What does it take to build a ₹3000Cr skincare brand in the middle of a global pandemic — without celebrity endorsements, influencer hype, or big-budget marketing?
In this episode of S4 of the Blume Podcast, Karthik sits down with Mohit Yadav, Co-founder of Minimalist, to unpack the years of quiet compounding behind the brand’s breakout — from two brothers experimenting across multiple businesses, to launching a science-first skincare brand during COVID.
This is not a story of overnight virality or growth hacks. It’s a story of:
• Winning trust through ingredient transparency and product clarity
• Why India has wealth disparity, but skincare “knowledge parity” is rising fast
• What Minimalist got right (and what actually differentiated them)
• Why they chose to grow without influencers — and the flywheels that worked instead
• The underrated advantage of building from Jaipur
• The prior years of work that made their rapid growth possible
In a category built on hype and advertising, Minimalist won by respecting the consumer’s intelligence — and letting the product do the talking.
Chapters:
00:00:00 – Why Minimalist thought it could stand out (problem-first, “knowledge parity”)
00:04:21 – Jaipur roots, humble background, and why the two brothers chose “dhandha”
00:11:04 – First business: Scopial (design community) and how it started
00:13:31 – Snapdeal’s Kunal invests → pivot to Mango Street kidswear → acquisition exit
00:17:04 – CarDekho years: scaling up + Indonesia chapter + deciding to start again
00:25:07 – Freewill (personalised haircare) → regulatory roadblock → COVID → Minimalist is born
00:32:40 – Minimalist’s brand DNA: clinical proof, radical transparency, black-and-white design language
00:50:53 – Going global (GCC/SEA/US), Target rollout, building from Jaipur, Unilever deal + rapid-fire + advice (till end)
This season is brought to you in partnership with IDFC FIRST Bank and Ultrahuman.
What does it take to build an EV in a country that had no supply chain, no ecosystem, and no conviction that world-class hardware could be engineered locally from scratch?
In this episode of Destiny Avenged, Tarun Mehta takes us back to the true origins of Ather — long before the scooters, the charging grid, or the brand India now knows.
It begins inside IIT Madras’ CFI lab, where a new culture of weekend building, late-night experiments, and first-principles engineering quietly took hold. Tarun and Swapnil spent years sleeping on yoga mats in the department, teaching themselves battery design, building swappable packs, and prototyping chargers.
But one insight changed everything: India didn’t want batteries. It wanted a world-class electric scooter.
That leap — from component to full-stack — is what eventually became Ather Energy.
This conversation dives deep into:
• How CFI and IIT Madras accidentally engineered a startup culture
• Why Ather took five years before launching anything
• The battery-first approach and the pivot to full-stack EVs
• Why building hardware requires long gestation and no shortcuts
• The engineering advantages EVs unlock that ICE can never match
• Why Ather chose the hardest possible path — and how it paid off
Chapters:
00:00 – Building Ather’s first batteries
02:23 – How IIT Madras accidentally created a startup factory
06:03 – Quitting jobs, sleeping on yoga mats, and early swappable battery ideas
09:11 – Pitching the full scooter & why deep tech isn’t a capital problem
If you’ve ever wondered how an engineering-first company gets built in India, this is the blueprint.
🎧 Watch the full episode and explore more founder stories in Season 4: Destiny Avenged.
Season Partners:
IDFC FIRST Bank and Ultrahuman (Blume portco)
What does it take to build an EV scooter from scratch in a country that had no EV supply chain, no ecosystem, and very little faith in hardware built in India?
In this episode of the Blume Podcast (Season 4: Destiny Avenged), Karthik sits down with Tarun Mehta, Co-founder & CEO, Ather Energy, to unpack the impossible decade behind Ather — from two college kids sleeping on yoga mats in IIT Madras labs, hand-building battery packs and prototypes, to shipping their first 10 scooters nearly 5 years after the first cheque.
This is not a story of hacks and shortcuts. It’s a story of:
- Saying no to “copy China” and betting on original engineering
- Spending years in the lab building batteries, BMS, chargers and a full-stack scooter before seeing any real revenue
- Building an R&D culture that prides itself on engineering excellence, even when it meant slower growth and higher risk.
00:00 – If Tesla called, would Tarun collaborate? (cold open)
01:23 – Destiny Avenged intro & how a hostel project became Ather Energy
03:37 – Growing up in Ahmedabad, Gujarat board & an obsession with gaming
08:23 – Choosing IIT Madras, Engineering Design & meeting Swapnil + the Stirling engine
21:39 – Quitting auto jobs, camping at IIT, and pivoting from batteries to full-stack scooters
34:46 – Deep tech vs internet: capital, gestation and why metrics are the real bottleneck
45:14 – EVs as experience machines: Infinite Cruise, smart helmets & software-led moats
57:23 – IPO, life as a public company & what Ather should look like in 2035
If you’re a founder, operator, or anyone who’s ever wondered whether it’s worth betting a decade on hard problems, this conversation is a masterclass in patience, craft, and long-term thinking.
