Ankur Capital's Ritu Verma on Investing in India's Deep Science Revolution

Dr. Ritu Verma, Co-Founder and Managing Partner of Ankur Capital, breaks down her decade-long journey from experimental physics at the University of Pennsylvania to building one of India's most respected deep tech VC funds.   

With portfolio companies like Captain Fresh heading toward a billion-dollar IPO, Offgrid Energy Labs pioneering zinc battery technology, and String Bio revolutionizing precision fermentation, Ritu shares the contrarian strategies that generated 30% IRR returns. From raising Fund I with a random Colorado angel investor to securing commitments from British International Investment and the US DFC for Fund III, this conversation covers the scrappy realities of VC fundraising in India, the multiplication formula most founders miss during term sheet negotiations, and why mediocrity in early hires destroys startups.   

Ritu also unpacks India's transformation from IP-averse to filing 100,000 patents annually with 50% domestic share, the codification thesis powering B2B marketplace unicorns, and how Indian defense is becoming the guinea pig customer for deep tech. She shared these hard-won insights in this candid conversation with host Akshay Datt, offering a masterclass in patient capital, portfolio construction, and ecosystem building through initiatives like ThinkAg and the Deep Science Forum.  

What You'll Learn:  

👉The multiplication formula for VC returns that most founders negotiate wrong during fundraising (Returns = Valuation × Ownership %) 

👉Why Ankur Capital's ₹50 crore Fund I failed structurally and what emerging fund managers must avoid 

👉How codification strategy turned fragmented fish and fruit supply chains into billion-dollar B2B marketplaces 

👉The mediocrity trap: Why hiring safe corporate executives in early stages kills startups faster than product failures 

👉India's deep tech moment: From getting kicked out of IITs for asking about IP in 2008 to 50% domestic patent share in 2025 

👉Captain Fresh's 5-year seed-to-IPO journey and what it signals for real economy tech companies versus consumer apps 

If you found value in this deep dive into deep science VC and early-stage investing in India, subscribe to The Founder Thesis Podcast for more unfiltered conversations with founders and investors shaping India's startup ecosystem. Follow host Akshay Datt on LinkedIn and X for episode highlights, startup insights, and exclusive content.

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Disclaimer: The views expressed are those of the speaker, not necessarily the channel