Tejeshwi Sharma 🇮🇳
@tejeshwi_sharma
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Bengaluru South, India
Joined August 2015
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Population:
India: 1400M
Vietnam: 100M
Exports:
India: ~$450B
Vietnam: ~$400B
Vietnam punches above its weight on exports and manufacturing.
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1K
12K
Zerodha:
Revenue: 5000 Cr.
Profits: 2000 Cr.
Employees: ~2000
Profit / Employee: ~1 cr.
World class!
@zerodhaonline
@Nithin0dha
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~8M developers, ~50 companies with > $1B valuation, $20B in venture capital year to date, a dozen public companies (in the next 2 quarters), ~2M jobs created. Thriving Consumer, Fintech, SaaS, Crypto ecosystems.
India is the hottest tech market in the world today.
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Google: Product company
Facebook: Ads company
Apple: Marketing company
Microsoft: Software company
Netflix: Content company
Paypal: Payments company
Tencent: Media company
Alibaba: Commerce companyn
Amazon: Its a Business
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(1/5) How do you imagine India in 2030?
Some of my unstructured thoughts
- $8T GDP, Public markets $9-10T market cap, Tech market cap of >$1T
- 1B smartphone users
- India an export hub for software, electronics, EV, pharma, chemicals, IT
- EVs rule auto market
*Add yours*
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Adobe becomes the first SaaS company to get to $300B market cap ! ! !
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Start-up ecosystem:
@actgrants
is stepping up its activities. We are raising >75 Cr. funds for:
Home health Management, Oxygen Solutions, Supplement medical workforce
Pls step forward to support this fight. Pls write to me tejeshwi.sharma
@sequoiacap
.com or DM me to donate.
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Bangalore is drenched in the Indian tricolor today. See it on building tops, on autos, cars, at crossroads, it's ubiquitous.
Weather gods have further
blessed this jubilant mood with a cool breeze and temperature.
Bangalore is celebrating!
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India ed-tech in perspective
K12 tuition: $13B growing 10%
K12 ed-tech: $500M
Penetration: 4%
Test prep: $8B growing 10%
Test prep ed-tech: $200M
Penetration: 2.5%
New segments like lifelong learning, K6 upcoming
My bet: In 7 years, ed-tech $5B in rev. $30-40B in market cap
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Peter Thiel is a Philosopher
Elon Musk is an Inventor
Larry/Sergey are Scientists
Toby Lutke is a Rebel
Bill Gates is a Nerd
Steve Jobs was a Salesman
Jeff Bezos is THE Businessman
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VC funding in 2021:
US: $296B
China: $130B
EMEA: $100B+
India: $36B
The most prolific investing year for venture capital.
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The scale of India's digital infra is staggering:
1.2B mobile phone users
700M internet users
600M smartphone users
12GB monthly data consumption
250M digital payments users
150M online shoppers
30M on-demand services users
6-8M developers
We are just getting started.
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Goa has many attributes that would make it an ideal host for a thriving tech ecosystem
1. Good weather (Indian standards)
2. Proximity to BITS Goa / IITB if you stretched
3. A flight hop from both Mumbai/Blr
4. Inexpensive real estate + lots to do for young folks
#TechinGoa
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I bet if we gave $5M each to a team in India, EU and US with same calibre on the same idea, the India team has the best odds of getting to PMF and $5M ARR.
If we gave $25M to the same teams once they get to $5M ARR, the team from the US has the best odds of getting to $100M ARR
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Credit scores in India don't make any sense to me.
In months where I spend more and still pay on time, my credit score goes down. It should go up because I have demonstrated ability to fulfill higher credit obligation. And hence more creditworthy.
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[Best guess] Indian Internet economy user base:
Smartphone: 425M
Youtube: 300M
Payments: 125M
E-commerce: 100M
Short videos: 80M
Travel: 45M
Ride hailing: 20M
Food delivery: 20M+
Digital subscribers: 4-5M
Ed-tech users: 3M
Every category except YT is under-penetrated.
