StartupTalky

Tag: 📝Interviews

  • Vasudha Madhavan on Powering India’s Green Finance Revolution through Ostara Advisors

    In this exclusive interaction with StartupTalky, Vasudha Madhavan, Founder & CEO of Ostara Advisors, talks about pioneering climate-tech investment banking in India. She shares how spotting a capital gap in clean mobility and sustainability led her to build Ostara—a platform connecting mission-driven founders with global investors. With over $125 million in climate capital facilitated, Madhavan discusses attracting f irst-time global investors, driving strategic M&A like Greaves Cotton’s acquisition of Ampere Vehicles, and identifying high-potential sectors such as EVs, energy storage, and industrial decarbonisation. She also highlights the role of India’s progressive climate policies, her vision for the next decade of green finance, and her experience as a woman leader reshaping specialized investment banking through purpose-driven innovation.

    StartupTalky: Ostara pioneered climate-tech investment banking in India. What gaps did you see in the ecosystem in 2015 that led you to start the firm?

    Ms. Madhavan: In 2015, I had started seeing a stark gap in the ecosystem. On the one hand, there was a clean mobility and climate-tech innovation wave with entrepreneurs creating world-changing solutions. On the other hand, access to capital and the appropriate advisory was severely lacking. Most generalist advisors were not familiar with the industry nuances of such businesses, and this meant that founders found it difficult to raise money, or to find the right investors.

    The epiphany moment for me was 2017–2018 when I headed India’s first electric two-wheeler M&A transaction, Greaves Cotton’s buyout of Ampere Vehicles. It was an experience that underscored the opportunity in clean mobility as much as the staggering capital gap in the industry. It dawned on me that if climate-tech had to scale successfully, it had to have specialized investment banking expertise to bridge the gap between mission-led founders and international investors.

    Ostara Advisors was born out of that conviction, with a mission to build a focused platform that channels capital into climate-tech and clean mobility companies, helping visionary founders scale sustainable innovation.

    StartupTalky: With $125M in climate capital facilitated, what key factors have enabled Ostara to consistently attract first-time global investors to India?

    Ms. Madhavan: At Ostara Advisors, three key drivers have aided us in successfully attracting first-time international investors to India.

    First, our extensive technical expertise ensures that every business we showcase is investor-ready. We carry out thorough research, consult industry titans for specialised input, and ensure that our clients are due diligence compliant. Such a degree of readiness inspires confidence among international investors looking at Indian opportunities for the very first time.

    Second, our focused global outreach is based on a solid international network across the US, Europe, Asia, and the Middle East. We screen investors whose mandates match particular sector trends, especially in climate-tech. By spending time shaping their perception of the Indian market and establishing a robust loop of feedback, we position ourselves more sharply and engage more intensely.

    Finally, our model is based on relationships, which results in lasting value generation. We focus on developing partnerships, rather than completing one-off transactions. This approach ensures fair price discovery, alignment of stakeholder incentives, and efficient closing. As a result, first-time investors in the growing climate-tech industry in India feel very comfortable and confident.

    StartupTalky: How do you see strategic M&A shaping the climate-tech ecosystem, especially in sectors like electric mobility and decarbonisation? 

    Ms. Madhavan: Strategic mergers and acquisitions are instrumental in accelerating climate-tech ecosystems and the adoption of new technologies. Globally, from 2021-2024, there have been over 750 climate-tech mergers and acquisitions worth greater than USD 170 billion. Electric mobility is one of the leading themes in climate-tech and decarbonisation is another.

    In India, the Greaves Cotton-Ampere acquisition signifies a watershed moment. Following the acquisition of Ampere Vehicles in 2018, Greaves Cotton changed its business model from being a traditional auto components vendor to being an EV OEM in the new electric two-wheeler market which was rapidly evolving at that time.  By FY2025 it is forecast that e- 2Ws will represent almost 58% of all EV sales in India, having experienced a steep growth curve due to acquisitions.

    These acquisitions accelerate scale and distribution for startups, whilst at the same time help incumbents to future proof their portfolio, improve ESG credentials and directly contribute to decarbonisation through the subsequent uptake of clean technologies.

    StartupTalky: Having closed landmark transactions such as Greaves Cotton’s acquisition of Ampere, what lessons stand out from these early climate-tech deals?

    Lessons from Climate-Tech Deals

    Ms. Madhavan: The landmark transactions such as Greaves Cotton’s acquisition of Ampere Vehicles (EV two-wheeler pioneer) and leading Corporate Mobility platform, Routematic’s $40m Series C fund-raise highlighted several critical lessons for building India’s climate-tech ecosystem. 

    They proved that traditional industries can embrace clean technologies to reduce their carbon footprint, validating climate-tech as both viable and investable. Traditional ICE mobility sectors, such as the employee mobility market, can become transformational opportunities for EV adoption – as well as AI-driven mobility can be a powerful catalyst for resource efficiency on crowded Indian roads.

    These deals also showed the importance of crafting strong narratives and providing data-driven insights to bridge investor trust gaps in a nascent sector. They underscored the need for persistent market education through reports, newsletters, and industry dialogues to establish credibility. Finally, they demonstrated that precise execution and clear founder positioning not only unlock capital but also set benchmarks that catalyze broader investor participation and sustained inflows into climate-tech.

    StartupTalky: Climate-tech startups often require longer gestation periods. What strategies do you recommend for founders to stay investment-ready through this journey?

    Ms. Madhavan: To stay in investment readiness with prolonged gestation periods, climate-tech founders need to focus on the following: 

    • Unit Economics Discipline: Have early signs of margins and cost savings tracked and reported, with a path to profitability as volumes increase. 
    • Adaptive GTM Strategy: Continuously improve the go-to-market strategy based on insights around segmentation, acquisition efficiency, and conversion. 
    • Strong Finance Function: Invest in an efficient forecasting, reporting and compliance function that demonstrates financial readiness and transparency. 
    • Operational Agility: Build lean, tech-enabled operations that can scale, with processes in place that ensure quality and margin. 
    • Data-Driven Story Telling: Use quantifiable milestones and KPIs in all functions to regularly signal strength of execution that builds investor confidence.

    StartupTalky: Which climate-tech sub-sectors in India—such as EVs, energy storage, or carbon management—do you see offering the most attractive opportunities today?

    Ms. Madhavan: In India, the most attractive opportunities today are emerging in a few high-impact climate-tech sub-sectors. Electric mobility is scaling rapidly, and smart energy management platforms are critical for balancing grid demand and optimizing charging infrastructure. Battery storage is another priority area, as it underpins both renewable integration and reliable EV adoption.

    Industrial decarbonization is also gaining strong traction, with technologies like green hydrogen and green cement moving from pilot to scale. Circular economy models are transforming waste into valuable resources, while biofuels are beginning to replace fossil fuels in industrial use.

    What excites me is that this momentum cuts across mobility, energy, and materials, with companies scaling faster than ever. The growth-stage funding gap remains a challenge, but the underlying opportunity is clear. These sub-sectors align closely with India’s climate goals and infrastructure priorities, making them highly investable today.

    StartupTalky: How is the current policy and regulatory environment (such as FAME incentives, EV policies, or carbon frameworks) influencing investor interest in climate-tech?

    Ms. Madhavan: Impact of India’s Regulatory and Policy Environment on Climate-Tech Investment

    India’s 2025 policy and regulatory environment is also driving climate-tech investment strongly. The FAME-II program, which has offered INR 11,500 crore of support, has driven the uptake of more than 16 lakh electric vehicles, 5,100 e-buses, and 7,400 charging points. Complementary schemes like the Production Linked Incentive (PLI) for automobile and battery production, PM E-DRIVE, and PM e-Bus Sewa are supporting local manufacturing, increasing infrastructure, and promoting adoption, reducing entry costs and driving high growth in the EV and climate-tech space.

    The Draft Climate Finance Taxonomy and the new compliance carbon market standardize ESG screening, lower greenwashing risk, and open up new asset classes in carbon avoidance and related digital solutions. GST incentives, including a 5 percent rate on electric vehicles, further enhance cost competitiveness and investor returns.

    India has drawn more than $2 billion in climate-oriented investments in 2024, with top investors shifting from pilot scales to strategic bets in energy, transportation, waste, and cooling industries. International institutions like the European Investment Bank, IFC, and Temasek are actively facilitating this shift. In the next two to three years, India’s climate finance is likely to concentrate on scalable solutions that could drive the clean shift at scale.

    StartupTalky: Looking ahead, how do you expect India’s climate-tech investment landscape to evolve over the next 5–10 years?

    Ms. Madhavan: India’s climate-tech industry is positioned to grow rapidly over the next 5 to 10 years and will move well beyond electric mobility. And there is a large investment opportunity as the $27 billion per year financing gap to net-zero will be closed. Renewable energy integration, including load shifting and battery storage, will support grid stability and energy utilization. Funding will flow into the industrial and construction space into biofuels, including compressed bio-gas, green hydrogen, carbon-efficient cement, and other sustainable materials. Circular economy solutions, including recycling of batteries and biofuels, will further scale as companies try to reduce waste and emissions. Carbon capture and utilization will allow opportunities to embed CO₂ into concrete, fuels, and other products. In summary, the climate-tech ecosystem in India is poised for a large upswing in investment in energy, industrial, and environmental technology, with financial outcomes and tangible outcomes for the environment.

    StartupTalky: For international investors exploring India’s climate-tech ecosystem, what are the key factors they should keep in mind before deploying capital?

    Ms. Madhavan: First and foremost, India represents an enormous market opportunity. Aiming to contribute nearly one-fifth of its GDP by 2030, the country’s digital economy faces strong demand for climate-tech solutions in both the energy, mobility, and industrial space due to the growing sustainability agenda. The intersection of digital progress and green transition represents a significant investment opportunity.

    • Equally important is India’s talent advantage. With more than 370 million youth, and the largest STEM graduate pool, with more than 2 million new graduates each year, India represents both skill and scalability. This level of technical talent allows for the development and deployment of climate-tech innovation efficiently and at a global standard.
    • From a policy standpoint, India offers a favorable investment climate and mitigates investment risk. The government is spearheading initiatives such as the Production Linked Incentive (PLI) schemes, which collectively exceed $2 billion in funding, the Critical Minerals Mission, and various deep-tech startup policies, which are encouraging innovation in the renewable energy, circular economy, and decarbonisation sectors.
    • Finally, as capital from the rest of the world begins to flow into climate-tech, investors will need to sift through levels of hype and amounts of actual innovation. The best way to do this is to find startups that have a clear way to differentiate their technology, a validated financial track record, and a certification of measurable climate impacts–assessable through a rigorous process of technical due diligence, product demos, and comparative evidence against peers in India and others global peers. 

    StartupTalky: As a woman entrepreneur leading in a highly specialised financial domain, what has your journey been like, and what advice would you share with aspiring women in climate finance?

