🇮🇳 Pre-Seed & Seed Stage Investor
Bengaluru
Joined October 2009
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#Micro-transactions: What started as 1K paid transaction per month in January 21 is now 5K transactions per DAY. Something special happening at @askpankhuri
Madhukar retweeted
The last few years have been about making some hard choices, often prioritising sustainability over short-term growth. We asked a lot from our teams along the way, but held on to our belief in building a business that could serve India’s internet users for the long term.
FY26 was when we began seeing the results of those hard choices, and H1 FY27 has made the journey even more special.
In FY26, we grew our revenue 40% year-on-year to ₹1,016 crore, while narrowing our adjusted EBITDA losses by 58% to ₹91 crore. Growth has accelerated further in FY27, with our annualised revenue run-rate crossing ₹1,500 crore by the end of H1.
Most importantly, those years of hard work are now translating into profitability. We've recorded four consecutive quarters of positive cash flow and two consecutive EBITDA-positive quarters. Our growth is now fully funded by the business itself, and we're on track to deliver our first EBITDA-positive year in FY27, with nearly ₹25 crore in projected EBITDA.
Micro dramas, our big bet from early 2025, have become a major growth engine. Daily consumption has grown 6.5x in the last 12 months to over a billion episodes across our family of apps. Our subscription business continues to grow strongly, while our advertising business is also gaining momentum, growing 40% year-on-year in Q2 FY27.
None of this would have been possible without the 200 million-strong user community across our family of apps, whose engagement and trust continue to drive us forward.
Proud of our team for getting us here, grateful to our community & partners for believing in us, and excited to keep building for the decade ahead. 🇮🇳
Madhukar retweeted
If I had a small business, I would 100% jump on the Muse bandwagon right now.
Meta has a ton of great marketing and analytics tools for getting SMBs in front of its users. The biggest issue has been that many of these don’t talk to each other (each built by different teams internally) and are hard to pull data together.
For the first time, there’s a single interface + seamless way to connect all of them and run your business from Muse.
Muse for SMBs might be the most underrated story in consumer agents right now
They have near-infinite consumer distribution at very low cost, with a base of 3.64 billion daily active users across Meta apps
But even more importantly, more than 500M SMBs use Meta for marketing. If Meta gives agent discoverability (preferred or not) to that SMB base, it could be a huge boost, especially for local businesses who can hyper-target users with urgent purchase needs
Meta said in their Q3 earnings calls (and in blog posts prior) that they plan to build an ecosystem of connectors for SMBs in Muse - analytics across your Meta accounts plus QuickBooks, Canva, Stripe, etc.
Many of these businesses are already trusting Meta with their growth / ad dollars - I could see Muse becoming almost a nervous system for SMBs that allows Meta to capture more and more of their activity over time
Shopify has already leaned into this (@tobi) - Muse can search across the Shopify catalog and complete purchases for consumers, and businesses can manage their Shopify store in Muse via a connector
And, the early Muse user base has shown a willingness to purchase via agents. 25% have completed a transaction via Muse, with average purchase size over $200. And, the top activity on Muse is shopping
Very curious to see what comes next here, especially with holiday gifting on the horizon 👀
Madhukar retweeted
What exactly are actuators, and how do they make robots move?
@frdahsan breaks it down👇
"An actuator is essentially a motor with a gearbox, an encoder and a motor controller."
"The encoder verifies whether the motor has actually moved the 30 degrees it was instructed to move."
"The gearbox allows that rotational motion to be converted into the necessary torque required for lifting the body."
"Put all of this together in a shell, and you have an actuator."
@GeneralAutonomy
Madhukar retweeted
Giving jr VCs the same respect as a GP is one of the best founder hacks
Much of the success and ~$70m raised for my businesses are trickle effects of answering a jr VC @k17ubha and @zebulgar joining our board as a “principal”
Merit not title is best filter
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India yearns for its Donald Trump !
The two most overvalued major listed businesses in the world are SpaceX and Tesla. The two most overvalued major unlisted businesses in the world are Anthropic and OpenAI. The two most vulnerable businesses to an India digital industrial policy are Meta and Google. This is the time to give a “scare” to US Big Tech. They are rather vulnerable given their eroded cash flows. DC, NYC and SF need to be told in no unclear terms: you don’t mess around with India.
The nationalist way of looking at it Govt. keeps the business unviable via regulation/economics in the early years so that local players cant compete and once the distribution/habit is build drop regulation/economic barriers . Many examples over last 20-30 years
It is perfectly fine to oppose MDR on UPI. But if your argument is that it is a “tax on UPI” collected by the government or somehow part of a US agenda, please spend 2 mins understanding the MDR before politicizing it for the sake of it. (btw I too favor 0% MDR, but my reasons are purely economic :)
Madhukar retweeted
The ARR multiple fallacy
ARR multiple is not the right way to think about sub-20% growers.
