:25 - Rohit's Early Career: From Cisco to Startups & VMware 👉 01:02:42 - The Arkin Net Story: Building & Selling for more than $100 Million 👉 01:06:30 - Scaling Post-Acquisition: Growing to $250M within VMware 👉 01:11:31 - Engineer's Take: How to Build a $250M Business 👉 01:18:29 - Building Philosophy: Focus on Roots, Not Flowers  #Sustainability #ClimateTech #CarbonReporting #ClimateAI #CarbonIntelligence #Sprih #FounderThesis #StartupIndia #Entrepreneurship #TechFounder #FounderJourney #BusinessStrategy #VMware #IITKanpur #NetZero #ImpactInvesting #ClimateAction #IndianStartups

"The customer is the CEO of the company; he can fire everyone."  This core belief drove Harshvardhan Lunia's journey in building Lendingkart. He emphasizes that obsessively solving the customer's problem—be it the need for speed, transparency, or convenience—is the ultimate key to building trust and a successful financial services business.  Harshvardhan Lunia is the Founder & CEO of Lendingkart, a fintech platform transforming SME lending in India. An ISB graduate and Chartered Accountant, he leveraged his background in banking and SME credit advisory to launch Lendingkart in 2014. Lendingkart has since disbursed over ₹20,000 crores to more than 3 lakh customers across 4,500+ towns and cities in India, achieving a total AUM of ₹7,500 crores (with ₹5,500 crores via co-lending) by FY24.  Key Insights from the Conversation: ✅SME Lending Pain Points: Traditional lending for SMEs suffered from slow processes (3-4 months) and lack of transparency, creating a market gap. Lendingkart focused on speed (hours/days) and transparency from day one. ✅Data Over Tradition: Realizing traditional financial statements were often adjusted for tax purposes, Lendingkart pioneered using bank statement analysis and cash flow data for underwriting. ✅Tech-Driven Underwriting: The platform evolved from rule-based systems to sophisticated algorithms trained on billions of data points to assess risk and determine loan terms, achieving high predictive accuracy (97.5%). ✅The Rise of Co-Lending: Partnering with banks and larger institutions (co-lending) became crucial post-COVID, allowing Lendingkart to scale distribution while sharing risk and capital. By March 2022, 80% of business was co-lending, reaching a 25/75 (own books/co-lending) AUM split in FY24. ✅Distribution is Key: While underwriting and collections tech are vital, building trust and reaching customers across India (distribution) is the ultimate differentiator in the absence of a large legacy brand or branch network. ✅Fundraising Conviction: Raising capital involves storytelling and unwavering conviction in your vision, especially when building something new. It's an exam where you must clearly articulate why your approach will work. Harshvardhan even shared his unique approach of pitching using a whiteboard instead of presentations.  #Lendingkart #HarshvardhanLunia #FintechIndia #DigitalLending #SMEFinance #MSME #NBFC #StartupIndia #Entrepreneurship #IndianStartups #FounderThesis #BusinessPodcast #VCFunding #CoLending #DataAnalytics #Underwriting #FinancialInclusion

"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