    Ms. Madhavan: My journey as a woman entrepreneur in climate finance has been both challenging and rewarding. Being a newcomer in a specialized, male-dominated industry has meant working harder to establish credibility, but belief in the need for targeted capital advisory in the climate-tech space kept me pushing forward. Growing Ostara Advisors has been about demonstrating that both deep experience and your purpose can fill a critical gap in the ecosystem. 

    The highlight has been getting to work with amazing women leaders like Hemalatha Annamalai from Ampere Vehicles and Kavitha Ramachandragowda from Routematic who are shaping the story of sustainable innovation in India. At Ostara, I am proud that we have built a women-majority team, showing that diversity is a strength even in specialised finance.

    My encouragement to prospective women in climate finance is to carry yourself with belief and preparation. Develop deep expertise, find networks and mentors, and call out bias when it happens to you. Your point of view counts and can often offer a different or more effective outcome, as that just might lead to better and more equitable solutions. Surround yourself with the ways to grow and a supporting network and be bold about doing so. I try to pay this forward through mentoring young women in this space through Aspire For Her and encourage them to lead with confidence.

  • Mohit Bansal on Transforming India’s Infrastructure with Smart Cities, Free Trade Zones, and Sustainable Development

    In this exclusive interaction with StartupTalky, Mohit Bansal, Founder and CEO of GMI Infra, shares his vision for transforming India’s infrastructure landscape. He discusses bridging gaps in integrated, future-ready urban and industrial ecosystems, with a portfolio spanning hundreds of acres across Northern India, including commercial, residential, and logistics projects. Bansal highlights sustainable design, smart governance through MindSci AI, and his approach to innovation across diverse sectors like real estate, AI, and lifestyle brands. He also reflects on investment strategies, CSR initiatives in education, and the partnerships needed to build climate-friendly, future-ready cities.

    StartupTalky: What gap in India’s infrastructure sector did you aim to address when starting GMI Infra, and what is the current size of your project portfolio in terms of land area or value?

    Mr. Bansal: When I started GMI Infra, the infrastructure sector lacked integrated, future-ready ecosystems that balanced industrial scale with urban sustainability. My goal was to go beyond standalone structures — to create smart, scalable environments for businesses and communities. Today, GMI Infra’s portfolio spans hundreds of acres across Northern India, including approximately 90 acres at GMI Business Park, which comprises commercial, residential, and industrial projects, as well as an approximately 200-acre free trade zone and logistics park currently under development in Uttar Pradesh, positioning us at the forefront of industrial, commercial, and residential development.

    StartupTalky: How do you plan large-scale developments like GMI Business Park and IT District, especially when balancing scale, sustainability, and long-term returns?

    Mr. Bansal: Each development begins with a strong focus on green architecture, EV-readiness, and long-term adaptability. We integrate energy-efficient facades, solar infrastructure, and water conservation systems aligned with LEED and GRIHA standards. These projects are master-planned to scale with tech and talent demand while also preserving liveability, resulting in long-term value for investors and communities alike.

    StartupTalky: You have recently signed an MoU with the UP Government. What are the expected investments, job opportunities, or trade benefits from the upcoming Free Trade Zones and logistics parks?

    Mr. Bansal: The MoU with the UP Government marks a transformative phase for GMI Infra. We are investing in approximately 200-acre logistics park and free trade zones aimed at boosting international trade, manufacturing, and FDI. These zones are expected to generate thousands of jobs, catalyze export-led growth, and create regional supply chain efficiencies that align with India’s $5-trillion economy vision.

    StartupTalky: What real-world problems is MindSci AI helping solve today in city planning or governance, and how is it being used on the ground?

    Mr. Bansal: MindSci AI bridges data and decision-making by offering AI-powered tools for city planning, smart governance, and infrastructure foresight. We’ve developed urban data models for real-time civic monitoring, predictive analytics for infrastructure planning, and tools to guide public policy with evidence. These are already being piloted in partnerships with academic institutions and planning bodies.

    StartupTalky: How do you think AI and data tools should be used responsibly in Indian policymaking, and what checks are needed to ensure ethical use?

    Mr. Bansal: AI in policymaking must be transparent, inclusive, and accountable. Responsible use means deploying bias-tested models, ensuring data privacy, and enabling third-party audits. I advocate for a national framework that brings together technologists, legal experts, and civil society to guide ethical AI development, especially in areas like public surveillance, welfare delivery, and urban governance.

    StartupTalky: Whispering Homes has seen 140% yearly growth. What factors have driven this success, and how are you planning to scale further?

    Mr. Bansal: Our growth is fueled by digital-first scalability, curated design, and customer-centric innovation. From partnering with luxury hotels like Taj and Hyatt to tapping into global aesthetics, we’ve created a brand that resonates. Looking ahead, we’re scaling through private-label partnerships, immersive retail experiences, and international expansion in key lifestyle markets.

    StartupTalky: You work across very different sectors—from real estate to AI to décor. How do you stay innovative and lead teams across such varied industries?

    Mr. Bansal: I view innovation as sector-agnostic; it’s about culture, not just technology. I stay grounded in first-principle thinking, build complementary leadership teams, and foster cross-industry learning. My ventures may differ, but they’re united by a core ethos: to improve how people live, work, and connect with their environments.

    StartupTalky: As an investor, what key signs do you look for in a startup or founder before investing, and how involved are you after the investment?

    Mr. Bansal: I look for clarity of problem-solving, founder grit, and scalability in emerging sectors like AI, design, and sustainability. Post-investment, I take an active role, offering strategic mentorship, access to networks, and business model refinement. I believe in being a partner, not just a cheque.

    StartupTalky: Among your CSR efforts, which project, whether in education, the environment, or sports, has made the most impact in your view?

    Mr. Bansal: While all initiatives are close to my heart, the educational support programs through GMI Charitable Trust stand out. We’ve reached over 1,200 underprivileged children with scholarships, school supplies, and mid-day meals, creating a ripple effect of opportunity in underserved communities.

    StartupTalky: India is pushing towards smart, climate-friendly cities. What changes or partnerships do you think are needed to build future-ready urban infrastructure?

    Mr. Bansal: Smart cities need cross-sector partnerships between government, private developers, tech firms, and local communities. Policy alignment, data-sharing frameworks, and incentive structures for green building adoption are key. We must prioritize inclusive master plans that blend digital connectivity with environmental resilience to truly future-proof urban India.

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  • Mental Health Needs Contextual, Scalable, and AI-Driven Solutions: Krishna Veer Singh of LISSUN

    In this exclusive interaction, Krishna Veer Singh, Co-Founder & CEO of LISSUN, shares how the startup is scaling mental health care in India through an omnichannel, AI-driven model. He discusses early product-market fit, the success of Sunshine by LISSUN for children with special needs, and how partnerships across healthcare, education, and corporates are driving impact. Singh also outlines key priorities for FY2025–26, including expanding to 50+ centres, deepening AI-led solutions, and reaching one million families with accessible, empathetic, and clinically precise care.

    StartupTalky: Since LISSUN’s launch in August 2021, what were the earliest indicators of product-market fit, and how did you validate demand for scalable mental health services in India?

    Mr. Singh: We saw immediate traction when our services were embedded within high-stress ecosystems such as IVF clinics, maternity hospitals, cancer care and dialysis centres where patients naturally encounter emotional strain yet lack psychological support. Our model integrated seamlessly into clinical routines and was met with strong acceptance from both institutions and patients, validating the need for contextual mental health care. Encouraged by this response, we expanded into student wellness, especially in tier-2 and tier-3 cities like Kota, Indore, Sikar and Srinagar, partnering with coaching centres to support JEE and NEET aspirants. Here, too, high engagement and retention reaffirmed demand.

    A third inflection point came through Sunshine by LISSUN, where we began serving children with special needs, including ADHD, autism and developmental delays, through dedicated physical centres backed by our technology. The resonance of our services across such varied user segments demonstrated both breadth and depth of need. Operating in an omnichannel model, we combined in-house therapists with AI-based tools to deliver structured therapy, track outcomes and develop predictive models for timely interventions.

    StartupTalky: With over 500 B2B partnerships, presence in 20+ cities, and 100,000+ users served, what operational systems and strategy have enabled you to maintain efficiency while scaling rapidly?

    Mr. Singh: At LISSUN, we have created a vertically integrated delivery engine that brings together technology, clinical depth and a partner-first mindset to enable high-scale operations without diluting care quality. While our omnichannel presence ensures we are accessible across 20+ cities, what truly drives efficiency is the modularity of our service stack. Every B2B2C integration is supported with customisable care pathways tailored to the specific needs of healthcare clients, coaching centres or schools. Our in-house clinical team is trained through a centralised system that standardises assessments, therapy protocols, and feedback loops, while our AI tools automate user triaging, progress tracking and outcome analysis.

    What sets us apart is the strong backend operational engine that supports therapist allocation, optimises scheduling and manages therapy escalations across geographies in real time. Partner dashboards, real-time analytics and outcome-based reporting create accountability and transparency. This has helped us deliver over one lakh therapy sessions while maintaining agility as we scale.

    StartupTalky: LISSUN tackles the 6 As: Awareness, Acceptance, Anonymity, Access, Affordability, and Assurance. Which of these continues to pose the greatest challenge from a business delivery standpoint, and how are you solving for it?

    Mr. Singh: Access remains the most complex variable in India’s mental health equation, not just in terms of geography but also in terms of relevance and immediacy of intervention. At LISSUN, we have approached this challenge dynamically through our B2B2C Omni channel model, which embeds mental health services into high-emotion ecosystems like healthcare companies, workplace stress, coaching institutes and child development hubs. This ensures care is available where the need is deeply felt but often unspoken. Our hybrid infrastructure allows users to engage digitally while also having the option of trusted in-person support via our physical centres.

    We further strengthen access using AI-enabled tools that assist in triage, early identification, and outcome tracking, which reduces time to care and improves precision. Addressing access at the systems level unlocks solutions for other barriers, such as awareness and assurance. The goal is not just to reach more users but to reach them with contextually relevant support that feels intuitive, integrated and non-intrusive.

    StartupTalky: Could you walk us through LISSUN’s core revenue streams and how they differ across your B2B, D2C, and institutional partnerships? Which model has shown the strongest ARPU (Average Revenue Per User) and growth potential?

    Mr. Singh: Our revenue engine runs across B2B2C, institutional, and direct-to-consumer models, each aligned to the user journey within emotionally high-touch environments. In the B2B2C model, we collaborate with fertility chains, hospitals, dialysis centres, and educational institutes, embedding our solutions into their service flows to build user trust and institutional stickiness. These partnerships function on a revenue-sharing or per-session basis and have demonstrated steady momentum. The institutional model involves long-term contracts with schools, colleges, and corporates where we deliver structured wellness programs and capacity building workshops.

