Zomato & Meesho: The Untold Story of How India’s Smartest Startups Scale | Mohit Bhatnagar, Peak XV

India’s startup ecosystem has reached escape velocity — but how do you actually build a breakout company in this market?

In this episode, we sit down with Mohit Bhatnagar, Managing Director at Peak XV Partners (formerly Sequoia India & SEA), and one of the earliest backers of Zomato, Meesho, Freshworks, CARS24, and more. This conversation unpacks what it really takes to win in India—across sectors, cycles, and consumer shifts.

We explore:

- How India’s startup landscape has evolved over the past two decades

- The surprising bets behind Zomato, Meesho & Freshworks—and why they worked

- What most founders misunderstand about Indian consumers and markets

- How to build cost-efficient, scale-ready companies from Day 1

- Why India’s next wave of unicorns will look very different from the last

- Mohit’s take on quick commerce, AI, and the real future of Indian SaaS

- The culture of conviction at Peak XV—and how they pick outliers before others see them

- Deep reflections on founder psychology, investing mistakes, and building institutions that last

Whether you're a founder, investor, operator, or just deeply curious about the India startup story—this is a rare, behind-the-scenes lens into how category-defining companies are really built.

⏱️ Timestamps:
0:00 - Introduction
2:02 - How Mohit has witnessed the evolution of the ecosystem
4:22 - The types of companies Mohit was scouting in 2006 vs. today
7:24 - Behind the scenes of investing in Zomato, Meesho, and more
12:58 - Mohit's thought process when meeting Vidit and Sanjeev
17:15 - Was there ever a moment Mohit felt things were overhyped?
18:50 - How Mohit has seen the evolution of software in India
25:39 - What India’s startup ecosystem can do better to compete with the US
28:26 - Mohit’s perspective on choosing not to partner with a company
31:20 - Mohit’s take on the rise of quick commerce
36:55 - Key insights Mohit has gained about Indian consumers from 2006 to 2025
38:23 - Mohit’s experience in building an institution within the venture space
43:24 - How the journey of starting the firm compares to where it stands today
51:27 - The role of culture and reputation in Mohit’s investment approach
54:17 - Mohit's strengths as an investor
1:02:08 - If not investing, what alternative path would Mohit have pursued?
1:04:03 - What would Mohit's friends say about him?
1:05:16 - If Mohit could ask himself one question, what would it be?
1:06:45 - How Mohit envisions India over the next five years
1:09:05 - Moments of doubt in Mohit's journey
1:11:55 - Advice Mohit would give to his younger self
1:14:00 - Outro

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Видео Zomato & Meesho: The Untold Story of How India’s Smartest Startups Scale | Mohit Bhatnagar, Peak XV канала Indian Silicon Valley by Jivraj Singh Sachar