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 agility, making tough calls, and why being a VC is sometimes a team sport—and sometimes a lonely solo c...
Jul 31, 2025•44 min•Ep. 27
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, and how Pilgrim is making global beauty secrets affordable in India. Tune in for a candid conversa...
Jun 24, 2025•31 min•Ep. 26
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 always keeps the original founders involved. This one’s all about consistency, strategy, and feedin...
May 22, 2025•37 min•Ep. 25
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-quality visuals. Dive into Sanjay's journey from starting with a broad focus in product photography ...
Apr 16, 2025•33 min•Ep. 24
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 activities, highlighting the need for investors to take a more active role. The conversation also cov...
Mar 26, 2025•31 min•Ep. 23
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, and navigating challenges. Tune in to hear Jeffrey’s honest take on what it really takes to grow as ...
Dec 17, 2024•36 min•Ep. 22
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 easier and why he believes energy management is the next big frontier. Tune in to learn how the EV ...
Nov 27, 2024•46 min•Ep. 21
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 prioritize their own well-being. From overcoming challenges to fostering a thriving company culture,...
Mar 05, 2024•40 min•Ep. 20
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 small startup into a dominant force in the tech industry through her visionary leadership and strateg...
Feb 20, 2024•44 min•Ep. 19
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 Singapore, marking their foray into physical retail. Roshni reflects on the challenges of balancing mot...
Feb 06, 2024•42 min•Ep. 18
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, exploring business cycles, and the hard truths for both early-stage founders and investors. Plus, delv...
Jan 23, 2024•25 min•Ep. 17
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 nevertheless exciting venture opportunities. Stay tuned for discussions on emerging themes, including enterpris...
Jan 09, 2024•34 min•Ep. 16
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 in Southeast Asia. Join Chan Yip and host Elise Tan as they discuss hard truths and valuable advice f...
Dec 05, 2023•27 min•Ep. 15
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 challenges of the evolving market. This episode offers key considerations for those aiming to tap into Indone...
Nov 21, 2023•33 min•Ep. 14
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 in now! IN THIS EPISODE (00:00) How did Piyush come across Vertex? (02:01) How has the Indian ecosys...
Nov 07, 2023•41 min•Ep. 13
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 navigate this challenging economic and slow funding period? What are the best strategies going forw...
Oct 24, 2023•27 min•Ep. 12
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 scaled marketing and sales process (09:55) Early days of Storehub (12:18) Meeting his co-founder and C...
May 17, 2023•35 min•Ep. 11
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 Malaika Arora (10:40) Hard Truths about building D2C brands (13:10) Launching new products and (14:0...
May 03, 2023•32 min•Ep. 10
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 inception of Validus (06:02) Moving from mass to premium positioning (08:04) Localisation of their model (1...
Apr 19, 2023•33 min•Ep. 9
We often think about startups as a 0 to 1 game with a team of founders working and pivoting around one theme in the hope of finding success. But that is a highly risky way to try and build VC-scale businesses. In this episode we learn of a different model, one that has led to the creation of a billion-dollar, profitable business in the highly competitive media and content space. In This Episode (00:53) Sound On acquisition and building a portfolio of startups (03:27) How 17LIVE was formed (06:28...
Apr 05, 2023•29 min•Ep. 8
Indonesians are voracious consumers of social media, and the creator economy is set to grow massively in the coming years. As the industry grows, unmet needs in engaging and monetizing their content arise. How does TipTip as a platform better serve their needs? And what are some of the tips and best practices for creators to make money on the platform? In This Episode (01:53) First Impressions (03:41) About TipTip and their journey so far (06:49) Vertex’s Investment thesis for TipTip (09:19) How...
Mar 22, 2023•36 min•Ep. 7
What are the hard truths about building a climate tech market in a country and region where the awareness, tech and regulations are yet to mature? And how do you make massive change happen while also handling the demands of being a new mother? Hear from Ria and Puiyen as they discuss the challenges, pitfalls and the immense impact of category creation in Climate Tech. In This Episode (01:53) About FairAtmos (04:53) First impressions between Vertex and FairAtmos (07:53) Vertex’ investment thesis ...
Mar 15, 2023•39 min•Ep. 6
It’s hard to translate vision into reality - and especially so when you are trying to help workers build a better life. But when you see it happening, the moment is magical! Listen to Nelly and Jessica discuss the highs and lows of building Pintarnya, the huge potential it has to transform blue-collar workers' lives as well as Nelly’s take on how women can be more empowered to take charge of their lives and careers. In This Episode (02:24) First impressions of Vertex and Pintarnya (05:46) How Pi...
Mar 08, 2023•39 min•Ep. 5
What are the hard truths about being a startup builder in manufacturing, and what was Vertex Ventures’ thesis for investing in such a tradition-bound and notoriously difficult space? And how does it feel to be a female only founder-investor pair in such a male-dominated world? In This Episode (01:10) Vertex and Karkhana; Meeting, first impressions and the investment thesis (08:18) How Karkhana got started (12:50) Hard Truths about building and investing in manufacturing startups (18:20) How Kark...
Mar 01, 2023•33 min•Ep. 4
Vertex Ventures has been investing in South East Asia and India long before it became fashionable (!) so we know a thing or two about which sectors are on the rise. Tune in to learn how we view the key sectors of Supply Chain, Consumer and Fintech. Our Guest Ben Mathias is Managing Partner at Vertex Ventures South East Asia and India. Prior to joining Vertex Ventures, he was Partner at NEA. Before joining the world of VC, he held leadership positions at E2open and i2 Technologies. In This Episod...
Feb 15, 2023•38 min•Ep. 3
Starting with a little office in a dilapidated old building to joining the rarefied ranks of unicorns in Southeast Asia, Nium has come a long way. But what did it take to keep it going even when the chips were down and fresh funding was hard to come by? What set them apart from their competition and what were some of the bets they had to make? And what were some of the Hard Truths they learned on the way? Our Guests Pratik Gandhi is the COO and co-Founder of Nium (formerly InstaReM), a leading e...
Feb 01, 2023•40 min•Ep. 2
You might know of Vertex Ventures as a successful VC in South East Asia and India. But did you know that it had a troubled start? So how did we then go on to becoming one of the top VCs in the region with investments in Grab, Nium and PatSnap and what is our secret recipe for identifying the kinds of founders that build unicorns? What are the hard truths about building an enduring VC? Learn about these and a lot more directly from Kee Lock Chua, CEO of Vertex Holdings. Our Guests Chua Kee Lock i...
Jan 18, 2023•30 min•Ep. 1
Hard Truths gives you a behind the scenes view of the most exciting startups and investment opportunities in SE Asia and India. It's brought to you by Vertex Ventures Southeast Asia & India, an early-stage investor in the region's most promising startups and one of Southeast Asia’s oldest VC funds. If you're a startup founder, entrepreneur or startup investor, follow/ bookmark and share this show - it's one you definitely cannot miss.
Dec 12, 2022•2 min
