Letters
What we look for in AI companies
Our focus has moved from fintech to AI. Here are the questions we ask before we buy.
Compliance is the product
Paytm Payments Bank and the crackdown on offshore crypto exchanges taught Indian fintech the same lesson. The companies that follow the rules are the ones worth owning.
Why we're looking at crypto payments
Most investors left crypto after 2022. India's new rules made one part of it, payment gateways, look like regulated fintech.
Why we're buying fintech companies
India built public rails for money. Small companies built useful software on top. Now many of them can't raise their next round.
A good time to sell
Indian startups raised more money this year than ever. When prices are this high, a buyer should mostly be a seller.
What the lockdown did to small software companies
The lockdown split small business software into two groups. The ones that helped businesses sell and get paid online came out stronger.
Software for the businesses GST created
GST pushed millions of small Indian businesses onto software. The companies serving them are small, sticky and overlooked.