Hard Truths By Vertex

I sat down with a founder who almost lost his company twice… and still built one of Indonesia’s biggest e-commerce enablers.Brian Marshal took SIRCLO from a Shopify-style startup to powering major brands across TikTok Shop, marketplaces, live commerce and fulfillment… all while surviving the startup crash, failed fundraising rounds and the tech winter.We spoke about profitability, AI agents, startup governance, IPO readiness, scaling outside Jakarta, and why most Southeast Asian startups got growth completely wrong.IN THIS EPISODE00:00 | Why SIRCLO Almost Died Twice01:38 | The Shopify Idea That Failed in Indonesia02:25 | Why Brands Need More Than Just a Storefront04:06 | The Brutal Reality of Startup Fundraising06:30 | How SIRCLO Finally Became Profitable07:53 | Preparing SIRCLO for a Possible IPO11:37 | The Governance Mistakes Startups Keep Making15:24 | Why Good Tech Infrastructure Pays Off17:10 | How SIRCLO Is Using AI Agents Internally19:38 | Scaling E-Commerce Without Owning Warehouses22:05 | How TikTok Changed E-Commerce in Indonesia23:31 | Why Catalog Commerce Is Dying24:00 | Building for TikTok, Live Selling & Creators25:07 | Why Sales and Marketing Are Merging26:05 | The Future of Live Commerce in Southeast Asia26:19 | Will Indonesia Become Like China’s E-Commerce Market?27:23 | Balancing Profitability and Innovation28:22 | Why Innovation Failed at SIRCLO Earlier32:30 | Why Southeast Asian Tech IPOs Struggle35:10 | Is Indonesia Still a Great Startup Market?36:36 | Brian’s Vision for SIRCLO’s Next ChapterBrian MarshalBrian Marshal is the Founder and CEO of SIRCLO, a leading Southeast Asian e-commerce enabler that helps brands sell online across their own web stores and platforms like TikTok and Shopee. What began as a simple website-builder idea in 2013 has grown under his leadership into an integrated solution powering millions of monthly orders. Over the past decade, Brian has guided the company through organic and inorganic growth, shifting market conditions, and a steady push toward profitability, rooted in a commitment to resilience and integrity.His personal journey bridges Indonesia and Singapore, built on a background in computer science and data analytics alongside a firm belief in technology's power to unlock new opportunities. Beyond SIRCLO, Brian is deeply committed to nurturing Indonesia’s future leaders through his active involvement in the Informatics and AI Olympiad communities, as well as the McKinsey Young Leaders for Indonesia program. 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 #hardtruthsbyvertexventures  #vertexventures #entrepreneurship #startups #venturecapital #vc #podcast #businessleaders

He had one formula for building trust in fintech: promises kept divided by promises made.Anup Agrawal spent years at LazyPay watching how India actually pays — and what he saw was striking. 85% of consumer transactions ran on UPI. Credit cards existed, but they weren't built for the way India's new generation spends. So he built Kiwi: a credit card designed as a delightful UPI experience, with credit rails underneath and instant cashback on top.In this conversation with Rahul, Anup unpacks the product decisions behind Kiwi — including a data point that surprises most fintech insiders (80% of Kiwi spends are offline, the exact opposite of the industry norm), a product failure that reshaped their rewards design (users who made their first transaction at a fuel station churned when they got no rewards), and two mental models he uses to make every product decision: the Trust Formula and the Ginger Product rule. He also makes a sharp case for why retention has to come before growth — every time.Timestamps00:00 | From LazyPay Data to the UPI Credit Idea03:43 | What Kiwi Actually Is — "A Delightful UPI Experience"05:52 | Why Gen-Z UPI Users Need Credit (The Utility Ladder)06:43 | Virtual vs Physical Cards — and the Offline Stat That Flips the Industry09:34 | Who Kiwi Is For — Credit-Invisible Affluents, Not Thin-File Poor10:59 | Retention First: Why Kiwi Doesn't Push Growth Until It's Ready12:25 | The Fintech-Bank Division of Labour14:35 | The Trust Formula: Promises Kept ÷ Promises Made17:35 | When Product Fails: The Fuel Attrition Story19:31 | Cashback vs Points — Why Kiwi Bets Against Breakage20:59 | Competing With Cred and PhonePe: Focus Over Distribution23:07 | The Ginger Product Rule + Kiwi's Three Dimensions25:53 | The 2035 Vision — Imagine the Taj Mahal Before It's BuiltAbout Anup AgrawalAnup Agrawal is the founder of Kiwi, a fintech company building credit card products designed for India's UPI-native generation. Before Kiwi, he led product and growth at LazyPay, where consumer behaviour data — specifically the 85% UPI dominance in Indian transactions — sparked the founding insight. Kiwi targets "credit-invisible affluents": users with income but limited formal credit history, who are well-served by UPI but underserved by traditional credit products.Anup on LinkedIn: https://www.linkedin.com/in/anup-agrawal-a2915b11 Kiwi website: https://gokiwi.in/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#Kiwifintech, #UPI, UPIcreditcard, #fintech, #LazyPay, #creditcardIndia, #RBI, #cashback, #Cred, #PhonePe, #founder

How do VCs pick that one billion-dollar startup… before the world sees it?I sat down with Kee Lock, a veteran venture capitalist who’s spent decades backing founders, navigating failures, and building companies from zero to exit. We unpack his real playbook—from sourcing deals and spotting great founders to surviving the brutal 0→1 and 10→100M growth journey in venture capital.He shares how pattern recognition is built, why most investors get market size wrong, and the subtle red flags that instantly kill a startup pitch.If you’re curious about startup investing, venture capital strategy, fundraising, and what actually makes a founder worth betting on—this one’s packed with insights you won’t hear elsewhere.IN THIS EPISODE00:30 | How VCs find winning startups (and how you get noticed)01:30 | The exact checklist before investing in any startup02:05 | 4 ways top VCs discover breakout founders06:50 | Early mistakes that cost investors millions07:58 | How VCs build “gut instinct” for great startups08:45 | The 3 filters every VC uses before investing09:52 | Why judging founders is harder than you think15:20 | Red flags that instantly kill a startup pitch16:54 | How to judge if your market is actually big22:47 | How VCs actually help startups grow (beyond money)33:32 | When and how VCs decide to exit42:47 | Why VC training is like flying a fighter jetKee Lock CHUAMr Chua Kee Lock is the Group President / CEO of Vertex Holdings (“VH”), a Singapore-headquartered venture capital investment holding company. VH is a wholly-owned subsidiary of Temasek.Vertex Group is a global venture capital network comprising 5 early-stage technology-focused funds (Vertex Ventures China, Vertex Ventures Israel, Vertex Ventures US, Vertex Ventures SEA & India, Vertex Ventures Japan), an early-stage healthcare-focused fund (Vertex Ventures HC) and a growth-stage fund (Vertex Growth). Each of these funds is managed by independent and separate General Partnerships and investment teams, with VH providing anchor funding alongside significant 3rd party capital commitments. Vertex Group manages USD 6.8B in assets. Mr Chua is currently Managing Partner of Vertex Ventures SEA & India, as well as Chairman of Vertex Growth Fund.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 #hardtruthsbyvertexventures  #vertexventures #entrepreneurship #startups #venturecapital #vc #podcast #businessleaders

