The Indian startup ecosystem continues to evolve at an extraordinary pace, with funds like Equirus InnovateX Fund playing a critical role in shaping the early-stage investment landscape. In a recent interaction with Indian Startup Times, Sadhika Agarwal, Co-Founder and Leading Investments at Equirus InnovateX Fund, shared her insights on bridging the gap between capital and execution, supporting B2B innovation, and her vision for India’s deep tech future.
From Investment Banking to Early-Stage Investing
Transitioning from investment banking to venture capital, Sadhika Agarwal’s journey reflects a deep understanding of both sides of the entrepreneurial equation. Drawing from her dual experience as an entrepreneur and investor, she founded Equirus InnovateX Fund under the Equirus Group umbrella to nurture early-stage ventures with not just funding, but also hands-on strategic support.
“We wanted to create a platform that doesn’t just deploy capital but actively partners with founders to help them scale,” she shared. “Our collaboration with Equirus’s investment banking and wealth management divisions gives our portfolio companies unmatched access to networks, market opportunities, and strategic advice.”
Under her leadership, InnovateX has carved a niche as a fund that values execution, founder grit, and practical business sense as much as innovative ideas.
Supporting Startups Beyond Capital
One of the defining aspects of Equirus InnovateX Fund is its commitment to working closely with startups post-investment. Agarwal emphasized that their involvement extends well beyond financial support. “We work alongside our founders to identify market gaps, refine go-to-market strategies, and leverage our corporate network for introductions and partnerships,” she noted.
She cited the example of Datazip, one of the fund’s portfolio companies, which successfully pivoted its product strategy after multiple brainstorming session with Equirus InnovateX Fund team. “Such collaborations demonstrate the power of active investor involvement,” she added.
Why B2B and Experienced Founders Take Priority
Agarwal believes that B2B startups often offer more predictable growth paths and shorter gestation periods. Hence, InnovateX prioritizes B2B-focused companies, particularly those led by seasoned or second-time founders.
“Experience and resilience make a big difference in execution,” she explained. “We look for founders who’ve been through the ups and downs of building before, like those behind Datazip and GreenStitch. These are people who know when to pivot, how to manage burn, and where to double down.”
The Promise of Deep Tech and Vertical SaaS
Touching upon India’s emerging deep tech ecosystem, Agarwal expressed strong optimism about its future. She pointed out that the next decade could mirror the growth story of SaaS in the previous one.
“We’re seeing top-tier talent returning to India to build in critical technology areas, supported by favorable government initiatives,” she observed. However, she was quick to highlight the importance of balancing conviction in breakthrough ideas with capital discipline.
At InnovateX, the focus remains on vertical SaaS and infrastructure-level capabilities—segments that promise sustainable and defensible growth. “We aren’t chasing horizontal SaaS models anymore. Instead, we’re backing founders who are solving deep, industry-specific pain points,” she said.
Early-Stage Investing: Shifts and Realities
When discussing investment dynamics, Agarwal shared that the fund currently follows a 60:40 allocation strategy, with 60% of capital reserved for initial checks and 40% for follow-on investments.
She noted a healthy transformation in founder behavior: “Today’s early-stage founders are far more rational about valuations and capital efficiency. The ecosystem has matured, and there’s more emphasis on building sustainable businesses than chasing vanity metrics.”
Sadhika believes this maturity—paired with structured term sheets and clearer expectations—marks a positive evolution for India’s startup ecosystem.
Advice for First-Time Founders
For new founders, especially in SaaS and deep tech, Agarwal offered pragmatic advice: “Focus on execution and customer validation. Conviction alone isn’t enough—translate your vision into measurable results. And surround yourself with advisors who bring real operational experience, not just theoretical expertise.”
Conclusion
The conversation with Sadhika Agarwal underscores the philosophy that great startups are built not just on ideas, but on disciplined execution, resilient teams, and the right ecosystem support. Equirus InnovateX Fund stands out for its collaborative, hands-on approach to investing—leveraging the strengths of the Equirus Group to accelerate the growth of promising early-stage companies.
As the Indian startup landscape continues to diversify, leaders like Agarwal are setting the tone for a more grounded, execution-driven investment era—one that balances innovation with impact, and ambition with accountability.
-Interview conducted by Sandhya Bharti
