Insights
Investigations, opinions and reflections on technology, capital, markets, strategy, geopolitics and power.
India’s commercial tradition is exceptionally good at preserving capital and scaling proven models. The next phase requires a parallel system able to finance long J-curves, technical failure and proprietary technology.
India has made hundreds of millions economically reachable. The next phase is converting access into productivity, resilience and upward mobility.
What Abraham Wald can teach us about tracing startup failure from its terminal event to its upstream causes.
Global VC investment hit record highs in 2026, yet the odds of an ordinary startup raising its next round keep falling. Why headline funding numbers are decoupling from the actual health of the market.
Venture funding is recovering while limited-partner distributions are not. How Treasury yields, LP liquidity and secondary-market discounts are quietly deciding who gets financed and on what terms.
Hugh Thomas's history of the Spanish Civil War reads less like history and more like description of politics unfolding now in the United States and India. A look at where that comparison holds, and precisely where it breaks.
Stock-market wealth creation is extraordinarily concentrated in the handful of companies that build systems, not products. A framework for spotting the chokepoints, standards, and control points that determine how long a company's economic power will actually last.
AI governance is becoming its own enterprise technology category as AI shifts from answering questions to taking action. Incumbents are already acquiring their way into the control layer, and the window for founders and investors to own it is closing.
AI is rewarding software that performs work, not software that assists it. The real diligence question isn’t whether a company has adopted AI — it’s what it actually controls, and at what price.
India’s currency, its households’ gold habit, and the uncomfortable truth about a policy that confuses pace with cause. Capital does not move toward admiration. It moves toward compensation.
An exploration of how AI shifts the value proposition in financial analysis — from raw processing speed to the quality of human judgment applied to machine output.
On Tuesday, roughly $300 billion of market value vanished across SaaS, data, and software-heavy firms. What it means for enterprise software going forward.
Not all M&A is the same. In venture-backed technology, the space between growth and exit is where defensibility is built or lost.
From headlines to household reality. From narrative to numbers. India is growing fast, and fast growth has a habit of masking rot.
Elon Musk tossed out a line on X that lit up the usual circuit: 'We have entered the Singularity.' What does that actually mean for policy, capital, and power?
The Singularity debate tends to go off track the moment it forces a binary: intelligence is either human or machine, with nothing in between.
What scenarios come out of this lens really come down to a question investors don't always say out loud, but we're all underwriting.
Conjecture 1: Value-Based Erosion. In this scenario, the economy gets better at producing things, output keeps climbing — but the distribution question becomes existential.
The resulting likely scenario — and what it means for capital allocation, governance, and the political architecture of the post-AI world.
In the late December sun, reading Emil Ludwig's The Practical Wisdom of Goethe — a book that doesn't try to inspire, but to see clearly.
Growing up with test cricket teaches patience: what matters is not the fireworks of the opening session but the grinding accumulation of runs over five days.
America's Fiscal Crossroads: Debt, Deficits, and Growth. Fiscal discipline has always been about trade-offs.
Among the strategic challenges facing the United States, the shift in the dollar's global role may prove the most consequential.
The idea of American reindustrialisation has moved from a wistful echo of the past to an urgent strategic imperative.
In 280 BCE, King Pyrrhus of Epirus sailed west to defend a cause that wasn't quite his. What followed became history's defining lesson on hollow victories.
Every society is periodically convulsed by crises. The leaders who endure share a common grammar of action — and restraint.
The rise of agentic AI represents a paradigm shift in enterprise software. Strategic and investment implications for vertical markets.
AI agents represent a profound shift in enterprise technology, moving beyond traditional software automation toward autonomous decision-making.
We've reached a pivotal moment where artificial intelligence has moved from a supporting role to the main event — reshaping economic order.
What if the AI revolution stalls? While current advances are impressive, they remain fragile. The contrarian possibility.
Whether AI fulfills its transformative promise or falls short, one reality is undeniable: the current system is under strain.
In a world obsessed with balance, the barbell strategy offers a provocative counterpoint: forget the middle.
Studies of human behaviour reveal that the actions we undertake are closely related to survival — more importantly, survival on our own terms.
The story of civilisation is, in large part, the story of our tools. From flint to silicon, each era's instruments reshape the arc of progress.
The historical origins of creative destruction — from myth to Nietzsche to Schumpeter, and the intellectual lineage behind the concept.
The Schumpeterian growth paradigm: innovation, disruption, and the dynamics of capitalist evolution in the age of AI.
We are in the early innings of a profound dislocation in enterprise technology — catalysed by AI and the swift vertical integration of agentic software.
In finance, as in life, decisions are rarely made just once. The geometric mean reveals truths that arithmetic averages obscure.
There are moments in history when one is struck not by the bold declarations of men, but by the quiet subversions of consequence.
The tragedy on the tarmac of Ahmedabad ought not be merely mourned. It ought to be understood — as a failure of systems, not fate.
