Shiv Kapoor

After a fabulous two years at Kae Capital, I knew it was time to build the fund I wished had existed when I was a founder. Today, I’m launching Boundless Ventures, an early-stage, AI-native venture firm backing India-rooted founders who are building globally defensible companies at the intersection of science, systems, and culture. Boundless starts with a simple belief: the next decade’s breakout companies won’t “add AI” as a feature. They’ll be AI-native from day one, rethinking consumer products, enterprise workflows, and infrastructure with new primitives. We’ll write the first cheque ($200–400K), and then double down. We’ve proud to have already partnered with six category-shaping founding teams: • Superhealth: rethinking healthcare from the ground up • Armatrix: autonomous snake-arm robots for engine inspection • PierSight: real-time ocean intelligence • KNOT: AI-native fashion discovery and logistics • Two stealth companies in infra and consumer AI Our thesis spans four arenas: • The AI-native stack: infra, agents, and memory protocols • Make-in-India hardware: autonomous systems, design-led manufacturing • New-India consumer: culture × code • Science × story: where deep tech meets narrative leverage India is not catching up. It’s compounding. Boundless exists to back originals, with speed, belief and storytelling firepower. Link to our website & thesis below.

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Anthropic raised $13B at a $183B valuation Fundraise is greater than entirety of VC in India raised in 2024, valuation is close to that of all of India's unicorns in total The crazy part is that it's a spin-off team from OpenAI, which itself is worth $300B Different scale

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In venture capital, ultimately “only a handful of companies per year actually matter”. Just 7 firms led the Series A of ~60% of startups in India that are worth $1B+ today. The list of firms leading investments in these cos is fairly predictable - PANZEL + Tiger Global. Full post on India's unicorn hunters in the comments

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Once upon a time, in 2020, Prashant Sachan walked away from his first startup, Trell. Burnt out from conflicts, and the brutal grind of building at scale, he carried the sting of failure with him. For months, he questioned whether he even belonged in the startup world anymore. And then a new question found him: “What if technology could serve not just commerce, but devotion?” That’s how AppsForBharat was born. Its first product, Sri Mandir App, looked nothing like a shiny consumer app. It was simple with digital aartis, scriptures, mantras. Some mocked it, calling it “ancient, like a flash card from the early 2000s.” But Prashant wasn’t building for product-hunt applause. He was building for his audience, devotees who wanted accessibility, authenticity, and trust. Armed with that conviction, he pressed on despite the naysayers and hardships that plague anyone creating a revolution: - Skepticism: Investors dismissed faith as “not scalable.” - Authenticity vs. usability: How do you digitize centuries-old rituals without diluting them? - Retention: How do you make an app feel like a temple you return to daily, not one you delete after a week? He and his team Pulkit Pujara, Alpesh Bupkya, Ameya Sahasrabudhe, Viraj Verma, Tanvi Lal, and others kept listening, testing, and rebuilding. Slowly, the tide turned. A grandmother in New Jersey cried during a live streamed aarti. A priest wrote to say the platform gave his temple new life. The product that was once mocked for looking outdated was exactly what the audience wanted. By 2025, Sri Mandir had crossed 4 crore downloads, facilitated 52 lakh rituals across 70+ temples, and attracted a diaspora user base that contributed nearly 20% of revenues. The investors followed, Elevation Capital, Peak XV Partners, The Fundamentum Partnership, Susquehanna Asia Venture Capital, Kunal Shah, Sanjeev Barnwal, Scott Shleifer, Ankush Sachdeva, Farid Ahsan and many more angels. In total, over $50M raised to build temple-tech infrastructure across Ayodhya, Varanasi, Ujjain and more. Alongside it, startups like Sutradhar, Utsav App, DevDham Devotional Platform, VAMA App and many more platforms began to emerge, experimenting with puja bookings, prasad delivery, and spiritual content. Even traditional platform players like BookMyShow and Paytm dabbled in religious services during festivals. Together, they’re shaping a new category: Devotion-as-a-Service (DaaS), where rituals, temple visits, and spirituality meet tech at scale. Analysts believe this could become a multi-billion-dollar category, spanning diaspora markets, temple partnerships, and even AI-driven spiritual companions. Moral of the story: Great founders build only for customer applause, they build for conviction. AppsForBharat proved that even when a product is dismissed as “ancient,” if you know your audience and build with empathy, you can turn ridicule into reverence and in the process, create not just a company, but an industry.

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Shivakumar Ganesan, Co-founder & CEO of Exotel, joins The Neon Show. A 14-year journey from bootstrap to scale, Exotel’s story is one of India’s most remarkable SaaS journeys. We discuss: 1. How Exotel grew for 8 years post-seed round without external funding 2. What happened when COVID slashed revenues from $10M to $5M. 3. The bold strategic moves: 3 funding rounds & 2 acquisitions that followed. 4. The tough transition of customer base from SMBs to enterprises. 5. Building a ₹2500 crore+ business without leaving India. 6. Why Shivku chose to stay focused on India despite advice to go global first. 7. How automation could cut contact center jobs by 80%. 8. The challenge of building voice AI across 30+ Indian languages. And much more on timing, reading the market, and creating moats in overlooked opportunities. The episode drops today on The Neon Show.

