Gaurav Bansal

A founder who has spent 32 Years building IP-Owned Tech in India's Defense Sector. Ashok Atluri, Founder of Zen Technologies Limited shares a growth story bootstrapped from Hyderabad: -Revenue: ₹60 Cr (FY21) → ₹930 Cr(FY24) -Market cap: 40 Cr (2012-13) → 13000 Cr today -Growth: 400X in 12 years Takeaways from our conversation: 1. India historically imported 65–70% of its defense equipment. Today, defense exports have grown more than 30× over the past decade, with the private sector contributing around 60% of exports. Domestic defense production has increased to ₹1.27 lakh crore, a 174% rise since FY 2014–15. 2. For over two decades, Zen built advanced simulators but struggled to sell them in India because single-vendor bids weren’t accepted. The IDDM policy in 2015 gave preference to IP-owning Indian companies and allocated 75% of the capital acquisition budget to local sourcing. And decades of R&D became a real market worth ₹200 billion. 3. Defense tech startups in India have raised $184 million in VC funding since 2020. Zen’s journey shows that IP-owned Tech built with self-funded R&D can build the most defensible advantage, similar to how Apple captures value through IP rather than manufacturing. 4. Zen’s anti-drone systems were proven in field operations, leading to export inquiries from over 20 countries. This mirrors the broader trend of India’s defense exports growing from ₹1,940 crore (FY14) to ₹21,083 crore (FY24). Field-tested solutions build trust far faster than lab demos or pilot projects. 5. Government fundings are rewarding innovation over manufacturing. Programs like iDEX provide up to ₹10 crore for proven concepts, while DRDO offers ₹50 crore per system under the Technology Development Fund. This shift allows companies to reinvest profits into next-generation R&D. 6. Ashok believes that not all technologies should be patented. Highly secretive or complex innovations can be reverse-engineered if patented. Instead, patent what is obvious to outsiders to protect your competitive edge. 7. Build with a focused approach on Pareto technologies with maximum impact. Instead of chasing every opportunity, Zen concentrated on the 20% of technologies delivering 80% of results, anti-drone systems and simulators. Prioritizing high-leverage areas compounds impact effectively. 8. Time market entry around overlooked gaps: In 2018, drones were a hot topic, but there was little attention on anti-drone systems. Zen entered this gap and was ready when the need became urgent, from regional conflicts to domestic security. Opportunities often lie where others are silent. 9. Create policies around your innovation: Self-funded R&D firms face unique risks that conventional procurement rules often overlook. Zen advocated for new categories rather than adapting breakthrough technologies to unsuitable frameworks, ensuring their innovations could be evaluated on merit. Full Episode https://lnkd.in/gnAFEj3f

173

5 Comments

I recently appeared on #CryptoCorner on CNBC-TV18 where I spoke with Manisha Gupta about some key developments shaping the crypto landscape in India and across the globe. Some of the points we covered: 1. CoinDCX's Growth: We recently crossed 2 Crore+ users. Interestingly, the average age of our users has shifted from 25 to 31, showing maturing participation. But crypto is not yet a chai break or dinner table conversation in India. We are still at a very early stage of growth. 2. Portfolio Diversification: A comparison between equity, gold, and crypto, and the unique role each plays in building a balanced investment portfolio. 3. Golden Opportunity in Crypto: Why the current market environment makes this a very good opportunity to enter or continue investing in crypto 4. India’s Position: While India has been slightly behind in crypto adoption, it has the potential to leapfrog with the right policies and ecosystem support. Do watch and share your feedback with us! w/Sumit Gupta, Neeraj Khandelwal, Rohit Jain.

