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May 18, 2020 · 37m · neon-show

Ritu Verma on why Ankur Capital is betting big on Agritech and Healthcare in India

Ritu Verma · 29m spoken Siddhartha Ahluwalia · 4m spoken
0:00 / 0:00
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In this episode of the 100x Entrepreneur Podcast, host Siddharth Ahluwalia interviews Ritu Verma, co-founder of Ankur Capital, exploring her journey from corporate innovation to venture capital, the fund's pioneering investment thesis in Indian agritech and healthcare, and strategies for empowering India's next billion digital users.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. How this is scored →

Siddhartha as informed peer 2.4 Guest teaching 2.4 Guest disagreement 0.9 Siddhartha pushing back 0.3
05100:0010:0020:0030:000:39–3:52 · Siddhartha as informed peer 1/10 Transition from Physics to Corporate Innovation and Venture Capital Siddharth opens with an introductory question prompting Ritu to trace her transition from physics to corporate innovation and VC. Ritu provides an expansive, collaborative monologue on product-market fit and commercialization without any friction.3:53–6:32 · Siddhartha as informed peer 2/10 Founding Ankur Capital and Early Angel Investments Siddharth asks straightforward historical questions regarding Ankur Capital's origin and angel investments. Ritu details her early partnership with Rema and initial angel deals in a relaxed, conversational manner.6:32–11:17 · Siddhartha as informed peer 3/10 Formulating Investment Theses in Agritech and Digital Healthcare Siddharth asks about the portfolio's concentration in agritech and health. Ritu clarifies that Ankur is actually sector agnostic but market specific, educating on their early thesis targeting India's next billion consumers.11:17–18:36 · Siddhartha as informed peer 5/10 Evaluating Market Potential and Billion-Dollar Plays in Agritech and Health Siddharth shows informed industry knowledge by noting that only pharma companies have historically achieved billion-dollar valuations in Indian healthcare. Ritu explains global software trends and breaks down four distinct billion-dollar opportunities across agritech.18:38–23:29 · Siddhartha as informed peer 2/10 Navigating Phygital Distribution and Overcoming Digital Onboarding Barriers When Siddharth assumes portfolio companies require massive feet-on-street operations, Ritu immediately rejects the premise. She schools him on B2B tech dynamics, explaining that enterprise clients supply the field force while tech providers focus on digital enablement.23:30–27:33 · Siddhartha as informed peer 2/10 Fund II Strategy, Carmel Organics Exit, and Early Fundraising Anecdotes Siddharth inquires about the Fund II size, deployment roadmap, and the Carmel Organics exit. Ritu shares concrete fund mechanics and an amusing anecdote about returning an 11,000 INR investment check.27:33–35:00 · Siddhartha as informed peer 2/10 Female Leadership in Venture Capital, Daily Habits, and Board Dynamics Siddharth asks about the challenges of being a female fund manager in a male-dominated ecosystem. Ritu nuances the narrative by explaining that while diversity is crucial, their day-to-day focus was always on building an institutional-grade investment platform.0:39–3:52 · Guest teaching 0/10 Transition from Physics to Corporate Innovation and Venture Capital Siddharth opens with an introductory question prompting Ritu to trace her transition from physics to corporate innovation and VC. Ritu provides an expansive, collaborative monologue on product-market fit and commercialization without any friction.3:53–6:32 · Guest teaching 1/10 Founding Ankur Capital and Early Angel Investments Siddharth asks straightforward historical questions regarding Ankur Capital's origin and angel investments. Ritu details her early partnership with Rema and initial angel deals in a relaxed, conversational manner.6:32–11:17 · Guest teaching 3/10 Formulating Investment Theses in Agritech and Digital Healthcare Siddharth asks about the portfolio's concentration in agritech and health. Ritu clarifies that Ankur is actually sector agnostic but market specific, educating on their early thesis targeting India's next billion consumers.11:17–18:36 · Guest teaching 4/10 Evaluating Market Potential and Billion-Dollar Plays in Agritech and Health Siddharth shows informed industry knowledge by noting that only pharma companies have historically achieved billion-dollar valuations in Indian healthcare. Ritu explains global software trends and breaks down four distinct billion-dollar opportunities across agritech.18:38–23:29 · Guest teaching 6/10 Navigating Phygital Distribution and Overcoming Digital Onboarding Barriers When Siddharth assumes portfolio companies require massive feet-on-street operations, Ritu immediately rejects the premise. She schools him on B2B tech dynamics, explaining that enterprise clients supply the field force while tech providers focus on digital enablement.23:30–27:33 · Guest teaching 1/10 Fund II Strategy, Carmel Organics Exit, and Early Fundraising Anecdotes Siddharth inquires about the Fund II size, deployment roadmap, and the Carmel Organics exit. Ritu shares concrete fund mechanics and an amusing anecdote