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When we started in 2022, we didn’t have giant warehouses, celebrity endorsements, or billion-dollar funding. Sumit Jasoria, started with just ₹50 lakh pooled together — savings, small loans, and belief. The pain point was clear: 👉 Women in India, especially Gen Z and millennials, wanted trendy, affordable, fast fashion. 👉 But the choices were either overpriced international brands or outdated local offerings. The struggle was real. We were rejected by early investors who said, “Fashion is too competitive.” Suppliers didn’t trust us with bulk orders. Customers doubted if a new brand could deliver both quality and trend. Our first collection barely sold. We thought of shutting shop. But we decided to listen — really listen — to what young Indian women wanted. Bold fits, vibrant colors, and global styles at Indian prices. That pivot changed everything. Within 6 months, we were shipping thousands of orders daily. By the end of year one, we had crossed ₹100 crore in revenue. In just 2 years, NEWME became a ₹250 crore brand. Not because we had deep pockets, but because we built a brand that spoke the language of Bharat’s new-age women. #startup Today, NewMe has millions of loyal customers, a strong presence across e-commerce, and is backed by investors who once said “no.” We’ve built not just a fashion label, but a movement of self-expression for Indian women. 📌 What Indian Founders Can Learn from NewMe’s Journey. Listen to your customers, not just investors. Pivot when needed. Feedback is free market research. Solve for Bharat, not just metros. The biggest opportunities lie in Tier II & III cities Culture sells. Build a brand that connects emotionally with young India, not just logically.

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Natasha Malpani Launches ₹200 Crore Fund to Power India’s AI Startups Former Kae Capital partner Natasha Malpani has launched Boundless Ventures, an early-stage venture fund with a corpus of ₹200 crore, dedicated to supporting homegrown AI-native startups across India. The fund will focus on pre-seed and seed-stage investments in companies innovating across consumer AI, infrastructure, agent tooling, healthcare, logistics, deep tech, and make-in-India hardware. Boundless has already written its first cheques to startups including Superhealth, Armatrix, PierSight, Knot, and two stealth ventures in AI infrastructure and consumer AI. Beyond capital, the fund promises to bring narrative and network support to founders. As Malpani puts it, India today has a once-in-a-generation advantage talent density, digital rails, and ambition to build global AI leaders from day one. At Startup Veda, we’re thrilled to see local capital fueling the AI frontier. This fund signals rising maturity in India’s venture ecosystem—placing conviction behind AI-first founders well before the rest of the world catches on. Join the conversation: Which early-stage AI ventures excite you the most? How powerful is the mix of capital + storytelling for building AI startups? #Startup #AI #VentureCapital #DeepTech #StartupIndia #FounderStories

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#SEBI just clipped Angel Wings. And Founders should be thankful. SEBI’s recent New Rule to restrict #angelfund participation to Accredited Investors* has sparked concern across the startup ecosystem. Many believe it will reduce the flow of early stage capital. Others feel it goes against the idea of broadening participation in angel investing. But take a closer look, especially from a founder’s point of view, and the picture starts to shift. This change may not reduce capital. It may simply improve its quality. Earlier, the eligibility to invest through an angel fund was based on a self-declared ₹2 crore net worth, excluding the primary home. That bar was relatively low. And as a result, a lot of individuals started showing up, not because they had experience or real conviction, but because they did not want to miss out. FOMO brought them in. Startups ended up paying the price. SEBI’s shift to Accredited Investors changes that. It raises the threshold. Investors will now need to meet stricter income or net worth criteria and go through a formal accreditation process. Yes, this will reduce the number of angels in the ecosystem. But the ones who remain will be serious about investing. They will bring context, experience, and capital that actually moves the needle. Ask any founder who has raised from 15 or 20 angels to fill a ₹1 crore round: You spend weeks pitching. You convince dozens of people. And what you get is a bunch of ₹50K cheques that come with expectations, but not impact. Requests for board seats. Weekly update demands. Advisory equity asks without real involvement. Same pitch. Same effort. Very little return on time. This is where SEBI’s move helps. It does not block capital. It filters it. Founders will now deal with fewer angels, but ones who bring more conviction, more clarity, and write cheques that actually matter. Fewer names on the cap table. More value in the room. #Founders: How has your experience been raising from #angels? Have smaller cheques added more value or more overhead? And do you see SEBI’s move helping or hurting your next raise? #EarlyStageCapital ##AngelNetwork #StartupEcosystem #StartupFunding

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🚨 Big Change for Angel Investors in India SEBI has raised the bar for who qualifies as an Accredited Investor: 📉 Earlier: ₹2 Cr net tangible assets (excluding primary residence) was enough to start angel investing. 📈 Now: Net worth ≥ ₹7.5 Cr (with ₹3.75 Cr in financial assets) OR Income ≥ ₹2 Cr annually OR Income ≥ ₹1 Cr + Net worth ≥ ₹5 Cr (with ₹2.5 Cr in financial assets) Corporates/Trusts need ₹50 Cr net worth This raises a crucial question: 💭 What happens to those who met the earlier requirements, began their angel journey, but no longer qualify under the new rules? 👉 Will they be locked out of funds? 👉 Does early-stage capital shrink? 👉 Or will new models emerge to keep them engaged? I’d love to hear perspectives from founders, fund managers, and fellow investors. Drop your thoughts ⬇️ #AngelInvesting #StartupEcosystem #IndiaStartups #VentureCapital #AngelInvestors #SEBI #InvestingInIndia

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