In the dynamic world of venture capital—where trends often dictate momentum and hype can obscure substance—some investors take a more deliberate and thesis-driven approach. Among them is Sheetal Bahl, Partner at Merak Ventures, who brings a distinct perspective shaped by analytical rigor, creative intuition, and a commitment to founder-first investing.

In a recent interaction with Indian Startup Times, Bahl reflected on his non-linear journey into venture capital, Merak’s focus on deep tech and alternate perspectives, and why conviction, belief, and strategic clarity form the backbone of the firm’s investment philosophy.

The Value of Non-Linear Paths in Venture

Bahl’s entry into venture capital did not follow a conventional route, and that, he believes, adds depth to his perspective.

“Having a non-traditional background makes you more empathetic to founders who are breaking molds themselves,” he remarked. Merak Ventures actively backs a diverse range of founders, including women-led startups and husband-wife co-founding teams, who bring unique perspectives to problem-solving.

Bahl also highlighted Merak’s appreciation for individuals from liberal arts and creative backgrounds. A case in point is Pranav Sanghvi, Principal at Merak, who worked as a professional DJ before transitioning into venture capital. “Such experiences add value—they bring lateral thinking, pattern recognition, and human-centered insights, all of which are invaluable at the early stages of company building,” he explained.

Deep Tech: The Importance of Saying No

While deep tech is a growing focus area for many investors, Bahl’s approach is measured and disciplined.

“Deep tech is exciting, but it’s also highly complex and frequently misunderstood. You need an investment thesis that you don’t deviate from—not even when fear of missing out comes into play,” he noted.

At Merak, the team evaluates deep tech opportunities, including those in sectors like space technology, through a clear lens. They prioritize companies that demonstrate the potential for disproportionate returns while also maintaining capital efficiency. “If a startup doesn’t align with our thesis, we walk away—even if it’s trending,” Bahl added.

Rethinking Hardware Risk

Contrary to widespread perceptions, Bahl does not view hardware startups as inherently riskier or more capital-intensive than their software counterparts.

“Consumer businesses, for example, often burn significant capital before achieving profitability,” he explained. He pointed to Merak’s investment in Pixxel—a deep tech space company—as an example of how hardware ventures can be scaled sustainably when guided by visionary founders and disciplined capital use. “The assumption that hardware is always high burn is flawed—it just requires a different framework,” he said.

Navigating AI: The Iceberg Framework

With artificial intelligence transforming industries, Merak has developed a framework to identify robust AI-led startups.

“We look for what we call ‘iceberg startups’—businesses that appear simple on the surface but are powered by deep, multi-layered AI capabilities underneath,” Bahl explained.

He emphasized the value of hybrid founding teams—pairing younger, AI-native entrepreneurs with experienced leaders who understand real-world business application. “That balance ensures these ventures are both technologically sound and commercially viable,” he noted.

Founders First: Grit, Storytelling, and Timing

Across all sectors and technologies, Bahl consistently places the founder at the center of the investment decision.

“Perseverance is non-negotiable. If a founder gives up too early, nothing else matters,” he said, referencing examples from his earlier growX angel syndicate portfolio, including Aereo and Wiom. These investments, made prior to his role at Merak Ventures, exemplify the importance of grit and long-term vision.

He also underscored the power of storytelling—particularly in the early stages when founders must communicate their vision clearly to investors, team members, and the market. “A compelling narrative can accelerate everything—from funding to team building,” he added.

Beyond Spreadsheets: The Role of Intuition

Bahl also spoke about the nuanced, human dimension of early-stage investing.

“At the seed stage, it’s not just about data and spreadsheets. It’s about belief, intuition, and the ability to imagine what the future might look like if the founder succeeds,” he explained.

He likened the process to creating art—an act that involves embracing ambiguity and envisioning change. In a world increasingly shaped by AI and automation, Bahl encourages founders to focus on problem areas that require human ingenuity, empathy, and depth. “The most enduring companies will be built around spaces where machines can’t easily replace the human touch,” he concluded.

Conclusion

Sheetal Bahl’s views reflect a principled, thoughtful approach to venture capital—one that resists the pull of hype and focuses instead on long-term value creation, founder authenticity, and well-defined investment theses. At Merak Ventures, the goal is not to follow the crowd, but to follow conviction. As Bahl aptly put it, “Venture capital is ultimately a business of belief—and boldness.”