Z47

“Swiggy where, you know, he emailed us proactively, but we already had a competing investment.”

“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…”

“When you looked at fast forward to today, about 50%. So they are, I think the 500 plus are 150 or whatever similar to the unicorn number because the 500 to one billion is not that many. And more about half are experienced founders.”

“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.”

“What experienced founders do differently? They generally don't take market risk, right? They will go after deep markets business. It's much easier to build businesses in deep markets. Okay. Having built a company once, they will typically be very profit driven…”

“And by the way, in our Monday meetings, we discuss people, not deals.”

“Until 2000, 15, 16 they used to get measured on coverage. And you know, we had some review meetings where people would say, how many companies have you met and this, that. So it created what we call a met culture meeting. The quality of the meeting may have be…”

“So when Anil Gotti was starting his second company, he wanted to do U.S. India SaaS, even though the founder market fit was questionable. And we told him, And he said, no, e-commerce, whatever. And was not looking in the direction of getting the product market…”

“So actually the number was in 2016, the number of companies worth more than five hundred million, worth 13, and one was from an experienced founder.”

“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?”

“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 …”

“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 …”