about returning an 11,000 INR investment check.27:33–35:00 · Guest teaching 2/10 Female Leadership in Venture Capital, Daily Habits, and Board Dynamics Siddharth asks about the challenges of being a female fund manager in a male-dominated ecosystem. Ritu nuances the narrative by explaining that while diversity is crucial, their day-to-day focus was always on building an institutional-grade investment platform.0:39–3:52 · Guest disagreement 0/10 Transition from Physics to Corporate Innovation and Venture Capital Siddharth opens with an introductory question prompting Ritu to trace her transition from physics to corporate innovation and VC. Ritu provides an expansive, collaborative monologue on product-market fit and commercialization without any friction.3:53–6:32 · Guest disagreement 0/10 Founding Ankur Capital and Early Angel Investments Siddharth asks straightforward historical questions regarding Ankur Capital's origin and angel investments. Ritu details her early partnership with Rema and initial angel deals in a relaxed, conversational manner.6:32–11:17 · Guest disagreement 1/10 Formulating Investment Theses in Agritech and Digital Healthcare Siddharth asks about the portfolio's concentration in agritech and health. Ritu clarifies that Ankur is actually sector agnostic but market specific, educating on their early thesis targeting India's next billion consumers.11:17–18:36 · Guest disagreement 1/10 Evaluating Market Potential and Billion-Dollar Plays in Agritech and Health Siddharth shows informed industry knowledge by noting that only pharma companies have historically achieved billion-dollar valuations in Indian healthcare. Ritu explains global software trends and breaks down four distinct billion-dollar opportunities across agritech.18:38–23:29 · Guest disagreement 3/10 Navigating Phygital Distribution and Overcoming Digital Onboarding Barriers When Siddharth assumes portfolio companies require massive feet-on-street operations, Ritu immediately rejects the premise. She schools him on B2B tech dynamics, explaining that enterprise clients supply the field force while tech providers focus on digital enablement.23:30–27:33 · Guest disagreement 0/10 Fund II Strategy, Carmel Organics Exit, and Early Fundraising Anecdotes Siddharth inquires about the Fund II size, deployment roadmap, and the Carmel Organics exit. Ritu shares concrete fund mechanics and an amusing anecdote about returning an 11,000 INR investment check.27:33–35:00 · Guest disagreement 1/10 Female Leadership in Venture Capital, Daily Habits, and Board Dynamics Siddharth asks about the challenges of being a female fund manager in a male-dominated ecosystem. Ritu nuances the narrative by explaining that while diversity is crucial, their day-to-day focus was always on building an institutional-grade investment platform.0:39–3:52 · Siddhartha pushing back 0/10 Transition from Physics to Corporate Innovation and Venture Capital Siddharth opens with an introductory question prompting Ritu to trace her transition from physics to corporate innovation and VC. Ritu provides an expansive, collaborative monologue on product-market fit and commercialization without any friction.3:53–6:32 · Siddhartha pushing back 0/10 Founding Ankur Capital and Early Angel Investments Siddharth asks straightforward historical questions regarding Ankur Capital's origin and angel investments. Ritu details her early partnership with Rema and initial angel deals in a relaxed, conversational manner.6:32–11:17 · Siddhartha pushing back 0/10 Formulating Investment Theses in Agritech and Digital Healthcare Siddharth asks about the portfolio's concentration in agritech and health. Ritu clarifies that Ankur is actually sector agnostic but market specific, educating on their early thesis targeting India's next billion consumers.11:17–18:36 · Siddhartha pushing back 2/10 Evaluating Market Potential and Billion-Dollar Plays in Agritech and Health Siddharth shows informed industry knowledge by noting that only pharma companies have historically achieved billion-dollar valuations in Indian healthcare. Ritu explains global software trends and breaks down four distinct billion-dollar opportunities across agritech.18:38–23:29 · Siddhartha pushing back 0/10 Navigating Phygital Distribution and Overcoming Digital Onboarding Barriers When Siddharth assumes portfolio companies require massive feet-on-street operations, Ritu immediately rejects the premise. She schools him on B2B tech dynamics, explaining that enterprise clients supply the field force while tech providers focus on digital enablement.23:30–27:33 · Siddhartha pushing back 0/10 Fund II Strategy, Carmel Organics Exit, and Early Fundraising Anecdotes Siddharth inquires about the Fund II size, deployment roadmap, and the Carmel Organics exit. Ritu shares concrete fund mechanics and an amusing anecdote about returning an 11,000 INR investment check.27:33–35:00 · Siddhartha pushing back 0/10 Female Leadership in Venture Capital, Daily Habits, and Board Dynamics Siddharth asks about the challenges of being a female fund manager in a male-dominated ecosystem. Ritu nuances the narrative by explaining that while diversity is crucial, their day-to-day focus was always on building an institutional-grade investment platform.

