ASYMMETRIC

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwikAnkit Agarwal: Managing Partner at Alteria Capital00:00 Coming Up01:10 Intro and Welcome, Ankit!03:07 Debt vs. Equity07:08 Startup Funding Journeys09:04 How Founders Think About Debt14:40 Venture Debt Provider Portfolio Allocation17:25 Debt vs. Equity - The Trade-Off21:07 Lessons from Failed Startups & Over-Leverage28:44 Venture Debt: How Do LPs Get Comfort?35:19 Growth Runways & Cash Flow41:20 Managing Debt While Chasing Growth42:02 Case Study: Using Debt to Scale54:59 Risk and Reward for LPs01:00:18 Operations of Venture Debt Funds01:06:32 Risks in Acquisition Deals01:08:22 Challenges in Indian Banking for Startups01:15:58 Venture Debt vs. Traditional Lenders01:18:24 Competition in Venture Debt01:20:34 Concluding Thoughts

In this discussion, Rahul Garg, Partner at General Catalyst and expert in quick commerce, dives into the evolving landscape of e-commerce in India. He shares insights on the rapid growth of grocery delivery, exploring the significance of dark stores and localized market strategies. Garg also examines the role of quick commerce in fashion, discussing inventory turnover and consumer behavior. Additionally, he highlights opportunities in quick health delivery and the complexities of D2C logistics, emphasizing how these trends are reshaping retail dynamics.

Sameer Maheshwari, Founder and CEO of HealthKart, delves into the booming protein supplement market in India. He discusses the evolution of HealthKart and the challenges of transforming into a major health brand. The conversation highlights the impact of social media on consumer behavior and the need for quality in health products. Sameer also addresses the confusion around protein intake recommendations, emphasizing the importance of tailored nutrition. With a focus on accessibility and consumer trust, he reveals insights about making protein mainstream and navigating brand dynamics.

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwik0:00 Coming Up0:49 Intro1:44 Two Motives: Wealth vs Status11:30 Key Drivers for Different Roles19:17 Personal Branding for Founders28:26 Can Founders Solve for Emotional Needs?30:46 Managing Employee Expectations about Wealth40:01 Who Should Get ESOPs?44:13 Zomato: Playing the Wealth Game50:30 Delinking Your Different Roles59:10 Founders Must Help Employees Play Wealth Games65:30 Off-Screen Banter: Pickleball & Status67:47 Off-Screen Banter: Cult.FitNaval's tweet:https://x.com/naval/status/1002103360646823936

Deepak Garg, founder of AnywhereJobs and Satoshi Wealth, shares insights from his rich experience in crypto and macroeconomics. He dives into the evolving dynamics of Bitcoin treasury companies and compares Bitcoin's scarcity to that of gold. Garg discusses the implications of stablecoins in the U.S. and explores the heated competition between Swiggy and Zomato in the food delivery landscape. He emphasizes the significance of understanding market cycles and the role of innovation in scaling businesses in today’s fast-paced economy.

The ASYMMETRIC Crew today:Revant Bhate: Founder, Mosaic WellnessShantanu Deshpande: Founder, Bombay Shaving CompanyChirag Taneja: Founder, GoKwikTushar Behl: Principal at Glade Brook Capital0:00 Coming Up1:02 India-Pakistan Escalation1:48 Intro and Welcome to Tushar!2:39 Equity Supply Demand9:11 On US vs Indian IPOs15:03 Impact of Tariffs on India 21:47 Can Tariffs Drive Innovation in India?27:48 Venture Capital for Traditional Sectors34:53 Indian Consumer Brands on the Global Stage44:18 On Urban Company 49:42 Urban Company’s NTV Retention for Services53:17 Urban Company’s Native Lock & Water Purifier58:29 On Urban Company’s Founders & Future1:10:37 Dark Patterns with UPINotes from the episode:https://docs.google.com/document/d/1E1fY4ZOfiuhYZ9P1Ij2TNCwlT-zesyuf/edit?usp=sharing&ouid=108238023930083113573&rtpof=true&sd=truehttps://docs.google.com/spreadsheets/d/1owIajfNCMPqLwjbR6SrV1-GqnBhD-Z3d/edit?usp=sharing&ouid=108238023930083113573&rtpof=true&sd=true