Why would someone quit chasing “big startup ideas” to redesign something as ordinary as a ceiling fan? In this episode, I sit down with Gazal, co-founder of Nuuk, to trace her journey from a personal problem at home to building a design-led consumer electronics startup in India.We talk about how COVID changed the way Indians live indoors, why Indian consumers are shifting from cheap to meaningful products, and how Nuuk builds home appliances designed specifically for Indian homes.Gazal shares the thinking behind product-first brands, women-led design, and what it really takes to scale a modern Indian consumer brand without cutting corners.If you care about startup journeys, consumer brands in India, or product design that actually solves real problems, this episode will pull you in.If you want it more playful, more founder-centric, or even punchier for YouTube, say the word and I’ll tune it!IN THIS EPISODE(00:00) Why Nuuk Isn’t “Just Another Appliance Brand”(01:28) The Personal Problem That Started Nuuk(04:40) How Indian Consumers Are Changing (And Why It Matters to You)(06:21) Who’s Actually Buying Nuuk — The Answer Will Surprise You(12:11) How Nuuk Turns Daily Frustrations into Product Ideas(16:09) Designing Appliances That Actually Work in Indian Homes(23:28) The Hidden Health Risk Lurking in Indian Mattresses(29:28) Why Building in India Is Harder Than It Looks(30:46) What “Safe Kitchens” Really Mean (And Why You Should Care)(34:49) How Nuuk Builds Trust After the Sale(41:54) Nuuk’s 10-Year Vision — And What’s Coming NextGazal Kalra | Co-Founder | NuukGazal Kalra is the Co-Founder of Nuuk, a new-age D2C brand for home appliances, shaping the Indian home with purposeful innovation and design-first thinking. At Nuuk, she brings a product-led approach rooted in human-centered design and operational excellence with a vision to create high-performance appliances that reflect modern lifestyles. Gazal is deeply committed to building consumer brands that solve real-world problems alongside raising the bar for thoughtful design, long-term utility, and a future-ready approach to sustainability.Before Nuuk, Gazal co-founded Rivigo, the logistics-tech unicorn that disrupted India’s long-haul trucking sector by introducing relay trucking and tech-enabled efficiency at scale - cementing her reputation as a bold problem-solver with an eye for scalable impact. Her career also spans influential roles at McKinsey & Company and the World Bank in Washington DC, giving her a unique cross-sectoral perspective on systems, policy, and innovation.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

What if the biggest energy revolution in India isn’t happening in cities… but inside tiny flour mills in forgotten villages?In this conversation, I sit down with Sandeep Chopra, co-founder & CEO of Metafin, to unpack how solar financing for rural MSMEs is reshaping livelihoods, powering micro-enterprises, and quietly shifting India’s clean-energy future. We dive into why solar energy in India is exploding across the Global South, how decentralised power beats unreliable grids, and what it takes to underwrite credit for first-time borrowers in remote villages.From surviving COVID to unlocking financial inclusion, this episode will change the way you think about rural India, clean energy, and solar financing for MSMEs. Don’t miss the story behind one of India’s fastest-scaling impact-driven energy models!IN THIS EPISODE(00:00) Why the next big energy boom won’t start in cities(04:41) The moment a finance guy quit London to chase purpose(09:31) How one unexpected detour unlocked a billion-dollar rural opportunity(15:04) The strange secret behind predicting who will actually repay(18:59) The grid problem no one talks about… and the hack rural India figured out(20:17) How one village becomes a “network effect” goldmine(21:00) What the government quietly gets right (and wrong) about solar adoption(23:25) The hidden barriers that stop rural India from scaling - and how to break them(28:03) The one product rural MSMEs desperately need but don’t get(29:34) A myth about rural India that shocked me completely(32:11) The future of selling power like UPI payments - hype or real?(34:15) The uncomfortable truth about grid stability nobody wants to admit(38:08) The impact numbers that even shocked us(40:22) A single upgrade that transformed one family’s entire futureSandeep Chopra | CEO | MetafinA senior executive with extensive experience in renewable industry (solar), growing start-up organizations, making them sustainable and delivering change.Specialties: Strategy, Renewables, Finance, Delivering Change to make organizations sustainable, managing large operations, Negotiation Skills, StrategyRahul 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

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

What is it really like to be a VC when you're not from finance—or even from “the club”? In this episode, I speak with Puiyan Leung, who’s spent the last 10 years in venture capital, after starting out in a corporate role. She opens up about feeling like an outsider, learning to trust her gut, and what it means to support founders through both the highs and the heartbreaks.We talk about mental agility, making tough calls, and why being a VC is sometimes a team sport—and sometimes a lonely solo climb.IN THIS EPISODE(00:00) What happens when you don’t fit the VC mould?(02:40) No finance degree, no founder background—so how did she make it?(04:55) Mental agility vs. rabbit holes: the VC’s balancing act(07:40) Is VC really about startups—or just the people behind them?(10:55) Collaboration or solo survival? Why this job can feel lonely(14:40) “Am I wasting time?”—The self-doubt VCs never talk about(18:25) Move fast. Be thorough. Pick one—or try to do both?(21:10) Why sharing your thinking builds better deals(24:40) The truth about fast deals, long deals… and deals that go nowhere(27:10) 9 out of 10 startups won’t make it—so how do you choose?(29:55) Breakups, hard calls, and knowing when to walk away(35:40) Founders, fires, and staying present when everything is urgent(40:10) Numbers vs. people: Which really drives venture success?Puiyan LeungPuiyan Leung joined Vertex Ventures Southeast Asia and India in 2020 and focuses on opportunities in Southeast Asia.Prior to joining Vertex Ventures, Puiyan was a Director of Investments and Operations at Singtel Innov8, the corporate venture arm of telco group Singtel. In her role, she built a pipeline of tech startups that fit with the firm’s investment themes and established strategic alliances and managed partnerships with key ecosystem stakeholders.Prior to that, Puiyan assumed a range of operating roles and once served as Singtel’s Indonesia-based lead in representing the local market development and expansion interests for Singtel’s digital portfolio.Puiyan is a Kauffman Fellow and graduated with a Bachelor of Electrical Engineering Degree from the National University of Singapore.https://www.linkedin.com/in/puiyan/Rahul 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

What would make an IIT Bombay graduate ditch a high-paying finance job to start a beauty brand?In this episode of Hard Truths by Vertex, I sit down with Gagandeep, co-founder of Pilgrim, to unpack his unconventional journey—from engineering and investment banking to building a ₹700 crore beauty empire. He shares the moment he secretly quit his job, the challenges of launching a brand no one knew, and how Pilgrim is making global beauty secrets affordable in India.Tune in for a candid conversation on risk, reinvention, and what it really takes to build a successful consumer brand!IN THIS EPISODE(00:00) He quit his job… and didn’t tell his dad for two years?!(01:00) The beauty industry is crowded—so how do you stand out?(04:00) An IITian running a beauty brand? Even his relatives were shocked!(06:00) When your first startup flops, do you go back to a job… or build a ₹700 crore company?(09:30) The secret to giving customers what they want… before they even know it!(10:30) This one unexpected insight led them to launch an entire new product line(14:30) Brand campaigns sound cool, but do they actually work? Here’s how they test ROI(16:00) From a digital-first brand to 5,000+ retail stores—what changed?(17:30) How do you actually listen to customers? Most brands get this wrong!(21:00) Scaling fast without losing the startup mindset—easier said than done!(27:30) The one thing that turns first-time buyers into loyal customers(28:00) What’s next for Pilgrim? How big can this get?Gagandeep MakkerGagandeep Makker is the Co-Founder at Pilgrim. He attended Indian Institute of Technology, Bombay.https://www.linkedin.com/in/gaganmakker/ 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