In this candid conversation, Karthik dives deep with Tarun into how Ather was built the hard way — one experiment, one setback, and one breakthrough at a time.
Season Partners: IDFC FIRST Bank and Ultrahuman (Blume portco)
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The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
Imagine betting your entire fortune on Bitcoin back in 2012, when it traded at $20 a coin.
That's what George Kikvadze, Executive vice chairman of Bitfury, did in 2012 when most people dismissed Bitcoin as “magic internet money”.
On the surface, it sounded like pure madness. Newly fired from his hedge fund job, family thinking he’s lost it, the asset trading below a dollar just two years earlier. Who does that?
But as George puts it, “The comfort level of owning Bitcoin is directly proportional to the time you spend studying it.” He studied math, cryptography, monetary history. He watched the Cyprus banking crisis play out, saw accounts frozen, and connected it back to his childhood in the Soviet Union where his parents’ savings evaporated overnight.
That’s where his core thesis came from:
- Global debt levels keep rising
- Governments and central banks will keep printing more fiat money
- Bitcoin, with 21 million hard-capped supply and declining issuance, is an asymmetric bet on that lack of discipline.
This understanding allowed him to hold his nerve when everyone thought he was crazy — and then use that belief to build, not just trade.
Along with his co-founder Val, he built not one but THREE bitcoin unicorns from the BitFury Universe, choosing to focus on enabling mining versus hoarding coins.
And George still isn’t done. On CNBC, he doesn’t say Bitcoin might hit a million dollars. He says it will — driven by the same forces he’s been tracking for over a decade.
Karthik sits down with George to unpack his journey, his book “And Then You Win”, and his $1M Bitcoin thesis on the latest weekday episode of the Blume Podcast.
Chapters:
0:00 — Trailer
1:05 — The $20 Bet, Reinvention & Early Bitcoin Lessons
8:19 — CNBC Moment, Chip Failure & Bitfury’s Toughest Crisis
13:32 — Why Bitcoin Still Wins: Scarcity, Debt & Discipline
Season Partners: IDFC FIRST Bank and Ultrahuman (Blume portco)
He bought Bitcoin at $20 when everyone called it "Magic Internet Money"
Today, he’s built an empire worth billions, powering Bitcoin’s infrastructure — from mining chips to AI data centers.
In this weekend episode of Season 4: Destiny Avenged, George Kikvadze, Vice Chairman of BitFury, joins Karthik to unpack how a Soviet-born financier, laid off the day Satoshi released the Bitcoin whitepaper, reinvented himself — and helped turn belief into billion-dollar reality.
This isn’t a crypto hype story — it’s a founder playbook: of betting on people, building infra when speculation was easier, and surviving brutal cycles with integrity intact.
In this episode:
🔹 From Soviet collapse → Hedge fund layoff → Bitcoin’s “whitepaper day”
🔹 The $20 Bitcoin bet that built Bitfury
🔹 Backing Ukraine’s chip-design geniuses & mining 600,000 BTC
🔹 Surviving a 99% chip-yield crash and rebuilding from scratch
🔹 The trade-off: Hold 300,000 BTC or build real companies
🔹 Spinning out billion-dollar ventures: Hut 8, Cipher Mining, cooling & AI chips
🔹 Why “Gandhi would’ve loved Bitcoin” — truth, self-reliance, decentralization
🔹 Why infra outlasts price charts and hype cycles
00:00:00 - Gandhi, Truth & Self-Reliance → Bitcoin
00:01:07 - Setup & Stakes: $20 BTC, job loss, Bitfury, the book
00:04:41 - Reinvention arc: crisis, travel, Cyprus shock → all-in
00:10:23 - Gandhi lens & India hook: 1 BTC = 1 crore sats
00:16:54 - Finding Val & the Ukrainian “textbook” chip team
00:26:39 -CNBC ‘this thing mines Bitcoin’ → 16nm yield crisis & fix
00:35:32 - The 300k BTC trade-off; spin-outs: Hut 8, Cipher, AI
00:40:09 - Macro playbook, $1M BTC thesis, 21 lessons, rapid-fire, wrap
Season Partners: IDFC FIRST Bank and Ultrahuman (Blume portco)
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The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
Revenue drops 96%—overnight. Rival complaints try to derail your IPO at the 11th hour. SARS, 9/11, and the dotcom bust threaten bankruptcy. Competitors burn cash to steal your market share. Most founders walk away when faced with even one of these. Deep Kalra and Rajesh Magow didn’t flinch. In this weekend episode of the Blume Podcast, host Karthik Reddy sits down with Deep and Rajesh, MakeMyTrip’s co-founders, to dissect the habits and decisions that forged a generational company. Each crisis forced them to reinvent the company. When rivals unleashed aggressive hotel discounts, Rajesh and Deep faced a hard choice: match the losses and jeopardize the P&L, or hold firm and watch market share slip away. Instead, they rewrote the playbook—leveraging their balance sheet to acquire Goibibo and redBus, shifting the battle from pricing gimmicks to market leadership by scale. When COVID wiped out 96% of revenue overnight, the easy path would have been to lay people off. Instead, they kept their team intact and focused—incubating products like Ad Tech and a new Homestay platform to be ready for recovery. They even pitched in to help build Aarogya Setu for the government, keeping employees engaged, and purposeful despite unprecedented disruption. While others pulled back and went on defense, Deep and Rajesh seized the moment—doubling down on investments, driving fresh innovation, and using every crisis as a springboard for transformation instead of retreat. Their journey is a masterclass in resilience—a blueprint for building a Rs 60,000 crore internet powerhouse against all odds.
