SRA_18 - Sunil Goyal V.2_1.mp4

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SRA_18 - Sunil Goyal V.2.vtt

ENGLISH

{{00:00:11}}
SRA_18 - Sunil Goyal V.2: 2024 has
been a turnaround year after the

{{00:00:13}}
extreme funding winter slowdown.

{{00:00:16}}
This is a time when India or
Indian VCs or emerging VCs have

{{00:00:20}}
started to see some uptick.

{{00:00:23}}
There was a hope that interest
rates will start softening.

{{00:00:26}}
There was validation with around
27 companies going for IPO in the

{{00:00:32}}
last few months and with them,
most of them turning profitable.

{{00:00:37}}
20 of those companies that I've
got listed are now profitable.

{{00:00:41}}
So the journey of India towards profitable
tech companies has started in 2024.

{{00:00:48}}
It has set a new benchmark that it is
not about accounting profitability.

{{00:00:52}}
It is about free cash flow.

{{00:00:54}}
So that ethos of governance
has set in India in 2024.

{{00:01:04}}
The Indian government has taken
policy initiatives around deep tech.

{{00:01:10}}
So the deep tech policy of India, the
Indian space tech policy, the quantum

{{00:01:15}}
mission, the geospatial policy, the
semiconductor policy, each of these

{{00:01:20}}
policies have allocated close to a
billion dollars to be spent over the

{{00:01:24}}
next four to six years to seed startups,
to support startups, defense buying

{{00:01:28}}
has started from from private sector.

{{00:01:31}}
All these are revolutionary
steps in India.

{{00:01:33}}
So each of these things are
creating opportunities for.

{{00:01:37}}
early stage venture capitalists to partner
at this particular stage and actually

{{00:01:41}}
nurture global market leaders from India.

{{00:01:43}}
So once these deep tech companies
are built from here, we'll be

{{00:01:48}}
serving the world from here.

{{00:01:50}}
The

{{00:01:55}}
biggest challenge is always fundraising.

{{00:01:58}}
We've raised three funds.

{{00:02:00}}
2012 when we were raising the
capital, the interest rates of the

{{00:02:04}}
structured debt products were giving
to individuals 18 to 20 percent return.

{{00:02:08}}
There was no way that we could
go and Take capital from family,

{{00:02:12}}
office, or individuals at that time.

{{00:02:14}}
2017, India was doing structural programs.

{{00:02:17}}
Structural changes for
building a solid foundation.

{{00:02:20}}
One nation, one tax.

{{00:02:22}}
GST was brought in.

{{00:02:24}}
India was looking at
formalizing the economy.

{{00:02:28}}
They did demonetization of the currency.

{{00:02:30}}
And hence, huge disruption when
we launched the Fund 2, for us

{{00:02:34}}
to be able to attract capital.

{{00:02:36}}
And then, Fund 3, when we were
doing The funding winter had set in.

{{00:02:41}}
Over and above, emerging managers
like us, if they have a deep tech

{{00:02:45}}
as a policy, we may be seen early
for the LP boards to be able to

{{00:02:49}}
consider to allocate monies for us.

{{00:02:53}}
For an emerging manager to convince LPs
on their thesis is a long drawn process.

{{00:02:58}}
We have to be patient, we have
to be there, then only the

{{00:03:02}}
brighter side will come by.

{{00:03:08}}
One is thesis, as to what
unique thing that you're doing.

{{00:03:12}}
And I'll talk about those
unique things out there.

{{00:03:15}}
And then.

{{00:03:16}}
Always promises made, promises kept.

{{00:03:19}}
In case you're able to demonstrate
liquidity, that you are not having those

{{00:03:24}}
emotions to stay with the asset for long.

{{00:03:26}}
You've done your job in three to
seven years, it is better that once

{{00:03:30}}
you've done the job, sell it off.

{{00:03:32}}
Means I've invested a million dollars
in a company, I'm selling at eight

{{00:03:34}}
million dollars, in three to five
years, I get the eight million

{{00:03:38}}
back, deploy it back, one, one, one
million dollars in eight startups.

{{00:03:41}}
I should keep doing my job of reinvesting.

