Global Indian Alpha

Rohit Yadav: Welcome to The One Point podcast. Today, I’m excited to have Shwetank Verma, founding partner at Leo Capital, with us. Shwetank, let’s jump right in. What is Leo Capital?
‍Shwetank Verma: We’re an early-stage tech VC, headquartered in Singapore. We like to call ourselves India’s first global VC. Leo was started in 2018 by Rajul and me—we were both entrepreneurs and active angels who decided to institutionalize our investing journey. Our focus is the "Global Indian Alpha": founders of Indian origin or those building with the India advantage—either through talent or future market entry. We invest globally—US, Europe, Southeast Asia, and India.

Rohit Yadav: What pulled you both into venture capital?
Shwetank Verma: Personally, I started my first company in the UK at 19. I moved back to India in 2012 and started a new venture, where I met Rajul. He had co-founded GlobalLogic (acquired for $9.6B) and Pine Labs. He invested in my company and was on the board. Post-exit, we realized we didn’t want to do another startup or join a corporate. So, we professionalized our angel investing—and Leo Capital was born.

Rohit Yadav: What differentiates Leo Capital from other VC funds?
Shwetank Verma: Everyone provides capital and connections. What sets us apart is our operational background. We've been through the founder journey. We help founders build their talent stack, structure capital-efficient teams, and think through global market entry. But more than that, we build deep relationships—sometimes like family. We provide honest feedback, even the hard truths, from a place of deep respect and shared experience.

Rohit Yadav: Does the size and structure of your funds give you an edge?
Shwetank Verma: Definitely. Being based in Singapore allows us to invest globally without the regulatory hoops Indian AIFs face. It’s a real edge in terms of speed and flexibility. Culturally, having worked in the UK and US, we understand cross-border teams deeply. That muscle takes time to build. We now manage four funds—three Asia-US funds around $75-80M each, and a 15-20M Euro Europe fund.

Rohit Yadav: What has the emotional journey of building Leo Capital been like?
Shwetank Verma: When you're a founding GP, it's like being a founder again. The highs and lows are very real. You win a great LP—you’re elated. They pull out after six months—you’re gutted. Portfolio companies get acquired or shut down. Fundraising takes time. But what keeps you going is a fundamental optimism. That tomorrow will be better. That belief is key.

Rohit Yadav: Could you share some success stories from your portfolio?
Shwetank Verma: Sure. One is LambdaTest. We seeded them at concept stage. Today, they’re at $50M ARR, fully outbound GTM from India to the US. And they've successfully transitioned into AI with a product called Kain. It’s been incredible execution.

Another is Atoa Payments, based in the UK. The founders took inspiration from UPI in India to build a cheaper open banking solution for UK merchants. It reduces merchant fees from 2.5% to around 1%. Great example of learning from India and applying it abroad.

Rohit Yadav: And what about lessons from failures?
Shwetank Verma: Each failure teaches you something. Serial entrepreneurs can still struggle. Companies without product-market fit often linger too long. We've learned that down rounds and bridges are tough. We now try to guide companies toward M&A outcomes if traction isn't coming. Founders must know: the company failing isn’t personal failure. That distinction is critical.

Rohit Yadav: Let’s shift to India. What are the biggest changes you've seen in the Indian startup ecosystem?
Shwetank Verma: When I started in 2012, being a founder was seen as a backup plan. Now, top grads want to join or start startups. Flipkart's sale and the IPOs of Paytm, Nykaa, Zomato—they’ve all created role models. The government’s Startup India initiative helped too. There's more capital, more operator-led funds, and a rise in local LP participation.

Rohit Yadav: What trends are you seeing in the kinds of companies being built?
Shwetank Verma: India was known for fintech and e-commerce. Now, domestic B2B is growing. Businesses are paying for software. Companies like Perfios show that. We’re also seeing deep tech and space tech emerging—like Pixxel in satellite tech. There's a strong push toward research-to-production models.

Rohit Yadav: Many LPs worry about exits. What's your view on that?
Shwetank Verma: Historically, India struggled with exits. M&A was rare, and IPOs weren’t accessible. But in the last few years, SEBI allowed loss-making startups to list. That triggered an IPO boom. And now that IPOs are viable, M&As have become real too. Acquirers can’t wait forever. One of our logistics startups got acquired by TVS Motors—a very real exit.

Rohit Yadav: What advice do you have for LPs looking at India?
Shwetank Verma: Open your cheque books! But seriously, come visit. See Bangalore for yourself. And don’t think of India just as a geography. Think about Indian talent. There are 40 million Indians abroad—that’s six Finlands. Think about India as a global driver of alpha.

Rohit Yadav: Which brings us to Global Indian Alpha. What is it?
Shwetank Verma: It's our thesis on value creation from the Indian diaspora. India-born founders have created 90 unicorns in the US—second only to the US itself. The diaspora is deeply integrated and increasingly starting companies with cross-border teams. That’s the shift. And very few funds can diligence and support both sides of a cross-border founding team. We can.

Rohit Yadav: What changed that enabled this thesis to work now?
Shwetank Verma: The rise of remote-first teams. A founder in SF and another in Bangalore is now normal. COVID accelerated it. That creates complexity in diligence and relationship building. But that’s our sweet spot. We meet both founders. That gives us an edge.

Rohit Yadav: What’s next for Leo Capital?
Shwetank Verma: We’re a decade into what I see as a 30-year journey. The vision is to build a tier-one, global VC rooted in Indian values but open to the world. We want to be the partner of choice for the most ambitious founders—Indian origin or otherwise.