What’s it like to bet big on beauty brands, snacks, and even quick commerce in India?

In this episode, I sit down with Ben Mathias, Managing Partner at Vertex Ventures Southeast Asia & India, to unpack his journey of spotting consumer opportunities where others only saw risk. Ben shares how he went from backing early players like FirstCry to today’s digital-first names such as Pilgrim, Kapiva and Licious. We talk about why mass premium products matter, how India’s quick commerce boom is reshaping shopping, and what makes a startup truly venture-backable.

If you’re curious about venture capital in India, consumer brands growth, or how VCs really make money, this conversation is packed with insights straight from someone who’s been in the trenches.

IN THIS EPISODE
(00:00) Why VCs secretly love your shopping habits
(02:56) The sneaky rise of brands your parents never knew
(05:01) 10-minute deliveries: magic or madness?
(05:41) Is instant everything only for city slickers?
(07:37) Could kirana shops beat Amazon at its own game?

(11:11) From diapers to D2C: the wild evolution of buying
(13:24) How to build a million-dollar brand on a shoestring

(15:49) Premium dreams, middle-class wallets: where’s the sweet spot?
(19:58) What makes investors say take my money?

(23:45) Food, fitness, furniture: the next gold rush
(25:49) Startup lessons money can’t buy
(29:12) Will Indians really pay for podcasts and stories?
(32:30) The temptation (and trap) of going global too soon
(34:19) Why Gen Z is spending on experiences, not stuff
(36:20) The big question: can consumer startups actually make money?

Ben Mathias
Ben Mathias is a Managing Partner at Vertex Ventures Southeast Asia & India and has overall responsibility for the firm’s investments in India and Japan. Since joining Vertex in 2015, he has made several investments in the areas of Consumer Internet, Fintech, Enterprise Technology, Semiconductor & Digital Health. Ben has sat on multiple boards including Licious, FirstCry, XPressBees, Kapiva, IVF Access, Attentive AI, BigEndian Semiconductor, CloudCherry and Synup.

Ben received his Master of Science in Engineering Sciences from Dartmouth College and his Bachelor of Technology from the Indian Institute of Technology, Madras.

Hear him share his career and more on this podcast.

Rahul Thayyalamkandy
Director of Comms & Community, Vertex Ventures SEA & India

Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication & Community in 2024 and is based in Singapore.

Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.
https://www.linkedin.com/in/rahulthayyalamkandy/

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Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.

If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.

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Follow us to get notified whenever new episodes are shared.

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For more information, please visit: https://www.vertexventures.sg

What is it really like to be a VC when you're not from finance—or even from “the club”?

In this episode, I speak with Puiyan Leung, who’s spent the last 10 years in venture capital, after starting out in a corporate role. She opens up about feeling like an outsider, learning to trust her gut, and what it means to support founders through both the highs and the heartbreaks.

We talk about mental agility, making tough calls, and why being a VC is sometimes a team sport—and sometimes a lonely solo climb.

IN THIS EPISODE
(00:00) What happens when you don’t fit the VC mould?
(02:40) No finance degree, no founder background—so how did she make it?
(04:55) Mental agility vs. rabbit holes: the VC’s balancing act
(07:40) Is VC really about startups—or just the people behind them?
(10:55) Collaboration or solo survival? Why this job can feel lonely
(14:40) “Am I wasting time?”—The self-doubt VCs never talk about
(18:25) Move fast. Be thorough. Pick one—or try to do both?
(21:10) Why sharing your thinking builds better deals
(24:40) The truth about fast deals, long deals… and deals that go nowhere
(27:10) 9 out of 10 startups won’t make it—so how do you choose?
(29:55) Breakups, hard calls, and knowing when to walk away
(35:40) Founders, fires, and staying present when everything is urgent
(40:10) Numbers vs. people: Which really drives venture success?

Puiyan Leung
Puiyan Leung joined Vertex Ventures Southeast Asia and India in 2020 and focuses on opportunities in Southeast Asia.

Prior to joining Vertex Ventures, Puiyan was a Director of Investments and Operations at Singtel Innov8, the corporate venture arm of telco group Singtel. In her role, she built a pipeline of tech startups that fit with the firm’s investment themes and established strategic alliances and managed partnerships with key ecosystem stakeholders.

Prior to that, Puiyan assumed a range of operating roles and once served as Singtel’s Indonesia-based lead in representing the local market development and expansion interests for Singtel’s digital portfolio.

Puiyan is a Kauffman Fellow and graduated with a Bachelor of Electrical Engineering Degree from the National University of Singapore.
https://www.linkedin.com/in/puiyan/

Rahul Thayyalamkandy
Director of Comms & Community, Vertex Ventures SEA & India

Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication & Community in 2024 and is based in Singapore.

Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.
https://www.linkedin.com/in/rahulthayyalamkandy/

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Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.

If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.

—

Follow us to get notified whenever new episodes are shared.

—

For more information, please visit: https://www.vertexventures.sg

What would make an IIT Bombay graduate ditch a high-paying finance job to start a beauty brand?

In this episode of Hard Truths by Vertex, I sit down with Gagandeep, co-founder of Pilgrim, to unpack his unconventional journey—from engineering and investment banking to building a ₹700 crore beauty empire. He shares the moment he secretly quit his job, the challenges of launching a brand no one knew, and how Pilgrim is making global beauty secrets affordable in India.

Tune in for a candid conversation on risk, reinvention, and what it really takes to build a successful consumer brand!

IN THIS EPISODE
(00:00) He quit his job… and didn’t tell his dad for two years?!
(01:00) The beauty industry is crowded—so how do you stand out?
(04:00) An IITian running a beauty brand? Even his relatives were shocked!
(06:00) When your first startup flops, do you go back to a job… or build a ₹700 crore company?
(09:30) The secret to giving customers what they want… before they even know it!
(10:30) This one unexpected insight led them to launch an entire new product line
(14:30) Brand campaigns sound cool, but do they actually work? Here’s how they test ROI
(16:00) From a digital-first brand to 5,000+ retail stores—what changed?
(17:30) How do you actually listen to customers? Most brands get this wrong!
(21:00) Scaling fast without losing the startup mindset—easier said than done!
(27:30) The one thing that turns first-time buyers into loyal customers
(28:00) What’s next for Pilgrim? How big can this get?

Gagandeep Makker
Gagandeep Makker is the Co-Founder at Pilgrim. He attended Indian Institute of Technology, Bombay.
https://www.linkedin.com/in/gaganmakker/

Rahul Thayyalamkandy
Director of Comms & Community, Vertex Ventures SEA & India
Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication & Community in 2024 and is based in Singapore.

Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.
https://www.linkedin.com/in/rahulthayyalamkandy/

—-

Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.

If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.

—

Follow us to get notified whenever new episodes are shared.

—

For more information, please visit: https://www.vertexventures.sg