Simple framework:
If you’re growing sub-20%, you get a 10-30x EBIDTA or FCF multiple. If you use this rubric, Miro is very fairly valued by Bending Spoons.
Only 30%+ growers get the luxury of an ARR multiple.
The reason is that 30% growth means you’re doubling in 3 years and so the revenue base will be 2x in 36 months, and the margin structure will look different at 2x scale. Cash flow today is a rounding error against that. So you value the trajectory, and ARR is the cleanest proxy for trajectory.
At 15% growth, doubling takes 5 years. That's close enough to "never" that the market stops paying for the future and starts paying for the present. The present is earnings. If you're not producing them, you're not a growth company anymore. You're a bad value company.
The mistake founders make is anchoring to the multiple they had at 40% growth and thinking the ARR multiple just compresses. It doesn't compress. It gets replaced. You cross 30% on the way down and the entire valuation framework switches out from under you.
Which is why the worst place to be is 20-30% growth with no FCF. Growth investors won't pay for it. Value investors can't. You're priced by whoever is least excited,a really painful place to be.
Madhukar retweeted
Just sold on vingo!
sold for 35k in vingo auction… there are only 683 pieces worldwide!
Madhukar retweeted
Spiritual and devotion platform Utsav raises Rs 36 Cr in Series A led by Atomic Capital entrackr.com/snippets/utsav-…
Madhukar retweeted
Zudio is a great reminder that for middle India, price can be a stronger distribution lever than advertising.
Save on CAC, operate on lean margins, and pass that value back to the customer.
Madhukar retweeted
Travis Kalanick on VCs vs operators: "don't tell Michael Jordan how to dunk"
"A super high bar for a VC is do no harm. There's a lot of reasons why that's hard for a VC. Everybody wants to make a mark on the world."
"The way I think about it is, if an operator is good, they're a grandmaster of chess. And that grandmaster is playing 60-80 hours a week. He really knows this thing, knows many moves ahead, sees things other people don't see."
"The VC is a chess enthusiast. They check in on the match once every three months. And they're trying to make a mark. 'Hey, why don't you do this or that?'"
"Don't go to Jordan and tell him how to dunk. And definitely don't tell him how to dribble."
"If you're not in the thing all the way, every day, 12-16 hours a day, it ain't a thing. But that's a hard thing for most people to take who aren't running sh*t."
"VCs are glamorized, and they have a seat at the table."
"he way to think about it is you're on the Serengeti. If an antelope limps, the lion will take it down, even if it's not hungry. Can't even f*cking help it. And that's the nature of most VCs. If you are on the Serengeti and limping, you will be eaten. And the lion doesn't even know why sometimes. It's just like, this is what I do."
Madhukar retweeted
We closed single day today with more revenue than we did in entire month of January. Amazing efforts by full team and great customer love.
Distribution in itself is not a moat but the right to build a distribution comes from PMF
Provocative thoughts on MVP and AI by @sajithpai.
No disputing the fact that AI has made building easier but to posit that the value shifts to "visible" distribution is a leap too far.
Distribution is a capability.
Product-market fit is an outcome.
The two are not interchangeable (or even comparable imo).
Your product is not just code (AI or manually written) - it is the entire package and pipeline in how you solve a customer problem. Nail that and everything else will follow.
Also, "visible distribution" is not the same as a durable GTM advantage.
A founder with 100K followers and no retention will ultimately lose to the founder with 100 customers who cannot live without the product.
And they don't need to charge directly to consumer which creates a massive advantage for them . So they can copy a succesfull agent motion ( remember stories, reels )
Meta @Meta is the sleeper favorite in the personal agent race.
Instagram’s recommendation engine already knows what you will watch, buy, and crave before you do. Now point that profile at your whole life - what to read, do, eat, consume next.
Everyone’s building agents. Meta already has the most sophisticated user model.
8club is building the infra for real-world connection,not another app fighting for your attention on a feed.
200K+ users.10K+ hosts.8club is hiring a Tech Lead,Marketing Lead,Design Lead to build the next phase with them.
If that's you, or you know who is, DM @ky_kunal_
Madhukar retweeted
Sam Altman: "You can identify founders who have a chance at creating a $10 billion company. With practice."
Then he shared the experiment that proved it. YC funded 20 teams of strong founders without ideas.
All 20 failed.
> real founders generate new ideas every week, not one big one
> execution speed between meetings predicts success better than anything on paper
> a founder improving fast over 2 months he's been right ~10/10 times on this signal
> the core four: obsession, focus, frugality, love
everyone screens for intelligence. almost nobody screens for slope.
which one would you bet on?
Madhukar retweeted
Even disconnected actions are somehow connected. They help you move forward. Whenever you get stuck, take action. Any action.