Avnish Bajaj
Founding Partner, Z47. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorfounderexecutive
In 2000, Avnish Bajaj co-founded Baazee.com and served as CEO until its acquisition by eBay in 2004. In 2006, he co-founded Matrix Partners India, later rebranded to Z47, backing tech companies such as Ola, Razorpay, and OfBusiness.
1shows
1appearances
35statements
5resolved
1supported
2contradicted
20%fully supported
3said about them ↓ Everything Avnish Bajaj said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Bajaj: Demonetisation was the best development for Indian tech VCs
“Everybody said demon was a very bad economic decision. It was a bad, best decision for people like us because it brought everything online. Payments exploded.”
Bajaj: Krutrim effectively combines OpenAI, Nvidia, and AWS into one startup
“Krutrim is one of them. So ambitious. You know, it is effectively open AI plus Nvidia plus your Microsoft or AWS all in one, right?”
Bajaj: India has never built SaaS companies reaching million-dollar ACVs
“They don't want to operate in this five, 10, 20,050 thousand ACV. They have aspirations to do hundreds of thousands or millions in ACV. India has never done that.”
Bajaj: Founders frequently lower their valuations to include Z47 in rounds
“Generally, we are not the highest price payers... Often what happens is our peer group is paying much more. And then we will tell the founder, we are not in at that price and believe it or not, the price actually comes down. It doesn't come to our price or it …”
Bajaj: Public market investors, not VCs, consistently generated returns in India
“Because investors know India and they have generally mixed to negative views because venture capital has had liquidity issues. Private equity has had high valuation issues. Actually the people who have consistently made money have made money in the public mark…”
Bajaj: India is definitively benefiting from institutional LP flight from China
“And then by the end of 24, I think it became clear to people or many people took the call that they don't have the patience to stay or think about more investing in China or stay invested in China so that now India is seeing a benefit. Definitely it's seeing a…”
Bajaj: Top five Indian VC firms easily beat public market equivalents
“So far, actually, interestingly, on IRR and multiple, we very easily beat it. All of us, the top five, you said, you know, the five firms or whatever, everybody beats it.”
Bajaj: India's tech investing cycle will run for another 15 to 20 years
“And Joe China may eight to 18, Joe us may nine to five to 2010. Well, India has started in 23, 22, and it'll run through because India, we're slowly. So it'll run for another 15 to 20 years.”
Bajaj: A deluge of profitable Indian tech IPOs will follow the market correction
“And therefore, I think once this market correction gets over six months, nine months, 12 months, so many companies have filed, you will see a deluge of IPOs, but in a good way.”
Bajaj: 90% of global semiconductor chip design goes through India
“If you look at semiconductors, 90%, I don't know if you know this statistic, 90% of chip design goes through India, including the Chinese trips.”
Bajaj: Hundreds of billions in value will be created in Service-as-a-Software
“I hope again, Indian founders wake up to it because the market cap that was created by Infosys and TCS. Is waiting, and I think TCS must be again, two hundred billion and whatever. That's waiting to be created in this service as a software. And we have an edge…”
Bajaj: Z47 never joins competitive rounds, strictly choosing to preempt or pass
“We are never market participants. We are never participants in market rounds. Very, actually never. We are always, so we have this concept of P to P. Okay. There should be only two answers to a deal situation. Preempt or PWC, which is pass with conviction. The…”
Bajaj: Almost everything in VC can be copied except reputation
“If you look at venture capital, if you look at most businesses, almost everything can be copied in no time. Reputation cannot. Reputation is a moat. Reputation compounds with time.”
Bajaj: The first decade of Indian venture capital was a write-off
“Most of us VCs got started in 2006. I would say first decade was a write-off.”
Bajaj: Z47's subsequent fund will outperform its $250M fund
“So we have one fund, Razorpay, Ola, five-star, off business. Two hundred and fifty million. So that's a, you know, a very strong multiple, but our next one will be even higher multiple than that.”
Bajaj: 2024 tech IPO wave proved venture liquidity in India
“24 of many IPOs happened. You know, we had Ola Electric go public. We had Five Star go public in 22. Many LPs saw a lot of liquidity, Swiggy, First Cry. All of these things are great for the market, right? So that changed the narrative that this time India is …”
Bajaj: Global LP allocations to India will never reach 30 percent
“India has always been in the single digits at best, maybe 10, 15%. I think, I don't think India will go to 30% because I think people have learned a tough lesson in China.”
Bajaj: Multi-business tech founders should be embraced like traditional conglomerates
“When you look at Tata, Ambani, Birla, Adani, all of these guys, they are in multiple businesses. That's considered a feature. When a tech entrepreneur wants to do multiple businesses, it's considered a bug.”
Bajaj: Founders must achieve profitability in one business before starting another
“Bhavish made his business profitable before he went and did something else. You can't be loss making in one business and start loss making another business, right?”
Bajaj: Indian entrepreneurs are lagging behind the market in AI and deep tech
“I have always felt that the entrepreneurs are ahead of the market in India. This time I feel entrepreneurs are behind the market, right?”
Bajaj: Rejecting great founders over market doubts causes our biggest misses
“Every time we have violated that principle, it's our anti-portfolio. Every time we have followed that principle, it's a great hit in our portfolio. So Ola, we didn't believe in the market. We believed in the founder. So we have a line internally when somebody …”
Bajaj: Repeat founders give time to VCs only when they learn something
“My bet is that if you feel that you will learn something, you'll give your time. So that's the bar. The founder has to feel that they will learn something, right?”
Bajaj: Z47 discusses people rather than deals in Monday partner meetings
“And by the way, in our Monday meetings, we discuss people, not deals.”
Bajaj: Maximizing deal coverage works in thin markets but fails in mature ones
“When the markets are thin, coverage is a good measure. So, including me, we used to go to IITs, we used to go to conferences, we used to speak at conferences, you know, honestly conferences, you get mobbed later, you are, you know, taking, giving out your card…”
The other half of the tape: Avnish Bajaj's own voice is left out of every number here. Other people bring the name up 3 times in 3 episodes across the shows. every mention, with the transcript →
Who brings them up most Mithun Sacheti 1Divyanshu Makkar 1Dev Khare 1
Every mention by year
tap a year for its mentions
the Neon Show 3
2025 1 mention in 1 episode
2023 1 mention in 1 episode
One line per show, most statements first. The link opens Avnish's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| NEON SHOWLEDGER | Founding Partner, Z47 | 1 | 35 | 20% 1/5 | full record on the Neon Show → |