20 Years of Building India's Venture Ecosystem

What does it take to build one of India's most resilient venture firms - in an ecosystem where exits were considered impossible? 🇮🇳Sudhir Sethi, Founder & Chairman of Chiratae Ventures - one of India's oldest homegrown venture capital firms - sits down with Rohit Yadav in this special India Series episode to share the unfiltered story of building a VC firm across 20 years of market cycles. From nearly dying after Fund II to returning over $1B to investors, pioneering multi-asset secondary sales, and backing brands like Lenskart, FirstCry, and Flipkart before they became household names - this conversation is a masterclass in surviving and scaling in Indian venture capital. Whether you're a founder, investor, LP, or just India-curious, you cannot miss this one.Chapters:00:00 — Introduction: Chiratae Ventures & the India Series00:55 — What global investors get wrong about India03:42 — Is comparing India to Silicon Valley the right lens?07:37 — The depth of India's venture ecosystem most people miss08:13 — FirstCry, Lenskart & building dominant Indian consumer brands11:54 — What has changed most in India's startup ecosystem over 20 years?12:36 — Talent evolution: from IT services to deep tech and manufacturing16:04 — The rise of domestic capital & India's $11B sovereign deep-tech fund21:24 — Why democratic startups find markets in democratic countries23:16 — How Chiratae differentiated itself over two decades26:25 — The near-death of Fund II and the pivot that saved the firm31:46 — Multi-asset sales, IPOs & scaling the exit engine33:40 — Myths vs. reality: risk and returns in Indian venture36:49 — How India's domestic LP ecosystem matured39:50 — The full exit landscape: IPOs, M&A, secondaries43:54 — Why deep tech is the key to unlocking global M&A46:20 — When should Indian brands go global?51:29 — Deep tech companies that went global early: Miko, Aether, Cavli53:02 — Building a unicorn in India is about...55:34 — Why purpose matters more than KPIs🔑 Key Insights You'll Walk Away With:Why India's venture ecosystem was built in capital scarcity — unlike the US and China — and what that means for returnsHow Chiratae went from raising just $95M in Fund II to returning over $1B across its fund historyThe multi-asset secondary sales strategy that no other Indian VC had tried beforeWhy dominant Indian consumer brands effectively block global competitors from entering the marketHow India's $11B RDI Fund could reshape the deep-tech landscape globallyWhy Indian VCs are finally turning to European LPs — and the massive opportunity that representsThe difference between consumer and deep-tech playbooks for going globalWhy patience and purpose — not valuation milestones — define the most successful Indian foundersLinks:Sudhir Sethi: linkedin.com/in/sudhir-sethi-a5303510b/Chiratae Ventures: chiratae.comRohit Yadav: linkedin.com/in/rohityadav23Newsletter: yadavrohit.substack.comThe social media content for this mini-series was produced by Brownie Media. Brownie Media helps brands looking to scale their presence and assists founders and VCs in growing their podcasts. Learn more at browniemedia.co