In the not-so-distant past, business turnarounds followed a predictable rhythm: slash costs, shuffle leadership, restructure debt, and wait.
Toward a New Concert: multipolarity and the return of strategic realism in the anatomy of international affairs.
'There are decades where nothing happens; and there are weeks where decades happen.' Coming to terms with the new realities of the 2020s.
Why even the educated are misled by images, numbers, and their own minds — and what to do about it.
I remember the map. It came rolled in cellophane, smelling faintly of varnish and ink — my father's gift.
A chart began its journey through the digital salons of our time. What it reveals about how ideas propagate in an age of machines.
They tell us we are meant to bounce. But what if resilience isn't about bouncing back at all?
We live in an age of prescriptions. Instructions, routines, hacks — they have become the scaffolding of modern life.
Understanding resilience through a multi-domain lens. Modern resilience thinking requires an integrated approach in complex, interconnected systems.
Last week, I slipped back into student mode at the Oxford Scenarios Programme, trading pitchbooks and board decks for research papers.
Venture capitalists have long styled themselves as prophets of the future. More recently, some have claimed to become engineers of it.
There are moments in finance when the instruments of our craft evolve so radically that the old ways of seeing become obsolete.
Every technological era has its metaphor. The mainframe defined one age, the personal computer another. Now intelligence itself is the platform.
Venture debt has emerged as a critical financing tool for high-growth startups looking to extend their runway without dilution.
In the annals of modern fashion — by which I do not mean haberdashery, but the shifting winds of moral enthusiasm.
Markets have been on a wild ride lately, with volatility levels that feel more like echoes of past crises than normal trading.
Growing up in a small industrial town in India during the 1990s had its own quiet rhythm.
With them the Seed of Wisdom did I sow, and with my own hand labour'd it to grow. Notes from a visit to a nation rewriting itself.
It was MWC 2018, and like every year, I was in Barcelona to meet clients, investors, and companies. What I learned about unlearning.
The concept of Enterprise SaaS has undergone a profound transformation, propelled by the revolutionary power of AI.
The year was 2010. I was living in Grenoble, having just wrapped up my master's studies, with nothing but time and Epictetus for company.
The culmination of extensive research reflecting on the progress made by the Modi government as it approaches a decade in power.
In a bold initiative that could become the opening shot in the AI world race, the Stargate Project signals a new era of compute geopolitics.
In the 19th century, empiricism transformed, emphasising scientific knowledge as the pinnacle of reliable understanding. What Wittgenstein reveals about market narratives.
'When the facts change, I change my mind — what do you do, sir?' On the virtue and practice of intellectual flexibility.
Unless you've been living under a rock, you've encountered the intense debate surrounding AI and its impact on humanity. Popper offers a lens.
Five years since I moved to London — a city often regarded as one of the greatest in the world. Some reflections on Britain's trajectory.
The SaaS industry has undergone intensive growth and transformation, moving from broad horizontal platforms to specialised vertical solutions.
Venture fundraising was flat year-over-year in Europe in 2024, although fund sizes increased. The rise of non-dilutive alternatives.
For a decade, I have worked alongside European deep-tech startups, guiding them through the challenges of raising funds and scaling up.
Reflections from the AI in Media conference at Oxford, where experts gathered to explore AI's transformative potential.
The opposite of a correct statement is a false statement, but the opposite of a profound truth may well be another profound truth.
Supercycles are long-term economic or technological waves lasting decades, distinguishable from shorter business cycles. AI may be the next.
Over the past two years, M&A activity among strategic acquirers in tech has seen a steep decline. The rise of reverse structures.
The Federal Reserve's September meeting marked a pivotal moment for capital markets — and for technology investment timelines.
The storyteller sets the vision, values, and agenda of an entire generation. On the power of narrative in business and beyond.
In 2011, during my postgraduate studies, I encountered prospect theory. It changed how I understood decision-making forever.
Last week, I met with the CEO of a brilliant AI company from SF specialising in applying artificial intelligence to litigation.
The M&A landscape has changed significantly, with roll-ups emerging as a preferred strategy for growth in technology markets.
Value creation in roll-up strategy presents a significant opportunity in the software and tech sector as companies seek consolidation.
Freedom has fascinated humanity for centuries, evolving in meaning and significance across various periods, cultures, and political landscapes.
Change doesn't wait for approval. It doesn't queue politely like a citizen in a ration line. It comes in silence or in ruin.
There are many strategies that try to keep control effective within a company, but most can be grouped into four broad buckets.
Few individuals have shaped the modern world order as profoundly. Reflections on Kissinger's legacy and the architecture of diplomacy.
We are witnessing a significant downturn in startup financing — a stark contrast to the unprecedented highs of 2021.
Building a SaaS business with the endgame in sight. Strategic planning is essential for securing a favourable exit.
Mathematically, an inflection point is where the curve changes direction. In markets, these moments determine the next decade.
Growing up in India, I had rarely heard about Singapore's remarkable transformation. What Lee Kuan Yew teaches about strategic governance.
