Founder Thesis

Every few years, a new trend in the startup world catches the attention of VCs and this episode features a founder who has successfully navigated multiple such trends in the Indian startup scene. Gaurav Agarwal began his entrepreneurial journey with ZipGo, a ride-hailing startup that competed with industry giants like Ola and Uber. After an exciting journey with ZipGo, which eventually led to its acquisition, Gaurav hopped on his next big adventure in the D2C space. With Nat Habit, he and Swagatika are building a brand dedicated to providing fresh and natural skincare products to Indians.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Nat Habit:-1.Nat Habit’s Personal Care Range Is Made From Fresh Ingredients To Nurture Natural Wellness2.Nat Habit’s Swagatika Das on being an online brand and the road ahead….

Sriram started his journey solving security problems for Texas Instruments, but his passion for tackling hard issues led him to the world of entrepreneurship. Now, 17 years later, he’s taken on the challenge of building a platform enabling companies to provide convenient, safe transportation for their employees while minimising the number of vehicles needed. In this conversation, he talks about building Routematic and the innovative solutions he's developing to revolutionize employee transport.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Routematic:-1.Routematic bets on artificial intelligence to tap corporate commuters2.Meet Routematic, a startup solving your daily office commute problems3. App-based, exclusive office commute cabs enter city4.Routematic makes corporate commutation stress-free5.Meet Sriram Kannan, an architect of no-GPS tech, who's Uber-ising employee transportation

Kunal is reimagining banking with Freo, a digital platform that covers all three key financial services: payments, savings, and lending. In this conversation, he spills the tea on the rollercoaster journey of his first business in talent assessments, which eventually got acquired, teaching him valuable lessons along the way. He talks how these experiences helped him hit the bullseye with Freo and also shares his take on the future of banking in India!Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Freo:-1.Freo’s UPI credit: The new- age fintech redefining financial access2.Freo: Aiming For The Digital Banking Hot Seat3.From MoneyTap To Freo: How This Fintech Startup Is Tapping Into The Global $722 Bn Neobanking Opportunity

"Every skin has its own story."Romita Mazumdar's profound statement encapsulates the core philosophy of Foxtale, a skincare brand built not just on efficacy, but on deeply understanding the individual narratives behind every customer's skincare journey. It's a rejection of a one-size-fits-all approach, embracing the diversity of needs and experiences.Romita Mazumdar is the Founder & CEO of Foxtale, a rapidly growing D2C skincare brand in India. From leaving a career in venture capital, Romita built Foxtale which in a short span of time has achieved a revenue run rate of ₹250 crore. She's a powerful example of an "investor turned entrepreneur," demonstrating that deep market understanding and user empathy can be powerful drivers of startup success.Key Insights from the Conversation: Efficacy-First Approach: Foxtale prioritizes solving specific skin problems with clinically-backed formulations, rather than chasing ingredient trends. Data-Driven Optimization: A combination of consumer insights and data is used to deliver a 6%+ website conversion rate. Hybrid Growth Model: Foxtale balances its strong online presence (50% website revenue, with 40% organic) with strategic marketplace and offline expansion. Building an Institution: Romita emphasizes the importance of creating sustainable processes and a strong organizational culture, not just short-term startup growth. Power User Advantage: Building a brand in a category which you are a power user of, creates a significant headstart.Chapters:[00:00] Intro: Investor Turned Entrepreneur[09:55] The Growth Equity Opportunity in India[19:59] VC vs Growth vs PE: Valuations & Bets[28:42] The "Thousand Crore, 20% EBITDA" Vision[39:23] India Wants Efficacy & Quick Results[48:37] Designing the First Four Hero Products[58:39] Foxtale: Every Skin Has Its Own Story[1:08:17] The Single Founder Bet & The Power of Honesty[1:18:20] The Secret to Foxtale's 6% Conversion Rate[1:28:10] Hiring Philosophy: Bias Against PedigreeHashtags:#Foxtale #RomitaMazumdar #SkincareIndia #D2C #Entrepreneurship #StartupIndia #VentureCapital #GrowthHacking #BrandBuilding #ConsumerInsights #DataAnalytics #Efficacy #SkinCareRoutine #IndianStartups #FounderJourney #BusinessStrategy #MarketingStrategy #FemaleFounder #BeautyTech #PersonalCare #Podcast #FounderThesis #IndianPodcast

Explore the critical role of high-quality schools in addressing the root causes of low education standards in India. While Edtech solutions provide temporary relief, Kunal argues that building and running schools is a lasting solution. He shares his journey, his significant challenges, and how he successfully scaled JBCN Education.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about JBCN Education:-1.JBCN International School Expands its Footprint with the Inaugration of a New Campus in Mulund, Mumbai2.Kunal Dalal