    Our D2C revenue comes from Sunshine by LISSUN, a dedicated physical centre model focused on supporting children with special needs, including ADHD, autism, and developmental delays. Each stream contributes uniquely across user acquisition lifetime value and depth of engagement, where some formats yield higher frequency and scale, others offer stronger margins and retention. This diversified approach allows us to optimise for reach, sustainability, and monetisation tailored to the context of each user segment.

    Overall best growth is in Sunshine by the Lissun model, accounting for more than 60% of our revenue and rapidly growing. 

    StartupTalky: Sunshine by LISSUN is targeting neurodevelopmental support for 30-35 million children in India. As you expand to 50+ centres by 2025-26, what have been your key learnings on unit economics, therapist bandwidth, and parent engagement?

    Mr. Singh: What we’ve really learned is that supporting children with neurodevelopmental needs isn’t about quick fixes or high footfall but about depth and continuity of care. Each child’s journey is unique, and that directly impacts how we look at unit economics. It’s not about cutting corners but about creating a model where outcomes justify the investment. Therapist time is incredibly valuable, so we’ve built smart workflows using Therapist-AI (therapist co-pilot) that free them up to focus on what matters most while using tech and group formats to scale without diluting quality.

    One of the biggest learnings has been with parents. Initially, they come in as observers, but when we actively involve them through structured onboarding coaching and regular feedback loops through Ray-AI (parent co-pilot), they become powerful allies in the child’s progress. These insights are shaping how we design every one of our child development centres, making sure we’re not just growing in numbers but also in impact.

    StartupTalky: With over 100+ therapists across 20+ cities, you’re working with 50+ corporate organisations. Can you share concrete ways in which you’ve helped these companies improve mental health outcomes, measured by engagement, retention, or productivity metrics?

    Mr. Singh: We’ve seen that the biggest shift happens when mental health moves from being an HR checkbox to becoming part of a company’s core fabric. With each organisation, we start by understanding their workforce pulse and then build interventions that are practical, ongoing, and relevant to their context. In fast-paced setups like tech and startups, we’ve helped reduce burnout cycles by introducing preventive therapy touchpoints and building emotional resilience across teams.

    For distributed teams, we enabled easy access to care and saw meaningful improvement in repeat usage and engagement. With learning-focused environments, our work improved trainer consistency and learner outcomes. It’s not just about offering support but making sure people actually use it and feel the difference. And the real win is when leadership sees mental well-being as a lever for better retention, better performance, and better culture overall.

    StartupTalky: What major industry developments have you observed over the past year in the mental health space, whether in public policy, insurance, or tech-enabled care, and how are they influencing LISSUN’s strategy?

    Mr. Singh: The past year has brought an undeniable shift in how mental health is perceived and addressed in India. We’re seeing greater policy-level recognition that mental wellness is not an optional service but an essential public good. This change has created a ripple effect across institutions, especially in education and workplaces, where psychological safety is now being taken seriously.

    At the same time, insurance conversations have started to inch forward as there is a growing expectation that mental health support must be part of comprehensive health coverage. It is not moving as fast as it should, but the intent is gaining ground. On the technology front, the potential of AI to personalise care and predict needs is something we have already begun integrating at LISSUN. What all of this means for us is simple. Our strategy is rooted in readiness. We are building a system that is agile enough to adapt and robust enough to lead as these shifts accelerate.

    Mr. Singh: We’re seeing a decisive tilt towards convenience, continuity, and measurable impact in mental healthcare. Users want support that fits seamlessly into their lives, whether that means remote sessions, in-person engagement, or a blend of both. This has pushed us to invest heavily in a hybrid-first approach where digital and physical care co-exist without friction. At the same time, we’re moving beyond access to outcomes. Our roadmap now prioritises clinical intelligence tools that can track progress, personalise interventions, and give both users and therapists clear visibility into therapeutic milestones.

    We’re also embedding data-driven nudges and real-time feedback loops into the platform to deepen engagement and retention. These trends are not just influencing our tech stack, they are fundamentally redefining how we think about product success. It’s no longer just about scaling therapy but about ensuring that every user journey is more relevant, effective, and accountable.

    StartupTalky: What are LISSUN’s top three strategic priorities for FY2025–26 in terms of expansion, partnerships, or service innovation? And how do you plan to maintain impact while scaling further?

    Mr. Singh: For FY2025–26, our priority is to develop AI-based mental health solutions based on our deep knowledge of the space to provide healthcare-grade solutions on the tip of a phone to a large-scale population at an affordable price. On the omnichannel bit, it’s scaling our Sunshine by LISSUN network to at least 50+ centres that cater to the developmental needs of children. We are also growing our presence across healthcare, education and corporate ecosystems by forging meaningful partnerships that embed mental wellness into everyday settings.

    On the technology front, we are investing in AI-led tools that boost therapist efficiency, personalise user journeys and enhance engagement across touchpoints. Even as we scale, we remain anchored in clinical precision, impact tracking and user-first design. The larger goal is to reach one million families in the coming years by building a mental health ecosystem that is not only widely accessible but also rooted in empathy and clinical excellence.

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  • From Counterfeit Threats to Consumer Trust: Padmakumar Nair on Ennoventure’s Tech

    Counterfeiting is a growing threat across the FMCG, pharma, and automotive industries, and traditional safeguards are no longer enough. In this exclusive interaction with StartupTalky, Mr. Padmakumar Nair, Founder and CEO of Ennoventure, discusses how smart, tech-driven packaging is reshaping brand protection. He shares insights on invisible signatures, consumer behavior trends, and the role of AI in detecting anomalies. He also talks about market expansion strategies, data privacy, and the future impact of blockchain and quantum computing. Above all, he highlights how Ennoventure is creating a secure, connected ecosystem that goes beyond authentication to build consumer trust.

    StartupTalky: With counterfeiting continuing to challenge industries like FMCG, pharma, and auto parts, how do you see the demand for smart, tech-driven brand protection evolving over the next few years?

    The market has witnessed a significant rise in counterfeit products, particularly across sectors like FMCG, pharmaceuticals, and automotive spare parts. Brands are increasingly recognizing that traditional anti-counterfeiting measures such as holograms, barcodes, watermarks, and serial numbers are no longer foolproof, as they can be easily replicated.

    In response, a notable shift is underway: brands are moving from conventional to intelligent packaging solutions. These next-generation packaging systems safeguard product authenticity, build consumer trust, strengthen brand loyalty, and drive repeat purchases. The future of brand protection lies in tech-enabled smart packaging, solutions that go beyond security to serve as dynamic platforms for data-driven decision-making. By enabling real-time tracking of counterfeit hotspots and facilitating consumer engagement at the point of authentication, these solutions empower brands to be proactive.

    Looking ahead, the goal goes beyond merely detecting counterfeit products and aims to establish a connected, intelligent ecosystem that eliminates them at the source.

    StartupTalky: Your patented technology offers invisible signatures embedded within packaging artwork. How has the adoption rate across industries like FMCG and automotive evolved over the past year, and what usage metrics or KPIs best capture this impact?

    Over the years, we have witnessed a growth in brands across the FMCG and automotive industry adapting to our invisible signature technology, as the brands are cautious about how counterfeited products can cause economic and reputational risks. However, the needs of FMCG and automotive manufacturers remain different. The FMCG space is focusing on real-time consumer-level verification, and in the automotive industry, OEMs are adopting our solutions to ensure the authenticity of their aftermarket spare parts to maintain safety standards. We track KPIs by tracking the number of scans conducted, user engagement, and the reduction in counterfeit cases. 

    StartupTalky: With Ennteract offering detailed analytics on scan behaviour, what are some of the most surprising consumer patterns or geographic insights you’ve uncovered from product scans?

    With thousands of product scans across markets, Ennteract, our consumer intelligence platform, has revealed some truly eye-opening insights. One of the most surprising patterns we have witnessed is the high volume of scans coming from Tier 2 and Tier 3 cities, where consumers are actively verifying product authenticity even more than in some urban centers. This challenges the assumption that tech-enabled engagement is largely limited to metro audiences.

    Geographically, we have observed unexpected counterfeit hotspots emerging in regions previously considered low-risk. For example, certain areas and transit hubs show disproportionately high scan activity, often correlating with unauthorized distribution channels or grey market movement. These insights are invaluable for brands, helping them realign their logistics and enforcement strategies.

    From a consumer behavior standpoint, the data has shown a growing demand for transparency, not just on authenticity, but also on product origins, certifications, and usage instructions. Consumers are engaging with packaging as an information gateway, not just a protection layer.

    Ennteract doesn’t just expose counterfeits, it empowers brands to deeply understand where their products are being scanned, how consumers interact with them, and what motivates that interaction. This intelligence helps brands make smarter decisions around market expansion, targeted campaigns, and even packaging design.

    StartupTalky: Your authentication solution requires no capital investment or process overhaul. Can you share a recent case where this ease of deployment influenced a brand’s decision to onboard Ennoventure, possibly with before-and-after data?

    One of the leading global mobility giants recently signed up for our covert brand protection technology as it was seeing a 20-30% hit in topline revenue in certain markets, which was a direct result of counterfeiting. In an attempt to tackle counterfeiting, the brand had previously adopted a few legacy anti-counterfeit solutions, but they did not work because they were visible and easily manipulated. That’s when it chose to go with our disruptive new approach to anti-counterfeiting, our invisible signatures, which could be seamlessly integrated on product packaging with no process changes, and no capital expenditure. Moreover, these signatures enabled an easy authentication process for all the stakeholders via a simple smartphone scan. 

    StartupTalky: Are you focusing more on growing in the US and Europe right now, or are there upcoming plans to expand faster in places like India and the Middle East? What market factors are guiding this?

    Yes, we are focusing more on growing in the US and Europe currently. We are guided by multiple factors:

    Our expansion strategy is shaped by a combination of market readiness, regulatory environments, consumer behavior, and the urgency of counterfeiting threats. 

    In developed markets like the US and Europe, stringent regulations around product authentication, serialization, and supply chain integrity, especially in pharmaceuticals and consumer goods, are strong drivers. These regions also have higher digital maturity, with brands actively seeking advanced, data-driven solutions that integrate seamlessly without disrupting manufacturing processes.

    On the other hand, markets like India and the Middle East are witnessing a sharp rise in counterfeiting incidents alongside rapid digital adoption. In India, growing consumer awareness, government initiatives promoting digital verification, and the ubiquity of smartphones make the ecosystem ideal for our non-intrusive, smartphone-enabled authentication. Similarly, in the Middle East, a strong focus on brand reputation, regulatory modernization, and cross-border trade dynamics is opening doors for secure, tech-enabled packaging solutions.

    Ultimately, we are guided by the intersection of regulatory push, consumer demand for authenticity, and the need for scalable solutions that deliver both security and business intelligence. These are the indicators we track as we scale across geographies.

