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She Capital

Venture capital isn't about spotting genius on a slide. It's about pattern-matching a pitch against 25 years of scars, misses, and quiet convictions, and still getting it wrong more often than right. Sasha Mirchandani has been writing checks since before "VC" was a word Indian founders knew, and on this episode of Cheque Please, he doesn't hide behind polish. He talks about the unicorns he passed on, the first check that became Fractal Analytics, and why "no" is rarely about the founder at all.

Key takeaways from the episode:

→ The best bets rarely look obvious at first. His first-ever check was $500K into a comparison site that pivoted into what is now probably India's largest AI company, Fractal Analytics. Nobody, including him, saw that coming. It's a reminder that conviction in founders matters more than conviction in the original idea.

→ Pedigree doesn't shortcut the hard years. The founders behind Fractal were IIM Ahmedabad and IIT Delhi grads who could've walked into any corporate job. Instead, they chose 25 years of hard, unglamorous building. Success on this scale was never fast, it was just patient.

→ A "no" is one opinion, not a verdict. Sasha is candid that rejection from an investor says as much about timing, fit, and misunderstanding as it does about the business itself. His advice to founders: stop internalizing every no as a reflection of your worth.

→ Real capital is patient capital. Kae Capital's funds run 12+ years, with room to extend further if needed. His view: India takes time, entrepreneurship takes time, and the biggest outcomes are built by investors willing to wait for them.

Watch the full episode for more on how he thinks about check sizes, missed unicorns, and what's quietly heating up in Indian venture right now.

Full episode on YouTube: https://youtu.be/2x4h8JGixb4

Full episode on Spotify: open.spotify.com/episode/3cdInOwKwoac85Qy60urrj?si…

1 month ago | [YT] | 3