India’s startup ecosystem has evolved dramatically over the past two decades, moving beyond business model innovation to become a fertile ground for enterprise technology, deep-tech, and engineering-led innovation. Few leaders have witnessed and shaped this transformation as closely as Parthasarathy N.S., aka “Partha”, Managing Partner at Mela Ventures and Co-founder of Mindtree, one of India’s most successful technology companies.
Having played a pivotal role in building Mindtree into a billion-dollar global IT services enterprise, Partha now works closely with entrepreneurs through Mela Ventures, backing startups across enterprise technology, deep tech, AI, climate tech, and emerging innovation sectors. Drawing from over four decades of experience as an entrepreneur, investor, and technology leader, he offers a unique perspective on company building, founder mindset, organizational culture, governance, and the future of India’s startup landscape.
In this conversation with Indian Startup Times, Partha shares his views on the evolution of India’s startup ecosystem, the rise of engineering-driven innovation, the transformative potential of AI, and the qualities that define enduring businesses.
The Entrepreneurial Lessons That Continue to Guide Investment Decisions
Reflecting on his journey from building Mindtree to investing in startups, Partha believes that some entrepreneurial principles remain timeless despite the rapid changes in technology and business environments.
According to him, one of the most important lessons is that ordinary individuals can come together to achieve extraordinary outcomes. Great companies are rarely built by a single genius; instead, they emerge from cohesive teams with complementary skills and a shared vision.
He also emphasizes the importance of having co-founders who can support each other through the inevitable highs and lows of entrepreneurship. Most importantly, he highlights focus as a defining trait of successful companies.
“You cannot be everything to everyone,” he explains. “The ability to stay focused on a clearly defined mission often separates successful startups from those that struggle to scale.”
Why Organizational Culture Matters for Long-Term Success
Having built Mindtree on a strong foundation of values and culture, Partha acknowledges that early-stage founders are understandably focused on product-market fit and customer acquisition. However, he cautions against neglecting organizational culture altogether.
He believes culture becomes increasingly important as startups grow and transition from small teams to larger organizations. Many founders, he notes, misunderstand culture and often perceive it as a secondary concern.
“There is no universal culture that works for every company,” he says. “Each organization must develop a culture that aligns with its goals, people, and way of working.”
Partha believes investors and mentors have an important role to play in helping founders understand how culture contributes to long-term sustainability and organizational resilience.
India’s Startup Ecosystem Is Entering a New Phase of Innovation
As an investor who entered venture capital in 2020, Partha has closely observed the evolution of India’s startup ecosystem. He describes its growth through four distinct waves of innovation.
The first wave was driven by business model innovation, where entrepreneurs adapted successful global business models for the Indian market.
The second wave focused on software product innovation, leveraging India’s vast pool of engineering talent to build products for global customers. Companies such as Freshworks and Zoho exemplify this phase.
Today, he believes India is firmly in the midst of a third wave centered on engineering innovation, often referred to as deep tech. This phase involves combining multiple technologies to solve complex real-world problems.
Looking ahead, he sees the emergence of a fourth wave driven by science-based innovation, where discoveries from research institutions and scientific laboratories are commercialized through startups.
“We are only beginning to see the early signs of science-led innovation,” he notes. “Over the coming decades, India will witness a healthy mix of all these innovation models.”
What Mela Ventures Looks for When Backing Startups
Despite investing across sectors ranging from enterprise technology and AI to climate tech and deep tech, Mela Ventures follows a consistent framework when evaluating startups.
The firm first assesses whether the startup is addressing a significant and urgent problem. A large problem alone is not enough; customers must also have a compelling need to solve it.
Market size is another critical factor. Partha emphasizes that Mela Ventures is not constrained by geography and remains open to startups targeting global opportunities.
However, founder quality remains central to every investment decision.
The firm spends considerable time understanding founders, their resilience, adaptability, and ability to navigate uncertainty. Beyond the founders themselves, Mela also evaluates the broader leadership team and its capacity to execute through challenging circumstances.
“The startup journey is never linear,” he says. “What matters is how founders respond to setbacks and learn from adversity.”
Reimagining Problems Through AI
While artificial intelligence has become the dominant theme across the technology landscape, Partha believes entrepreneurs should avoid viewing AI merely as an incremental improvement tool.