119

🚨 RBI’s New Co-Lending Directions, 2025 – Effective Jan 1, 2026 The Reserve Bank of India (RBI) has issued new Co-Lending Arrangements Directions, 2025, which will come into effect on January 1, 2026. These guidelines will likely broaden the scope of co-lending 1️⃣ Mandatory Skin in the Game – Each Regulated Entity (RE) must retain minimum 10% of every loan (no shadow partnerships) 2️⃣ Blended Interest Rate – Final rate to borrower = weighted average of each lender’s rate. All fees to be factored into APR & Key Facts Statement 3️⃣ 15-Day Transfer Rule – Partner RE must book its share within 15 days of disbursement. Else, loan stays with originator 4️⃣ Default Loss Guarantee Cap – Max 5% of outstanding loans allowed 5️⃣ Borrower-Level Asset Classification – If one lender marks SMA/NPA, the other must follow 6️⃣ Escrow Account Mandate – All transactions to flow through an escrow, ensuring clear fund appropriation 7️⃣ Full Disclosure – Public list of co-lending partners + detailed reporting in financials Bottom line: Clearer rules, stronger consumer protection, tighter operational discipline >> co-lending just got a lot more transparent. #RBI #CoLending #NBFC #Fintech #Credit https://lnkd.in/gKxrz_hC

72

1 Comment

India is the place to be for consumer Startups and for Venture Capital  Broad overview of India Premiumization Thesis detailed below: Talking to multiple peers and ex-colleagues across US and EU markets - the sentiment is clear: - The US is slowing down - The EU is close to stagnating Meanwhile, India is accelerating - and we’re living through the years that will shape the country’s next few decades. This shift is clearly visible in real consumer data and behavioral changes: --- India’s Consumption Engine is Roaring - A rapidly expanding middle and upper-middle class is driving demand:   - The population earning over $10K annually is growing at 12%+ CAGR   - The $5K–$10K income segment is expanding at 10%+ CAGR - This means millions are entering a new income bracket every year - unlocking new consumption patterns. --- Credit is Fueling Premiumization - Credit card spend in India reached ₹1.87 lakh crore in May 2025, a 24% year-on-year growth - Over 111 million credit cards are now in circulation (as of mid-2025) - If you're reading this on LinkedIn, chances are you’ve had at least a few calls this week from credit card providers :) --- Behavioral Shifts Are Visible on the Ground - Consumers in metros are moving from price-sensitivity to quality-sensitivity   - Q-commerce platforms (Blinkit, Zepto, Instamart) are booming - not because they’re cheaper, but because they’re faster and more convenient - Premium product discovery is easier than ever, driven by:   - The rise of D2C brands and influencer-led content   - Deeper penetration of platforms like Amazon, Flipkart, and Nykaa in Tier 1 and Tier 2 cities - Even bank term deposits crossed ₹205 lakh crore in July 2025 - signaling rising income and financial confidence --- Big-Ticket Premium Purchases Are on the Rise - India is now Apple’s 5th largest iPhone market globally, with iPhone shipments growing by 50%+ year-on-year - Premium car sales (₹25L+) have seen over 18% YoY growth in H1 2025, led by brands like Mercedes, BMW, and Audi expanding into Tier 2 cities - High-end electronics, wearables, and smart appliances are seeing double-digit growth on e-commerce platforms - There’s a clear shift not just more consumption, but better consumption --- Premiumization is a strong thesis we are bullish on - not just in luxury, but across everyday categories where aspiration meets affordability. The India story is already here. #Consumer #Thesis #Startups

117

13 Comments

From our PearX S25 cohort, meet Pravāh, the AI-native operating system for the electric grid When Mohak Mangal, Dhruv Suri, and Aman Gupta looked at the strain on the U.S. electric grid, they saw a system pushed to its limits. Exploding demand and unpredictable supply have made blackouts increasingly common. This costs the economy more than $150B a year, a number that could 10x in the next five years. Mohak Mangal and team founded Pravāh to help fix it. Their platform helps utilities and grid operators make real-time decisions on load, generation, and congestion, reducing blackout risks, optimizing power procurement, and bringing much-needed stability to the backbone of modern life. We’re proud to support the Pravāh team as they take on one of the toughest and most important infrastructure challenges of our time.

803

23 Comments