From services to SaaS: how Pankaj Bansal scaled PeopleStrong into an APAC-ready HCM and payroll platform, spun out Taggd (RPO), exited Wheebox to ETS, and brought Goldman Sachs in to fuel GCC expansion. If you care about HR tech, payroll compliance, and AI in recruiting, this is a playbook episode.Pankaj traces the early downturn that forced hard choices, the 2011–12 pivot to cloud HR, and the product-first discipline that turned a services engine into an enterprise HCM OS. We unpack the build–spin-out–exit strategy (Taggd, Wheebox), the Goldman Sachs majority stake and what it unlocks, and why compliance is the new UX in India (DPDP, labour codes). We also dive into AI with Google Cloud, skills graphs, and how CHRO buying has shifted. Come for the founder journey; stay for the crisp lessons on go-to-market, profitability in SaaS, and scaling from India to GCC/APAC. Building PeopleStrong’s HR OS: services → SaaS Taggd & Wheebox: spin-outs, exits, compounding Surviving a downturn, funding, and strategic M&A AI in HR: copilots, matching, skills graphs GCC expansion playbook: logos, localization, sales motion Compliance, DPDP & payroll: why CHROs switch vendorsSubscribe to the Founder Thesis PodcastFollow Akshay Datt on LinkedIn for exclusive contentVisit founderthesis.com for more founder storiesChapters: 00:00 – Pankaj Bansal’s Founder Journey 04:30 – Services to SaaS: The Cloud Pivot 12:10 – Building PeopleStrong’s HR OS 19:45 – Taggd & Wheebox: Spin-outs to Exits 27:30 – Funding Rounds & Goldman Sachs Deal 34:50 – AI in HR: Google Cloud & Copilots 42:20 – GCC Expansion: APAC to Middle East 49:40 – Compliance, DPDP & Payroll at ScaleTags: Pankaj Bansal, PeopleStrong, Taggd, HR tech India, HCM software, payroll SaaS, recruitment process outsourcing, RPO India, AI in HR, CHRO buying trends, GCC expansion, DPDP India, labour codes India, enterprise SaaS India, APAC HR software, Goldman Sachs India deal, ETS Wheebox, founder thesis podcast, India startup stories, scaling SaaS profitability#FounderThesis #PankajBansal #PeopleStrong #Taggd #HRTech #HCM #Payroll #SaaS #Recruiting #AIinHR #IndiaStartups #APAC #GCC #Compliance #DPDP

Rohit Bhayana, founder of Lumis Partners, one of India's oldest venture investment firms, discusses his latest project, Oister Global. Oister Global is a leading institutional investor endeavouring to invest in a curated selection of top-tier alternative funds in India. Rohit talks about how private investing became mainstream in India, his journey building Lumis Partners, the operator mindset and the massive Indian alternative growth opportunity they're targeting at Oister Global!Disclaimer: All references to data and numbers are based on publically available sources. Nothing in this interview is intended to be an offer or solicitation to invest in private markets.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Oister Global:-1.Oister Global Rolls Out INR 440 Cr Fund To Back VC/PE Funds2.India's AIF Landscape Surges Towards Maturity: Bright Prospects Ahead

Once a tech wizard at Intel, Bhaktha Keshavachar shifted gears to co-found Ezetap that shook up India's fintech scene with its innovative digital payment solutions, and was eventually acquired by Razorpay. Now, at Chara Technologies, he is engineering a revolutionary Reluctance motor engine that's free of toxic rare-earth minerals.This nifty invention is not just eco-friendly and cost- effective, but is also set to slash India's import dependency and give a turbo boost to the nation's electric mobility dreams!Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Chara Technologies:-1. Why India's Chara Technologies is Ditching Rare-Earth Materials in Electric Motors - CEO, Bhaktha Keshavachar2.As the EV market vrooms, this Bengaluru start-up tries to get its motor running3.Trio Builds EV Motors With No Toxic Rare-Earth Metals, Cut Dependency on Imports

Did you know about 10 to 12% of India’s GDP goes into logistics? That's even more than what the software or automotive industries get! In this episode, we delve into the remarkable journey of Shiprocket as it shakes up the world of e-commerce. Akshay Ghulati talks about Shiprocket’s vision and how they're tackling unique challenges in India's market. Learn how Shiprocket makes e-commerce smarter and more efficient, especially in international shipping.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Shiprocket:-1. Shiprocket’s ‘back-to-the-future’ mission: Democratising ecommerce for Bharat2. Tech, Government support driving support in India’s exports: Akshay Ghulati3. D2C sales made smarter and swifter with Shiprocket Checkout4.Shiprocket expands services to boost revenue beyond shipping5.Shiprocket to upskill 100,000 Indian MSMEs for e-commerce

We’re living in the golden age of automobiles when they’re shifting from gas-guzzlers to clean, cool electric vehicles (EVs). This shift is creating room for new iconic brands to emerge. One such future iconic brand is the performance EV bike-maker Ultraviolette Automotive whose EV bike F77 has been turning heads. In this episode, Niraj Rajmohan and Narayan Subramaniam talk about their journey of building Ultraviolette as a globally aspirational motorcycle brand out of India.Get notified about the latest releases and bonus content by subscribing to our newsletter at www.founderthesis.comRead more about Ultraviolette:-1.Inside Ultraviolette’s 6-Year Electric Revolution: How The Emotorcycle Maker Is Ready To Race It Out With KTMs & BMWs2.“Electric is the way forward,” says Narayan Subramaniam, Ultraviolette CEO and head of design on the future of mobility3.Ultraviolette: Racing into global markets with F774.EV firms focussed on high-tech products need more support: Ultraviolette founders