speaking balance: gold is Siddhartha, purple is the guest (3 minute bins)

0:00 · Siddhartha 0% · guest 100%0:00 · Siddhartha 0% · guest 100%3:00 · Siddhartha 0% · guest 100%3:00 · Siddhartha 0% · guest 100%6:00 · Siddhartha 0% · guest 100%6:00 · Siddhartha 0% · guest 100%9:00 · Siddhartha 0% · guest 100%9:00 · Siddhartha 0% · guest 100%12:00 · Siddhartha 0% · guest 100%12:00 · Siddhartha 0% · guest 100%15:00 · Siddhartha 0% · guest 100%15:00 · Siddhartha 0% · guest 100%18:00 · Siddhartha 0% · guest 100%18:00 · Siddhartha 0% · guest 100%21:00 · Siddhartha 0% · guest 100%21:00 · Siddhartha 0% · guest 100%24:00 · Siddhartha 0% · guest 100%24:00 · Siddhartha 0% · guest 100%27:00 · Siddhartha 0% · guest 100%27:00 · Siddhartha 0% · guest 100%30:00 · Siddhartha 0% · guest 100%30:00 · Siddhartha 0% · guest 100%33:00 · Siddhartha 0% · guest 100%33:00 · Siddhartha 0% · guest 100%36:00 · Siddhartha 0% · guest 100%36:00 · Siddhartha 0% · guest 100%
Sharpest disagreement ▶ 20:33 Ritu Dismisses Ground Force Assumption

Ritu immediately cuts in with 'No, no, no, no, no' to firmly dismiss Siddharth's assumption that their portfolio companies must maintain heavy boots-on-the-ground teams.

 Hardest push from Siddhartha ▶ 16:00 Siddharth Challenges Healthcare Unicorn Feasibility

Siddharth presses Ritu on valuation realities, pointing out that historically only traditional pharma companies, not tech startups or hospitals, have reached billion-dollar scale in India.

 Biggest teaching moment ▶ 20:33 B2B Tech Enablement vs. Operations

Ritu thoroughly educates Siddharth on B2B distribution models, clarifying that the startup upgrades and trains existing enterprise field forces rather than employing them directly.