00:00:00 Origin and courage to start MakeMyTrip00:12:58 Early India internet reality and liberalization context00:22:56 Early funding rounds and capital discipline00:27:53 Picking metrics that matter (conversion focus)00:40:20 Deciding to go public and post-IPO reflections00:43:28 IPO comps (Expedia, Ctrip) and sprint to listing00:51:15 Pre-IPO hurdle: competitor complaint to the SEC00:59:56 Strategic shift: Goibibo and redBus acquisitions01:11:16 COVID shock: revenue down 96% and survival playbook01:30:14 Closing insights: repeat rate and retention as north stars
Partners: IDFC FIRST Bank and Ultrahuman (Blume portco)
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The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
MakeMyTrip is a Rs 60,000 crore company that, by all logic, shouldn't exist. It launched in 2000 when India's internet barely worked. Connections dropped, credit cards failed online, and most people used the internet to browse, not buy. The company faced a triple whammy of the dotcom bust, 9/11, and SARS in the early days, each hitting global travel harder than the last. Two decades later, COVID brought travel to a grinding halt—again. In between, deep-pocketed competitors launched brutal price wars that burned cash faster than revenues could grow. Desktop UX was losing ground to nimbler competitors. Hotels remained stubbornly offline—despite celebrity campaigns, the fragmented market wouldn't budge. Yet, against every odd, they didn't just survive—they rewrote India's internet story.
In this weekday episode of the *Blume Podcast*, Karthik Reddy sits down with co-founders Deep Kalra and Rajesh Magow to chat about building a generational company through two decades of chaos. Here's what makes their story remarkable: They grew 25× between 2005 and 2010—from near-bankruptcy in 2001, working without salaries in a ₹12/sqft mezzanine office where their knees touched when they swiveled around.
They rang the Nasdaq bell in 2010—when Indian internet companies going public on a foreign exchange was virtually unheard of. 75-80% of employees held ESOPs that turned into real wealth practically overnight. They bet the company on mobile-first when it mattered—abandoning desktop entirely to win on app UX, never looking back. They survived a quarter with 96% revenue drop during COVID—and emerged with ruthless cost discipline and a stronger product, while keeping their best talent motivated when competitors were hiring aggressively. As Rajesh says, "Every crisis gives you the license to fix what you couldn't before."Today, MakeMyTrip is worth over ₹60,000 crore—but for its founders, it's still Day 1. With India's macro tailwinds and AI reshaping travel, the next chapter might just be their biggest yet.
Season Partners: IDFC FIRST Bank and Ultrahuman (Blume portco)
00:00:00 — Episode intro & the audacious idea (Karthik asks why MakeMyTrip even existed)
00:00:14 — Early internet reality & the browsing-not-booking problem (Deep on why people used the web to look, not buy)
00:13:25 — Existential crisis: 2001 triple-whammy, buybacks & layoffs (the toughest moment)
00:15:52 — Breakout growth: 2005–2010 (25x growth and key fundraises)
00:24:22 — COVID shock: revenue down 96% & the culture/cost reset that followed
00:26:47 — The future: AI, mobile, staying paranoid — what comes next for MakeMyTrip
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Disclaimer: The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
What does it take to build India’s “power grid” for the AI era? In this weekend episode of Season 4: Destiny Avenged, Karthik sits down with E2E Networks’ (Fund I vintage) co-founders (and married duo) Tarun Dua & Srishti Baweja to learn how they went from a cloud hosting company to becoming India's AI infrastructure pioneers. From racking servers by hand and winning a ₹30,000 first check, to an SME IPO oversubscribed 70×, to a bold 2018 pivot into NVIDIA GPUs—this is the rarely told, India-first cloud story that kept compounding when no one was watching. You'll hear:
00:00 - Intro04:40 - The ₹30,000 first cheque and why contractless compute mattered08:30 - Word-of-mouth growth: CarDekho → Flipkart and 100% YoY without salespeople16:20 - Building as a married founding team — lanes, trust, and obsession23:45 - Surviving without VC: ₹3 Cr equity + debt discipline33:00 - 2018 SME IPO — why they went public early and what changed after44:15 - The GPU pivot: betting on NVIDIA V100s before the AI wave56:20 - Sovereign AI: building data, hardware, and software stacks in India
🔔 Don’t miss more stories of grit and destiny in Season 4: Destiny Avenged. Listen on Spotify: https://open.spotify.com/episode/2U3H...Listen on Apple Podcasts: https://podcasts.apple.com/in/podcast...Sponsors: IDFC FIRST Bank and Ultrahuman (Blume Portco)Disclaimer: The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
They began with a ₹30,000 cheque and a bold idea: build India’s contractless compute cloud. In 2009, while hyperscalers dominated, Tarun Dua and Srishti Baweja grewE2E Networks through customer obsession, frugality, and relentless uptime —laying early foundations for an India‑first approach to AI and data sovereignty.