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The most valuable company on planet is
Not a tech company
Not a hardware company
Not a software company
Not a retail company
Not a manufacturing company
Apple is a design company.
Design is a key source of differentiation in a crowded marketplace.
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# e-com shoppers: 700M (China), 150M (India), 50M (US)
E-com market size: $2T (China), $33B (India), $675B (US)
E-com penetration: 33% (China), 3% (India), 17% (US)
While I think India # are under-estimated, still tells you how early we are in our journey.
#Perspective
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TCS has hit $25B revenue in CY21.
For perspective, thats more than every SaaS company out there.
Scale of Indian IT services is mind boggling!
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Indian Market size (2025): Ecom $130B, O2O/Travel: $60B, Digital ads: $16B, Entertainment: $20B
Applying 1x multiple on e-com, 1.5x on O2O, 10x on ads and 5x on entertainment, total market cap potential is $500B (in commerce + advertising alone) by 2025.
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One of our associates pulled out an astounding piece of data on start up employment. 1.5M direct jobs. Along with contracted workers, 2M+ find a livelihood in the ecosystem. And we are still getting started.
For calibration, IT services employs ~4M people in India.
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Another milestone for Indian start ups:
@PhonePe
crossed 100M transactions / day. For perspective, Visa does ~650M txn/day worldwide. And Phonepe is growing much faster than visa.
In the next 5 years, Phonepe will surpass Visa.
@_sameernigam
@rahulchari9
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Shocked to see the founder at a $1T+ tech company hasn't transitioned leadership to someone from our part of the world 😀😀😀
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0 to 1 and 1 to N people are different.
0 to 1 are artists - driven by gut, intuition, hustle and risk taking. It's an art.
1 to n are scientists - driven by process, playbooks, structured thinking and risk mitigating. It's science.
Rare to find folks who are good at both
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Shopify and Intuit are ~$180B market cap, built on the back of SME software.
Difference: what took Intuit 38 years, Shopify did in 15.
Reason: Shopify is front end (customer experience) while Intuit is back end (accounting). SMEs pay for front end before they do for back end.
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Every company is a tech company.
Every company is a software company.
Every company is a fintech company.
Every company is a media company.
In India: Every company is a supply chain company.
SaaS, Fintech, Supply Chain and Content will drive value in our ecosystem.
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Humble people are among the most ambitious.
Reason they are humble because they understand the insignificance of their current accomplishments. Always long way to go for them.
Humility = Ambition.
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International tourists brought $30B (2019) forex exchange to India, up from $14B in 2010.
Tourism could be a $100B in the next 10 years.
India's scale will be staggering this decade.
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Hearing from a few companies: ramped down their digital marketing spends significantly yet no change in revenues, only CAC went down.
Won't call it a trend yet but interesting data point. Perhaps, points to the fluff in digital marketing spends.
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5 years ago, very few would have imagined
@CRED_club
to be where it is today. Congratulations on the 5th year anniversary !
Here's to the next 15. 🥂🥂🥂
@peakxvpartners
@sjs_day1
@kunalb11
@miten
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Some shocking facts/stats from Appannie state of mobile report 2020:
1. AliExpress is among the top 5 shopping apps in the US
2. 25% of Netflix users in US already have Disney +
3. YouTube music has 77M subscribers
4. India accounts for ~50% of Tiktok's total time spent
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My twin brother
@Ashirbadsharma_
is a real Covid warrior. Doesn't have a vaccine, doesn't know when he gets one but out there battling it out for his patients in Delhi. He is fearless, committed and relentless. Doctors and medical staff are the real war heroes.
#Respect
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(1/2) Edtech will create more market cap than O2O (food-delivery, rides) in India
Reason: TAM is comparable and Gross Margin is higher.
My best estimates
Ed-Tech TAM (2025): $6B K12 (30M kids*$200) + $4B test prep ($14B overall*30% penetration)=$10B.