According to him, the greatest opportunities lie not in applying AI as a marginal enhancement but in fundamentally rethinking how problems are solved.
He compares incremental AI adoption to adjusting a dimmer switch, gradually increasing efficiency without changing the underlying system.
“The real opportunity is to rethink the problem from first principles and redesign solutions around what AI makes possible,” he explains.
He also sees AI adoption occurring on two levels.
The first is “AI Inside,” where startups use AI internally to improve coding, testing, operations, and productivity.
The second is “AI Outside,” where AI capabilities are embedded into products and services to create value for customers.
Partha believes successful startups will embrace both approaches simultaneously, enabling them to operate more efficiently while delivering superior customer experiences.
The Future of Venture Capital and Deep-Tech Investing
Although deep tech is currently attracting significant investor attention, Partha notes that Mela Ventures has been investing in the sector since its inception.
He believes the long-term success of India’s deep-tech ecosystem will depend on the availability of capital across all stages of growth. While early-stage funding has become increasingly accessible, growth-stage capital for deep-tech startups remains relatively limited.
Deep-tech businesses often require longer development cycles and a deeper understanding of complex technologies. As a result, investors must develop specialized expertise to evaluate opportunities effectively.
He expects the ecosystem to mature over time as more investors build capabilities in areas such as advanced engineering, space technology, climate technology, and scientific innovation.
Why Sales, Marketing, and Governance Remain Undervalued
Among the many challenges facing startups, Partha believes two areas continue to be underestimated by founders: sales and marketing, and governance.
Many founders, particularly those with technical backgrounds, assume that a great product will naturally attract customers. However, he stresses that even the best products require strong go-to-market capabilities.
“You can build the greatest product in the world, but customers will not automatically find you,” he says.
Equally important is governance. Drawing from his experience building a publicly listed company, Partha argues that governance should not be treated as an afterthought.
He compares governance to the plumbing of a house.
“You cannot build the house first and install the plumbing later. Governance must be built from the beginning.”
As startups scale, robust governance structures become critical for attracting investors, managing risk, and ensuring sustainable growth.
How Mela Ventures Supports Founders Beyond Capital
Mela Ventures positions itself as an active operating partner rather than a purely financial investor.
Before investing, the firm makes it clear that it intends to work closely with founders throughout their journey. The team engages regularly with portfolio companies, reviewing business performance, finances, organizational development, and strategic priorities.
Partha believes founders should view Mela as their first point of contact whenever challenges arise.
The firm’s involvement extends beyond strategic guidance to areas such as leadership hiring, organizational design, and scaling preparation.
As startups transition from one stage of growth to another, Mela helps founders anticipate future organizational needs and build structures capable of supporting larger businesses.
“We don’t run the company,” he explains. “But we strive to be the first call founders make when they encounter a challenge.”
Entrepreneurship Is Not for Everyone
As the conversation concluded, Partha offered candid advice to aspiring entrepreneurs.
He cautioned against the growing perception that entrepreneurship is the only path to success. Not everyone is suited to the entrepreneurial journey, and there is no shame in pursuing alternative careers.
For those who do choose entrepreneurship, he recommends starting with a problem they are deeply passionate about solving, leveraging their skills to create meaningful impact, and finding a strong co-founder who complements their strengths.
Most importantly, he urges founders to prepare for a long and demanding journey.
“Entrepreneurship is often over-romanticized,” he says. “People see the unicorns and the success stories, but they don’t see the failures, sacrifices, and years of hard work behind them.”
Success, he believes, belongs to those who are prepared to remain committed through uncertainty, setbacks, and continuous learning.
Conclusion
Partha N.S.’s entrepreneurial and investment journey offers valuable lessons for founders navigating today’s increasingly complex startup environment. From the importance of focus, resilience, and complementary teams to the need for governance, culture, and long-term thinking, his insights reflect the realities of building enduring businesses.
As India’s startup ecosystem progresses from software-led innovation toward engineering and science-driven breakthroughs, leaders like Partha remain optimistic about the country’s future. Yet his message is grounded in pragmatism: sustainable success requires patience, discipline, adaptability, and a relentless commitment to solving meaningful problems.
For founders aspiring to build the next generation of impactful companies, that may be the most important lesson of all.
-Interview Conducted by Sandhya Bharti
