Sramana Mitra: What do you make of unicorn mania? Silicon Valley is going crazy. India tends to be more conservative, but India went crazy too. Rajul Garg: We all plug into the same mothership. There’s not much that you can do to deviate from that. Smaller funds define a unicorn, in our own heads, as
Sramana Mitra: Have you seen any analysis or reporting on how many active entrepreneurs there are in the Indian ecosystem right now? Rajul Garg: I do remember seeing that at some point in time, but I’m not able to recall the report. I was at an Accenture event recently. In 2017, my guess is around
Sramana Mitra: Talk about your current portfolio. What have you invested in? What are the highlights? As you’re describing, give us some insights into when they came to you, what did you see that captured your imagination. Rajul Garg: We only became a fund late last year and started investing. We’ve made four investments so
Sramana Mitra: On the B2C side, the Indian investors are investing in mostly India-facing companies. Is that also your preference or are you also doing global B2C? The counterpoint of that is when it comes to SaaS, we see Indian investors mostly interested in doing global-facing companies and not so much the India-facing companies. There
Responding to a popular request, we are now sharing transcripts of our investor podcast interviews in this new series. The following interview with Rajul Garg of Leo Capital was recorded in February 2018. Rajul Garg, Head of Investments at Leo Capital, discusses the Indian startup eco-system and his fund’s investment focus. Sramana Mitra: Let’s introduce you to