GM: 60-80%
GM TAM: $6-8B
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If you like trying out new fintech apps, be ready for the collateral damage on your credit score 😂
Tried a Paytm Postpaid account, forgot to pay due of a few INR K, credit score nosedived 150 points. Try to enroll in Slicepay subsequently and got rejected 😂😂😂
#peakbangalore
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Stanford friends "Congrats dude. We gotta celebrate next time you in the bay area"
IIT friends "Colloquial version of ladke, agli Goa trip mein wallet nahi launga, finishes sentence like every other college conversation" 😂😂😂
Love you all.
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India SaaS in a tweet
1000 companies
10 unicorns (6 with >$100m rev). $2.6B combined revenue
Total $50B private market valuation (my estimate)
40K direct jobs created
There hasn't a better time for global SaaS out of India.
CC:
@avinashraghava
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Discord between Mumbai and Bangalore is reaching epic proportions. Mumbai's air is full of economic gloom and doom. In Bangalore, an infectious euphoria seems to be prevailing driven by funding enthusiasm. We seem unfazed by the economic woes of the country.
#Taleoftwocities
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My ____ think(s) I am ____
1. Shoes : dead
2. Apartment: fired
3. Liver: sober
4. Gym bag: given up
5. TV: addicted
6. GPS: immobile
7. Credit card: monk
8. Electricity bill: careless
9. Passport: hiding
10. Ola: switched to Uber
#Coronaconfusion
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India just crossed 100 cases. Coming week will be crucial in containing the virus. Early identification of Patient0 and a universal shutdown are good steps for
#flatteningthecurve
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Read the most insightful report on the future of Indian e-com by
@BainAlerts
and
@Flipkart
Here is a thread with key learnings:
1. E-com penetration in India is 3.4% vs. 15-25% in US/China. 100M shoppers in India today
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Power of Public Companies: My brother invests in Tesla stock last year, makes enough money and buys a
@Tesla
Model Y.
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0 to 1 employees are like opening batsmen/women. Better measured by strike rate than average.
So, instead of losing them as a company grows, find other 0 to 1 opportunities. After all, every year is a new match. You couldn't do without them.
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Ed-tech is thriving during Covid. Gaming is less spoken about but has equally strong tailwinds.
Ludoking, PubG, Carrom Pool touched 80-90M, 60-70M and 20-25M MAUs in May'20 respectively.
My bet: Other side of Covid, India will have 300M+ gaming MAUs, if not already.
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Indians who came to the US in the 1990s / early 2000s have done incredibly well - many are in influential leadership positions.
Flip is US will face a severe talent crunch next 20 years because the same Indians (new cohort) have chosen to stay back home and work on start ups.
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Western economy runs on mechanics. Cause and effect are known.
Indian economy runs on alchemy. Things come together magically to power the economy. No formula, no one knows!
It will take longer for alchemy to happen vs. firing up a halted machine.
#recoveryrealities
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Grateful for this opportunity to cut my investing teeth at
@Sequoia_India
, has constantly supported the young and encouraged risk taking
4/5 of us started as analysts and 1/5 associate in early 2010s. Over time, we learned to stand on the shoulders of the giants.
#gratitude
We are excited to welcome 5 new MD’s to our leadership team, a move that underscores our commitment to serve founders better across stages & sectors. Congrats
@dvbydt
,
@HarshjitSethi
,
@Ishaanmittal2
,
@i_sakshichopra
and
@tejeshwi_sharma
on your promotions!
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If the alleged Microsoft ($2B) and Mubadala ($1B) investments into Jio materialise, the company would have raised ~$14B in 2020 (bear year) almost as much as the entire start ecosystem in India had raised in 2019 (bull year).
#scaleispower
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Bhavin Turakhia sharing his secret sauce at Sequoia Finseq event in Mumbai.
"304030 rule: spend 30% of your time for discovery, 40% to implement your idea and 30% measuring your impact" - Bhavin Turakhia at Sequoia Finseq
@bhavintu
@Sequoia_India
#Finseq
#Fintechfrontiers
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~30 media platforms in China have >10M DAUs and ~15 with >50M DAUs. The Indian scoreboard has just started.
