Why Consumer Is India VC’s Forever Bet | Ben Mathias, Managing Partner at VVSEAI

What’s it like to bet big on beauty brands, snacks, and even quick commerce in India? In this episode, I sit down with Ben Mathias, Managing Partner at Vertex Ventures Southeast Asia & India, to unpack his journey of spotting consumer opportunities where others only saw risk. Ben shares how he went from backing early players like FirstCry to today’s digital-first names such as Pilgrim, Kapiva and Licious. We talk about why mass premium products matter, how India’s quick commerce boom is reshaping shopping, and what makes a startup truly venture-backable. If you’re curious about venture capital in India, consumer brands growth, or how VCs really make money, this conversation is packed with insights straight from someone who’s been in the trenches.IN THIS EPISODE(00:00) Why VCs secretly love your shopping habits(02:56) The sneaky rise of brands your parents never knew(05:01) 10-minute deliveries: magic or madness?(05:41) Is instant everything only for city slickers?(07:37) Could kirana shops beat Amazon at its own game?(11:11) From diapers to D2C: the wild evolution of buying(13:24) How to build a million-dollar brand on a shoestring(15:49) Premium dreams, middle-class wallets: where’s the sweet spot?(19:58) What makes investors say take my money?(23:45) Food, fitness, furniture: the next gold rush(25:49) Startup lessons money can’t buy(29:12) Will Indians really pay for podcasts and stories?(32:30) The temptation (and trap) of going global too soon(34:19) Why Gen Z is spending on experiences, not stuff(36:20) The big question: can consumer startups actually make money?Ben MathiasBen Mathias is a Managing Partner at Vertex Ventures Southeast Asia & India and has overall responsibility for the firm’s investments in India and Japan. Since joining Vertex in 2015, he has made several investments in the areas of Consumer Internet, Fintech, Enterprise Technology, Semiconductor & Digital Health. Ben has sat on multiple boards including Licious, FirstCry, XPressBees, Kapiva, IVF Access, Attentive AI, BigEndian Semiconductor, CloudCherry and Synup.Ben received his Master of Science in Engineering Sciences from Dartmouth College and his Bachelor of Technology from the Indian Institute of Technology, Madras.Hear him share his career and more on this podcast.Rahul ThayyalamkandyDirector of Comms & Community, Vertex Ventures SEA & IndiaRahul Thayyalamkandy joined the SEA/India team as the Director of Communication & Community in 2024 and is based in Singapore.Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.https://www.linkedin.com/in/rahulthayyalamkandy/—-Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.—Follow us to get notified whenever new episodes are shared.—For more information, please visit: https://www.vertexventures.sg