“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.”
quote is from the automated transcript, cleaned for reading:
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More from Avnish Bajaj
Opinion
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.”
Avnish BajajMar 21, 2025▶ 21:5110 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
Opinion
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?”
Avnish BajajMar 21, 2025▶ 55:0510 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
AssertionContradicted
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.”
Avnish BajajMar 21, 2025▶ 1:02:0810 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
Disclosure
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 …”
Avnish BajajMar 21, 2025▶ 19:0510 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
Insight
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…”
Avnish BajajMar 21, 2025▶ 39:5710 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
AssertionNot checkable as stated
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…”
Avnish BajajMar 21, 2025▶ 41:3410 Unicorns, 5 IPOs, 26 Acquisitions – India’s OG VC, Avnish Bajaj On Why Only Founders Matter
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