    StartupTalky: Vyu, your consumer-facing app, is configurable and brand-aligned. How are brands leveraging this to drive post-scan engagement or loyalty, and what percentage of your client base has opted for such customisation?

    With our Vyu app, brands can drive post-scan engagement at the point of authentication in several ways, including: 

    • Personalized content: Brands use Vyu to share relevant information such as how-to videos, usage instructions, or sustainability messaging, enhancing consumer trust and product value.
    • Loyalty programs and rewards: Verified scans can trigger discounts or exclusive offers, encouraging repeat purchases and long-term loyalty.
    • Localized campaigns: Based on scan data, brands can launch region-specific campaigns or offers, adding a personalized layer to every interaction.

    Vyu goes beyond authentication, it helps brands turn every scan into a touchpoint for building deeper, more loyal customer relationships. Some of our clients have opted for this customisation. 

    StartupTalky: How do your clients typically measure ROI from using Ennoventure’s platform, and what do you believe sets your solution apart in a space crowded with QR codes and visible authentication tools? 

    In a space saturated with QR codes, holograms, and other visible authentication tools, what sets Ennoventure apart is our invisible, non-intrusive, and cloud-based approach to brand protection.

    Unlike QR codes or overt markers that can be duplicated or tampered with, our patented technology embeds a cryptographic signature directly into the packaging artwork—without altering the design or requiring any changes to the manufacturing process. This signature is invisible to the naked eye and can be authenticated instantly using any smartphone, making it secure, discreet, and easy to scale across geographies and product lines.

    Another key differentiator is the intelligence layer we provide through our Ennteract dashboard, which is our analytics platform. Every scan feeds into a real-time dashboard that offers brands actionable insights on consumer behavior, grey market activity, and potential counterfeit threats.

    Moreover, our configurable front-end app, Vyu, allows brands to customize the post-scan experience, turning authentication into a powerful engagement tool that drives loyalty, education, and feedback loops. Hence, with our platform, clients not just get access to real-time actionable insights around counterfeit activity but are also able to drive post-scan engagement. 

    We are not just providing a tool to detect counterfeits, we are offering a smart, connected ecosystem that helps brands protect, engage, and grow in a digitally empowered marketplace.

    StartupTalky: What role does AI play beyond just encryption in your platform, for example, in anomaly detection, counterfeit tracking, or real-time market feedback loops?

    AI plays a foundational role across our platform, far beyond just encryption. While our patented encryption secures product authenticity, it’s AI that brings intelligence, adaptability, and strategic value to the entire ecosystem.

    For instance, in anomaly detection, our AI algorithms analyze scan data points to identify unusual patterns, such as unexpected scan volumes in low-distribution regions, sudden spikes in verification failures, or geographically dispersed activity that doesn’t align with official supply chains. This enables brands to spot and act on counterfeit activity or grey market distribution in real time.

    AI also powers real-time market feedback loops. By analyzing consumer interactions, such as frequency, location, and content engagement post-scan, brands gain granular insights into what’s resonating with customers and where trust gaps may exist. This intelligence can then be used to refine marketing campaigns and product positioning.

    AI transforms Ennoventure’s platform from a passive authentication tool into a dynamic intelligence engine, one that continuously evolves to help brands protect, engage, and grow smarter.

    StartupTalky: As a SaaS company operating in the brand protection domain, how do you foresee emerging technologies like blockchain or quantum computing intersecting with your roadmap in the next 3–5 years?

    As a SaaS company focused on securing brands and supply chains, we see emerging technologies like blockchain and quantum computing playing an increasingly critical role in shaping the future of brand protection in the coming future. As global regulations evolve and demand for transparent supply chains intensifies, we foresee a broader integration of blockchain to build immutable e-pedigrees, strengthen audit trails, and support compliance in sectors like pharmaceuticals, FMCG, and automotive. This will allow brands to track every touchpoint in the product journey with full confidence, while also offering consumers proof of authenticity in a decentralized, tamper-proof format.

    Quantum computing, while still nascent, presents both a challenge and an opportunity. On one hand, it will eventually redefine security standards by potentially breaking conventional encryption. On the other hand, it opens the door to far more advanced cryptographic algorithms and faster data processing. At Ennoventure, we are closely monitoring developments in quantum-resilient cryptography and plan to future-proof our encryption methodologies as this technology matures.

    Ultimately, our focus remains on delivering scalable, non-intrusive, and intelligent brand protection. Emerging technologies like blockchain and quantum computing will serve as powerful enablers, helping us build more transparent, secure, and responsive platforms for the brands of tomorrow.

    StartupTalky: From a leadership perspective, how have you navigated the challenges of scaling a deep-tech solution across culturally and operationally diverse markets like the US, India, and the Middle East?

    Scaling Ennoventure across such diverse markets has been a balancing act between standardizing our deep-tech platform and deeply localizing our engagement approach. The core tech—encrypted, invisible signatures embedded into products —remains globally consistent. But how we position and deploy it changes.

    From a leadership standpoint, we built the company on four key principles:

    1. zero disruption to packaging lines
    2. invisible & highly secure solution
    3. smartphone-powered & exponentially scalable
    4. real-time, scan-level analytics

    These made adoption easier across operationally diverse environments.

    We’ve invested in local teams who understand the cultural and regulatory nuances because deep-tech may be global, but trust is always local.

  • GCCs Are No Longer Just About Cost, They Are Growth Catalysts: Manoj Joshi of SA Technologies

    In this exclusive interaction, Manoj Joshi, CEO of SA Technologies, shares how India is fast becoming the global hub for AI-first Global Capability Centres (GCCs). He discusses how Fortune 500s and mid-sized firms differ in their GCC strategies, and how SA Technologies’ evolved Build-Operate-Transfer model uses AI to drive 30% productivity gains. Joshi also talks about sector-specific delivery models, AI governance, talent strategies, and their new platform, Honest AI. He concludes with a bold vision for SA Technologies as a next-gen global player driving digital transformation.

    StartupTalky: India is fast emerging as the epicentre for AI-led Global Capability Centre (GCC) innovation. What do you believe are the key drivers behind this shift, and how is SA Technologies helping shape this evolution through its AI-first approach?

    Mr. Joshi: It is very much true that India is taking the first leap in becoming the epicentre, but the key reasons for this are: firstly, India is the hub of IT and the service sector, with an exceptional win in cost arbitrage. Along with that, India has a base of top-level talent, robust infrastructure, a culture of innovation, and deliberate policy planning.

    StartupTalky: Under your leadership, SA Technologies has supported both Fortune 500s and mid-sized firms. How do their approaches to building AI-first GCCs differ, and what unique challenges do each face?

    Mr. Joshi: Fortune 500 companies are often looking at AI-first GCCs as strategic assets for innovation, compliance, and enterprise-grade standardisation, and are more often focused on building centres that are compliant with global security and governance frameworks. On the other hand, mid-size companies typically view GCCs as a lever for cost optimisation and scale, and for entering into new markets, and increasing operational agility.

    StartupTalky: Your Build-Operate-Transfer model has gained attention for enabling scalable and resilient GCCs. Could you walk us through how this model is evolving in the AI age?

    Mr. Joshi: In the AI era, our Build-Operate-Transfer (BOT) model at SA Technologies has evolved from a traditional setup framework into a strategic accelerator for innovation. We now embed AI at the start, using AI for supporting the location strategy, talent analytics capabilities, and ROI modelling in the Build stage.

    We apply AI in the Operate phase with AI-enabled tools to automate workflows, monitor performance, and predict governance; all of which have delivered over 30% productivity improvements. Talent recruitment and upskilling are also augmented with AI to ensure the GCC is future-ready.

    Then, in the Transfer phase, we provide full ownership of systems, workflows, and trained teams of AI-enabled capabilities – we floor the client with a smart, scalable, and resilient GCC from day one.

    In summary, our BOT model is now a springboard for intelligent and innovation-enabled global operations.

    StartupTalky: What role does sector-specific expertise, especially in industries like healthcare, play when designing future-ready global delivery models?

    Mr. Joshi: Like every industry, the healthcare sector has priorities specific to its industry, but ultimately large-scale change requires technology. At SA Technologies, we build technology teams established for the health sector that support the health sector, with end-to-end help without answering or implementing any of the existing structures or hierarchies. Which allows their solutions to fit with their environment, be adopted quickly, and have a measurable impact.

    StartupTalky: With GCCs increasingly driving innovation rather than just efficiency, how do you measure success beyond cost savings and operational metrics?

    Mr. Joshi: Ultimately, for us, customer satisfaction is the most critical measure of success. In addition to this, as an AI-first company, we also closely track our internal AI adoption, the efficiency gains resulting from it, and our overall infrastructure readiness to drive scalable, intelligent growth.

    For us, customer satisfactionfuture-ready continues to be the ultimate measure of success. Beyond this, as an AI-first company, we also closely monitor our internal AI adoption, its accompanying efficiency gains and our readiness of infrastructure to achieve scalable, intelligent growth.

    StartupTalky: How do you envision the future of talent in AI-led centres? What strategies is SA Technologies employing to build, retain, and future-proof this talent pipeline across India?

    Mr. Joshi: At SA Technologies, we believe that talent is the foundation of AI-led GCCs. In the future, talent will encompass not only technical capabilities but also adaptability, fluency across domains, and an innovation-oriented mindset. To build and maintain this pipeline, we have three core strategies: continuous upskilling with AI and cloud training programs, having talent working on actual projects from day one, and creating a culture which embraces experimentation and ownership.

    StartupTalky: The rapid adoption of AI often raises concerns about governance and ethics. How do you ensure that your GCC deployments maintain responsible AI principles, especially across diverse geographies?

    Mr. Joshi: At SA Technologies, we view responsible AI not just as a principle, but as a mandate. As we deploy AI-led GCCs across diverse geographies, our approach is anchored in robust governance, risk management, and ethical alignment. We embed governance frameworks from day one, covering legal entity setup, regulatory reporting, compliance advisory, and risk mitigation. Every GCC we build is supported by board-level ethical controls and jurisdiction-specific compliance strategies.

    StartupTalky: Many mid-sized firms are now exploring GCCs for the first time. What advice would you give to a CEO considering this move, and how does SA Technologies help de-risk that decision?

    Mr. Joshi: For CEOs of mid-sized firms considering their first GCC, my advice is simple: choose a partner who brings clarity, not complexity. Setting up a GCC is not just a cost strategy, it’s a growth catalyst. It introduces diversity, operational agility, and global reach into your organisation. At SA Technologies, we specialise in de-risking this journey through a structured, transparent approach. From feasibility studies to legal setup and talent acquisition, we provide end-to-end support. We’re not just a vendor, we’re an execution partner committed to your long-term success.

    StartupTalky: SA Technologies recently introduced Honest AI, positioned as a modular AI automation platform. What gap in the market does it address, and how does it support public and private enterprises differently?