What happens when a founder thinks long-term in a trend-chasing industry?I sat down with Kelvin Subowo, the founder and CEO of DailyCo—Indonesia’s fastest-growing multi-brand F&B company. We talked about his journey from launching a single rice box brand to building a business that serves millions of meals every month. He shared how acquisitions, not hype, drive sustainable growth, and why he always keeps the original founders involved. This one’s all about consistency, strategy, and feeding a nation—literally.IN THIS EPISODE(00:00) – What makes a founder truly worth backing?(00:45) – Is acquisition the smartest way to scale F&B?(02:00) – Are you building for the long term—or a trend?(03:45) – Why most restaurants don’t last beyond two years(05:15) – Daily comfort food or flashy menus—what really sells?(06:00) – The share of belly strategy you’ve never heard of(07:30) – Why food and beverage are totally different beasts(10:45) – What Indonesia’s food future looks like—through cloud kitchens(12:30) – The secret sauce behind DailyCo’s survival(14:30) – Offline margins vs online commissions—what’s the real deal?(15:15) – Why restaurants need soul—and founders bring it(18:15) – This is what founder-first acquisition really looks like(20:45) – How a war accidentally led to a new business(24:45) – How DailyCo ended up catering for Vertex’s big events(26:15) – 100,000 meals a day—now what?(28:30) – Why no brand has 5,000 outlets in Indonesia(34:00) – How to sell regional food across a country that doesn’t know it existsKelvin SubowoKelvin Subowo is the Co-Founder & CEO at DailyCo. He attended Universitas Tarumanagara (Untar) in 2011.The Daily Company (DailyCo) is Indonesia’s fastest-growing multi-brand F&B operator, delivering high-quality, scalable, and innovative dining solutions for individuals, businesses, and institutions. The company’s portfolio includes famous brands such as Dailybox, Antarasa, Breadlife, Lu'miere, Ayam Blenger PSP, HiGeorge!, Tempong PNS, and others. From quick-service meals to large-scale catering and enterprise F&B management, DailyCo makes delicious food accessible and effortless for Indonesian families.https://www.linkedin.com/in/kelvin-subowo-035b64114/Rahul 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

How is an Indian business dominating the U.S. market without a single person on the ground there?Today on "Hard Truths by Vertex," I'm sitting down with Sanjay, the innovative co-founder and CEO at Spyne, who's going to share just how they pulled it off. Spyne isn't just another software company; it's revolutionizing how car dealerships use AI to transform simple car photos into stunning, studio-quality visuals. Dive into Sanjay's journey from starting with a broad focus in product photography to zeroing in on the automotive niche, drastically scaling their operations, and redefining online car merchandising!IN THIS EPISODE(00:00) How to conquer the U.S. market from abroad?(01:30) What's the billion-dollar trick to transforming auto sales?(04:00) Revealed: The key to fast-moving inventory without physical presence!(07:00) How does advanced AI change the game for car dealers?(10:00) A surprising pivot: From general photography to niche domination!(13:30) Learn why focusing on one solution can lead to exponential growth!(16:30) The big leap: How Spyne's unique model outpaced its competitors!(20:00) Discover how immersive tech is supercharging car sales!(23:00) A no-contact sales revolution in the U.S.! Hear how Spyne cracked the code.(27:00) What's next for Spyne? Sneak peek into the future plans of a market leader!Sanjay VarnwalHe is the Co-Founder & CEO at Spyne. Prior to this he worked as Tech & Product Leadership at Oyo. He studied B.Tech in the field of Civil Engineering from Indian Institute of Technology, Kharagpur.https://www.linkedin.com/in/sanjaykv/ Rahul 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

In this episode of Hard Truths by Vertex, Gary Khoeng, partner at Vertex Ventures Southeast Asia and India, joins host Rahul Thayyalamkandy to explore the Indonesian startup ecosystem. They discuss the recent decline in capital flows, attributing it to global macroeconomic conditions, underperforming IPOs, and election uncertainties. Gary also addresses corporate governance issues and fraudulent activities, highlighting the need for investors to take a more active role. The conversation also covers the ongoing tech talent shortage and potential for AI to bridge the gap. Despite challenges, Gary expresses cautious optimism, pointing to Indonesia's strengths in natural resources and its large consumer base, which present opportunities for fintech, logistics, and consumer-focused startups.IN THIS EPISODE(00:00) The Hidden Startup Boom: What’s Happening Behind the Scenes in Indonesia?(01:00) Capital Exodus or Course Correction? The Truth About Indonesia’s Investment Shift(04:55) Can Indonesian Startups Escape the Governance Trap? Lessons from Recent Failures(07:16) Investors vs. Fraud: Are They Watching Closely Enough?(08:33) From Boom to Bust: Why Some Startups Collapse Overnight(10:32) Who’s Really in Charge? The Role of Governments, Investors & Founders in Fixing the System(11:38) Why More Founders Are Skipping the Startup Dream in Indonesia(13:55) Indonesia’s AI Gamble: Can Tech Talent Gaps Be Closed?(15:24) Is Uncertainty the Best Time to Invest? Finding Opportunities Amid Chaos(21:43) Can Indonesia Revive Its Industrial Legacy Through Exports & Manufacturing?(23:28) Can Indonesia’s Sovereign Fund Replicate Singapore’s Success Story?(25:31) The Valuation Trap: Are Indonesian Startups Focused on the Wrong Metrics?(28:48) The Next Big Spark: What Could Ignite Indonesia’s Startup Renaissance?Gary KhoengGary Khoeng joined Vertex Ventures Southeast Asia & India in 2017. He focuses primarily on covering Indonesia’s burgeoning startup ecosystem.Prior to joining Vertex, Gary was actively investing in early-stage opportunities entrepreneurs at an Indonesian fund across various sectors including e-Commerce, Fintech, Media and SaaS. Prior to that, Gary spent several years at Citigroup in New York, Singapore and Hong Kong. He also joined the Boston Consulting Group in Jakarta, covering the FMCG and Financial Services sector.https://www.linkedin.com/in/garykhoeng/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

Ever been told you’re not fit for the job? That’s exactly what happened to Jeffrey during a pivotal moment early in his journey as the CEO of PatSnap.In this episode, I sit down with Jeffrey to explore how he turned tough feedback into fuel for growth. From starting PatSnap right out of university to leading a global tech company, he shares candid lessons about leadership, building strong teams, and navigating challenges.Tune in to hear Jeffrey’s honest take on what it really takes to grow as a leader—mistakes, reflections, and all!IN THIS EPISODE(00:00) "You're not fit to be CEO!"—The moment that changed everything(01:00) Why leadership isn’t just about having a vision(03:00) From writing code to leading a global team—Jeffrey’s evolution(07:00) Behind the scenes: How Jeffrey sets high-level goals(10:00) The surprising secret to handling conflicts and low moments(14:00) Raw talent vs. experience—what really makes a great hire?(17:00) Why Jeffrey still jumps into frontline problems (sometimes)(24:00) Hard truths from an investor that reshaped Jeffrey’s confidence(29:00) Avoiding burnout: Jeffrey’s approach to staying grounded(35:00) Grateful but not proud—Jeffrey reflects on his journeyJeffrey TiongFounder & CEOJeffrey Tiong is the Founder and CEO of Patsnap, a global leader in AI-powered IP and R&D innovation intelligence. Under Jeffrey’s leadership, Singapore-founded Patsnap has empowered over 15,000 customers across 50 countries to transform ideas into groundbreaking innovations through cutting-edge market, technology, competitive, and patent insights.Jeffrey’s accolades include Fortune’s 40 Under 40 (2022), and recognition as a Top 50 SaaS CEO by The Software Report (2020). He was also honoured with Ernst & Young’s Entrepreneur Of The Year 2018 Singapore, cementing his status as a trailblazer in the tech and innovation landscape.PatSnapEvery year, $2 trillion is being spent on R&D globally. However, despite the dollars spent, R&D productivity has dropped by 65% for the past forty years. Our mission is to help R&D thought leaders around the world to improve that. We provide a suite of R&D analytic and management tools for businesses, universities, start-ups and research organizations. PatSnap's vision is to empower the innovators to do better research and innovation.https://www.linkedin.com/in/jeffreytiong/ Rahul 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