From word‑of‑mouth wins to an SME IPO oversubscribed 70x, and from designing servers in‑house to an early GPU pivot, this Weekday episode traces the near‑misses, the breakthroughs, and the discipline behind E2E’s rise.
Married cofounders, public‑market pressures, and a builder’s mindset — this is the real story behind India’s original cloud underdogs and their role in a future where critical AI infrastructure is built at home.
Highlights
- The ₹30,000 first customer and the contractless compute play
- How startup referrals (CarDekho → Flipkart, etc.) created a flywheel
- Why the IPO wasn’t an exit but an accountability milestone
- Betting on GPUs before the AI wave and what that changed
- Building culture: frugality, reliability, and clear roles as cofounders
Chapters:
00:00 – Intro
01:29 – Tarun’s Silicon Valley moment: seeing “Flickr of videos” become YouTube
05:52 – CarDekho becomes a pivotal customer, leading to Flipkart
07:30 – From SME IPO to main board: the shift in pressure
14:44 – COVID, GPUs & stock surge: how ESOPs created millionaires
🔔Don’t miss more stories of grit and destiny in Season 4: Destiny Avenged.
Sponsors: IDFC FIRST Bank and Ultrahuman
Disclaimer: The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.
What does it take to turn five acres of Nashik grassland into a ₹2100 Cr wine empire?
In this weekend’s episode of the Blume Podcast, Karthik sits down with Rajeev Samant, the founder who left Oracle and Silicon Valley in the 1990s to build something India had never seen before—an Indian wine brand that could compete globally.
With no background in farming or winemaking, Rajeev relied on conviction, curiosity, and a willingness to think differently. From experimenting with grapes in his backyard to drafting Maharashtra’s groundbreaking wine policy, from surviving high-interest loans to launching India’s first wine tourism experience—his journey is a masterclass in grit and long-term vision.
Today, Sula commands over 60% of India’s wine market, hosts 3.5+ lakh visitors a year, and has put Indian wine on the global stage. Rajeev’s story shows how bold ideas, backed by relentless execution, can build not just a company but an entire industry.
🎧 Join host Karthik Reddy as we explore how one man made wine mainstream in a whiskey-drinking nation—and built a brand now valued at over ₹2100 Cr.
Chapters:
0:00 – "Why a lunatic tried making wine in whiskey land"
2:15 – "From Oracle in Silicon Valley to Nashik farmlands"
5:40 – "Stanford lessons: question authority, embrace entrepreneurship culture"
9:10 – "Quitting tech to chase something meaningful back home"
13:00 – "Spotting Nashik’s Napa-like microclimate for wine grapes"
16:30 – "The first scrappy experiment fermenting grapes into wine"
20:45 – "Drafting Maharashtra’s landmark Grape Processing Policy in 2001"
24:55 – "Surviving debt, bootstrapping, and building patiently for decades"
30:20 – "Sula’s dominance: 60% share, 3.5 lakh visitors yearly"
36:05 – "Challenges that stop India from becoming a 10x wine market"
43:15 – "Why Sula went public and the realities post-IPO"
50:40 – "Building a culture of autonomy and sustainability at Sula"
This season of Destiny Avenged is brought to you by IDFC FIRST Bank and Ultrahuman.
Disclaimer
The views, opinions, data and information expressed in our podcasts, videos, blogs, articles or any other written or verbal form (the “Content”) are for informational and discussion purposes only. They do not constitute investment advice, a recommendation, an offer, or a solicitation to buy or sell any securities, nor should they be relied upon for any investment decision. References to specific companies, transactions, or market events are illustrative and not endorsements.
Blume Ventures, its affiliates, partners, or employees may hold investments in some companies or sectors mentioned. Such references do not imply recommendations or bias. Views expressed by individuals are their own and do not represent those of Blume Ventures or its affiliates.
While we use sources believed to be reliable, we make no warranties regarding accuracy or completeness. Past performance is not indicative of future results. Nothing here should be construed as legal, tax, accounting, or investment advice. Seek independent professional guidance before acting on any information.