    Mr. Joshi: At SA Technologies, we launched Honest AI as a way to counteract the growing divide between AI vision and reality. The marketplace is full of promises, but lacks transparency and speed that is business-focused. Honest AI is here. It is a modular, enterprise-grade solution that can provide verified, production-ready AI agents in weeks, not months.

    For private enterprises, we measure outcomes – automating tasks and transactions, enhancing decision quality and timeliness, and increasing cost savings or efficiencies by utilising the technology without “rip-and-replace” legacy systems. For public sector organisations, we focus on responsible AI, smoothing out service delivery, increasing engagement and empowerment of citizens, and also providing assurance around governance and compliance, given the multiple jurisdictions.

    At Honest AI, what separates us from others is trust. We deliver 100% on time delivery, we have SOC 2 TYPE II and ISO 27001 certifications, and we will put our commitment behind every statement we make. In summary, we do not merely build algorithms, we build trust!

    StartupTalky: Finally, what’s your long-term goal for SA Technologies in the context of global digital transformation?

    Mr. Joshi: My vision is to build SA Technologies like a next-generation Silicon Valley undertaking. With AI and emerging technologies already accelerating quickly, the GCC model is ready to exponentially scale, and we will be part of that revolution.

    Built for India: Srishti Baweja on Cloud Sovereignty, AI Infrastructure, and Empowering Bharat
    In this interaction with StartupTalky, Srishti Baweja, Co-Founder, E2E Networks Ltd, talks about creating India-first cloud infrastructure, launching the country’s largest H200 GPU cluster, and more.
    StartupTalkyMuskaan Kapoor

  • Built for India: Srishti Baweja of E2E Networks on Cloud Sovereignty, AI Infrastructure, and Empowering Bharat

    As India moves towards digital sovereignty and AI leadership, homegrown cloud providers are building purpose-driven infrastructure. In this interaction with StartupTalky, Srishti Baweja, Co-Founder and Whole-Time Director of E2E Networks Ltd, talks about creating India-first cloud infrastructure, launching the country’s largest H200 GPU cluster, and helping startups, researchers, and public sector teams access powerful, local, and affordable compute. She also shares her journey as a woman in deeptech and explains how E2E is making AI and cloud more inclusive for ‘Bharat’.

    StartupTalky: India’s public cloud market remains dominated by global hyperscalers. What specific gaps in their offerings led to the birth and evolution of E2E Cloud? 

    Ms. Baweja: Most global hyperscalers weren’t built with India in mind, especially when it came to AI workloads, regulatory compliance, and cost transparency. Our research revealed that Indian startups and researchers require high-performance infrastructure without hidden charges, billing complexity, or foreign data laws.

    E2E was born for India’s digital independence as India’s homegrown cloud infrastructure. From day one, we have focused on India-first infrastructure, featuring on-demand GPUs, zero data egress fees, predictable pricing, and full data residency. Our evolution has been guided by the needs of Indian innovators rather than a one-size-fits-all cloud model. 

    StartupTalky: You recently launched India’s largest NVIDIA H200 GPU cluster. What does this milestone mean for Indian AI startups and researchers seeking high-performance yet affordable compute? 

    Ms. Baweja: Launching India’s largest H200 GPU cluster is a crucial step in assisting Indian innovators to gain a global edge. Until now, most startups and research teams were compelled to look overseas for cutting-edge compute. That meant higher costs, long wait times, and compliance hurdles.

    With our H200 cluster, anyone in India, from a solo researcher to a GenAI startup, can get world-class GPU power instantly, affordably, and locally. It’s our way of levelling the playing field and helping India’s AI builders stay competitive without compromising speed, performance, or budget. 

    StartupTalky: Could you elaborate on how the new sovereign cloud platform helps Indian enterprises and public institutions enhance data privacy and regulatory compliance? 

    Ms. Baweja: Our sovereign cloud platform is built to meet India’s data protection laws and compliance mandates. Thus, limiting exposure to foreign regulations. We’ve embedded security by design, and we’re offering DPDP toolkits, audit trails, and architectural guidance to help enterprises and government teams simplify compliance without compromising performance or scalability. 

    India’s new data protection laws go beyond local storage. They demand jurisdictional control and infrastructure that aligns with national priorities. Our Sovereign Cloud Platform is built exactly for that. Hosted entirely in India, it ensures sensitive data, whether from the public sector, BFSI, or healthcare, is shielded from foreign oversight and supports full compliance with data protection requirements, including provisions of the Digital Personal Data Protection Act.

    Furthermore, we are also focusing on building a DPDP Compliance Toolkit, offering architectural guidance. This will enable the enterprises to navigate compliance proactively. The Sovereign Cloud Platform makes data security and sovereignty foundational to digital growth. 

    StartupTalky: Why does ‘Bharat’ India’s next billion users need a fundamentally different kind of cloud infrastructure? And how is E2E Cloud building for this demographic?

    Ms. Baweja: Our next billion users operate with limited connectivity, lower budgets, and highly localised needs. Traditional cloud wasn’t designed with them in mind. At E2E, we’re building infrastructure that works for them. Platforms like TIR give small-town developers and startups access to pre-configured AI environments and regional language models, eliminating the need for large tech teams or capital.

    Our pay-as-you-go pricing model and local support help Bharat’s innovators move from idea to impact faster. Along with enabling cloud adoption, we’re helping Bharat leapfrog into AI-first innovation. 

    StartupTalky: From IPO to GPU-powered AI readiness, E2E has consistently focused on strategic moves. What were the biggest financial or governance decisions that shaped its credibility in a capital-intensive industry? 

    Ms. Baweja: Our IPO on NSE Emerge in 2018 established a strong foundation for corporate governance and helped us develop public market discipline early on. This dedication to transparency and long-term thinking set the stage for one of our most important moments: a strategic investment and partnership with Larsen & Toubro. This alliance not only supports our vision of building sovereign, AI-optimised cloud infrastructure in India but also helps us speed up innovation for Indian businesses, particularly in regulated sectors where performance, compliance, and control are critical. 

    With L&T, we’re growing responsibly, staying focused on our India-first mission while we continue to improve our tested cloud platform. Our software stack is consistently optimised for high availability, easy scaling, and a developer-first experience. We’re not just adding features; we’re strengthening reliability at every level. 

    StartupTalky: E2E Cloud listed on NSE Emerge in 2018, a not so common move for a deeptech company. Could you share some operational or financial metrics that reflect your growth since the listing? 

    Ms. Baweja: Since our listing, we have expanded into cutting-edge GPUs like H100 and H200. We launched India’s largest clusters and served thousands of AI builders, including early-stage startups and public sector labs. Our infrastructure now includes new data centres, such as the one in Chennai, which is designed for low latency and regional resilience. We supported national initiatives under MeitY’s AI Mission and built tools like the TIR platform to promote AI adoption in India. Our growth also focuses on the entire ecosystem. We measure our impact by the number of Indian innovators we empower, not just the revenue we generate. 

    StartupTalky: As one of the few women founders in India’s deeptech space, what barriers did you face in the infra-tech ecosystem, and how have those experiences shaped your leadership?

    Ms. Baweja: Deeptech is still a space with few women, and infra-tech even more so. I’ve walked into rooms where I wasn’t expected to speak on hardware, compliance, or AI infrastructure, but I did, and I do. Those early experiences taught me resilience and clarity of purpose. 

    It shaped my stance on leadership, too; I believe in empathy, focus, and a commitment to building inclusive teams. At E2E, we create places where diverse talent can grow and take charge. The journey has been challenging, but it has shown me that breaking down barriers often begins with showing up and staying dedicated. 

    StartupTalky: India is positioning itself as an AI-first economy through initiatives like Digital India and Atmanirbhar Bharat. How does E2E’s mission align with this national vision?

    Ms. Baweja: We’ve always believed that India should own its digital future. E2E’s mission of providing sovereign, AI-ready infrastructure directly supports India’s push for digital independence under initiatives like Digital India and Atmanirbhar Bharat. As a Level 1 GPU cloud provider under the MeitY AI mission, we power everything from regional language models to health tech AI.

    Our infrastructure is made for India, with full data residency, lower latency, and no foreign dependencies. We’re proud to be building the foundation that helps Indian institutions, researchers, and startups build world-class AI right here at home. 

    StartupTalky: With rapid growth in AI and GenAI workloads across sectors, demand for GPU infrastructure is rising sharply in India. How is E2E scaling its AI-ready cloud capabilities to meet this demand? 

    Ms. Baweja: We have scaled our GPU capacity with multiple H100 and H200 clusters, supported by NVIDIA InfiniBand, to allow for fast training and inference. These clusters handle everything from LLM fine-tuning to GenAI applications. Our plan includes over 20 new services, and we are opening more data centres to meet regional needs. Most importantly, our self-serve cloud makes it easy to get started. 

    India’s demand for GPUs is growing, and we are expanding to meet it. We have already launched H100 and H200 clusters connected by InfiniBand, designed specifically for high-throughput training, inference, and real-time AI tasks. Our infrastructure is self-serve, scalable, and built to reduce obstacles without any capacity limits. We are also expanding regionally with new data centres and deploying AI-optimised tools on TIR to cut down the time-to-production for GenAI startups and research labs. We ensure that you can move quickly and stay within budget while maintaining performance. 

    StartupTalky: Cloud infrastructure is not just about scale but purpose. How do you ensure E2E stays inclusive, reaching Tier 2/3 developers, early-stage startups, and public sector innovators alike? 

    Ms. Baweja: Inclusivity is at the core of how we design our platform. Our TIR platform offers one-click access to AI stacks and pretrained models, making it easy for Tier 2/3 developers, MSMEs, and public sector teams to get started. We’ve partnered with academic institutions, incubators, and government bodies to run AI Labs-as-a-Service and provide mentorship. With pay-as-you-go pricing and localised support, we’ve made sure that great ideas aren’t limited by location or resources. Everyone deserves access to world-class cloud, and we’re making that happen.

    StartupTalky: What is your long-term vision for E2E Cloud, both as a technology company and as a symbol of India’s digital sovereignty? 

    Ms. Baweja: We have envisioned E2E to be India’s trusted digital backbone, the quiet enabler behind every AI breakthrough, startup launch, and sovereign tech milestone. As a technology company, we’re focused on building cloud infrastructure that scales with India’s ambitions. But as a symbol of digital sovereignty, we aim to empower every Indian innovator to build on infrastructure that’s affordable, compliant, and deeply local. Our long-term vision is to make “built in India, for the world” the global benchmark for sovereign cloud innovation. That’s the legacy we’re working towards.

    AI-Driven Cloud Services: Transforming Business Growth
    Explore how integrating artificial intelligence with cloud computing transforms business operations, enhances productivity, and opens new avenues for growth.
    StartupTalkySubham Kumar

  • Rohith Reji on Scaling Neokred: 40% Growth, Data Privacy, and Industry Partnerships

    In this exclusive interaction with StartupTalky, Rohith Reji, Co-founder and CEO of Neokred, shares insights into the company’s growth and product innovation. He talks about user acquisition trends, the adoption of Blutic for consent management, and Neokred’s role in improving data compliance. Reji also highlights key partnerships across sectors like education, lending, and NGOs, and how they impact revenue and performance.