Are you ready for a future where electric vehicles are the norm? In this episode, we chat with Akshay, co-founder of Kazam, who’s on a mission to revolutionize how we think about EVs and energy. From leasing EVs to building cutting-edge charging infrastructure, Akshay shares his journey of tackling India’s EV challenges and scaling solutions globally. Discover how his startup is making EV adoption easier and why he believes energy management is the next big frontier. Tune in to learn how the EV landscape is changing—and what it means for you!IN THIS EPISODE(00:00) "Why lease an EV? Akshay's unexpected take."(03:00) "The game-changing rise of two- and three-wheelers in India."(05:30) "EV economics: How the math works for fleets."(07:30) "The future of EVs: Lessons from your smartphone."(11:30) "What’s holding back mass EV adoption? The real challenges."(15:30) "Will India hit its bold EV targets by 2030?"(19:00) "Why charging anxiety is more about perception than reality."(23:30) "Public vs. private EV charging: Surprising insights."(29:00) "Can EVs become the ultimate digital assets?"(36:00) "India’s EV edge: Why the grid is ready."Akshay ShekharFounder, KazamAkshay Shekhar is the co-founder and CEO of Kazam, India's largest EV charging company. Prior to this, Akshay built an AR startup and worked at consumer goods companies PepsiCo and Godrej Consumer. Kazam operates in 5000+ pin codes with its software and hardware solutions being used by OEMs, E-Commerce fleet operators and even Charge Point Operators. The startup's vision is to ultimately create a shareable carbon credit pool for the entire EV value chain.https://www.linkedin.com/in/akshayshekhar/ Rahul 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

What motivated Achitha Jacob to shift her focus from a career in a Fortune 500 healthcare company to founding Proactive for Her, and how does she envision the impact of her work on women's health in India?Join us as we delve into the journey of Achitha Jacob, the founder of Proactive for Her. Discover how Achitha's passion for women's health led her to build a platform empowering Indian women to prioritize their own well-being. From overcoming challenges to fostering a thriving company culture, Achitha's story is a testament to resilience, determination, and the transformative power of putting oneself first. Click here for the transcript. IN THIS EPISODE(00:00) What is Proactive For Her?(05:28) Why did I drop out of Harvard?(06:54) What were the ups and downs of the entrepreneurial journey?(13:28) Online or offline business?(17:37) How has the journey with Vertex been?(18:49) How did I build education and awareness in this space?(22:41) Are women willing to invest in their health?(25:52) What does it take to be successful as a single founder?(29:38) What's the difference between being a leader and a manager?(33:46) How resilience helped me get through the difficult times(39:37) ClosingOur Guest: Achitha JacobAchitha Jacob is the founder of Proactive For Her. Proactive For Her is an omni-channel women’s health clinic offering judgement-free, personalised, and confidential healthcare solutions. They address the health concerns of Indian women across their lifetime – from puberty to menopause and beyond. Their services are available online, at home, and at their Bangalore clinics. Be it spreading awareness about annual check-ups to include pap smears and cancer screening, cervical cancer vaccination (HPV vaccination), STI/STD screening or helping women take that leap of faith and book their first gynaecology consultation, they want to empower every Indian woman to take charge of her own health and wellness journey.Proactive has helped 50,000+ women learn more about their sexual and menstrual health and access quality medical care. Young and old(er) women love that Proactive is able to provide them a safe space to address their sexual, menstrual & reproductive health concerns. They have done extensive work on extremely niche and taboo topics like vaginismus, a condition which is not very well understood in India.An alumnus of IIT-Bombay, Achitha dropped out of Harvard Business School to build Proactive For Her. She has previously worked with Fortune 500 healthcare companies and healthcare startups.Website: https://www.proactiveforher.comElise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

Imagine building a global tech powerhouse from scratch. That's the story of Guan Dian, cofounder, CMO and APAC GM of Patsnap, a pioneer in AI-powered patent search and analytics. From humble beginnings in China to leading a global tech team, Guan Dian's story is one of resilience, innovation, and a relentless pursuit of service excellence.Tune in to hear how Guan Dian transformed Patsnap from a small startup into a dominant force in the tech industry through her visionary leadership and strategic partnerships. Discover how she navigated cutthroat competition, industry disruption, and even global pandemics to propel Patsnap to success. Click here for the transcriptIN THIS EPISODE(00:00) Introduction(02:26) What is Guan Dian's role in Patsnap?(04:39) Why did Dian leave her "cushy job" to join a startup?(09:08) What have been some remarkable challenges in the journey?(13:23) How Dian realized that she has been pitching to the wrong people(18:23) Advice for female founders(21:54) Showing resilience at the face of adversity(25:21) What were some sacrifices Dian had to make along the way?(27:50) How did Patsnap meet Vertex?(31:39) How has Patsnap incorporated AI into their system?(42:12) Future of PatsnapOUR GUEST: Guan DianGuan Dian is the co-founder, CMO, APAC GM of Patsnap - a leading provider of research and development (R&D) analytics with AI-powered technology and machine learning. The company has grown from a small four-person operation to international prominence in the highly competitive field of patent analytics. Today Patsnap enables more than 12,000 customers in more than 50 countries to access market, technology, and competitive intelligence as well as patent insights to take products from ideation to commercialization.  In her current role at Patsnap, Guan leads the company's Asia Pacific business.Guan has over a decade of experience in the tech industry. Guan started their career as a software engineer at MooWee.Guan Dian has a background in management science and engineering from Stanford University, and a Bachelor of Applied Science in Management Information Systems from the National University of Singapore. She was part of the 2016 Forbes 30 Under 30 Asia and 2021 Tatler’s Asia’s Most Influential.Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

What does it take to go from an idea to owning the Southeast Asia Parenting space? In this episode, we have a conversation with Roshni Mahtani Cheung, the founder and CEO of The Parentinc, a pioneering parent-tech leader renowned for owning the largest content-community-commerce online platform for parents in the region. The Parentinc recently made waves with the acquisition of Mothers Work in Singapore, marking their foray into physical retail.Roshni reflects on the challenges of balancing motherhood and entrepreneurship, the importance of a supportive community, and the transformative power of building a business rooted in authentic passion. Get ready for a conversation that goes beyond tech and into the heart of female leadership and resilience!IN THIS EPISODE(00:00) Introduction(02:13) I'm an accidental entrepreneur(05:19) Parenting needs a community that's passionate yet open to change(08:40) Media monetization cannot grow to be a scalable business(16:34) How do you decide when to buy & when to build?(20:37) Be ready to commit 15 to 20 years of your life to the entrepreneur journey(23:12) Vertex is not just a team, it's a family(27:31) Hard Truths for female founders(30:31) Female Founders’ network of 2,000 female founders across Asia(33:04) Regaining confidence in female founders after the Elizabeth Holmes incident(41:31) Future plans for the ParentincFor the full transcript of this episode, click here.OUR GUEST: Roshni MahtaniRoshni Mahtani is the Group CEO and founder of TheParentinc - the company behind TheAsianParent, Mama’s Choice and Webtretho. Her company reaches 25 million parents on a monthly basis. To put that in perspective, 7/10 digital pregnancies in South East Asia use her platform to help raise happy, healthy and confident children.Roshni is also actively involved in the start-up community. She is currently one of the judges at Mediacorp’s business reality show, the “Big Spark”. In 2015, she co founded the Female Founders Network, a group of over 3,500 female founders across Asia.Besides her interest in the start-up world, Roshni is also an Executive Producer of Untouchable: Children of God – A docu movie about young girls in the brothels of India and how they are sold and trafficked from Nepal.She’s also an Obama Leader for the APAC 2019/2020 batch.https://www.linkedin.com/in/roshnimahtani/Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