Transmission or use of this Content does not create a relationship between you and Blume Ventures. All rights reserved.
From Oracle to India’s Wine Revolution: Rajeev Samant of Sula Vineyards
In this episode of the Blume Podcast (Season 4: Destiny Avenged), Karthik Reddy sits down with Rajeev Samant, the visionary behind Sula Vineyards, to unpack how one man’s “crazy” idea in the 90s turned into India’s largest wine brand and a cultural phenomenon.
Armed with a Stanford degree and zero background in farming or viticulture, Rajeev walked away from Silicon Valley to plant the seeds of an entirely new industry in Nashik. From fermenting his first experimental batch at home, to co-authoring Maharashtra’s wine policy, to building India’s first wine tourism destination—Rajeev’s story is one of grit, patience, and conviction.
We explore:
🍇 The early “lunatic” days of introducing wine to a whiskey-dominated India
🏡 Building India’s first wine tourism hub at Sula
📈 Navigating debt, policy battles, and eventually, a successful IPO
🌍 How Sula put Indian wine on the global map
🚀 Why today’s entrepreneurs have it easier—and what lessons endure
This conversation is more than just the story of Sula. It’s about reimagining what’s possible when you follow conviction over convention.
🔔 Don’t miss more stories of grit and destiny in Season 4: Destiny Avenged.
Sponsors This season is brought to you by IDFC FIRST Bank and Ultrahuman.
🎧 Listen to the full episode now and toast to the cradle of Indian wine with us at Sula!
Blume Venture Investment Manager LLP (“Blume Ventures”)
Disclaimer:
The views, opinions, data and information expressed in our podcasts, videos, blogs, articles or any other such written or verbal form (the “Content”) are provided solely for informational and discussion purposes and they do not constitute investment advice, a recommendation, an offer, or a solicitation to buy or sell any securities, nor should they be relied upon as the basis for any investment or other decision. References in the Content to specific companies, transactions (including mergers, acquisitions, or exits), or market events are illustrative in nature and should not be construed as endorsements or statements of value.
Blume Ventures, its affiliates, partners, or employees may, from time to time, hold investments in some of the companies or sectors mentioned, whether in a professional or personal capacity. Such references are incidental and do not imply any recommendation, conflict of interest, or bias. Any views or opinions expressed by individuals in the Content are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees.While we endeavour to use sources we believe to be reliable, Blume Ventures makes no representation or warranty, express or implied, regarding the accuracy, completeness, or timeliness of any information contained in the Content. Past performance is not indicative of future results, and market conditions may change without notice. We assume no liability for the interpretation and/or use of the Content contained on our website, nor does it offer any warranty of any kind, either expressed or implied in relation to such Content.
Nothing contained in the Content should be construed as legal, tax, accounting, or investment advice. You should seek independent professional advice before acting on any information contained herein. Blume Ventures expressly disclaims any liability arising from reliance on the Content, or from any errors or omissions therein.The above stated, the Content is not intended to be and you should not consider the content or information contained therein to be an advertisement, solicitation, inducement or invitation for a relationship. Transmission, receipt or use of this Content, does not constitute nor create a relationship between us and you.
All rights reserved.
Razorpay’s founders are no strangers to podcasts. But most conversations stop at scale, valuation, or IPO chatter. This one is different.
On the Blume Podcast, Harshil Mathur and Shashank Kumar sit down with Karthik Reddy to walk through the raw Razorpay journey—the rejections, near-dead ends, and scrappy hacks that shaped India’s payments backbone.
You’ll hear stories rarely told elsewhere: how they built coding culture at IIT Roorkee’s SDS Labs (raising money from the college itself and even sneaking in “presentation monitors” to get approvals), how a simple crowdfunding side-project revealed the broken state of India’s online payments, and why they were turned away by ~100 bankers before one “yes” finally came—with a condition of a ₹25 lakh security deposit, funded by Shashank’s grandfather.
Beyond the anecdotes, this is a deep dive into what it takes to build regulated infrastructure in India:
If you’ve only heard the polished Razorpay story, this episode offers the unvarnished version: two coders, relentless grit, and the mindset shift from “startup survival” to building an enduring institution.
Listen on Spotify: https://open.spotify.com/show/227rW4Ee4ob6wRT8U7pJ8s?si=c9a3bca90e394dd3
Apple Podcasts: https://podcasts.apple.com/gb/podcast/blume-podcast/id1651800944
#IndianStartups #Entrepreneurship #VentureCapital #BlumenVentures #StartupJourney #IndianTech
Brought to you in partnership with IDFC First Bank and Ultrahuman (Blume Fund III portco).
Blume Venture Investment Manager LLP (“Blume Ventures”)
Disclaimer: The views, opinions, data and information expressed in our podcasts, videos, blogs, articles or any other such written or verbal form (the “Content”) are provided solely for informational and discussion purposes and they do not constitute investment advice, a recommendation, an offer, or a solicitation to buy or sell any securities, nor should they be relied upon as the basis for any investment or other decision. References in the Content to specific companies, transactions (including mergers, acquisitions, or exits), or market events are illustrative in nature and should not be construed as endorsements or statements of value.
