56 episodes

The Desi VC is a weekly podcast hosted by Akash Bhat, devoted to interviewing angel investors and venture capitalists investing in tech startups in India across all sectors and of all check sizes.

Tune in to hear India's leading investors discuss current trends in venture capital and touch upon topics such as fund-raising, valuation, pricing, business models, exit scenarios, sustainable investing among others.

About the host: Akash Bhat works on the investment team at Scrum Ventures, a San Francisco based sector agnostic VC firm investing in Seed and Series A startups. Follow him on Twitter - @bhatvakash or visit https://www.thedesivc.com

The Desi VC: Indian Venture Capital | Angel Investors | Startups | VC Akash Bhat

    • Business
    • 5.0 • 25 Ratings

The Desi VC is a weekly podcast hosted by Akash Bhat, devoted to interviewing angel investors and venture capitalists investing in tech startups in India across all sectors and of all check sizes.

Tune in to hear India's leading investors discuss current trends in venture capital and touch upon topics such as fund-raising, valuation, pricing, business models, exit scenarios, sustainable investing among others.

About the host: Akash Bhat works on the investment team at Scrum Ventures, a San Francisco based sector agnostic VC firm investing in Seed and Series A startups. Follow him on Twitter - @bhatvakash or visit https://www.thedesivc.com

    Amit Garg (Managing Partner, Tau Ventures) | Building A HealthTech VC Fund

    Amit Garg (Managing Partner, Tau Ventures) | Building A HealthTech VC Fund

    Amit Garg is the Managing Partner at Tau Ventures, an AI-first VC fund in Palo Alto focused on three verticals that require deep expertise and are now being massively disrupted -- health, automation and enterprise.
    Amit has been in Silicon Valley for 20 years — at Samsung NEXT Ventures where he seed-funded nuTonomy (self-driving cars, sold for $450M), cofounded a startup called HealthIQ (as of May 2019 a series D that has raised $120M and valued at $450M), at Norwest Ventures ($10B AUM), and doing product and analytics at Google. His academic training is BS in Computer Science and MS in Biomedical Informatics, both from Stanford, and MBA from Harvard. He speaks natively 3 languages, live carbon-neutral, a 70.3 Ironman finisher, and have built a hospital in rural India serving 100,000 people.
    . . .
    In this episode we will cover:
    1. Decisions that led to Amit becoming an VC (3:20)
    2. What made Amit pursue Google instead of becoming a doctor post his Masters (6:11)
    3. Why does Amit feel it’s easier today to join a startup than it was a decade ago (11:30)
    4. Comparing Amit’s venture experience ten years ago to today (15:27)
    5. What should founders ask themselves before imagining their cap-table (29:10)
    6. LP construction based on the fund’s ‘personality’ (40:01)
    7. How does Amit look at the healthcare sector and identify trends within digital health (43:28)
    8. Why is AI in healthcare a huge focus for Tau Ventures (51:07)
    9. Challenges that the healthcare industry today (56:45)
    10. How does Amit manage his time? (1:01:05)

    • 1 hr 7 min
    Sameer Nath (Managing Partner, Truescale Capital) | Growth-Stage Investing in India

    Sameer Nath (Managing Partner, Truescale Capital) | Growth-Stage Investing in India

    Sameer is Managing Partner of TrueScale Capital and Iron Pillar India Fund I. He has 22 years of experience in venture investing, entrepreneurship, Tech M&A, investment banking, capital markets exits, strategy consulting and leadership across geographies. Sameer was a Managing Director and senior investment banker at Citigroup, where he had a successful 15-year career.
    TrueScale Capital brings in a wealth of specialist growth expertise to the Indian Venture ecosystem. This is boosted with skills and leadership experience honed across technology investing, entrepreneurship, technology M&A and IPOs, investment banking and equity research.
    In this episode, we will cover:
    1. Why Truescale Capital (4:00)
    2. How does Sameer view early-stage investors and what does he make of later-stage investors entering the pre-seed / seed stage space? (9:58)
    3. What should startups raising B rounds look for from their investors (13:48)
    4. Will more later-stage investors push their portfolio for exits as the Indian ecosystem matures in the coming years (19:27)
    5. Are domestic investors still weary about investing in the B and C stage? (25:55)
    6. Lessons learned in the five and a half years in venture (32:20)
    7. Portfolio construction at Series B (36:33)
    8. Biases that exist at growth stage investing (41:00)
    9. Thoughts around valuations at Series B (45:40)
    10. Balancing expectations: growth at all costs or being founder-friendly with growth (58:22)
    11. Value-add vs proactive outreach from founders (1:05:19)
    12. What changes would Sameer like to see both at the early-stages and later in India (1:22:15)