Join host Elise Tan in this special episode of the Hard Truths by Vertex podcast, as she sits down with member of the PayPal mafia, Jack Selby, venture investor and independent film director. Discover the untold stories of PayPal's early days, including the merger with X.com and the birth of the pioneering digital payment giant.Jack shares valuable insights on the current investment landscape, exploring business cycles, and the hard truths for both early-stage founders and investors. Plus, delve into the fascinating world of independent filmmaking and learn why Jack finds it a refreshing departure from the routine of tech and finance. Tune in now!IN THIS EPISODE(00:00) Introduction(02:51) How did PayPal know about Vertex Ventures in Singapore?(03:56) Comparing 2000s and now, what has evolved in the area of startup and venture investment?(09:10) What strategies were implemented to make the PayPal & X.com merger work?(10:53) What led to the substantial growth of PayPal?(12:17) Hard truths for early-stage founders and investors(17:25) Opinions about portfolio value creators(18:50) What are the emerging trends of 2024?(22:51) How are filmmaking and investing similar?For the full transcript, click here.OUR GUEST: Jack R. SelbyJack R. Selby is the managing director at Thiel Capital. He is a former managing director at Clarium Capital Management LLC.Prior to Clarium, Mr. Selby served as a Corporate Officer and Senior Vice President of PayPal, Inc. (NASDAQ: PYPL). Mr.Selby was an original member of the founding PayPal team, and served in a variety of roles during his tenure at the company, including the management of PayPal’s international operations.Prior to PayPal, Mr.Selby worked for GFTA Analytics GmbH, a Dusseldorf-based financial consulting company which provides foreign exchange solutions to financial institutions, multi-national corporations, governments, central banks and institutional investors.https://www.linkedin.com/in/jackselby/Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

In this episode, Nikhil Marwaha, Senior Executive Director, shares his extensive investment journey spanning early and later-stage companies in sectors like consumer, B2B enterprise, and healthcare. Learn about his experiences with growth equity funds, insights into venture investing, and the exciting trends in the Indian startup ecosystem. Based in Gurgaon, he sees a different set but nevertheless exciting venture opportunities.Stay tuned for discussions on emerging themes, including enterprise B2B SaaS, manufacturing in India, and the rise of electric vehicles in India. Discover the unique stories of Vertex's portfolio companies, such as Ace Turtle, Certa and Pilgrim, and gain valuable advice for early-stage entrepreneurs navigating the dynamic Indian market!IN THIS EPISODE(00:00) Introduction and Background(01:28) Investment Experience and Transition to Venture Capital(06:27) Overview of the Indian Startup Ecosystem(10:11) Key Investment Trends in India(14:45) Metrics and Assessments for Venture Capital Investing(20:54) Vertex Portfolio Companies in India(23:14) Ace Turtle and Progress in Consumer Segment(25:21) Advice for Early Stage Entrepreneurs in India(30:21) Market Sizing and Challenges in India(32:00) Exciting Areas in Venture Capital for 2024For the full transcript, click here.OUR GUESTS: Nikhil MARWAHA, Senior Executive DirectorNikhil Marwaha joined Vertex Ventures Southeast Asia & India Team in 2023 and is based in Gurgaon, New Delhi. Prior to Vertex, Nikhil was a Director for Investments at Avendus Future Leaders Fund (Avendus FLF), a US$200M growth equity fund sponsored by Avendus, a leading Indian investment bank, where he led investments across consumer, digital technology & healthcare. Prior to Avendus, Nikhil was a Co-Founder & Principal at MegaDelta, a US$200M secondary fund, where he was on the Board of multiple companies and led exits worth ~US$100M.  https://www.vertexventures.sg/#team Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

In this episode of Hard Truths by Vertex podcast, Chan Yip Pang, Executive Director at Vertex Ventures SEA & India, explores the Malaysian startup ecosystem, delving into his journey and the three phases of Malaysian tech development. The conversation covers notable investments, the strengths of the Malaysian ecosystem, and Vertex's investment thesis, offering insights for ambitious founders in Southeast Asia. Join Chan Yip and host Elise Tan as they discuss hard truths and valuable advice for entrepreneurs aiming to make their mark in the Malaysian startup scene.IN THIS EPISODE(00:00) Journey from an electrician's son to a VC investor(05:16) The 3 phases of Malaysian tech development(10:49) The most notable investments in Malaysia - Grab and PatSnap(12:12) The advantage of Malaysian Ecosystem - Hungry founders, lower operating costs(15:48) The Vertex investment thesis for Malaysia - invest in ambitious founders(16:41) Advice for aspiring entrepreneurs -  get started with your idea now to tap into capital and opportunities(19:31) The exit opportunities for Malaysian companies(20:52) Advice for entrepreneurs - focus on what you can control(23:17) How to reach out to Vertex Ventures SEA and India?For the full transcript, click here:Our Guest: Chan Yip PangChan Yip Pang is Executive Director at Vertex Ventures SEA & India. He focuses on Pre-A, Series A and Series B investments in Fintech, Consumer and Enterprise Software.Prior to joining Vertex, Chan Yip was the Asia Pacific Investment Director in Experian Ventures (the corporate venture arm of one of the largest credit information firms globally) where he focused on financial inclusion for the next billion users. He was also part of the M&A team and has worked on key acquisitions for the company. In addition, he represented Experian as board of director/observer in several portfolio companies.Follow him at https://www.linkedin.com/in/chanyip/ Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

Indonesia is the largest market in Southeast Asia but with a nascent startup ecosystem, how can entrepreneurs navigate rapid growth while ensuring bottom-line profitability? In this episode, Gary Khoeng shares insights on Indonesia's startup landscape. Covering topics across profitability, unit economics, and internal governance, Gary provides a pragmatic understanding for navigating the challenges of the evolving market. This episode offers key considerations for those aiming to tap into Indonesia's startup opportunities within the broader Southeast Asian context. Tune in now!In This Episode(00:00) Starting the Vertex Journey(04:57) Growth of Fintech in Indonesia(09:37) What are some notable trends in the Indonesian ecosystem?(11:57) Advice for investing in the Indonesian market(12:58) How to reach out to Vertex for funding?(16:51) How does Vertex support its portfolio companies(24:15) At what point should the startup business aim to be profitable?(28:51) Advice for first time foundersFor the full transcript, click here: Gary KhoengGary Khoeng is a Partner of Investment at Vertex Ventures Southeast East Asia and India and is the first to set up the team in Indonesia. He has spent most of his career in financial services and management consulting at the Boston Consulting Group in Jakarta before joining Vertex. At BCG, he covered both banks and FMCG clients across South East Asia. Prior to BCG, Gary worked at Citigroup’s Institutional Clients Group in New York, Singapore, and Hong Kong.Follow him at https://id.linkedin.com/in/garykhoeng Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

