In an exclusive conversation with Indian Startup Times, Padma Shri Awardee Saurabh Srivastava Chairman at IAN Group and Co-Founder of NASSCOM reflected on the remarkable transformation of India’s startup ecosystem and the principles that have guided his nearly 25-year journey as one of the country’s most influential angel investors.
In the high-stakes world of early-stage investing where projections often outshine reality Srivastava shared a philosophy that has remained constant through cycles of boom and bust: bet on the person, not just the PowerPoint.
Having witnessed India’s startup journey from a time when finding 100 promising startups was a challenge to today’s ecosystem of over 200,000 ventures, Srivastava told Indian Startup Times that the real shift is not just numerical it is cultural.
The 200-Investment Journey
Over the last two decades, Srivastava has participated in nearly 200 investments, backing companies such as Wow! Momo, Indiabulls, and Avendus.
But when asked whether scale defines success, he smiled and clarified that numbers alone do not excite him.
“There is as much risk in a big idea as there is in a small idea,” he shared during the interaction. “So I prefer to invest where the impact can be transformative.”
He emphasised that venture investing is not about chasing safe bets it’s about backing ambition. According to him, meaningful disruption often looks risky in the beginning.
The “Founder First” Framework
When Indian Startup Times asked what truly makes a startup investable, Srivastava broke it down with striking clarity.
“Out of ten points, five go to the founder.”
Markets evolve. Technical experts can be hired. Strategies can pivot. But leadership, integrity, and vision he stressed cannot be outsourced.
He added- “An A class founder will find a way to somehow make a successful of a B class idea, but a B class founder will make a hash of even an A class idea”
He walked us through his internal checklist:
- Integrity is non-negotiable. If a reference check raises even a small doubt, he shared, the deal ends immediately.
- Avoid the solo-founder trap. A founder who believes they can do everything alone is a red flag. “Building a company is a team sport,” he noted.
- Passion over quick profits. He looks for founders chasing a dream, not merely chasing valuation.
- Clarity over jargon. If a founder cannot explain their product and customer without “PowerPoint fluff,” he sees it as a warning sign.
Throughout the conversation, Srivastava returned repeatedly to one word: trust. Without it, he explained, no term sheet can compensate.
From Copy-Paste to Original Innovation
Reflecting on the ecosystem’s evolution, Srivastava highlighted a dramatic shift in the last five years.
“In the early days, many Indian startups adapted Western models,” he told Indian Startup Times. “Today, we’re building things the world hasn’t seen before.”
He pointed specifically to the rise of Deep Tech, Biotech, Space, and Defense sectors where Indian founders are solving complex problems with globally competitive solutions. He also emphasised the growing strength of Tier II and Tier III cities, revealing that nearly 40 percent of new startups are now emerging from beyond metro hubs.
Srivastava strongly advocates a “Hub and Spoke” angel network model, encouraging experienced investors to mentor founders in emerging cities. “The next wave of global Indian giants,” he shared, “will come from places we’re not looking at closely enough.”
Advice to the New-Age Angel Investor
For aspiring angel investors hoping to follow his path, Srivastava offered grounded, practical advice.
“Don’t go solo,” he told us. Joining an angel network, he explained, allows investors to learn from seasoned professionals while spreading risk. He also underscored diversification: “If you have ₹1 crore, don’t invest it in one startup. Invest ₹10 lakhs in ten.”
But perhaps his most powerful advice was about transparency.
“When founders share risks as openly as they share rewards, that’s when trust begins,” he said.
Looking Ahead: India’s Most Disruptive Era?
As the interview concluded, Srivastava reflected on where India stands today.
From scarce capital and limited networks in the 1990s to a globally recognised innovation engine, India’s startup ecosystem has matured rapidly. Yet, he believes the country is only at the beginning of its most disruptive chapter.
The next phase, he suggested, will be driven not by replication, but by originality fueled by founders who combine integrity with ambition.
For Srivastava, investing is ultimately not about valuation multiples or market cycles. It is about people. And in an ecosystem growing faster than ever before, that human lens, he told Indian Startup Times, remains his most powerful filter.
Interview Conducted By: Vanshika Tayal