    He sheds light on the company’s collaboration with AIGF for fraud prevention in gaming, and how selective banking partnerships drive product innovation. The insights reflect how Neokred is building secure, scalable solutions to support digital transformation across industries.

    StartupTalky: With a large number of profiles verified on your platform, what has been the annual growth rate in user acquisition, and how do you plan to sustain or accelerate this growth in the coming years?

    Mr. Reji: With increasing demand for secure digital verification, our platform has achieved robust user growth at an average of 40% over the last two years. To maintain and amplify this, we are working on strengthening strategic partnerships, diversifying API access for more extensive integration, creating solutions tailored to specific industries, validating international markets, and evolving the product constantly. Critical success factors relate to the growth of new business integrations, verification request volume, customer acquisition cost, and market share expansion.

    Mr. Reji: Given that the basic framework of consent and handling of privacy is given in DPDP rules, Blutic has seen strong adoption. Transparency in data handling directly increases user trust with our clients, and this has made it undeniably clear. At a data compliance level, Blutic has simplified and streamlined processes, leading to an estimated 20% reduction in the time and resources our clients spend on navigating complex data privacy regulations. This efficiency translates to lower compliance costs.

    StartupTalky: Neokred’s partnership with AIGF for the Game Bureau platform focuses on fraud prevention and user verification. What challenges do you foresee in its implementation, and what impact do you expect on user trust?

    Mr. Reji: Challenges of implementing Game Bureau with AIGF were that of integrating diverse gaming ecosystems, where striking a balance between protection against fraud and offering user convenience must be achieved. We also anticipate the need to adapt in response to evolving fraud tactics in a dynamic gaming backdrop. However, we do expect a rather good positive effect on user trust. Game Bureau will help players rebuild confidence among themselves by enabling a safer and secure gaming environment which will increase player engagement and prevent fraud-related anxieties within the gaming community.

    StartupTalky: Neokred has partnered with over 1,000 businesses across sectors such as education, lending, and NGOs. Can you share how these partnerships have directly impacted your revenue growth or other key performance indicators (KPIs)? How do you track success across such diverse industries?

    Mr. Reji: Neokred‘s growth story has largely been facilitated by strategic partnerships with more than 1,000 businesses in education, lending, NGOs, and more. These partnerships have almost directly driven our revenue growth, yielding a strong 30% year-on-year average revenue growth rate. In addition, these partnerships have further driven our respective key performance metrics with substantial growth in the overall transaction volumes through our platforms and active users.

    We track the adoption rates of our solutions across sectors, and the number of verification requests or transactions created through the partnerships, and continuously solicit feedback to evaluate partner satisfaction levels. 

    This deep and detailed analysis helps us to make sense of how our collaborations affect each industry differently, where we have loss-making areas and how we can enhance each solution to scale and be compatible with their standards and regulations. Indeed, these partnerships go beyond figures; they are about establishing a robust ecosystem that allows Neokred’s technology to enable businesses to function more efficiently, securely, and through greater trust.

    StartupTalky: Neokred’s selective approach to banking partners emphasises innovation. How has this philosophy shaped your product development or market strategy, especially in terms of strengthening collaboration with key partners?

    Mr. Reji: Our product and market strategy have been fundamentally influenced by our strategic, high-level banking partnerships with a focus on driving innovation. We work with innovative banks which provide us with cutting-edge actual technologies and insights that can directly affect our product roadmap. This enables us to devise solutions that meet tomorrow’s market requirements, like seamless embedded finance solutions and advanced digital payment frameworks.

    An extension to our market strategy is that we are very focused on these novel partnerships, where we can highlight how these strategic relationships will enable us to build greater capabilities and unique value propositions for our clients. By diving into innovation, we attract businesses looking for future-proof solutions, resulting in deeper, more collaborative relationships with our key banking partners and a mutually beneficial ecosystem for growth and technological advancement.

    StartupTalky: Blutic plays a critical role in data privacy. How many businesses have adopted Blutic so far, and what measurable impact has it had on their compliance costs or time spent on navigating data privacy regulations?

    Mr. Reji: Our consent management platform, Blutic, launched in 2023 as India’s first futuristic consent manager for the DPDP Act, has already seen considerable uptake with our clientele, addressing the growing focus businesses have on data privacy. These businesses did so by using our solution, and they have seen a significant decrease in the resources spent on data privacy compliance. This is an efficiency gain that drastically lowers the operational overhead and enables their teams to dedicate their resources to strategic initiatives as opposed to having to navigate complex and changing regulations.

    In addition, our platform’s management of consent in a centralised and transparent manner has been shown to facilitate and streamline compliance efforts and has improved the efficiency and effectiveness of those efforts, making it easier and less time-consuming to adhere to data privacy requirements.

  • From 70% Revenue Pivot to 5X Growth: Sanjay Varnwal on Building Spyne & Cracking the US Auto Market

    In this insightful interaction with StartupTalky, Sanjay Varnwal, Co-founder and CEO of Spyne, talks about the journey of building Spyne, the bold decision to focus only on the automotive space, and how they are helping used car dealers grow faster with AI. He shares how Spyne built its own tech in India, grew across 47+ countries, and cracked the US market. Varnwal also talks about how AI is changing car retail and gives helpful advice to other founders building AI startups.

    StartupTalky: What is Spyne’s origin story and the key reasons behind the bold pivot from a horizontal platform to focusing solely on automotive retail?

    Mr. Varnwal: Spyne started with a simple observation: the internet isn’t fair.

    Whether it was fashion, food, real estate, or auto, small sellers were everywhere, but they were being left behind due to changing digital consumer behaviour. Big brands had access to photography agencies, professional photographers, and smart marketing teams. However, the local burger joint, the independent boutique, and the used car dealer didn’t stand a chance because they couldn’t match that level of visual quality, losing potential customers and business.

    So we built Spyne with a broader vision: to make studio-quality content accessible to all. No studios, no fancy setups, just AI, a smartphone, and a mission to level the playing field. We served businesses across categories, F&B, real estate, automotive, and fashion, helping SMBs to enterprises create stunning visuals at scale at one-fourth the cost.

    But as we scaled, cracks began to show.
    Each category had its own complexities. What worked for food failed for fashion, and what worked in fashion didn’t translate to auto. A one-size-fits-all approach was holding us back.

    That’s when we made the bold call: pivot entirely to automotive. It wasn’t easy, we let go of over 70% of our revenue, which raised investor concerns. But we believed in the potential of AI-powered car visuals, 360° spins, and automated videos—all generated via smartphone.

    By 2023, it became clear that automotive wasn’t just outperforming, it had the most long-term potential, with a $14 billion addressable market. We phased out non-auto clients, made every team auto-first, and doubled down.

    The result? We grew 5X in just 15 months. The pivot proved that being exceptional in one category beats being average in many.

    Today, Spyne is not just an imaging solution, we’re transforming how used vehicles are retailed online, globally.

    Spyne Team
    Spyne Team

    StartupTalky: Spyne is known as a deep tech company in computer vision and AI. Can you walk us through the tech moat you’ve built and how you overcame challenges like reflections, lighting, and angled surfaces using your proprietary datasets and in-house annotation?

    Mr. Varnwal: At Spyne, we’re not just using AI, we’re building deep tech that redefines what AI can achieve in real-world conditions, especially in one of the most unforgiving environments for computer vision: outdoor automotive photography.

    We’ve built everything in-house, from scratch, in Gurugram with a team of 70 engineers, including 15 core AI specialists. No tech roles have been outsourced. We’ve solved automotive’s toughest imaging challenges, vehicle perspective, poor lighting, background replacement, and proudly showcased what India can deliver on the global deep tech stage.

    But none of this came easily.

    Our goal was clear: enable used car dealers to capture studio-grade visuals using only a smartphone, even outdoors. That meant overcoming issues most AI models struggle with tilted surfaces, complex backgrounds, and reflections on car windows, while ensuring scalability.

    The Data Void

    AI models are only as good as their data. And we needed millions of accurately annotated images, not generic ones, but precisely labelled. We didn’t rely on off-the-shelf datasets. Instead, we built a proprietary annotation engine and created over 30 million purpose-built vehicle images, labelled down to glare zones, tire edges, and panel lines.

    The Quality Challenge

    Our early outputs were a reality check.
    Cars looked like they were levitating due to broken shadow reconstruction. Windows became black mirrors. Paint colours shifted, and red cars looked orange in sunlight. Fixing one issue would create ten more. There wasn’t a single big breakthrough, it was a grind of 100+ micro innovations: panel-edge precision, light calibration, shadow realism, and more.

    The Moat

    Today, we have 80+ proprietary AI models delivering studio-quality output with 99% accuracy, covering background removal, glare correction, shadow recreation, and paint enhancement. We’ve also launched AI-generated 360° spins and marketing videos, elevating visual merchandising across every online channel.

    StartupTalky: Spyne has grown from a visual merchandising tool to a full automotive retail suite. What drove this shift, and how does the platform now solve deeper dealer inefficiencies like lead management, sourcing, and pricing?

    Mr. Varnwal: Spyne began by helping businesses improve their online presence with AI-led visual merchandising, high-quality visuals without expensive studio setups.

    We found the strongest product-market fit in automotive, solving visual challenges with images, 360° spins, and automated videos. But working with thousands of dealers, OEMs, and marketplaces revealed a deeper issue: visuals were just the starting point.

    The real friction was across the retail journey—sourcing, pricing, publishing, lead management, and sales, all of which were fragmented and manual. Dealers relied on gut feel, slow publishing processes, and juggled multiple tools not built for speed or scale.

    To truly help, we evolved into a full-stack AI retail suite, one platform to run their entire business.

    Here’s how Spyne supports the full dealership lifecycle:

    • Sourcing Intelligence: AI-led tools to find, evaluate, and acquire inventory faster, from auctions or peer networks.
    • Dynamic Pricing: Models recommend optimal buy/sell prices using market demand, competition, and vehicle condition.
    • Visual Merchandising: Dealers create showroom-quality photos, 360° spins, and videos in under two minutes.
    • AI Marketing: Auto-publishing across platforms, plus tools like an SEO-optimised website builder to boost visibility.
    • Lead Management: Follow-ups, test drives, and CRM syncs are automated—no more missed leads.
    • Inventory Insights: Real-time dashboards help dealers track performance and move stock efficiently.

    All of this works together in one place, enabling even a small dealership to operate like a digitally advanced enterprise.

    StartupTalky: India’s informal used car market poses challenges like manual systems and limited tech adoption. How is Spyne built to integrate seamlessly into these unstructured workflows without needing a tech team?