The SaaS market is experiencing significant value compression — declining multiples, slower growth, and increased scrutiny from investors.
In ancient India, a king challenged a sage to a game of chess. What followed is the most elegant illustration of exponential growth.
When financial markets experience significant stress, resulting in the mispricing of assets relative to their intrinsic value.
No serious inquiry into the genealogy of the modern corporation can afford to ignore the chartered companies of the 17th and 18th centuries.
The foundation of a company's wealth lies in its ability to navigate and harness the power of the market.
A large German industrial conglomerate reached out for help exploring acquisitions in the IoT space. The role of thesis-driven M&A.
'Wisdom consists of knowing how to distinguish the nature of trouble, and in choosing the lesser evil.'
Schumpeter's concept of creative destruction — the constant cycle in which outdated structures give way to innovation.
Asymmetry reflects a fundamental lack of balance — a departure from harmony that manifests across many domains of investing.
On War remains one of the most influential works on military strategy, yet it is often superficially read and selectively quoted.
Guiding a prominent German company through a significant capability acquisition. Lessons from the buyside.
Platform investments serve as foundational companies for PE groups, strategically positioned to facilitate future acquisitions.
There are doctrines born of abstraction, fashioned in cold chambers of logic and left to gather dust. Pragmatism is not one of them.
Life is full of contradictions — joy and sorrow, certainty and doubt, progress and setbacks. Dialectics offers a way through.
The idea of strategic culture helps us understand why different countries and civilisations approach power, governance, and conflict differently.
We flatter ourselves with the belief that the mind is our proudest instrument. But what if the instrument has become the cage?
One of modernity's most unchallenged assumptions is the sanctity of thought. What happens when we question it?
It is one of the more fashionable heresies of our time that truth is something to be acquired, like a credential.
There is a moment, perhaps no longer than a breath held too long, when the hand moves and the self is gone.
We are told, relentlessly, that we are free because we can choose. Between Pepsi and Coke. Between left and right.
We speak of freedom as though it were a birthright, bestowed by constitution, safeguarded by creed.
There is a version of yourself — tidied, curated, acceptable — that you carry like luggage through every room you enter.
There are books that change with time. Not in their content, but in the light by which we read them.
One hears a great deal about greatness these days. There are diagrams for it now. Frameworks. But what does it actually require?
In the natural world, change does not knock. It arrives without ceremony. The seed splits in its darkness.
They said he was talented once. Promising, even. A boy with tidy handwriting and the right words in the right places.
There are days when the silence seems more honest than any explanation. A man can live his whole life chasing the sound of things.
'I just remove everything that is not David.' In an age intoxicated by accumulation, we might consider what Michelangelo knew about subtraction.
What is true of all evils in the world is true of plague as well. The pandemic as inflection point for geopolitical order.
The ancient Stoics distinguished between what is within our control and what isn't. Why investors say NO — and how to prevent it.
India's Prime Minister made a bold promise to transform India into a $5 trillion economy. The gap between ideal and reality.
Understanding the VC investment and decision-making process is critical for entrepreneurs seeking to raise funds.
When venture capitalists invest, they face important choices about how to structure the investment. A guide to preference mechanics.
Understanding the fundamental drivers behind venture capital returns and what separates top-quartile performance.
As we near the close of Q1 2019, a look at emerging tech investment trends shaping the landscape for the year ahead.
Insights from numerous investor and management presentations — the nuances that make or break these critical moments.
In a time when PowerPoint slides dominate, brevity has become the norm. But written growth plans remain a powerful M&A preparation tool.
Preparing a company for sale is an intricate process that demands forethought, strategy, and proactive effort.
There is a time for everything, and a season for every activity. Timing is a critical determinant of success in M&A.
The landscape of startup funding is evolving rapidly, highlighted by a remarkable surge in corporate venture capital activity.
Mergers and acquisitions can be transformative — but they're never straightforward. At the heart of every successful deal is rigorous due diligence.
The term sheet is a cornerstone of the fundraising process, outlining the essential terms and conditions of a proposed investment.
An overview of venture debt as a financing instrument — its mechanics, use cases, and role in the startup financing stack.
Raising capital for a startup is a significant challenge. Understanding why investors pass can transform your approach.
Today's automotive industry stands at the edge of a profound transformation, much like the mobile handset industry in 2007.
Engaging with startups developing autonomous driving systems. Key insights on the technology, regulation, and market opportunity.
A promising startup I collaborated with has declared bankruptcy. Reflecting on what went wrong and the lessons for founders.
M&A transactions involve complex considerations and valuations vital to determining the financial dynamics of a deal.
Meeting with founders of a groundbreaking company in Munich prompted reflections on the state's role in funding breakthrough innovation.
Financial buyers acquire with the aim of future sale. Strategic buyers seek synergy. Understanding the difference matters in every deal.
Over the past 15 years, the cost of starting a digital company has plummeted by approximately 100x. The implications for venture capital.