1. Smart Founder
A smart product and a go-getter founder – that is what we look for when choosing the investment. Essentially, a founder whom we can back for the next 5-10 years, and who will provide us a winning journey. He may sell the business in the third year, but we hope for a decade-long relationship.
Though the market in India is large enough for various businesses to have relevant space, we are not big fans of niche businesses where the player may become a market leader. I frankly don’t see any value in such enterprises because you might control 50-60% market share, but your value of the market will always be limited because the size won’t increase.
Product has to be differentiated. In India there is no product differentiation, but what that product attribute means to the consumer is important. A product has different meanings for each consumer.
A smart founder is therefore the start of the journey. I also understand a crucial fact that what we choose to invest in today could be a very different business that will exit after five years. Why, because there are variables and we expect the founders to be six months ahead of the curve. If you are ahead, you’ll change before the market changes.
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