    Mr. Varnwal: India’s used car market is vast and deeply fragmented. Over 70% of transactions still go through informal dealerships using manual records, inconsistent data, and gut-based pricing. These dealers lack access to CRM tools or listing automation, due to cost and reluctance toward technology.

    We built Spyne for the 95% still figuring out how to go digital, a simple, mobile-first AI that doesn’t disrupt daily operations. No new infrastructure, no formal training. A smartphone is all they need.

    Dealers can download the Spyne app, scan a VIN, and our AI pulls key details, make, year, colour, and features. Then, using guided workflows, they can shoot vehicle photos, 360° spins, even in poor lighting, and generate marketing videos.

    Our AI, trained on over 30 million images, transforms these into studio-quality visuals with clean backgrounds, accurate colours, and enhanced presentation.

    But it doesn’t stop at visuals. Spyne auto-generates a complete listing of features, condition reports, smart videos, and price suggestions. Dealers can publish it across marketplaces, social platforms, or their website, in a single tap.

    We digitise the full dealership journey:

    • Standardising inconsistent data
    • Recommending competitive pricing via dynamic market analysis
    • Tracking leads, follow-ups, and appointments via WhatsApp, SMS, or calls

    All through one app, no tech staff or complex setup needed.

    For solo dealers or teams of two, Spyne becomes the photographer, editor, marketer, CRM, and analyst, levelling the playing field.

    StartupTalky: Spyne has seen rapid growth. What have been the key drivers behind this, and how does your performance-linked revenue model create aligned incentives with dealers?

    Mr. Varnwal: Spyne’s 5X annual revenue growth over the past 15 months and a 3X target for FY 2025–26 has been driven by strong go-to-market execution, deep product innovation, and a high-touch support team.

    In 2024, we doubled down on inbound and outbound efforts, attending high-footfall events like NADA, building partnerships with dealer management software providers in the US and Europe, and investing in integrations with legacy systems lacking open APIs. By solving the core need for better online merchandising and showing up where dealers are, we onboarded thousands globally.

    Our SEO-led growth strategy has been pivotal. We launched 80+ free AI tools, including Image Enhancer, Number Plate Masking, Background Remover, and Shadow Correction, that address real dealer pain points. These tools attracted over 700,000 high-intent organic visitors, generated thousands of leads, and boosted domain authority, accelerating acquisition. We’ve onboarded 1,500+ rooftop dealers globally and are on track for our FY target.

    Dealers using Spyne report measurable improvements in engagement, lead quality, and conversion speed. But what truly drives long-term growth is how our revenue model is built.

    Unlike flat SaaS fees, our pricing scales with dealer success. As they move more inventory, generate leads, and close deals, their usage and our revenue increase. This creates a natural incentive loop: our growth depends on theirs.

    That’s why dealers see Spyne not as a cost centre, but as a growth partner, one that drives faster sales, better margins, and lower overhead.,

    StartupTalky: How will the recently raised $16 million in funds be used to accelerate your global goal of 20,000 rooftops and advance your next-gen AI solutions?

    Mr. Varnwal: Following our $16 million Series A, our focus is on two core areas: AI-led product innovation and global market expansion.

    AI-Led Product Innovation

    We’re turning Spyne into a full-stack operating system for used car dealerships, infusing AI across pricing, inventory, CRM, publishing, and visual merchandising. We’re building faster, smarter, and more intuitive tools that don’t just digitise workflows, they optimise them.

    From recommending the right price and generating marketing videos at scale to automating follow-ups on WhatsApp and email, every layer is designed to help dealers sell faster, smarter, and with less friction. We’re also focused on keeping the platform immersive and easy to use, requiring no formal training.

    Global Expansion with Local Depth

    Our top priority is the U.S., where we’ve already onboarded 1,200+ dealerships. We’re doubling down by hiring a seasoned auto leader and building a local team of 15–20 to scale across dealer networks. We’re replicating this model across EMEA and APAC, especially where legacy systems lag and Spyne’s tech can bridge the infrastructure gap.

    Expansion isn’t just about reach, it’s about embedding ourselves locally with strong on-ground support, training, and partnerships for long-term growth.

    Digitising Indian Dealerships

    In India, we’re educating traditional used car dealerships, many still using paper-based systems, through pilot projects with top players in Delhi-NCR. The aim is to simplify AI adoption for dealers unfamiliar with tech.

    This funding isn’t just about hitting the 20,000 rooftops milestone. It’s about reshaping how vehicles are bought and sold globally. From India to the U.S., we’re building a future where every dealership, regardless of size, can access world-class tech and compete at scale.

    StartupTalky: Can you elaborate on your U.S. market strategy, especially how remote sales and DMS integrations have driven adoption?

    Mr. Varnwal: Our strategy for the U.S. market has been built on three pillars: seamless tech integration, targeted go-to-market execution, and relentless focus on dealer workflows.

    The U.S. used car market, worth over $500 billion, presents a massive opportunity, but it’s also one of the toughest to break into. Over 70% of dealerships rely on legacy dealer management systems (DMS) like vAuto and Homenet, which don’t have open APIs and are slow to adopt external innovations.

    We couldn’t afford to be “just another tool.” We had to embed ourselves within systems that dealers already trusted. So, we built a dedicated integration team. After 6–9 months of persistent collaboration, we successfully integrated with both vAuto and Homenet, unlocking onboarding for 50,000+ dealerships. This brought onboarding time down from weeks to just 1–2 days, removing a major friction point.

    Once the tech groundwork was laid, we launched a focused Account-Based Marketing (ABM) campaign, highlighting how Spyne’s AI-led visual merchandising could increase inventory turnover by up to 70% through enhanced image quality, listing consistency, and multi-channel publishing. With open rates of 40% and response rates 3x above industry norms, the campaign helped us capture high-intent interest at scale.

    To support this demand, we built a remote-first sales engine with virtual demos, real-time onboarding, and 24×7 dealer support from India and other time zones—helping us engage across geographies without inflating cost. The result: from zero to over 1,200 rooftops in the U.S. within 15 months, generating 85% of our revenue from the market.

    Our success wasn’t accidental, it stemmed from customer-first thinking, strategic partnerships, and aggressive execution.

    These learnings helped shape our global playbook. Expanding to 47+ countries taught us that global scale isn’t about just translating the product, it’s about deep local integrations, respecting regional workflows, and earning trust in traditional dealer ecosystems.

    StartupTalky: How do you see AI reshaping automotive retail beyond autonomous driving, from predictive maintenance to personalised customer journeys? What future innovations are you most excited to bring to the sector?

    Mr. Varnwal: AI is re-architecting the entire automotive ecosystem—from how vehicles are built to how they’re bought, sold, and serviced.

    While autonomous driving and predictive maintenance get much attention, what excites us most is AI’s impact on automotive retail, where the customer journey truly begins.

    At Spyne, we see AI transforming retail through:

    • Hyper-personalised recommendations that match buyers to the right vehicle based on intent, not just listings
    • Proactive systems that act, optimising prices, updating listings, and auto-following up on leads
    • Smart visual merchandising that adapts in real time to user behaviour, weather, and demand
    • Conversational AIs that operate 24/7, redefining how dealerships engage with customers

    Looking ahead, we’re excited about AI’s convergence with IoT, vision, and voice, enabling seamless, omnichannel retail. Imagine a customer browsing a 3D car, chatting with AI, negotiating, and closing the deal, all on their phone.

    The real opportunity lies in creating intuitive, human-like experiences at scale. That’s the future we’re building toward, one where AI empowers every dealer to deliver intelligent, frictionless, and customer-first journeys.

    The automotive future isn’t just autonomous, it’s adaptive, predictive, and deeply personal.

    StartupTalky: What key advice would you offer to other entrepreneurs building AI-first startups with global aspirations?

    Mr. Varnwal: For AI-first startups with global aspirations, my advice is this:

    Firstly, think global from day one, but build with local empathy. Spyne was built in India, but scaled in the US. We stayed lean, capitalised on our engineering strengths, and focused relentlessly on solving a clear problem.

    Secondly, don’t chase horizontal expansion too early. It’s tempting to go broad, especially with AI, where the tech feels universally applicable. But the magic happens when you go deep on one problem and then scale that insight across markets.

    And lastly, stay fast, stay uncomfortable. Agility is your superpower. Large enterprises take time to adapt, but your business can move faster. Your ability to move fast and decide with clarity is non-negotiable.

    Ultimately, it’s not about where you start, it’s about how clearly you see the problem, how fast you move to solve it, and how bravely you choose what not to do.

    That’s how a homegrown solution scales into a global brand.

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  • Shesh Rao Paplikar on Rethinking Office Spaces, Leasing Models, and BHIVE’s Expansion Playbook

    In this interaction with StartupTalky, Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, discusses the key challenges in India’s managed office space sector, including integrating real-time systems for billing, maintenance, and occupancy. He explains BHIVE’s flexible leasing model, city-wise expansion strategy, and how customer insights shaped their premium centres. Paplikar also shares how workspace needs are shifting towards wellness and learning, and how BHIVE is responding to hybrid work. He outlines the internal changes being made to improve operations and prepare the company for a public listing.

    StartupTalky: The managed office space sector is quickly evolving in India. From your experience, what unique challenges and opportunities has BHIVE encountered in reshaping the commercial real estate industry?

    Mr. Paplikar: As the founder of BHIVE, I have addressed the challenges of India’s managed office space sector by combining the stability of traditional real estate with the adaptability required by modern enterprises. Integrating real-time billing, maintenance, and occupancy systems presented significant difficulties, often requiring intense effort.

    However, the successful alignment of these systems has been highly rewarding. BHIVE’s shorter, flexible leases on meticulously designed workspaces consistently deliver higher occupancy than conventional long-term leases, supporting our expansion. By incorporating advanced technology and engaging community events, BHIVE is redefining commercial real estate, providing a balanced solution that meets the evolving demands of India’s workforce.

    StartupTalky: Bengaluru makes up 95% of BHIVE’s current portfolio. What specific factors are driving your decision to expand into new cities? How do you plan to adapt your model to different regional markets with varying business ecosystems?

    Mr. Paplikar: BHIVE’s expansion into new cities is fuelled by vibrant entrepreneurial hubs and escalating demand for agile workspaces in those cities.

    To fit our model into different regional markets with varying business ecosystems, we adapt our products, services, community programs, and leasing structures to meet each city’s unique business environment and operating needs. This helps us drive sustained growth and deliver exceptional value to diverse professional communities.

    StartupTalky: Your premium centres in Indiranagar and Garudacharapalya in Bengaluru have raised the bar for coworking. Could you share the key customer insights or market gaps that influenced these location choices and your approach to creating premium workspaces?

    Mr. Paplikar: Our premium coworking spaces in Indiranagar and Garudacharapalya were carefully designed based on extensive consumer research and market analysis. Our interactions with emerging SMEs revealed a consistent demand for premium interiors, round-the-clock accessibility, and conference facilities suited for late-night investor presentations.