{{00:03:45}}
And doing that cycle.

{{00:03:47}}
But if you start building and saying that,
oh, the $8 million can become 16 in the

{{00:03:51}}
next two years, and you hold onto the
asset, then you're not doing your role

{{00:03:55}}
of seeding startups as a early stage vc.

{{00:03:58}}
So that's the key aspect that I would say
you have to be known from what you do.

{{00:04:05}}
We invested in the first
AI company in 2014 2015.

{{00:04:10}}
First investment in Internet of Things,
2018 in a robotics company, which

{{00:04:15}}
today has customers in 140 countries.

{{00:04:19}}
FDA approved medical tech device in
2020, 2021 in a EV climate tech startup.

{{00:04:26}}
And 2024, we've written a check for a
space tech company, for somebody who

{{00:04:31}}
wants to make India's first quantum
computer, a geospatial company, and

{{00:04:35}}
now confidential compute on cloud.

{{00:04:39}}
You have to be known
for what you're doing.

SRA_18 - Sunil Goyal V.2: 2024 has
been a turnaround year after the

This is a time when India or
Indian VCs or emerging VCs have

There was a hope that interest
rates will start softening.

There was validation with around
27 companies going for IPO in the

last few months and with them,
most of them turning profitable.

20 of those companies that I've
got listed are now profitable.

So the journey of India towards profitable
tech companies has started in 2024.

It has set a new benchmark that it is
not about accounting profitability.

So that ethos of governance
has set in India in 2024.

The Indian government has taken
policy initiatives around deep tech.

So the deep tech policy of India, the
Indian space tech policy, the quantum

mission, the geospatial policy, the
semiconductor policy, each of these

policies have allocated close to a
billion dollars to be spent over the

next four to six years to seed startups,
to support startups, defense buying

All these are revolutionary
steps in India.

So each of these things are
creating opportunities for.

early stage venture capitalists to partner
at this particular stage and actually

nurture global market leaders from India.

So once these deep tech companies
are built from here, we'll be

2012 when we were raising the
capital, the interest rates of the

structured debt products were giving
to individuals 18 to 20 percent return.

There was no way that we could
go and Take capital from family,

2017, India was doing structural programs.

Structural changes for
building a solid foundation.

India was looking at
formalizing the economy.

And hence, huge disruption when
we launched the Fund 2, for us

And then, Fund 3, when we were
doing The funding winter had set in.

Over and above, emerging managers
like us, if they have a deep tech

as a policy, we may be seen early
for the LP boards to be able to

For an emerging manager to convince LPs
on their thesis is a long drawn process.

We have to be patient, we have
to be there, then only the

One is thesis, as to what
unique thing that you're doing.

And I'll talk about those
unique things out there.

In case you're able to demonstrate
liquidity, that you are not having those

emotions to stay with the asset for long.

You've done your job in three to
seven years, it is better that once

Means I've invested a million dollars
in a company, I'm selling at eight

million dollars, in three to five
years, I get the eight million

back, deploy it back, one, one, one
million dollars in eight startups.

I should keep doing my job of reinvesting.

But if you start building and saying that,
oh, the $8 million can become 16 in the

next two years, and you hold onto the
asset, then you're not doing your role

So that's the key aspect that I would say
you have to be known from what you do.

We invested in the first
AI company in 2014 2015.

First investment in Internet of Things,
2018 in a robotics company, which

FDA approved medical tech device in
2020, 2021 in a EV climate tech startup.

And 2024, we've written a check for a
space tech company, for somebody who

wants to make India's first quantum
computer, a geospatial company, and

You have to be known
for what you're doing.


2024 marks a significant turnaround for Indian and emerging VCs, showcasing a resurgence following a funding slowdown. Indian tech companies have started becoming profitable, with 27 IPOs in recent months, 20 of which are now profitable. We spoke to Sunil Goyal, YourNest Venture Capital, about the evolving role of early-stage VCs in nurturing global market leaders from India, highlighting the challenges of fundraising and the importance of demonstrating liquidity. Featured investments include AI, IoT, robotics, medical tech, EV climate tech, space tech, quantum computing, and geospatial startups.