Credit - Quest Mobile data.
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Education/Ed-tech ($B)
China
New Oriental: 21
GSX: 10
TAL: 7.5
VIPkids: 4.5
Koolearn: 4
Dada: >3
Yuenfudao/Zuoyebang: 5-6
17zuouye: >1
India
Byju: 8
Allen/Akash: >3
Unacademy: 0.5
Vedantu: 0.3
Toppr: >0.2
Doubtnut/Testbook: >0.2
Many more ed-tech winners to rise in India
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Building a biz in India vs. US/China is like
Off-road vs. F1 race
India is about endurance while other markets are about velocity. The path (read infra) is rocky in India and one needs to find her own path. Path (infra) is built out, it's about moving fast
#SundayMusings
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If smart people "listened" to other smart people well, world would be a peaceful, productive and better place.
As
@kunalb11
would say, "be a juicer", let people talk, get most out of others while sharing your best too
Listening is the most important skill of the 21st century
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Now this is called Game Theory Equilibrium :)
FK announced dates for the sale, AMZ decides to go earlier, FK responds by advancing it's sale to a day earlier than AMZ, now AMZ decides to join FK in commencing the sale on the same day
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(1/4) 2019 India VC funding review
1. Most prolific year so far: $14B invested vs. $10B in 2018
2. Check size getting larger: Average seed/Series A/Series B check size has increased 20-30%
3. Power law applies: 24 $100M+ rounds /1000+ total account for 48% of total $ deployed;
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My trainer this morning, "you do the exercise, control your diet, I wil take care of the rest" 🤣🤣🤣
Coaches and their pep talk.
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It's easier to find a unicorn in this city than a house in Indiranagar.
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There is so much tech being built in this country. Every sector, every pain point, every product/service is being re-imagined.
This is the reason to be optimistic about India's future.
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Over the last few quarters, many folks have asked me why my profile is not up on the
@Sequoia_India
website. TBH it was just procrastination. Truly privileged to find myself in this group of talented, passionate and hard working people 🙏🙏🙏
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HUL is 11% of Unilever's sales and 67% of Unilever's marketcap.
All revenue is not made equal :)
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Spent the last few days in Patna (Bihar), my hometown. It's changing rapidly!
So much so that all my self deprecating jokes on Bihar are slowly losing their punchline.
The roads, infra, commercial markets have upgraded significantly last 10 years or so.
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India's smartphone user base in 2018 is as large as China's in 2012.
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Good companies need a lucky break to become great companies.
It could be a hire, a fundraise, technology shift, regulatory change, new product/market etc.
Put yourself in a position to have your lucky break. I advise my founders to take one trajectory chnaging risk / year.
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India appstore is severely under-monetized. Many markets with smaller digital markets have larger appstore spends.
H12019 Appstore spends:
US: ~$9B
China: $6.5B
Tawian: $790M
France: $600M
Russia: $650M
Brazil: $240M
Mexico: $145M
Norway: $140M
Indonesia: $133M
India: $123M
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For growth stage founders:
Spending 5% time meeting new people has disproportionate return. Infuses new ideas to break tunnel vision, helps create talent pipeline for future, evangelizes the product/idea, improves chances of serendipity.
Meet two new people/week.
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Indian B2B online commerce market is where B2C online commerce was in 2013-2014. There will be a 10x growth in the market next 5-6 years.
B2B commerce TAM is larger than B2C commerce for every B2C txn is preceeded by 3-5 B2B txns.
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Delhi speaks dhandha.
Bangalore speaks tech and scale.
Mumbai speaks business.
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You can make your donation on our website. Our donation link is live thanks to
@Razorpay
We have already raised 50 cr. to commit to Oxygen solutions, vaccinations and home healthcare. Let's make it count!
