Hard Truths By Vertex

I sat down with a founder who almost lost his company twice… and still built one of Indonesia’s biggest e-commerce enablers. Brian Marshal took SIRCLO from a Shopify-style startup to powering major brands across TikTok Shop, marketplaces, live commerce and fulfillment… all while surviving the startup crash, failed fundraising rounds and the tech winter. We spoke about profitability, AI agents, sta...

He had one formula for building trust in fintech: promises kept divided by promises made. Anup Agrawal spent years at LazyPay watching how India actually pays — and what he saw was striking. 85% of consumer transactions ran on UPI. Credit cards existed, but they weren't built for the way India's new generation spends. So he built Kiwi: a credit card designed as a delightful UPI experience, with cr...

How do VCs pick that one billion-dollar startup… before the world sees it? I sat down with Kee Lock, a veteran venture capitalist who’s spent decades backing founders, navigating failures, and building companies from zero to exit. We unpack his real playbook—from sourcing deals and spotting great founders to surviving the brutal 0→1 and 10→100M growth journey in venture capital. He shares how patt...

Why would someone quit chasing “big startup ideas” to redesign something as ordinary as a ceiling fan?  In this episode, I sit down with Gazal, co-founder of Nuuk, to trace her journey from a personal problem at home to building a design-led consumer electronics startup in India. We talk about how COVID changed the way Indians live indoors, why Indian consumers are shifting from cheap to meaningfu...

What if the biggest energy revolution in India isn’t happening in cities… but inside tiny flour mills in forgotten villages? In this conversation, I sit down with Sandeep Chopra, co-founder & CEO of Metafin, to unpack how solar financing for rural MSMEs is reshaping livelihoods, powering micro-enterprises, and quietly shifting India’s clean-energy future. We dive into why solar energy in India...

What’s it like to bet big on beauty brands, snacks, and even quick commerce in India?  In this episode, I sit down with Ben Mathias, Managing Partner at Vertex Ventures Southeast Asia & India, to unpack his journey of spotting consumer opportunities where others only saw risk. Ben shares how he went from backing early players like FirstCry to today’s digital-first names such as Pilgrim, Kapiva...

What is it really like to be a VC when you're not from finance—or even from “the club”?  In this episode, I speak with Puiyan Leung, who’s spent the last 10 years in venture capital, after starting out in a corporate role. She opens up about feeling like an outsider, learning to trust her gut, and what it means to support founders through both the highs and the heartbreaks. We talk about mental ag...

What would make an IIT Bombay graduate ditch a high-paying finance job to start a beauty brand? In this episode of Hard Truths by Vertex , I sit down with Gagandeep, co-founder of Pilgrim, to unpack his unconventional journey—from engineering and investment banking to building a ₹700 crore beauty empire. He shares the moment he secretly quit his job, the challenges of launching a brand no one knew...

What happens when a founder thinks long-term in a trend-chasing industry? I sat down with Kelvin Subowo, the founder and CEO of DailyCo—Indonesia’s fastest-growing multi-brand F&B company. We talked about his journey from launching a single rice box brand to building a business that serves millions of meals every month. He shared how acquisitions, not hype, drive sustainable growth, and why he...

How is an Indian business dominating the U.S. market without a single person on the ground there? Today on "Hard Truths by Vertex," I'm sitting down with Sanjay, the innovative co-founder and CEO at Spyne, who's going to share just how they pulled it off. Spyne isn't just another software company; it's revolutionizing how car dealerships use AI to transform simple car photos into stunning, studio-...

In this episode of Hard Truths by Vertex, Gary Khoeng, partner at Vertex Ventures Southeast Asia and India, joins host Rahul Thayyalamkandy to explore the Indonesian startup ecosystem. They discuss the recent decline in capital flows, attributing it to global macroeconomic conditions, underperforming IPOs, and election uncertainties. Gary also addresses corporate governance issues and fraudulent a...

Ever been told you’re not fit for the job? That’s exactly what happened to Jeffrey during a pivotal moment early in his journey as the CEO of PatSnap. In this episode, I sit down with Jeffrey to explore how he turned tough feedback into fuel for growth. From starting PatSnap right out of university to leading a global tech company, he shares candid lessons about leadership, building strong teams,...

