India’s startup ecosystem continues to evolve rapidly, shaped by shifting investor expectations, emerging technology trends, and a new generation of founders building globally competitive businesses. Early-stage venture capital firms are playing a critical role in supporting startups as they navigate the challenging journey from idea to scale.
In this conversation with Indian Startup Times, Zeal Lilani, Principal at Sadev Ventures, shares insights from her journey into venture capital, the realities founders face while scaling from 0 to 100, and the sectors she believes will define the next wave of innovation in India. She also discusses Sadev Ventures’ operator-led approach to investing and offers practical advice for founders and early-stage investors navigating today’s dynamic startup landscape.
From Investment Banking to Venture Capital
Zeal Lilani’s path into venture capital began with a strong foundation in finance. She pursued her Master’s in Investment Banking from Queen Mary University in London before beginning her career at an asset management company in Mayfair.
During this time, she worked closely with the COO’s office, reviewing portfolio companies and interacting with founders. The exposure gave her early insight into startup operations and the venture ecosystem.
She recalls that her role soon expanded when the firm began exploring crowd investing and cross-border startup investments.
“I was handling the CEO’s desk and reviewing the portfolio regularly. That meant interacting with founders, going through their MIS reports, and understanding how companies were evolving,” she explains.
The firm launched an internal incubation initiative focused on enabling global startup investments across markets such as France, Germany, and Dubai. Lilani became deeply involved in building the initiative from the ground up.
“It was still a very nascent project with just a few people. I requested the company to move me into that vertical, and eventually I ended up building a lot of that operational framework.”
After relocating to India due to personal reasons, she began exploring opportunities in the venture ecosystem. That led her to Sadev Ventures, where she now works closely with the investment team and portfolio founders.
Scaling from 0 to 100: The Real Founder Challenge
At Sadev Ventures, the firm focuses on helping startups transition through key growth stages — particularly from 0 to 10 and 10 to 100.
According to Lilani, the challenges founders face shift dramatically during these phases.
“In many ways, getting from zero to early traction can be easier. Your first customers are often people within your network who are willing to try new products,” she says.
However, the real test begins when startups attempt to scale.
“The jump from 10 to 100 is where the real challenge begins. It requires resilience, operational discipline, and strong people management.”
She highlights that founders must build teams, retain talent, manage investors, and implement stronger governance structures as the company grows.
“Suddenly you’re moving from a team of five to fifty people. Everyone is looking up to the founder for direction. Balancing growth with team alignment becomes critical.”
The Operator-Led Approach at Sadev Ventures
Sadev Ventures positions itself as an operator-led venture capital firm, a philosophy influenced heavily by its leadership.
Lilani notes that the firm’s approach is shaped by the operational experience of its managing partner, Dhruv, who previously served as COO at BharatPe.
“That operator mindset defines our culture. We always ask ourselves — if we were building this company ourselves, how would we solve the problem?”
This perspective allows the firm to go beyond capital support.
Sadev Ventures actively helps founders through:
- Strategic guidance
- Network introductions
- Fundraising advice
- Operational insights
Sometimes, she adds, the support is simply being available for founders during difficult moments.
“Founders go through incredibly intense journeys. Sometimes our role is simply to listen when things aren’t going well.”
Founder Pitfalls: The Risk of Early Overconfidence
One common mistake Lilani observes among founders is overconfidence after raising early funding rounds.
“Raising a large round early can sometimes create a false sense of security,” she explains.
However, venture funding does not guarantee long-term success.
“What matters is how efficiently you execute between funding rounds. Operational discipline and focus are what ultimately determine success.”
She advises founders to celebrate milestones but remain grounded.
“It’s fine to acknowledge progress, but the focus should always remain on the next challenge.”
A More Mature Venture Ecosystem
Lilani believes the venture capital ecosystem has matured significantly since the 2021 investment boom, when fear of missing out (FOMO) drove many investment decisions.
“During that period, valuations were extremely aggressive. Many investors were investing without deep diligence.”
Today, the ecosystem has become more rational.
“Investors are far more disciplined now when it comes to valuations and due diligence. That correction is actually healthy for the ecosystem.”
She also observes a growing shift among founders.
Earlier, many startups replicated Western business models. Now, founders are increasingly building products rooted in Indian strengths and taking them to global markets.
“You’re seeing companies that are proudly building Indian-origin products and taking them global.”
Sectors That Excite Early-Stage Investors
At Sadev Ventures, investment decisions are guided by evolving theses rather than rigid sector preferences. Still, Lilani highlights a few areas that currently appear promising.
Education and AI-driven learning
She believes the education sector could see major disruption with the integration of AI.
“With global AI companies investing heavily in India and partnering with schools, there is a real opportunity to rethink education delivery.”
Sustainability and circular economy
Environmental awareness is driving demand for sustainable solutions across industries.
“People are increasingly asking how products are produced, consumed, and recycled. That shift is creating new startup opportunities.”
Consumer innovation
India’s consumer market continues to expand rapidly.
“The middle class is growing and consumption patterns are evolving. Consumers today are willing to experiment with new brands.”
She also points out that startups are now tapping into emerging markets beyond traditional Tier-1 and Tier-2 cities.
Investing in India’s Manufacturing Future
Sadev Ventures recently participated in the $7 million pre-Series A funding round of AtomGrid, a platform focused on building global specialty chemical supply chains.
Lilani explains that the investment reflects a broader belief in India’s growing manufacturing capabilities.
“India has always had strength in specialty chemicals, and we see significant global demand for these capabilities.”
She believes geopolitical shifts are also strengthening India’s position as a manufacturing hub.
“With global supply chains shifting and governments supporting domestic manufacturing, this could be a defining decade for India.”
Although China still maintains pricing advantages, India is rapidly gaining ground in quality and global supply chain participation.
What Sadev Looks for in Founders
When evaluating early-stage startups, Lilani emphasizes that the founder themselves often matters more than the idea.
“We invest very early, so naturally the founder’s vision and ability to execute at scale becomes extremely important.”
She looks for founders who can inspire teams and sustain momentum even during difficult phases.
“I’ve seen teams stay committed even during tough times simply because they believe in the founder’s vision.”
For Lilani, that ability to create belief within a team is a powerful signal.
Advice for Founders and Early-Stage Investors
Drawing from her experience working closely with founders, Lilani offers a few key recommendations.
For founders, she stresses the importance of continuous conversations and feedback.
“Speak to as many people as possible. Honest feedback helps you avoid delusions about your product.”
At the same time, founders must remain focused on the problem they are solving.
“If you truly believe you are solving a meaningful problem, stay committed. Everything else eventually aligns.”
For new investors entering the startup ecosystem, she emphasizes the importance of due diligence.
“Early-stage investing carries high risk. Always take the time to understand the business, the founder, and the market before committing capital.”
Conclusion
As India’s startup ecosystem matures, venture capital firms like Sadev Ventures are playing a vital role in shaping the next generation of high-growth companies. With a strong focus on founder resilience, operational insight, and emerging sectors such as sustainability, AI-driven education, and manufacturing, the firm continues to back entrepreneurs building scalable solutions.
For Zeal Lilani, the journey of venture investing remains deeply connected to the people behind the ideas.
“At the end of the day, building great companies comes down to great founders. When you find people with conviction, resilience, and the ability to bring others along with their vision — that’s where the real opportunity lies.”
-Interview conducted by Sandhya Bharti