How do Indian startups navigate constraints and build innovative businesses? In this episode of Hard Truths by Vertex podcast, Elise Tan and Piyush Kharbanda discuss the challenges and opportunities in the Indian startup ecosystem, drawing insights from successful ventures like KukuFM and Kissht. Explore the unique dynamics of the Indian ecosystem and the path to success in a dynamic market. Tune in now!IN THIS EPISODE(00:00) How did Piyush come across Vertex?(02:01) How has the Indian ecosystem grown since his joining?(04:12) What are the types of companies that have done well in the Indian ecosystem?(10:48) What brings Piyush to the early stage market?(13:40) Hard truths for first time entrepreneurs(20:50) How do successful start-ups manage to monetise?(28:54) How have the rules of Venture Investing changed since the pandemic?(31:33) Product market fit is a journey(35:08) What should be your investing strategy in India?(37:57) Exit opportunities in the Indian marketRead the full transcript here: https://bit.ly/40uuWfSOUR GUESTPIYUSH KHARBANDAGeneral Partner, Vertex Ventures Southeast Asia & IndiaPiyush Kharbanda joined Vertex Ventures in 2016 and is focusing on opportunities in India. Prior to Vertex, he spent five years investing across sectors with Multiples, a leading India based mid-market fund, where he was involved in investments through portfolio management and exit. Before that, Piyush worked with Alvarez and Marsal on performance improvement and strategy consulting assignments.https://in.linkedin.com/in/piyushkharbanda Your HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.https://www.linkedin.com/in/elisetanyl/ —-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

What are the evolving trends in the Southeast Asia startup ecosystem? In this episode of Hard Truths by Vertex podcast, Carmen Yuen, General Partner at Vertex Ventures Southeast Asia and India, shares her journey from government-backed initiatives to becoming a key player and rare woman partner in the startup landscape. Get into the mind of a prominent investor and your questions answered - how to navigate this challenging economic and slow funding period? What are the best strategies going forward for your startup? Tune in for a conversation that delves into the heart of the startup world!IN THIS EPISODE(00:00) Starting the Vertex Journey(3:56) How has the Singapore ecosystem flourished?(06:20) Is there a type of successful company in Singapore?(08:32) What would be Vertex's investment strategy in Singapore?(09:38) Hard truths to raising funds(13:55) Is it the right time to start companies?(16:02) Do companies learn from experience?(18:26) Exit opportunities for SG companies(22:09) Advice for aspiring female investors and entrepreneursFor the full transcript, click here: https://bit.ly/3QutlTV Carmen YuenCarmen Yuen joined Vertex Ventures Singapore office in 2014. Her focus is in Singapore and Southeast Asia, leading investments and helping portfolio founders to grow their companies into regional and global champions.Follow her at https://sg.linkedin.com/in/yuencarmen Elise TanElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

How do you build a business servicing a client base that operates on a fine line between survival and failure? And how do you ensure your business is not just client-churn proof but also emerges resilient towards funding challenges? Find out from Wai Hong, founder of StoreHub.In This Episode(00:55) How StoreHub got started(04:25) Hard Truths about F&B and Retail(06:43) How they create a scaled marketing and sales process (09:55) Early days of Storehub(12:18) Meeting his co-founder and CTO(14:27) Meeting Vertex(15:41) Hard truths about fund-raising(18:06) How Vertex is different from many other VCs(20:00) Product-Market Fit isn’t a static thing(22:15) How StoreHub launched a food delivery business in just 48 hours(26:06) Being resilient to funding challenges(28:57) Building a pro sports team cultureHard Truths by Vertex is a top 5 Entrepreneurship show in Singapore and we interview some of the most accomplished founders, investors, and experts from across the Asian ecosystem. If you are interested in the startup space, make sure you subscribe or follow so you never miss any of our great episodes.Our GuestsWai Hong Fong is the co-founder of StoreHub, an all-in-one technology platform that offers an ecosystem of solutions ranging from a cloud-based POS system to QR-based table ordering, loyalty, customer engagement, and many more. This platform helps restaurants and retailers throughout Southeast Asia automate and grow their businesses.He also built OZhut, an Australian multi-niche online retailer, before creating StoreHub. In 2011, while running OZHut, he was recognized as Melbourne's "Top 100 Most Influential People" by The Age Newspaper and Australia's "Best Young Entrepreneur" by StartupSmart.Wai Hong describes himself as an accidental entrepreneur, a geek, a foodie, and a gamer for life.  He is passionate about creating profitable, purpose-driven businesses and believes that the methods used to do so should be characterized by honesty, modesty, and generosity.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

How do you get millennials to buy something usually recommended by their grandparents? And how do you keep their attention when the product you sell takes months to show results? How do you know when you’ve achieved product-market fit?In This Episode(01:02) Ameve’s story and the inception of Kapiva(05:38) How Kapiva Retains Customers(07:22) Vertex and Kapiva(08:49) Partnering with movie star Malaika Arora(10:40) Hard Truths about building D2C brands(13:10) Launching new products and(14:01) The case for geographic expansion(16:00) Sometimes timing beats product(17:22) A simple test for Product-Market Fit(19:33) A simple tactic for customer centricity(21:12) How a best-seller was built from customer feedback(24:00) Finding good investors(25:47) Honest investor conversations(28:47) Vision for KapivaHard Truths by Vertex is a top 5 Entrepreneurship show in Singapore and we interview some of the most accomplished founders, investors, and experts from across the Asian ecosystem. If you are interested in the startup space, make sure you subscribe or follow so you never miss any of our great episodes.Our GuestsAmeve Sharma is the founder and CEO of Kapiva, a leading Ayurvedic brand in India. Kapiva offers a wide range of natural and effective products for health and wellness. Using only the highest-quality ingredients and traditional techniques, Kapiva is committed to delivering better health outcomes to its customers through holistic Ayurvedic solutions. LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

How do you convince billion-dollar institutional investors to trust a relative upstart with their funds in a market with so much financial turmoil? And how do you plan expansions into multiple countries, all of which have entirely different regulations around your business? Where do you even begin building out such a financial portfolio?In This Episode(01:45) Nikhilesh’ story(03:42) The inception of Validus(06:02) Moving from mass to premium positioning(08:04) Localisation of their model(10:35) Hards truths about expansion(12:32) Pressing the accelerator(15:55) Getting to profitability(17:10) Making SMEs’ lives better(21:46) Current scale(22:56) Hard truths about financial digitization(24:46) Validus is secretly an impact business(27:13) A happy childhood(28:34) Hard truths about being a founderHard Truths by Vertex is a top 5 Entrepreneurship show in Singapore and we interview some of the most accomplished founders, investors, and experts from across the Asian ecosystem. If you are interested in the startup space, make sure you subscribe or follow so you never miss any of our great episodes.Our GuestsNikhilesh Goel is the co-founder of Validus Capital. He leads the Singapore team and collaborates with the Vietnam CEO to manage the Vietnam team. Prior to founding Validus Capital, he worked in private equity and corporate finance in Southeast Asia for the previous 14 years. His experience includes debt and equity financing in a variety of industries, as well as portfolio management and value creation in SMEs. He also established Taipan Partners' M&A advisory practice, which focuses on consumer and technology sector transactions throughout Southeast Asia.He holds a Bachelor of Engineering degree from Nagpur University as well as an MBA in Finance from the University of Delhi's Faculty of Management Studies. He contributes to the fintech ecosystem by sharing insights on alternative lending, small business financing, and peer-to-peer platforms at fintech and SME conferences on a regular basis.He was recently named one of the 'Top 10 Fintech Leaders in 2019 and 2020 - Singapore Fintech Association Awards', as well as the 'Innovation Leadership Achievement in Singapore Award 2021 - The Asian Banker'.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

