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/

—-

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 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.

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

What happens when a founder thinks long-term in a trend-chasing industry?

I sat down with Kelvin Subowo, the founder and CEO of DailyCo—Indonesia’s fastest-growing multi-brand F&B company. We talked about his journey from launching a single rice box brand to building a business that serves millions of meals every month. He shared how acquisitions, not hype, drive sustainable growth, and why he always keeps the original founders involved. This one’s all about consistency, strategy, and feeding a nation—literally.

IN THIS EPISODE
(00:00) – What makes a founder truly worth backing?
(00:45) – Is acquisition the smartest way to scale F&B?
(02:00) – Are you building for the long term—or a trend?
(03:45) – Why most restaurants don’t last beyond two years
(05:15) – Daily comfort food or flashy menus—what really sells?
(06:00) – The share of belly strategy you’ve never heard of
(07:30) – Why food and beverage are totally different beasts
(10:45) – What Indonesia’s food future looks like—through cloud kitchens
(12:30) – The secret sauce behind DailyCo’s survival
(14:30) – Offline margins vs online commissions—what’s the real deal?
(15:15) – Why restaurants need soul—and founders bring it
(18:15) – This is what founder-first acquisition really looks like
(20:45) – How a war accidentally led to a new business
(24:45) – How DailyCo ended up catering for Vertex’s big events
(26:15) – 100,000 meals a day—now what?
(28:30) – Why no brand has 5,000 outlets in Indonesia
(34:00) – How to sell regional food across a country that doesn’t know it exists

Kelvin Subowo
Kelvin Subowo is the Co-Founder & CEO at DailyCo. He attended Universitas Tarumanagara (Untar) in 2011.

The Daily Company (DailyCo) is Indonesia’s fastest-growing multi-brand F&B operator, delivering high-quality, scalable, and innovative dining solutions for individuals, businesses, and institutions. The company’s portfolio includes famous brands such as Dailybox, Antarasa, Breadlife, Lu'miere, Ayam Blenger PSP, HiGeorge!, Tempong PNS, and others. From quick-service meals to large-scale catering and enterprise F&B management, DailyCo makes delicious food accessible and effortless for Indonesian families.
https://www.linkedin.com/in/kelvin-subowo-035b64114/

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

How is an Indian business dominating the U.S. market without a single person on the ground there?

Today on "Hard Truths by Vertex," I'm sitting down with Sanjay, the innovative co-founder and CEO at Spyne, who's going to share just how they pulled it off. Spyne isn't just another software company; it's revolutionizing how car dealerships use AI to transform simple car photos into stunning, studio-quality visuals. Dive into Sanjay's journey from starting with a broad focus in product photography to zeroing in on the automotive niche, drastically scaling their operations, and redefining online car merchandising!

IN THIS EPISODE
(00:00) How to conquer the U.S. market from abroad?
(01:30) What's the billion-dollar trick to transforming auto sales?
(04:00) Revealed: The key to fast-moving inventory without physical presence!
(07:00) How does advanced AI change the game for car dealers?
(10:00) A surprising pivot: From general photography to niche domination!
(13:30) Learn why focusing on one solution can lead to exponential growth!
(16:30) The big leap: How Spyne's unique model outpaced its competitors!
(20:00) Discover how immersive tech is supercharging car sales!
(23:00) A no-contact sales revolution in the U.S.! Hear how Spyne cracked the code.
(27:00) What's next for Spyne? Sneak peek into the future plans of a market leader!

Sanjay Varnwal
He is the Co-Founder & CEO at Spyne. Prior to this he worked as Tech & Product Leadership at Oyo. He studied B.Tech in the field of Civil Engineering from Indian Institute of Technology, Kharagpur.
https://www.linkedin.com/in/sanjaykv/

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

Ever been told you’re not fit for the job? That’s exactly what happened to Jeffrey during a pivotal moment early in his journey as the CEO of PatSnap.

In this episode, I sit down with Jeffrey to explore how he turned tough feedback into fuel for growth. From starting PatSnap right out of university to leading a global tech company, he shares candid lessons about leadership, building strong teams, and navigating challenges.

Tune in to hear Jeffrey’s honest take on what it really takes to grow as a leader—mistakes, reflections, and all!

IN THIS EPISODE
(00:00) "You're not fit to be CEO!"—The moment that changed everything
(01:00) Why leadership isn’t just about having a vision
(03:00) From writing code to leading a global team—Jeffrey’s evolution
(07:00) Behind the scenes: How Jeffrey sets high-level goals
(10:00) The surprising secret to handling conflicts and low moments
(14:00) Raw talent vs. experience—what really makes a great hire?
(17:00) Why Jeffrey still jumps into frontline problems (sometimes)
(24:00) Hard truths from an investor that reshaped Jeffrey’s confidence
(29:00) Avoiding burnout: Jeffrey’s approach to staying grounded
(35:00) Grateful but not proud—Jeffrey reflects on his journey

Jeffrey Tiong
Founder & CEO
Jeffrey Tiong is the Founder and CEO of Patsnap, a global leader in AI-powered IP and R&D innovation intelligence. Under Jeffrey’s leadership, Singapore-founded Patsnap has empowered over 15,000 customers across 50 countries to transform ideas into groundbreaking innovations through cutting-edge market, technology, competitive, and patent insights.

Jeffrey’s accolades include Fortune’s 40 Under 40 (2022), and recognition as a Top 50 SaaS CEO by The Software Report (2020). He was also honoured with Ernst & Young’s Entrepreneur Of The Year 2018 Singapore, cementing his status as a trailblazer in the tech and innovation landscape.

PatSnap
Every year, $2 trillion is being spent on R&D globally. However, despite the dollars spent, R&D productivity has dropped by 65% for the past forty years. Our mission is to help R&D thought leaders around the world to improve that. We provide a suite of R&D analytic and management tools for businesses, universities, start-ups and research organizations. PatSnap's vision is to empower the innovators to do better research and innovation.
https://www.linkedin.com/in/jeffreytiong/

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.

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

Are you ready for a future where electric vehicles are the norm? In this episode, we chat with Akshay, co-founder of Kazam, who’s on a mission to revolutionize how we think about EVs and energy. From leasing EVs to building cutting-edge charging infrastructure, Akshay shares his journey of tackling India’s EV challenges and scaling solutions globally. Discover how his startup is making EV adoption easier and why he believes energy management is the next big frontier. Tune in to learn how the EV landscape is changing—and what it means for you!

IN THIS EPISODE
(00:00) "Why lease an EV? Akshay's unexpected take."
(03:00) "The game-changing rise of two- and three-wheelers in India."
(05:30) "EV economics: How the math works for fleets."
(07:30) "The future of EVs: Lessons from your smartphone."
(11:30) "What’s holding back mass EV adoption? The real challenges."
(15:30) "Will India hit its bold EV targets by 2030?"
(19:00) "Why charging anxiety is more about perception than reality."
(23:30) "Public vs. private EV charging: Surprising insights."
(29:00) "Can EVs become the ultimate digital assets?"
(36:00) "India’s EV edge: Why the grid is ready."

Akshay Shekhar
Founder, Kazam
Akshay Shekhar is the co-founder and CEO of Kazam, India's largest EV charging company. Prior to this, Akshay built an AR startup and worked at consumer goods companies PepsiCo and Godrej Consumer.

Kazam operates in 5000+ pin codes with its software and hardware solutions being used by OEMs, E-Commerce fleet operators and even Charge Point Operators. The startup's vision is to ultimately create a shareable carbon credit pool for the entire EV value chain.
https://www.linkedin.com/in/akshayshekhar/

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