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwikTarun Davda: Managing Director at Z4700:00 Coming Up00:55 Intro and Welcome to Tarun!2:22 Context for the Topic4:52 USA vs India Board Cultures10:36 The Debate on Taking Board Seats16:46 Thoughts on Governance23:49 The Slippery Slope to Malpractice27:39 Thoughts on Founder Salary41:25 Ex-Operators as Board Members43:27 Do VCs and Investors Add Value?50:54 How Founders Can Derive Value from VCs1:00:44 Good vs Bad Board Meetings1:08:46 When Founders Can’t Choose their VCs1:14:47 How to Leverage Board Meetings1:21:59 Thoughts on Involving Key Members in Board Meetings1:25:40 Building the Founder VC Relationship1:33:19 How Prescriptive Should Investors Be?1:42:25 Thoughts on Investing in the Competition1:49:57 Rethinking the Investor RoleNotes from the episode:https://drive.google.com/file/d/1qYpDvsmMzAOX1svq-j67FYyI0x3rr48_/view?usp=sharing

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwik0:00 Coming Up1:32 Intro2:38 BSC and IPL4:49 Context on IPL6:36 IPL’s Business Model11:36 The Player vs The Team13:54 Can International Players Get Big in IPL?16:25 Passion or Money?24:50 Global Cricket Revenue Trends26:40 Extensions of IPL Franchisees28:30 What Is the Future of Cricket?33:18 Indianisation of International Players35:35 Does It Matter If You Win or Lose?38:55 Evolution in Sports42:21 IPL vs EPL 49:11 Supporting a Team vs a Player53:34 The Startups Opportunity59:20 The Guru Culture in Academies62:57 Concluding Thoughts66:00 Off Screen BanterCharts referred to in the episode:https://drive.google.com/file/d/1qjn7UGy7RXuwklp3rrn03ie9n-PrVFdE/view?usp=drive_link

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwik0:00 Coming Up1:32 Intro2:38 BSC and IPL4:49 Context on IPL6:36 IPL’s Business Model11:36 The Player vs The Team13:54 Can International Players Get Big in IPL?16:25 Passion or Money?24:50 Global Cricket Revenue Trends26:40 Extensions of IPL Franchisees28:30 What Is the Future of Cricket?33:18 Indianisation of International Players35:35 Does It Matter If You Win or Lose?38:55 Evolution in Sports42:21 IPL vs EPL 49:11 Supporting a Team vs a Player53:34 The Startups Opportunity59:20 The Guru Culture in Academies62:57 Concluding Thoughts66:00 Off Screen BanterCharts referred to in the episode:https://drive.google.com/file/d/1qjn7UGy7RXuwklp3rrn03ie9n-PrVFdE/view?usp=drive_link

The ASYMMETRIC Crew today:Revant: Founder, Mosaic WellnessShantanu: Founder, Bombay Shaving CompanyChirag: Founder, GoKwikKashyap Chanchani: Managing Partner, TRMG0:00 Coming Up1:15 Intro3:10 Context for the report7:30 Double Clicking on EBITDA12:48 The Familiarity Factor18:33 2021’s Cash Liquidity vs 2025’s Cash Crunch25:53 Underwriting Past vs Future Performance 33:11 Family Owned vs VC Companies41:51 IPOs and CapTables49:50 Understanding VC Exits during IPOs54:07 Size of Listing - Does it Matter?01:09:51 The Importance of Being First in Market01:10:11 Q-Comm and Ed-Tech01:23:23 The Future of M&A in IndiaTRMG reports:https://drive.google.com/file/d/1AwbdwYY_HvbxfPW0n5xwvRypgwtnd6Qo/view?usp=drive_linkhttps://drive.google.com/file/d/1Xx5NGzoa8IKIJTBABWLm5BDTSIhNOc5U/view?usp=drive_link