We often think about startups as a 0 to 1 game with a team of founders working and pivoting around one theme in the hope of finding success. But that is a highly risky way to try and build VC-scale businesses. In this episode we learn of a different model, one that has led to the creation of a billion-dollar, profitable business in the highly competitive media and content space.In This Episode(00:53) Sound On acquisition and building a portfolio of startups(03:27) How 17LIVE was formed(06:28) Vertex’s role in their success(08:55) The NYSE listing that never happened(11:32) Hard Truths for entrepreneurs(13:59) Changing trends in content distribution and monetization(17:27) Not being sure about doing the right thing(19:41) The future of content and media businesses(23:48) Variables affecting content businesses(26:42) Closing thoughtsHard Truths by Vertex is a top 5 Entrepreneurship show in Singapore and we interview some of the most accomplished founders, investors, and experts from across the Asian ecosystem. If you are interested in the startup space, make sure you subscribe or follow so you never miss any of our great episodes.Our GuestsJoseph Phua is Chairman at Turn Capital and the SoundOn Group as well as Co-Founder and Chairman at 17LIVE Inc. 17LIVE is a portfolio company of Vertex Ventures Southeast Asia & India. He also recently started the fast-growing Next Apple News media platform.Prior to this, he founded Paktor, a pioneering dating app that has expanded beyond Singapore to the rest of Southeast Asia and North Asia, to form the largest social dating group in the region. LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

Indonesians are voracious consumers of social media, and the creator economy is set to grow massively in the coming years. As the industry grows, unmet needs in engaging and monetizing their content arise. How does TipTip as a platform better serve their needs? And what are some of the tips and best practices for creators to make money on the platform?In This Episode(01:53) First Impressions(03:41) About TipTip and their journey so far(06:49) Vertex’s Investment thesis for TipTip(09:19) How Paulina was convinced to join TipTip(12:30) Hard Truths about being a startup CMO(14:22) Vertex is indexing more towards unit economics(15:28) Advice for female leaders(20:40) Learnings from being on The Apprentice(24:10) Memorable customer stories(27:45) Finding Product-Market Fit(29:43) Tips for succeeding as an influencer(32:29) How TipTip works and what’s coming nextOur GuestsPaulina Purnomowati is the Chief Marketing Officer at TipTip, the go-to monetization platform for Southeast Asian content creators and a one-stop shopping and learning destination for digital content and live sessions for everyone. Prior to joining TipTip, Paulina was the Vice President of Corporate Development and Strategy at Evolve MMA, Asia's premier martial arts championship brand. She has nearly 20 years of experience in brand building, marketing, innovation, business development, and corporate development for leading brands such as L'Oréal, P&G, Evolve MMA, Chanel, Mount Scopus, Valiram, Mitra Adiperkasa, Global Brands Group, TOD'S, and ERHA CLINIC. She was the sole Indonesian representative and top five finalists for The Apprentice: One Championship edition in 2021.Khushbu Topandasani is an Associate Director, Investments at Vertex Ventures South East Asia & India, based in Jakarta, Indonesia. Her portfolio includes TipTip, Fairatmos, Dailybox, Cosmart, Fairbanc, and Sirclo. Prior to joining Vertex, Khushbu was a Product Manager at Citibank where she was also part of the prestigious Management Associate Program. At Citibank, she undertook several roles including Corporate Banking, Insurance, Wealth Management, and Cards & Loans. Khushbu also interned at Ernst & Young Singapore and Starwood Hotel & Resorts Singapore (now Marriott International).LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she had extensive experience in investor relations and partnerships at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups, and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce, and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn, and Instagram

What are the hard truths about building a climate tech market in a country and region where the awareness, tech and regulations are yet to mature? And how do you make massive change happen while also handling the demands of being a new mother? Hear from Ria and Puiyen as they discuss the challenges, pitfalls and the immense impact of category creation in Climate Tech.In This Episode(01:53) About FairAtmos(04:53) First impressions between Vertex and FairAtmos(07:53) Vertex’ investment thesis for FairAtmos(10:02) State of Carbon markets in SEA(11:15) How FairAtmos is trying to be an early mover in SEA Climate Tech(14:11) Hard Truths about category creation in Climate tech(16:25) Impact beyond climate(17:30) It’s not just about money(21:22) Hard truths about being a mom investor and entrepreneur(25:03) Vertex’ views on climate tech investments(27:05) FairAtmos business model(28:15) Advice for female founders(33:22) How their childhood shaped themOur GuestsNatalia Rialucky is the Founder & CEO of Fairatmos, a platform that finds, verifies, and connects carbon projects with businesses looking to reduce their carbon footprint. Prior to this, she was Chief Strategy and Social Impact Officer at TaniHub. She was the Head of Social Impact at the Boston Consulting Group before Tanihub. She has over ten years of experience in agri-tech, impact investing, growth capital, management consulting, and start-ups in South East Asia and the Asia Pacific region at leading firms such as BCG, KKR, TaniHub, Grab, Xendit, and 01VC.She earned her bachelor's degree in International Relations and Affairs from the University of Indonesia and her MBAs from the University of California, Berkeley, and INSEAD.Puiyan Leung is Partner, Investments at Vertex. She joined Vertex Ventures SEA & India in 2020 and focuses on opportunities in Southeast Asia. Pui Yan previously worked as a Director of Investments and Operations at Singtel Innov8, the corporate venture arm of Singtel. Prior to that, she held a variety of operational roles, including serving as Singtel's Indonesia-based lead in representing Singtel's digital portfolio's local market development and expansion interests. Pui Yan earned a Bachelor of Electrical Engineering from the National University of Singapore (NUS). She joined the Kauffman Fellows Program in 2019, which focuses on innovation leadership and venture capital for US and global investors.Vertex Ventures is proud to be associated with over 20 female-founded startups across SEA and India and this episode is part of our special series for International Women’s Day 2023. Throughout March we will feature four accomplished women business leaders along with their Vertex investors so do subscribe to our show and discover what it takes for women leaders to succeed in what is still a male-dominated space.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn and Instagram

It’s hard to translate vision into reality - and especially so when you are trying to help workers build a better life. But when you see it happening, the moment is magical! Listen to Nelly and Jessica discuss the highs and lows of building Pintarnya, the huge potential it has to transform blue-collar workers' lives as well as Nelly’s take on how women can be more empowered to take charge of their lives and careers.In This Episode(02:24) First impressions of Vertex and Pintarnya(05:46) How Pintarnya was conceived based on personal experience(07:26) Being picked to be CEO by her accomplished co-founders(10:30) Vertex’ investment thesis for Pintarnya(12:44) The hard truth about translating vision into reality(17:00) One key difference between male and female founders(20:02) A magic moment in the journey(22:30) A big vision(25:52) Co-founders and spirit animals(28:57) Nelly’s thoughts on female empowerment(33:28) How her mother shaped her ambitionsOur GuestsNelly Nurmalasari is the Co-Founder and CEO of Pintarnya, a technology startup based in Indonesia with a mission to unlock employment and financial opportunities for millions of blue-collar workers in Indonesia. She began her career at BCG, spending over 10 years as a project leader and was chosen to receive a full scholarship towards an MBA at The Wharton School. During her studies, she developed a strong interest in technology and eventually joined Traveloka, where she rose to the position of SVP, leading a business unit with over 600 employees. She also ran a salon on the side, the pain points of which led to the idea that birthed Pintarnya.Jessica Koh has been with Vertex Ventures SEA and India for close to five years. She is currently an Investment Director at VVSEA&I, and led the investment in Pintarnya. Prior to Vertex, Jessica was at 500 Startups, involved in Investments & Fundraising. She graduated from NUS placing on the Dean’s List, and spent a year in Silicon Valley as part of the NUS Overseas Colleges programme. Vertex Ventures is proud to be associated with over 20 female-founded startups across SEA and India and this episode is part of our special series for International Women’s Day 2023. Throughout March we will feature four accomplished women business leaders along with their Vertex investors so do subscribe to our show and discover what it takes for women leaders to succeed in what is still a male-dominated space.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn and Instagram