    • 1 hr 26 min
    Archana Subramanian (Founding Partner, Agama Law Associates) | Conflicts & Dispute Management From A Legal POV

    Archana Subramanian (Founding Partner, Agama Law Associates) | Conflicts & Dispute Management From A Legal POV

    Archana Balasubramanian is the founding partner of Agama Law Associates (ALA). She has versatile experience of over one decade where she has developed profound legal skills and acumen. She started her career under Senior Counsel Mr S. Venkiteswaran. She subsequently worked with Udwadia & Udeshi (now Argus Partners) and AZB & Partners prior to founding ALA.
    She has a tactical transactional understanding as well as significant industry expertise across diverse sectors such as manufacturing, logistics, media, pharmaceuticals, financial services, shipping, real estate, technology, engineering, infrastructure and health.
    In this episode we will cover:
    1, Archana’s background
    2. What constitutes a dispute?
    3. Conflicts within founding team
    4. When should founders get in touch with attorneys wrt conflicts 
    5. Does success paper over the underlying cracks?
    6. Mediating between various parties
    7. Financial fraud
    8. Advice to founders who have been introduced by 3rd parties on potential and future conflicts
    9. Conflicts and disputes regarding intellectual property (IP)
    10. Can an agreement written on a piece of paper hold up in the court of law?
    11. Legal jurisdiction when companies move HQ 
    12. Conflicts wrt to copyrights
    13. When should founders get their VCs invovled
    14. Disputes when it comes to sale of a company  
    15. Conflicts between board members
    16. Conflicts with vendors  and third parties

    • 1 hr 23 min
    Ankita Singh (Founder, Sarvaank Associates) | Term Sheets 101

    Ankita Singh (Founder, Sarvaank Associates) | Term Sheets 101

    Ankita is the founder of Sarvaank Associates. She brings with her a rich experience of having worked with prominent law firms as well as leading the legal and transaction team of Indian Angel Network (IAN), Asia's largest Angel Group with more than 450 HNI Investors.While at IAN, Ankita was responsible for closing of the deals from start to finish. She played a pivotal role in handholding the Startups in further raising of funds and supporting the investors to get the right value of money. Prior to IAN, she has worked in leading law firms and gained extensive experience in advising clients on investment / restructuring transactions, mergers and acquisitions, joint ventures, exit transactions, company formation, debt transactions and company law matters. She has also worked with some of the IT juggernauts and the government together in the UIDAI Project colloquially Aadhaar.Ankita's experience includes advising clients across sectors including amongst others, telecommunications, information technology, renewable energy, power, manufacturing, hospitality, FMCG, food, defense, space, real estate, logistics, fintech, healthtech and deep-tech companies.Ankita is a practising lawyer since 2011 and is a qualified company secretary.
    In this episode, we will cover:
    1. What is a term sheet?
    2. Nomenclature associated with TS for first timers
    3. Who should set the term sheet?
    4. Pre-money vs post-money
    5. Cap-table construction early on
    6. Common shares vs preferred in the term sheet
    7. Exit scenarios and how to approach it in the term sheet
    8. How can investors protect themselves through  favorable clause sin term sheets
    9. Structuring Pro-rata rights
    10. Super pro-rata and why it’s exercised
    11. Conflicts with ROFR / ROFO
    12. No shop clauses
    13. How can founders protect their own equity
    14. Voting rights & board structure on term sheet
    15. Why shouldn’t founders haggle over board observer seats
    16. Wrt the term sheet, what should founders be open to negotiating and letting go off?