Are you ready for a future where electric vehicles are the norm? In this episode, we chat with Akshay, co-founder of Kazam, who’s on a mission to revolutionize how we think about EVs and energy. From leasing EVs to building cutting-edge charging infrastructure, Akshay shares his journey of tackling India’s EV challenges and scaling solutions globally. Discover how his startup is making EV adoption...

What motivated Achitha Jacob to shift her focus from a career in a Fortune 500 healthcare company to founding Proactive for Her, and how does she envision the impact of her work on women's health in India? Join us as we delve into the journey of Achitha Jacob, the founder of Proactive for Her. Discover how Achitha's passion for women's health led her to build a platform empowering Indian women to...

Imagine building a global tech powerhouse from scratch. That's the story of Guan Dian, cofounder, CMO and APAC GM of Patsnap, a pioneer in AI-powered patent search and analytics. From humble beginnings in China to leading a global tech team, Guan Dian's story is one of resilience, innovation, and a relentless pursuit of service excellence. Tune in to hear how Guan Dian transformed Patsnap from a s...

What does it take to go from an idea to owning the Southeast Asia Parenting space? In this episode, we have a conversation with Roshni Mahtani Cheung, the founder and CEO of The Parentinc, a pioneering parent-tech leader renowned for owning the largest content-community-commerce online platform for parents in the region. The Parentinc recently made waves with the acquisition of Mothers Work in Sin...

Join host Elise Tan in this special episode of the Hard Truths by Vertex podcast, as she sits down with member of the PayPal mafia, Jack Selby, venture investor and independent film director. Discover the untold stories of PayPal's early days, including the merger with X.com and the birth of the pioneering digital payment giant. Jack shares valuable insights on the current investment landscape, ex...

In this episode, Nikhil Marwaha, Senior Executive Director, shares his extensive investment journey spanning early and later-stage companies in sectors like consumer, B2B enterprise, and healthcare. Learn about his experiences with growth equity funds, insights into venture investing, and the exciting trends in the Indian startup ecosystem. Based in Gurgaon, he sees a different set but nevertheles...

In this episode of Hard Truths by Vertex podcast, Chan Yip Pang, Executive Director at Vertex Ventures SEA & India, explores the Malaysian startup ecosystem, delving into his journey and the three phases of Malaysian tech development. The conversation covers notable investments, the strengths of the Malaysian ecosystem, and Vertex's investment thesis, offering insights for ambitious founders i...

Indonesia is the largest market in Southeast Asia but with a nascent startup ecosystem, how can entrepreneurs navigate rapid growth while ensuring bottom-line profitability? In this episode, Gary Khoeng shares insights on Indonesia's startup landscape. Covering topics across profitability, unit economics, and internal governance, Gary provides a pragmatic understanding for navigating the challenge...

How do Indian startups navigate constraints and build innovative businesses? In this episode of Hard Truths by Vertex podcast, Elise Tan and Piyush Kharbanda discuss the challenges and opportunities in the Indian startup ecosystem, drawing insights from successful ventures like KukuFM and Kissht. Explore the unique dynamics of the Indian ecosystem and the path to success in a dynamic market. Tune...

What are the evolving trends in the Southeast Asia startup ecosystem? In this episode of Hard Truths by Vertex podcast, Carmen Yuen, General Partner at Vertex Ventures Southeast Asia and India, shares her journey from government-backed initiatives to becoming a key player and rare woman partner in the startup landscape. Get into the mind of a prominent investor and your questions answered - how to...

How do you build a business servicing a client base that operates on a fine line between survival and failure? And how do you ensure your business is not just client-churn proof but also emerges resilient towards funding challenges? Find out from Wai Hong, founder of StoreHub. In This Episode (00:55) How StoreHub got started (04:25) Hard Truths about F&B and Retail (06:43) How they create a sc...

How do you get millennials to buy something usually recommended by their grandparents? And how do you keep their attention when the product you sell takes months to show results? How do you know when you’ve achieved product-market fit? In This Episode (01:02) Ameve’s story and the inception of Kapiva (05:38) How Kapiva Retains Customers (07:22) Vertex and Kapiva (08:49) Partnering with movie star...

How do you convince billion-dollar institutional investors to trust a relative upstart with their funds in a market with so much financial turmoil? And how do you plan expansions into multiple countries, all of which have entirely different regulations around your business? Where do you even begin building out such a financial portfolio? In This Episode (01:45) Nikhilesh’ story (03:42) The incepti...