Blume Ventures, its affiliates, partners, or employees may, from time to time, hold investments in some of the companies or sectors mentioned, whether in a professional or personal capacity. Such references are incidental and do not imply any recommendation, conflict of interest, or bias. Any views or opinions expressed by individuals in the Content are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees.
While we endeavour to use sources we believe to be reliable, Blume Ventures makes no representation or warranty, express or implied, regarding the accuracy, completeness, or timeliness of any information contained in the Content. Past performance is not indicative of future results, and market conditions may change without notice. We assume no liability for the interpretation and/or use of the Content contained on our website, nor does it offer any warranty of any kind, either expressed or implied in relation to such Content.
Nothing contained in the Content should be construed as legal, tax, accounting, or investment advice. You should seek independent professional advice before acting on any information contained herein. Blume Ventures expressly disclaims any liability arising from reliance on the Content, or from any errors or omissions therein. The above stated, the Content is not intended to be and you should not consider the content or information contained therein to be an advertisement, solicitation, inducement or invitation for a relationship. Transmission, receipt or use of this Content, does not constitute nor create a relationship between us and you.
All rights reserved.
In the season opener of the Blume Podcast Season 4, Karthik Reddy, co-founder and Partner, takes us behind the scenes of the season’s theme: "Destiny Avenged." Drawing inspiration from the popular Avengers theme from the Marvel Cinematic Universe and startup culture, this episode explores what it truly takes to build category-defining companies in India's unique startup landscape.
"Destiny Avenged" speaks to the journey of entrepreneurs who not only chase their calling but vindicate their audacious dreams against all odds. It's about founders who were told "this can't be done in India" or "this is only for large conglomerates," yet persevered to prove skeptics wrong. From wine pioneers to EV revolutionaries, Karthik reveals how founders like those behind Sula Vineyards, Razorpay, and Ather Energy defied skeptics to create first-of-their-kind businesses.
This episode isn't just about celebration – it's a deep dive into why true startup success should be measured in decades, not years, and paints an inspiring vision of India's entrepreneurial future through 2030. Whether you're a founder, investor, or startup enthusiast, this conversation offers valuable lessons on resilience, innovation, and the power of staying true to your destiny.
Brought to you in partnership with IDFC First Bank and Ultrahuman (Blume Fund III portco).
Featured Companies: Sula Vineyards, Razorpay, Ather Energy, IDfy, Niqo, Pixxel, and more
#IndianStartups #Entrepreneurship #VentureCapital #BlumenVentures #StartupJourney #IndianTech
Blume Venture Investment Manager LLP (“Blume Ventures”)
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Blume Ventures, its affiliates, partners, or employees may, from time to time, hold investments in some of the companies or sectors mentioned, whether in a professional or personal capacity. Such references are incidental and do not imply any recommendation, conflict of interest, or bias. Any views or opinions expressed by individuals in the Content are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees.
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Join us for an inspiring conversation with Neeraj Chopra, India’s first athletics Gold medalist, and Karthik Reddy, co-founder and Managing Partner of Blume Ventures. In this podcast, Neeraj shares his journey from a small village in Haryana to standing on the Olympic podium, while reflecting on the challenges, sacrifices, and triumphs along the way. Get an inside view on what it takes to be a champion.
Timestamps:
0:00 - Intro
3:21 - Neeraj Chopra’s youth and childhood
9:17 - Neeraj Chopra’s love for farming
13:01 - First big win
16:00 - The pressure to represent the country
19:15 - How did Neeraj feel after winning gold at the Olympics
21:15 - Neeraj’s Silver at the Paris Olympics
27:55 - Difference between individual and team sports
35:08 - Who is the supporting cast to Neeraj?
41:00 - What is Neeraj Chopra’s routine?
43:44 - How does Neeraj Chopra deal with disappointment and pressure?
48:26 - Why did Neeraj Chopra choose to represent STAGE?
52:50 - State of sports infrastructure in India
57:07 - Rapid fire questions
This episode is packed with valuable insights into the life of a world-class athlete, touching on mental resilience, discipline, and the importance of a strong support system.
A special thank you to IDFC First Bank for being a partner for this podcast and STAGE (Blume Fund IV) for helping us connect with Neeraj Chopra and for generously providing their office space to record this episode.
Join us for episode nine of the Blume Podcast - Winning Beyond Boundaries, featuring Dr. Mukund Rajan, former brand custodian of the Tata Group, in conversation with Karthik Reddy of Blume Ventures.
In this chat, Dr Rajan takes us through his inspiring journey, from his early days as a Rhodes Scholar at Oxford to his impactful 23-year tenure at Tata. He shares personal anecdotes and insights that reveal the human side of corporate leadership, including his close working relationship with Ratan Tata and the lessons learned along the way.