What are the hard truths about being a startup builder in manufacturing, and what was Vertex Ventures’ thesis for investing in such a tradition-bound and notoriously difficult space? And how does it feel to be a female only founder-investor pair in such a male-dominated world?In This Episode(01:10) Vertex and Karkhana; Meeting, first impressions and the investment thesis(08:18) How Karkhana got started(12:50) Hard Truths about building and investing in manufacturing startups(18:20) How Karkhana scaled their business(21:32) Importance of company culture(27:42) The value Vertex brought to Karkhana as an investor(29:23) Hard Truth about authenticity(31:10) Insights about being a female VC and advice for new female foundersOur GuestsSonam Motwani is the founder & CEO of Karkhana.io, a one-stop solution for custom manufacturing that offers clients on-demand manufacturing with seamless execution from quotation to delivery.Kanika Mayar is the partner with Vertex Ventures SEA and India who led the investment in KarkhanaVertex Ventures is proud to be associated with over 20 female-founded startups across SEA and India and this episode is part of our special series for International Women’s Day 2023. Throughout March we will feature four accomplished women business leaders along with their Vertex investors so do subscribe to our show and discover what it takes for women leaders to succeed in what is still a male-dominated space.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers by helping launch, produce and grow your custom-branded audio and video podcast channels. Find us on our Website, LinkedIn and Instagram

Vertex Ventures has been investing in South East Asia and India long before it became fashionable (!) so we know a thing or two about which sectors are on the rise. Tune in to learn how we view the key sectors of Supply Chain, Consumer and Fintech.Our GuestBen Mathias is Managing Partner at Vertex Ventures South East Asia and India. Prior to joining Vertex Ventures, he was Partner at NEA. Before joining the world of VC, he held leadership positions at E2open and i2 Technologies.In This Episode(01:00) Differences and learning from corporate and VC(13:30) Companies are having to turn profitable overnight - and they can(18:30) It’s the golden age of VC in South East Asia and India(21:21) Opportunities in Supply Chain(25:13) Opportunities in Consumer(27:50) Differences between South East Asia and India(31:47 ) Opportunities in Fintech(33:40) Opportunities in Open BankingThe Hard Truths podcast is a top 10 show in Singapore. If you are a founder, investor or interested in the startup ecosystem in Southeast Asia and India do subscribe now so you don’t miss any of our upcoming episodes.LinksShow notes and full transcript for the episode.Your HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help dreamers become do-ers. Find us on our Website, LinkedIn or Instagram

Starting with a little office in a dilapidated old building to joining the rarefied ranks of unicorns in Southeast Asia, Nium has come a long way. But what did it take to keep it going even when the chips were down and fresh funding was hard to come by? What set them apart from their competition and what were some of the bets they had to make? And what were some of the Hard Truths they learned on the way?Our GuestsPratik Gandhi is the COO and co-Founder of Nium (formerly InstaReM), a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services. He leads the global finance, operations, and customer service teams, with responsibility for driving focus on Nium’s financial activities and helping the company deliver exceptional experiences.Prior to Nium, he worked for companies such as Arthur Andersen, Xerox, PepsiCo and Telstra before specialising in banking, an industry where he held senior roles at Fullerton India Credit, Standard Chartered Bank, and Citibank.In This Episode(00:58) Joining Nium(04:34) Relationship with CEO Prajit Nanu(08:53) Partnering with banks(15:06) Difficult moments(21:27) A big bold bet - acquiring Ixaris(26:47) Hard Truths(32:19) Catching the Startup bug(35:40) Culture at NiumIf you like what you hear please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 want to share and uncover Hard Truths - raw, unfiltered insights and venture capital experience across Southeast Asia & India.Tune in to hear from leading founders, innovators, venture capitalists and industry experts in the region and to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers. Find us on our Website, LinkedIn or Instagram

You might know of Vertex Ventures as a successful VC in South East Asia and India. But did you know that it had a troubled start? So how did we then go on to becoming one of the top VCs in the region with investments in Grab, Nium and PatSnap and what is our secret recipe for identifying the kinds of founders that build unicorns? What are the hard truths about building an enduring VC? Learn about these and a lot more directly from Kee Lock Chua, CEO of Vertex Holdings.Our GuestsChua Kee Lock is CEO of Vertex Holdings and concurrently Managing Partner of Vertex Ventures Southeast Asia & India as well as Chairman of Vertex Growth Fund.Prior to this, he held senior positions in Biosensors International Group, Ltd., a developer / manufacturer of medical devices; Walden International, a US-headquartered venture capital firm; NatSteel Ltd., a Singapore industrial products company, and Intraco Ltd., a Singapore-listed trading/distribution company. Mr. Chua co-founded MediaRing, provider of voice-over-internet, which later listed on Singapore’s stock exchange.Mr. Chua was appointed by the Singapore Government as a Non-Resident Ambassador to the Republic of Cuba and the Republic of Panama in 2020. He currently serves on the boards of several companies, including Yongmao and Credit Bureau Asia, which are publicly listed.Mr. Chua graduated with a Mechanical Engineering degree from the University of Wisconsin and a M.Sc. degree from Stanford University.In This Episode(01:18) What’s top of mind for Kee Lock(03:10) Kee Lock’s most memorable deal(07:38) How Vertex tries to evaluate founder passion and the example of Nium(10:48) Challenges Kee Lock faced in the early days of Vertex(17:58) Lessons from Kee Lock’s father that still hold good today(22:25) The key ingredients for work life balance(25:45) What female founders most need(28:11) Words to live byIf you like what you hear please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.LinksShow notes and full transcript for the episodeYour HostElise Tan is the Director of Communications and Community at Vertex Ventures Southeast Asia and India. Prior to joining Vertex, she has had extensive experience in investor relations and partnership at global venture funds and accelerators with more than $100m in AUM. Elise also currently runs a Southeast Asia-based startup community of nearly 800 entrepreneurs called the Asia Startup network and actively supports their startup journey through panels, meet-ups and mentoring programs.—-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 want to share and uncover Hard Truths - raw, unfiltered insights and venture capital experience across Southeast Asia & India.Tune in to hear from leading founders, innovators, venture capitalists and industry experts in the region and to gain industry insights from those in the know.If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.—This podcast is powered by CrazyTok: We help experts become influencers. Find us on our Website, LinkedIn or Instagram

Hard Truths gives you a behind the scenes view of the most exciting startups and investment opportunities in SE Asia and India. It's brought to you by Vertex Ventures Southeast Asia & India, an early-stage investor in the region's most promising startups and one of Southeast Asia’s oldest VC funds. If you're a startup founder, entrepreneur or startup investor, follow/ bookmark and share this show - it's one you definitely cannot miss.