    Furthermore, the seamless metro connectivity in Indiranagar and Garudacharapalya’s proximity to the HAL airport corridor make them ideal for both local and visiting professionals. This data-driven approach helps ensure our workspaces meet the evolving needs of small businesses.

    StartupTalky: Startups and SMEs often have distinct and evolving workspace needs. What are some surprising or emerging demands you have noticed recently, and how is BHIVE innovating to address them beyond the typical flexibility and tech features?

    Mr. Paplikar: While startups and SMEs still pay attention to wellness-oriented and learning opportunities in workspaces, the new-age requirements are agility and technology, on-site yoga, gym, and skill-sharing sessions, such as design thinking or stress management.

    BHIVE is addressing this shift by piloting its ‘Elevate Your Lifestyle at Work’ concept, integrating wellness with curated learning experiences. These shifts help build an energetic environment where employees can thrive and enhance well-being and productivity while meeting the fast-paced demands of ever-evolving businesses.

    StartupTalky: As hybrid work becomes the new normal, how is BHIVE redesigning its spaces and services to boost productivity, community, and well-being? Could you share specific examples of changes made based on client feedback?

    Mr. Paplikar: With hybrid work becoming the norm, we are redesigning our spaces to boost productivity, community spirit, and overall well-being. Based on client feedback,  we have expanded silent pods and introduced ergonomic focus booths to support concentrated work.

    Additionally, collaborative hubs have been upgraded to promote networking and innovation. Also, to integrate lifestyle needs, BHIVE now offers wellness rooms, sustainable designs, and on-site cafeterias, thus creating a balanced environment that aligns with modern workforce demands, besides promoting a vibrant community.

    StartupTalky: Preparing for a public listing is a major milestone. What internal transformations and governance practices have you prioritised to ensure BHIVE is IPO-ready, and how will this transition impact your company culture?

    Mr. Paplikar: To get IPO-ready, we have made strong internal changes, including building a strong leadership team, improved financial transparency, improved audit & risk management committees, and improved ESG reporting frameworks. We have developed tight compliance processes and have embedded accountability in the organisation by having monthly “Town Hall” meetings that facilitate wide open communication.

    These initiatives reinforce our commitment to integrity, strengthen stakeholder confidence, and ensure that we remain aligned with the expectations of public markets, thus driving sustainable growth and meaningful employee engagement.

    StartupTalky: Technology is key to managed office success. Post your acquisition of Praemenio, how are you integrating tech solutions to differentiate BHIVE’s offerings and create seamless experiences for clients and investors alike?

    Mr. Paplikar: Following the acqui-hire of Praemenio, our trusted consultants, we have seamlessly integrated their expertise to elevate our tech-driven offerings. We have enhanced the BHIVE App and developed platforms to streamline processes for our sales team, ensuring a frictionless experience for clients and investors. This strategic tech integration, led by our CTO and product heads, reflects our commitment to solving complex challenges and delivering innovative, user-centric solutions that set BHIVE apart in the managed office space.

    StartupTalky: Looking forward, beyond geographic expansion, what strategic sectors or innovative business models is BHIVE exploring to stay ahead in the competitive coworking and real estate markets?

    Mr. Paplikar: We are strategically advancing beyond geographic expansion by focusing on sector-specific accelerators to promote innovation. Embracing our motto, ‘Elevate your lifestyle at work,’ we integrate wellness into workspaces and offer amenities like gym sessions and showers to enhance work-life balance. By fusing real estate, community, and technology, we aim to maintain a competitive edge in the evolving coworking and real estate market.

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  • Making Investing Simple and Smart for India’s Middle Class: Insights from Anand K Rathi, Co-Founder of MIRA Money

    In this exclusive conversation with StartupTalky, Anand K Rathi, Co-founder of MIRA Money, shares how the platform is helping India’s growing middle class manage their personal finances better. With his deep experience in managing wealth for India’s elite, Anand explains MIRA Money’s tech-driven, goal-based approach to investing. He talks about the platform’s rapid growth, the unique needs of its digital-first users, and how it uses data and strong security to build trust. Anand also discusses MIRA’s future plans, offering a clear view of how investing in India is evolving.

    StartupTalky: Could you briefly introduce what MIRA Money is and how it is changing the way Indians approach personal finance and investing?

    MIRA Money is a tech-first investment platform designed to simplify wealth creation for the everyday Indian. What makes it stand out is its goal-based, index-led investing approach that relies on data, not guesswork. We have built ready-made portfolios using NIFTY 50, MIDCAP 150, and SMALLCAP 250 index funds. Therefore, investors are not chasing hot tips or timing the market. Instead, they are working toward real goals, whether that is a down payment for a house or their child’s education. Everything is powered by our proprietary Quant-on-Index™ framework, which blends index investing discipline with robust analytics to drive long-term performance.

    StartupTalky: Considering the target audience is a crucial aspect for any business, could you describe MIRA Money’s primary target audience in terms of demographics, financial behaviour, and technology adoption? What data informs your understanding of this audience?

    Our core audience is India’s emerging middle class: digitally savvy, first-time investors in their 20s and 30s. These are salaried professionals, freelancers, and entrepreneurs who are looking for simple, transparent investment solutions that help them save for real goals. They are not chasing alpha; they are chasing peace of mind. Our platform usage data shows strong traction from metro and Tier 1 cities, with a growing footprint in Tier 2 locations. Their behaviour reflects a preference for mobile-first interfaces, low-friction onboarding, and educational content that helps demystify finance.

    StartupTalky: You’ve had a successful journey managing the wealth of India’s top 1% through Augment Capital. What inspired you to shift focus to India’s growing middle class through MIRA Money, and how is this audience different in terms of needs and behaviour?

    After years of working with India’s wealthiest, I realised the same expertise and discipline could unlock wealth creation for a much wider audience: India’s middle class. They do not want complexity; they want clarity. They do not need exotic products; they need transparent, goal-linked strategies. MIRA Money was born out of that insight: to offer the same principles of disciplined, long-term investing that work for the top 1%, but in a format that’s accessible, affordable, and digital-first. This audience is extremely tech-savvy and intent on building wealth, but often lacks the guidance or confidence to start. That is where MIRA steps in.

    StartupTalky: What is the total number of users MIRA Money has acquired since its inception, and what has been the average user growth rate on a quarterly basis over the past year?

    Mira Money has acquired over 5,000 customers in less than two years. Our average growth rate is around 150%, which is quite high due to our smaller customer base. We experience a growth rate of approximately 100% almost every quarter.

    StartupTalky: What is the current total value of assets under management (AUM) or transacted through the MIRA Money platform?

    As of March 2025, MIRA Money has crossed INR 250 crore in assets under management (AUM), and what is exciting is that this growth has been completely organic. We are on track to hit INR 600 crore by the end of the year. Our portfolios are built around index funds like NIFTY 50, MIDCAP 150, and SMALLCAP 250. The product focus is clear: no gimmicks, no active fund chasing: just solid, data-driven investing for real goals​.

    StartupTalky: What is the average customer acquisition cost (CAC) for MIRA Money? What strategies are you using to optimise user engagement and value?

    The Customer Acquisition Cost (CAC) is particularly interesting in our case; it’s effectively zero because we do not spend any money on marketing. All of our customers come through content marketing, so our marketing expenses are non-existent, resulting in a CAC of zero. In contrast, many other companies we know have a CAC of around $4,000 to $5,000 per customer.

    Additionally, we have observed that the transaction values from the customers we acquire are quite high since they are highly motivated. This leads to a better conversion rate and higher transaction values. While our CAC is skewed because it stands at zero, we actively monitor our portfolio and continually rebalance it, which helps us increase our Customer Lifetime Value (CLV).

    StartupTalky: How does MIRA Money ensure high user engagement across its investment offerings? Could you highlight which types of investment baskets or strategies see the most traction among your users?

    Our feature focuses on launching engaging investment baskets for our customers based on current market trends. For instance, when market conditions are unfavourable, we introduce a gold basket that tends to perform well. Similarly, when interest rates start to decline, we invest in smart debt funds that focus on long-duration investments. When the market is bullish, we shift our investments towards sectoral funds. We have observed that our customers engage the most with these trending baskets. Recently, there has been significant interest in the smart debt funds we’ve launched, which are designed for long-duration mutual funds.

    StartupTalky: What is the average transaction size or account balance for MIRA Money users? How has this metric evolved over the past 1–2 years?

    Initially, the customer started with a minimal investment of about INR 10,000. However, over time, as trust was built, the value of construction increased. We began with zero transactions, and now, a significant number of people are using the app to transact amounts exceeding INR 1,00,000, with many individuals averaging around 50,000 rupees in investments.

    StartupTalky: In a competitive fintech industry, what key performance indicators (KPIs) do you track most closely to measure MIRA Money’s success and differentiate it from competitors?

    We are deeply focused on long-term portfolio performance, user retention, and AUM growth. What differentiates MIRA is that we do not chase vanity metrics. Instead, we look at metrics that reflect investor trust: repeat contributions, duration of engagement, and goal completion rates. Rather than performance marketing, content-led growth also means that our growth is quality-led. Users stay because they see value, not because we chase them with ads.

    StartupTalky: How does MIRA Money leverage data analytics to understand user behaviour, personalise user experiences, and enhance the security of the platform, considering the increasing risks highlighted by data breach statistics?

    From day one, MIRA was built to be a digital-first, analytics-driven platform. Our Quant-on-Index™ framework is a great example. It helps tailor portfolios to specific goals using behavioural and financial data. On the security side, we are uncompromising. We follow stringent compliance protocols and data encryption standards to ensure user information is secure. Trust is our currency, and in fintech, you only get one shot at it.

    StartupTalky: Given the evolving regulatory environment for financial services and the increasing focus on compliance, what percentage of your operational budget is currently allocated to regulatory compliance and security measures?

    We have been in this business for several years and understand that regulatory compliance is crucial because it builds trust. Generally, we have observed that about 0.03 to 0.05% of our total expenditures go towards compliance, and we believe this percentage will remain stable. This is our current outlook.

    StartupTalky: Looking ahead, what are your projections for MIRA Money’s user base growth and revenue growth over the next 3–5 years? What are the key assumptions driving these projections?

    We believe that we will be able to achieve an Asset Under Management (AUM) of approximately INR 600 crores by the end of this year, with a goal of reaching about INR 5,000 crores over the next five years. This is part of our larger plan, and we expect our revenue to be around 0.6 to 0.7 per cent of the total AUM we manage.

    There are two main reasons we are confident in this outlook: first, the market is very attractive, with significant investments and financialisation occurring, which acts as a strong catalyst for our growth. Second, we have over 20 years of experience in asset management, and we are recognised as one of the most trusted brands in wealth management for individuals. We believe these factors will significantly contribute to our success.

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