    • 2 hr 22 min
    Siddharth Mody (Partner, Desai & Diwanji) | Startup Law & Negotiations

    Siddharth Mody (Partner, Desai & Diwanji) | Startup Law & Negotiations

    Siddharth Mody is a Partner at Desai & Diwanji, one of India's leading law firms focusing on core areas of commercial and finance activity across PE and Venture capital among other asset classes. Siddharth has spent over 17 years in the industry and has had the unique experience of watching the startup ecosystem evolve to where it is today.
    Glossary:1. Double-dipping: A liquidation event where the VC receives their money back and then gets a share of the remaining proceeds.
    2. Promoters: Founders / entrepreneurs.
    3. ESOP: An employee stock ownership plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company.
    4. ROFR: Also known as first right of refusal, is a contractual right to enter into a business transaction (in this case rights to participate in a deal) with an entity before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.
    5. ROFO: Also known as right of first offer, requires an owner of an asset (in this case the startup who is providing equity in exchange for capital) to negotiate the sale of an asset (equity sale) with the holder of the ROFO before offering the asset for sale or lease to a third party.
    In this episode we will cover:
    1. Why startup law (3:49)
    2. Why do startups need a lawyer from Day 1 (8:54)
    3. When should a startup first engage with a lawyer (19:49)
    4. What to look for in a lawyer (25:02)
    5. Should you compensate your lawyer with equity? (31:06)
    6. Red flags associated with your first term sheet (36:18)
    7. Template for an awkward conversation (42:35)
    8. When do deals fall through wrt valuations (49:54)
    9. Where can deals go wrong with ESOP construction (58:30)
    10. How do you negotiate predatory behavior from VCs? (1:06:42)
    11. Red flags wrt to deal negotiations – experiences from Siddharth’s career (1:15:12)
    12. How to request exits from your investors (1:22:40)
    13. Advisors to Emerging Fund Managers / first time fund managers (1:26:28)

    • 1 hr 37 min
    Anvesh Ramineni (Managing Director, MassMutual Ventures) | SEA, India & Healthcare Investing

    Anvesh Ramineni (Managing Director, MassMutual Ventures) | SEA, India & Healthcare Investing

    Anvesh is a Managing Director at MassMutual Ventures (MMV) and co-heads MMV’s investment efforts in Asia. Prior to MMV, Anvesh was a Director and Head of Investments at Openspace Ventures, where he was part of the founding team. He started his career at Citi in the TMT Investment Banking team, during which he spent around 8 years in Hong Kong and Mumbai on M&A and financial advisory work with clients in the APAC region. Anvesh holds a BE in electronics and communications engineering from Anna University and an MBA from T.A. Pai Management Institute.
    Anvesh currently serves as a Director on the Boards of Biofourmis, Lynk, See-Mode, Milieu Insight and Qapita.
    In this episode, we will cover:
    1. Has the second wave of Covid in India impacted MMV’s investment thesis? (2:00)
    2. Learnings from interactions with portfolio founders during covid (3:50)
    3. The rise of the enterprise tech ecosystem in Asia (8:00)
    4. Leaving investment banking for venture capital, what did the landscape look like back then vs where it is now (14:37)
    5. What is it like looking into different South East Asian marketing from a VC lens? (17:49)
    6. How do VCs help frame regulatory structures in frontier markets? (24:01)
    7. What does the LP appetite for Asia today look like? (28:54)
    8. Where and how does the the fund fit into MassMutual’s macro ambitions? (32:10)
    9. What could the future thesis for MMV look like? (37:18)
    10. How does MMV look at the healthcare landscape across SEA? (44:04)
    11. Which is a better bet – a startup in a developing or establish market? (50:05)
    12 Role of regulatory framework in fostering customer loyalty (53:09)
    13. Evaluating similar business models across multiple geographies (56:45)
    14. What startups don’t understand about SEA markets (58:39)

    • 1 hr 2 min

Customer Reviews

5.0 out of 5
25 Ratings

25 Ratings

Darpan agrawal ,

Love it

I really enjoy the episodes. If only the episode were shorter. Tad bit too long but still great.

Umesh Dinda ,

Easily my top 10

The best podcast on VC and tech in India

Jitesh Kitan ,

Must listen for all entrepreneurs

My go to podcast every week.

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