The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 2,620 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 7 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Sidana: The Average Venture Capital Firm Generates Flat or Negative Returns
“General belief is that the average venture capital firm has either zero or perhaps even negative returns net of fees. So as an asset class, venture capital on average Is not a profitable business.”
Lunia: Indian IT salaries have not grown at all in 20 years
“IT salaries haven't grown at all in the last 20 years, right?”
Lunia: Indian seed funds haven't found unicorns in crowded hype sectors
“None of us, you know seed funds have discovered a unicorn. Ever in these spaces, right? So if you look at you know, our good friends Karthik at Bloom, Orias, Rehan, none of us have so far got a unicorn, right?”
Khan: Ola was funded before Uber existed; it was not a copycat
“I was the first investor in Ola. Very interesting investment in Ola. A lot of people don't know this, but, ah, the Ola investment was actually a pre Uber investment. Uber didn't actually exist when we invested in Ola. So, a lot of people always think Ola was a…”
Khan: Flipkart has created more millionaires than Infosys
“You've got companies like Flipkart, which have created more millionaires than Infosys has created, for example.”
TaxiForSure had two months of runway before Ola's $200M acquisition
“Sold the company for two hundred million dollars. We didn't have money to pay salaries two months down the road. And we would have shut shop if Ola had decided not to buy us, but there were some circumstances which forced Ola to buy Taxi for sure because other…”
TaxiForSure rejected Uber's acquisition offer to protect its tech team from layoffs
“They didn't go with Uber because Uber wanted to lay off the entire tech team, whereas ULA was willing to absorb the entire team, including the tech organization. So they did the right things. They got every employee a two month bonus payout, two month salary a…”
A hostile shareholder stagnated Metropolis Healthcare for a decade
“We had a hostile shareholder who just would block everything in the company and not allow things to progress. For 10 years, the company stagnated significantly because this individual would not allow things to move.”
Sankar: 50% of Atlan's platform users are AI agents
“Actually I, I'd say 50% of our end users are now agents and the rest 50% are humans.”
Sankar: Legacy data platforms and knowledge graphs are rebranding as context platforms
“So you'll see, you know, semantically or platforms are rebranding as context platforms and ontologies and knowledge graphs are rebranding as context platforms and data platforms are rebranding as context platforms. The model layers and the agent platforms are …”
Sankar: Less than 10% of human job performance stems from cognitive intelligence
“And in fact, less than 10% of human job performance is explained through cognitive intelligence. Everything else is Context and how you learn on the job and how you act in real life.”
Sankar: Every institutional VC that backed Atlan helped close customer deals first
“Every round that we closed when we raised from an institution, the institution had helped us close some customers.”
Gupta: We coined the term 'cloud security posture management' in 2017
“We actually coined that word back in 2017, cloud security posture management, and the whole idea was getting that kind of visibility, and then we are also helping them with taking an action and things like that, and it was super easy.”
Tandon: US healthcare creates $500B in annual administrative bloat
“And then if you just look at what we call work tax or admin bloat and admin expense, probably about half a trillion dollars. So there's like five hundred billion dollars worth of exhaust that the system creates.”
Tandon: Healthcare transaction costs run at 15% to 20%
“That, that system runs at, you know, two to three percent cost of transact. Healthcare probably runs at 15 to 20% cost of transact. So there's so much room to make it more efficient and look and feel more like a credit card swipe.”
Tandon: Commure Powers 7% of All US Healthcare Visits
“So for Ambien and charge entry and charge capture, the, it's about seven percent of all healthcare visits in the US run on our platform.”
Tandon: Agentic AI resolves healthcare claim denials in seconds
“I think the thing that many health systems haven't realized is just how we gentick some of these models have gotten in terms of solving tasks end to end, getting a claim back, reading the contents, reading the patient's demographic file and their chart history…”
Tandon: 85% of Commure's Claims Are Processed Entirely Autonomously by AI
“And for us, 85% of our claims don't touch a human. They're entirely autonomous. And everything from the packaging of the claim, the submission, the coding of the claim, and then the back and forth with the pair is done by a model, which is very exciting.”
Tandon: HCA cited AI appointment gains and reduced denials on earnings calls
“And HCA talked about this in their earnings call. I think a couple of our other customers have now talked about this on earnings calls as well. They've seen the productivity lift very clearly in terms of the number of appointments that a physician can do. And …”
Mehra: Many VCs passed on early Anthropic rounds over valuation fears
“I mean, a lot of people also passed Anthropic at Seed and Series A and Series B and Series C. For them, Anthropic was very expensive.”
Mehra: Most US platform engineering teams are actually based in India
“Most action platform engineering teams, even for us companies are probably sitting in India. So they are the ones who are dealing with a lot of this infrastructure.”
Krishnan: Over half of global software engineers have narrow task scopes
“A big chunk of maybe more over half the you know software engineers in the world operate at a relatively narrow task scope.”