Key topics discussed:
Don’t miss this inspiring conversation with Dr. Mukund Rajan as he shares valuable leadership lessons, behind-the-scenes stories from the Tata Group, and his vision for a sustainable future. Whether you’re an aspiring entrepreneur, a business leader, or simply curious about the legacy of one of India’s most iconic companies, this episode has something for everyone.
Thanks to our annual partner IDFC First Bank and Sponsor Ultrahuman for making this episode possible.
Chapters:
[00:00:00] Introduction and Mr. Tata’s Letter to Vajpayee
[00:01:08] Welcome and Guest Introduction
[00:03:27] Early Life and Diverse Exposure
[00:06:17] Family Influence and Dinner Table Conversations
[00:08:11] Tata Journey and First Encounter with Ratan Tata
[00:12:31] Evolution of Tata Administrative Services (TAS)
[00:17:11] Fun Anecdotes about Ratan Tata
[00:22:05] Tata Group’s International Ambitions
[00:27:06] Framework for Strategic Decisions
[00:34:27] Passion for Design and Architecture
[00:41:00] Founding the Tata Opportunities Fund
[00:44:04] TCS IPO: A Masterclass in Corporate Governance
[00:50:18] Chief Ethics Officer and Overhauling the Code of Conduct
[00:55:30] Origins and Future of Vistara
[01:03:14] Launching ECube and ESG Focus
[01:09:11] Rhodes Scholarship and Philanthropic Efforts
[01:11:01] Rapid Fire Questions
Join us for Episode 8 of Season 3 of the Blume Podcast - Winning Beyond Boundaries, featuring Alok Sama, former President and CFO of SoftBank
Group International in conversation with Karthik Reddy of Blume Ventures.
In this fascinating conversation, Alok shares insights from his remarkable journey across global finance and technology, including orchestrating some of the largest deals in tech history, like the $59B Sprint-T-Mobile merger and SoftBank's $34B acquisition of ARM.
Drawing from his recent book "The Money Trap: Lost Illusions Inside the Tech Bubble," Alok offers a candid look at working alongside Masayoshi Son during SoftBank's most volatile period, unpacks three decades of experience in investment banking and VC, and shares valuable lessons on navigating complex global deals.
From his early days in Delhi to shaping Morgan Stanley's TMT practice in Asia-Pac and eventually becoming one of Masa Son's closest advisors, Alok's story is a masterclass in understanding global markets and tech ambition. Currently a senior advisor at Warburg Pincus, he continues to influence the intersection of technology and finance.
Key topics discussed:
Timestamps:
0:00 - Introduction and early SoftBank days
1:05 - Welcome and guest introduction
2:54 - Growing up in Delhi and early influences
6:42 - Indian influences and cricket passion
9:46 - Journey into mathematics and finance
15:33 - Serendipity in career choices
20:57 - Writing "The Money Trap"
24:01 - Morgan Stanley years and global deals
31:05 - Understanding mega-deals
38:40 - Masayoshi Son's unique qualities
41:49 - Vision Fund and investment strategy
47:57 - Future of technology and AI
54:19 - India's startup ecosystem
1:03:12 - Current role at Warburg Pincus
1:05:03 - Rapid fire questions
This episode is brought to you by IDFC First Bank, a committed partner to India's startup community. IDFC First Bank continues to foster innovation and support entrepreneurship, playing a crucial role in the growth journey of numerous startups, including many Blume portfolio companies.
#BlumePodcast #TechInvestment #StartupIndia #VentureCapital #SoftBank #GlobalFinance #Leadership #MasayoshiSon #TechDeals #InvestmentBanking #IndianStartups #GlobalTech #Innovation #Entrepreneurship #BusinessLeadership #VCFunding #TechnologyInvestment #DigitalTransformation #StartupGrowth #MergersAndAcquisitions #TechIndustry #BusinessStrategy #InvestorInsights #FutureOfTech #AITechnology #IndianTech
In the 7th episode of the Blume Podcast, the host Karthik Reddy, co-founder and Partner at Blume Ventures, dives deep into the fascinating world of hardware innovation with two extraordinary founders who have redefined what it means to build hardware companies from India.
Join us as we host Akash Gupta (CEO & Co-founder, GreyOrange) and Mohit Kumar (CEO & Co-founder, Ultrahuman). Both GreyOrange and Ultrahuman are part of Blume's portfolio.
