10 pct challenge: Vinod Shankar at Java Capital on how India can put $1 trillion in deep tech

In today’s episode of Conversations, I’m joined by Vinod Shankar, co-founder of Java Capital, a venture capital firm that has carved a unique niche by focusing on deep tech and climate technology. Vinod’s journey is as specialized as his investments, moving from writing assembly code for mobile processors to leading a fund that backs moonshots in aerospace, silicon photonics, and advanced manufacturing. Vinod recently ignited a lively debate in the startup ecosystem with his provocative essay, titled “I Want India to Win. Just Not With My Money.” He argues that India’s path to becoming a developed nation is being hindered by “sedimented” wealth. For example, consider one data point he highlights: while India’s wealthiest 1 percent control some $11.6 trillion, nearly 60 percent of those assets are frozen in real estate and gold. In other words, not funding the future, he says. He also critiques India’s largest corporations for being “structurally allergic” to R&D risk, noting that global giants such as NVIDIA outspend the entire Indian corporate sector in a single quarter. In this conversation we also talk about Java Capital’s next fund, their third, targeting Rs. 400 crore with a first close coming up, their “stacking” investment strategy, and Vinod’s urgent call for India’s ultra rich investors to allocate 10 percent of their net worth to domestic deep tech to secure the future of the nation’s technological sovereignty. Chapters(01:32) Introduction: Vinod Shankar and the “I Want India to Win” Essay(04:01) The Evolution of Java Capital: From Generalist to Deep Tech Specialist(06:56) A Unique Career Path: From Assembly Code to Venture Capital(09:34) The “Stacking” Investment Model: Connecting Portfolio Dots(13:06) Addressing the “Sediment” Wealth Problem in India(18:37) The Corporate R&D Crisis and the Need for a Virtuous Cycle(26:41) Sovereignty and the Funding Gap: Domestic vs. Foreign Capital(43:24) Java Capital’s Fund III: Moonshots and the Future of Indian Innovation