Gamma has negative lifetime burn and holds more cash than raised
“Companies like Gamma, they haven't raised much money in the life of the company. In fact, they have what they call negative lifetime burn as a term I had never heard before, but it's a new term I've learned, which is they have more money in the bank today than…”
Nariyawala: Sutter Hill Ventures Has Returned 35% IRR Annually Since 1963
“They were become, they became evergreen fund in 1978. And since 1963, they've returned 35% IRR every year.”
Nariyawala: Tesla Is the Only Profitable EV Maker and Dealerships Would Destroy It
“And if you look at electric cars as an industry, no one except Tesla makes money on electric cars. And Tesla's margin is about 17%. So if Tesla was going through dealership, even they wouldn't make money.”
Uber built the world's first machine learning feature store
“We had worked on the feature store at Uber, and we had built the world's first feature store, and we literally coined the term.”
Senpaty: Propelld matches SBI by lending to 150k students annually
“In terms of number of students, we give Loans to about one and a half lakh students every year, which matches SBI.”
Senpaty: Propelld's NPA rate is 1%, one-tenth of traditional lenders
“Our NPAs are at a one percent level. You, if you compare it with traditional players, it's one 10th.”
India's education loan penetration is just 5% of a $100B market
“The penetration for education spends would be close to five percent, as in five percent of loans in overall education as spends, which is close to around a hundred billion dollars.”
Tewari: InMobi 4x headcount produced zero products in a year
“My organization grew from 200 to 800 people in a year. I thought we would ship four X the products. We shipped nothing. Nothing.”
Soni: Second bidder increased Cvent's acquisition price by 25%
“I think the price in that That probably put it up by another 25%.”
Subramanian: Amagi had $5M left when shutting down a growing legacy business
“We had raised about almost twenty five million dollars by then. We had spent twenty million dollars. We had five million dollars at the bank. I remember the distinct conversation that we went to the board and said, we want to shut this business down, and we do…”
Siddharth: Turing bridges frontier AI lab data and enterprise deployment
“Most data companies don't see deployment, and most deployment companies don't see data. So Turing is the one company that works with the Frontier AI Labs and Fortune 500 enterprises, and we are a trusted bridge between research and deployment.”
Siddharth: 10-trillion-parameter frontier AI models are now beginning to emerge
“The current series of frontier models are largely in the trillion parameter realm. Yeah. Now we are starting to see 10 trillion parameter models.”
Siddharth: AI scaling laws continue to hold across compute and data
“The scaling laws are continuing to hold, meaning bigger model with more data, with more compute, means that the models smoothly keep getting better. It's like the, when the pre-training loss keeps coming down, it's like the model's performance on also all thes…”
Enterprises are abandoning fine-tuning for frontier models with context management
“What I'm seeing more and more is there's a lot more people going into the no fine tuning camp than a couple of years ago for very high value enterprise use cases.”
Saxena: AI automation moves faster for white-collar work than robotics
“Right now automation is moving faster for white collar work and office work and knowledge work than it is for blue collar work in terms of robotics.”
Saxena: VNDLY was acquired by Workday mainly due to its connectors
“Once Workday approved it, like, I think three months after Workday approved it, they made an offer to acquire us. So we got acquired mainly because of the connectors that we built with Workday and how good they were.”
Keshavachar: Each ton of rare earths generates 2,000 tons of radioactive waste
“Every ton of rare earth minerals extraction generates 2000 tons of radioactive waste.”
Keshavachar: India has invested roughly $1 billion into rare earth manufacturing
“Now the government has invested approximately a billion dollars into rare earth extraction and manufacturing.”
Reddy: AI Tools Halved The Engineering Headcount Needed For Software Development
“You can very well see that what was probably a, what a seven, eight member engineering team could do, or a part of seven, eight devs could do, can now be done by three, four.”
Reddy: Capillary Laid Off 250 Employees During COVID But Successfully Outplaced 220
“March 27th, we basically let go, like, a third of the team. And we then focused all our efforts on getting them placed everywhere. So, two-twenty out of the two-fifty were, had jobs by, you know, April 28th.”
Jindal: Sierra.ai hit $200M ARR and added $50M in the subsequent quarter
“Sierra.ai got two hundred million ARR last quarter, and then they added fifty million ARR the next quarter, and it's not that they actually signed fifty million dollar of new deals. What happened was the agents they deployed in production for all these retaile…”
Agarwal: Portkey routes 15 trillion tokens daily, up from 1B
“So I think we were probably doing a billion tokens a day a year back. Now we're doing 15 trillion.”
Agarwal: Claude Opus 4.6 leads Portkey volume despite being the costliest model
“For the first time, we saw four, six Opus, which is the costliest model there is right now, is at the top of the charts in terms of number of tokens spent.”
Agarwal: Gemini 2.5 Pro and Claude Opus have overtaken OpenAI models
“Our top two models used to be GPT-Foro, GPT-Five Mini, plots on it. This used to be a top three for a long period of time. Now our top three averages checking between was, is Gemini 2.5 pro, Opus 4.6, Sonnet.”