 Siddhartha holds their own ▶ 16:00 Historical Pharma Precedent Citation

Siddharth demonstrates sharp domain knowledge by benchmarking healthcare startup potential against the historical market performance of Indian healthcare subsectors.
the scores for every segment, with the reasoning behind each
ChapterTopicSiddhartha as informed peerGuest teachingGuest disagreementSiddhartha pushing backWhy
Transition from Physics to Corporate Innovation and Venture Capital 1000 Siddharth opens with an introductory question prompting Ritu to trace her transition from physics to corporate innovation and VC. Ritu provides an expansive, collaborative monologue on product-market fit and commercialization without any friction.
Founding Ankur Capital and Early Angel Investments 2100 Siddharth asks straightforward historical questions regarding Ankur Capital's origin and angel investments. Ritu details her early partnership with Rema and initial angel deals in a relaxed, conversational manner.
Formulating Investment Theses in Agritech and Digital Healthcare 3310 Siddharth asks about the portfolio's concentration in agritech and health. Ritu clarifies that Ankur is actually sector agnostic but market specific, educating on their early thesis targeting India's next billion consumers.
Evaluating Market Potential and Billion-Dollar Plays in Agritech and Health 5412 Siddharth shows informed industry knowledge by noting that only pharma companies have historically achieved billion-dollar valuations in Indian healthcare. Ritu explains global software trends and breaks down four distinct billion-dollar opportunities across agritech.
Navigating Phygital Distribution and Overcoming Digital Onboarding Barriers 2630 When Siddharth assumes portfolio companies require massive feet-on-street operations, Ritu immediately rejects the premise. She schools him on B2B tech dynamics, explaining that enterprise clients supply the field force while tech providers focus on digital enablement.
Fund II Strategy, Carmel Organics Exit, and Early Fundraising Anecdotes 2100 Siddharth inquires about the Fund II size, deployment roadmap, and the Carmel Organics exit. Ritu shares concrete fund mechanics and an amusing anecdote about returning an 11,000 INR investment check.
Female Leadership in Venture Capital, Daily Habits, and Board Dynamics 2210 Siddharth asks about the challenges of being a female fund manager in a male-dominated ecosystem. Ritu nuances the narrative by explaining that while diversity is crucial, their day-to-day focus was always on building an institutional-grade investment platform.

Statements from this episode (7)

Disclosure
Verma: Ankur Capital is sector-agnostic but strictly targets mass-market Indian consumers
“So we are sector agnostic Siddharth We are, but we are market, not market agnostic necessarily. We're looking for solutions that can actually unlock these larger markets, as I said earlier.”
Ritu Verma May 18, 2020 ▶ 10:21
Assertion Partly supported
Verma: India's agricultural inputs market is a 70,000 crore rupee industry
“One is in imports and agri inputs and how that kind of goes in. It's again a 50,000 crore or 70,000 crore kind of industry.”
Ritu Verma May 18, 2020 ▶ 13:20
Prediction Not checkable as stated
Verma: India is a sandbox for developing globally exported, world-class agritech
“Agriculture is a global play, and I always think that India, and this has been played out in other industries, is the, is a really great sandbox where, you know, we have really good tech talent, That not much money develops world-class products, and that's app…”
Ritu Verma May 18, 2020 ▶ 15:19
Insight
Verma: Purely domestic healthtech solutions will not scale into billion-dollar global companies
“Companies that are going to go on to become billion dollar companies will have to navigate some of those quirks, and just a pure India solution You know, may not work as well in another country. So your technology, your product has to kind of take into account…”
Ritu Verma May 18, 2020 ▶ 17:59
Insight
Verma: Physical-world tech adoption scales slower but creates far stronger defensive moats
“There is an intersection of these technologies with the physical world, which obviously slows things down, you know, versus something going viral in a year or two. Ah, but on the other hand, these are modes, right? So as you get those right, ah, dislodging you…”
Ritu Verma May 18, 2020 ▶ 19:17
Assertion Not checkable as stated
Verma: Cropin retained its earliest enterprise customers and expanded their contract sizes
“Their first customers are still customers. As a matter of fact, not at the same size, but at much larger sizes.”
Ritu Verma May 18, 2020 ▶ 20:21
Disclosure
Verma: Ankur Capital has expanded its check sizes up to $5 million
“We used to do about a million dollar checks. We can now go up to five million dollars.”
Ritu Verma May 18, 2020 ▶ 24:17
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