The Exchanges

Q After you joined, what are the first few investments that you led for the family office?

A So after I joined, I actually, there was a little bit of that pent up energy of not making investments in fund two from transit. So, uh, ended up moving a little bit fast. I think front row was one of my first investments that I made. It's an ad tech company, uh, Ishaan and Mikhail, great founders again. Then we invested in Nua, we invested in Mokobar. I think I've lost count. I mean, I've lost the sequence now, but roughly I did about eight new transactions, one exit, uh, in a span of about seven to eight months. So that was like, wow, exhilarating, uh, pace. And the portfolio now is about 12 companies, uh, across consumer and consumer.

AI assessment note: “I think front row was one of my first investments that I made.”

Q This is what you thought, right? The category people were most curious to know from Deepika.

A Correct. Exactly. And she's known for her skin, right? She's known for her glowing skin. There are articles and there are a lot of press around it also, right? You will see a ton of them, right? And, and she herself had gone through that experience where she, uh, had understood what the true pain point is, right? So for example, the whole, uh, marriage of India and science is something that came out of Deepika, right? Like through her, uh, experience where, um, she would either find products which were very Ayurvedic, uh, focus on Indian ingredients, et cetera, or she would find products which are clean label science, very chemical driven kind of a thing. And when we were brainstorming at the start of, you know, at the inception and the ideation of AT-Trees, I distinctly remember we, she and I were in a conference room brainstorming, and I, my first reaction was, let's build something which is natural, organic, coming out of India. And I could see that she was getting a bit uncomfortable, and I broke further saying that, like, what's bothering you? And she was like, look, if this makes sense from a business standpoint, let's do it. But if you ask me, what we should truly do is combine India and science and go on, because that's something I have struggled with. Why can't we get the best of both worlds into one product? And really that's, uh, that's how, uh, we have built a diffe…

AI assessment note: “Correct. Exactly. And she's known for her skin, right?”

Q traveled the journey of being an investment manager at a VC firm, to being the investment manager for Deepika's family office, Where Deepika interviewed him on a zoom call and then how Jigar and Deepika became co-founders. So please listen till the end. Want to start with a very light conversation, right? You have to build fun in the air. Everybody knows about Deepika's skincare routine. What's your skincare routine?

A So, uh, thank you for asking because like, I was already feeling like no one's asking my skin. No, on a serious note, like it's something which also echoes with Deepika's philosophy and why we've started this, right? I think if you think back as kids, what is that first product your mother ever applied on you as a kid, right? Number one is a moisturizer, right? I think those days as a very well-known brand, which is everyone uses, right? So moisturizer is something that I've always used. And second is sunscreen because I used to play a lot of cricket. So just to protect myself from, uh, the heat and the UVA and UVB rays. So these two products are something hydrate and protect as we call them are the two products that I've been using as a kid. So that's broadly my skincare routine and has been so far.

AI assessment note: “moisturizer is something that I've always used. And second is sunscreen”

Q So being a co-founder is almost like a marriage. So how are your, your personalities in this relationship?

A We both are very, very meticulous. We both are very sincere. We both are very, uh, detail oriented. We both are very structured in our thought process. Uh, we both like to plan a lot of things. We both like to preempt a lot of things, right? Which is why we could have very easily launched in six months, but it took us two years, almost two years in building before we launched in November, 22. There were enough and more shortcuts for us to take, but we did not take them because as Deepika, I think recently said in one of the interviews, right? Where the thought process was that in, in terms of building ground up was that while the mistakes are yours, the victories and the wins are also yours.

AI assessment note: “We both are very, very meticulous. We both are very sincere.”

Q I would love to learn after that venture capital stint. How did you and Deepika came in contact? How was your first meeting with Deepika?

A So it was honestly like little coincidental. I think, uh, this was the first lockdown where, uh, at transit, we were raising a fund too. And, um, Because of lockdown and COVID situation, there was no clarity on where the economy is going, how fundraising scenario is going to be, and I had a very good relationship with my former boss, and I had a conversation with him then saying that, look, I think we made, and we were, we were literally, we sort of started that process in the midst, or just about at the time when the first lockdown happened, right? So I said, look, I don't know where this is going to go. How would you advise me on my career? And he was kind enough, and he said, look, even I understand where your concerns are coming from. Why don't you form up your CV and, uh, I'll help you, like, also, like, if there are any, uh, recommendations required or references required, etc. It was almost, I remember, in the midst of lockdown, each and every conversation happening on Zoom, I have not even met her in person yet, and I think roughly I counted, it was about 10 or 11 conversations, which over a span of about a month, And then finally, I think, uh, you know, we decided to join hands and, uh, she gave me an offer.

AI assessment note: “each and every conversation happening on Zoom, I have not even met her in person yet”

Q Is it also like she's an extrovert, you are an introvert kind of a combination? Both are extroverts. How do you define it?

A At least my personality changes, like someone else has to talk about that. Uh, but I think I can't pinpoint specifically whether we are both introverts or extroverts. I think we both like to show don't tell, especially when it comes to business, we don't like to tom-tom too much. Uh, we could have created a lot more noise than what we have already have. So yeah, in that sense, you can say that we both are introvert or a little shy in that sense. But yeah, I think Your personality as co-founder is slightly different from your personality as an individual. So I'm only commenting on your personality as a business co-founder, right? So I think we both like to stay under the radar, like, uh, not talk too much, just execute. Right now also like my message to the whole team internally also has been that don't let any of the early success get to your head, right? Just stay humble, stay focused, heads down, blinkers on, focus on execution. There's a clear target that we have to try to reach, right? And not let Whatever else, the extra, everything else around sort of a noise, uh, bother you or get to you.

AI assessment note: “in that sense, you can say that we both are introvert or a little shy”