From revolutionizing warehouse automation to pushing the boundaries of personal health monitoring, these founders share their incredible journeys of building globally respected companies from India. Learn about their challenges, strategies, and insights on:
• Building hardware companies in India
• Global market expansion
• Manufacturing and talent challenges
• Future of hardware innovation
• Building world-class teams
Part of Blume Podcast Season 3: "Winning Beyond Boundaries"
🔍 Key Timestamps:
00:00 Introduction & Guest Introductions
03:02 Early Hardware Journey in India
08:40 Building GreyOrange: From College Project to Global Company
15:30 Ultrahuman's Evolution & Hardware Development
21:45 Manufacturing Challenges & Building in India
32:15 Going Global: Market Expansion Strategies
43:20 Building Teams & Culture in Hardware Companies
52:40 Hardware Talent Ecosystem in India
1:03:30 Future of Hardware Manufacturing
1:12:45 Advice for Hardware Founders
1:20:30 Rapid Fire Round
1:23:40 Future Vision & Closing Thoughts
Join us for an insightful conversation with Aditya Ghosh, one of India's most dynamic business leaders, in the 6th episode of Blume Podcast S3, Winning Beyond Boundaries.
From leading IndiGo Airlines' meteoric rise to becoming India's largest airline, to now steering Akasa Air's ambitious journey, Aditya shares invaluable insights into building successful businesses in India.
In this candid discussion with Karthik Reddy, Aditya reveals:• His journey from a young lawyer at JSA to becoming IndiGo's CEO• The unique partnership between Rahul Bhatia and Rakesh Gangwal that created IndiGo• Critical business strategies that helped IndiGo maintain profitability in a challenging industry• How structural advantages built on Day 1 shaped IndiGo's success• The importance of empathy and people management in building great organizations• His current role in shaping Akasa Air's future• Insights into India's aviation market potential and growth opportunities
Aditya also shares personal stories about his upbringing in a government colony, his early career decisions, and the values that have shaped his leadership style. His perspective on India's consumption story and the opportunities it presents for entrepreneurs makes this episode a must-watch for business leaders and aspiring entrepreneurs alike.
Key Timestamps:[02:36] - Episode Introduction
[04:01] - Views on Entrepreneurship
[06:47] - Growing Up Years
[13:20] - Path to Law
[17:18] - First Job Experience
[19:26] - The InterGlobe Connection
[21:43] - Birth of IndiGo
[24:27] - Seizing Opportunities
[30:14] - Leadership Philosophy
[34:08] - Building Culture
[42:03] - IndiGo's Success Formula
[44:54] - Cost Management
[46:40] - Strategic Advantages
[50:56] - The Akasa Journey
[53:46] - Future of Aviation
[57:39] - The Founding Partnership
[01:02:10] - Rapid Fire Round
[01:09:42] - Closing Thoughts
Special thanks to our Season Partner IDFC First Bank for supporting this series.
#BusinessLeadership #IndianAviation #Entrepreneurship #StartupIndia #BusinessPodcast #IndiGo #AkasaAir #Leadership #Aviation #IndianBusiness
This episode provides a deep dive into the journey of Persistent Systems, from its humble beginnings to becoming a global technology powerhouse.
Anand Deshpande shares insights on company growth, leadership transitions, and the importance of adapting to market changes. His perspectives on entrepreneurship, technology trends, and social impact offer valuable lessons for aspiring entrepreneurs and established business leaders alike.
Key Topics:
Persistent’s growth journey and evolution through multiple business orbits
Entrepreneurship challenges, scaling strategies, and leadership transitions
Technology trends, including the impact of AI on the IT industry
Social impact initiatives and philanthropic efforts
Global expansion and understanding international markets
Timestamps
00:03:18 - Early life
00:06:55 - IIT Kharagpur experience
00:09:59 - US education and work
00:19:34 - Founding Persistent Systems
00:26:29 - Indian IT challenges in 1990
00:32:00 - Business model evolution
00:35:25 - Persistent’s S orbits
00:39:46 - Transition from ‘My’ to ‘Our’ company
00:56:18 - VC funding and IPO
01:01:42 - Philanthropic initiatives
01:08:16 - Research projects
01:14:12 - AI impact on IT
01:16:36 - Rapid-fire questions
This episode offers invaluable insights into India's economic transformation and its aspirations to become a global powerhouse.
Amitabh Kant shares his diverse experiences from grassroots development in Kerala to high-level diplomatic roles, highlighting his contributions to India's progress. His perspectives on entrepreneurship, digital infrastructure, and global competitiveness provide inspiration and practical advice for entrepreneurs aiming to build world-class businesses from India.
Chapters:
00:02:41 - Early career in Kerala
00:04:55 - Transforming the lives of fishermen in Kerala
00:07:24 - "God's Own Country" campaign
00:10:54 - Public-private partnership in Kerala
00:14:05 - Hosting Prime Minister Vajpayee
00:15:52 - The Incredible India campaign
00:18:40 - Ease of doing business ranking
00:21:02 - Startup India initiative
00:23:15 - Impact of Digital Public Infrastructure
00:26:49 - Global market penetration for India's growth
00:29:30 - Vision for India as a developed nation by 2047
00:32:46 - Key qualities of team members
00:34:48 - Leadership skills
00:36:48 - Navigating cross-border cultural differences
00:37:45 - Rapid-fire questions