Pls amplify
Start-up ecosystem:
@actgrants
is stepping up its activities. We are raising >75 Cr. funds for:
Home health Management, Oxygen Solutions, Supplement medical workforce
Pls step forward to support this fight. Pls write to me tejeshwi.sharma
@sequoiacap
.com or DM me to donate.
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There are some people who make your mind race.
People with similar wavelength on thinking, intellect, creativity and ideas.
Sparring with such people (kindred spirit perhaps) makes you sharper, more creative and better.
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Role of "Head-Growth" has become prominent in internet biz in the growth-at-any-cost regime of the last decade. As we shift to get-profitable-at-any-cost mindset, wonder if there will be a new role "Head-Economics" that will become commonplace. KRA of the role is to kill the bill
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Indian SaaS companies are incredibly good at getting to PMF and then to $5-10M ARR with capital efficiency.
As an ecosystem, now we need to develop a playbook to take companies from $10M to $100M ARR.
This will need a lot of growth, brand, product marketing muscle.
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"In the post covid world, geography is history" - Uday Kotak
This will give Indian founders an unprecedented opportunity for the global markets, not just in SaaS, but also in consumer internet and Fintech.
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Shocking: China VC investments peaked in 2021, a year posing unprecedented adversities for China tech.
China is pivoting to fundamental science - biotech, semiconductors, robotics etc.
VC allocation in China is one of the most fascinating things to watch out for in 2022.
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Moglix is building the Operating System (OS) that will give flight to India's industrial dreams. Fortunate to have a front row seat to a story of grit, innovation and category creation.
@ragarg
@moglix
@singh_sequoia
@Sequoia_India
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CEO of a well known content platform start up said to me, "Just like birth of Christ is the vantage point from which world world history is seen, launch of RJio will be the vantage point for Indian tech evolutionary history"
#profound
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Top 10 predictions/trends about India tech as we head into a new decade (short->long-term)
US internet was the defining story of 2000s, US SaaS/China internet of 2010s, 2020s will scrip the winning story of India tech (internet + software) - >$1T market cap creation by 2030
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China recovery signals (BC: Before Covid)
E-commerce: 100% of BC (May)
Food delivery: Vol on Meituan 90% of BC (May)
Airline: 43% of BC (April)
Hotels: Bookings on Meituan 70% of BC (May)
Restaurants: 80% of outlets of large chains open (May)
#recovery
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You could walk from MG road / Church Street / Residency road all the way to 100 ft road in Indiranagar on a proper SIDEWALK. 100 ft road still needs some work, but love how walkable Bangalore is becoming.
#Bangalore
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$250B market cap in India internet by 2025, according to
@GoldmanSachs
Ed-tech likely to create more market cap than food delivery / ride hailing together.
Report certainly under-estimates fin-tech market cap opportunity.
#Indiain2025
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Every Monday when you come to work, just remember
"This is India's decade." And that all of will contribute to that.
Will make Monday blues go away :)
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Urgent:
Mr. Dilip Majumdar
needs ventilator bed or at least oxygen bed in any Hospital in Bangalore. Presently waiting at St John Hospital where ventilation bed is not available.
Please RT
9051447666
daughter
#Ventillator
#Bangalore
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Conventional view: Software/dev tools market in India is small.
By 2030, India will have 20-25M developers, largest in the world. They will represent the largest buyer group for tools / cloud infrastructure in the world.
India will be a large market for dev tools this decade.
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# online shoppers
India: 125M (100M households)
China: 650M
US: 200M
Spend/shopper : GDP/capita
India: $0.3K : $2K
China: $2K : $12K
US: $3K : $60K
# shoppers could grow 2x. Spend/shopper is the real growth lever, co-related with GDP/capita --> Boils down to GDP growth. # are ~
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"All my best decisions in business and in life have been made with heart, intuition, and guys, not analysis"
- Jeff Bezos
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Bias for action is among the most under rated entrepreneurial skills.
I have seen the best founders start with "Why not now"?
Many think bias for action is a trade off with thoughtfulness. Not true. The best founders ace this duality.
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Retention, DAU/MAU are misleading metrics. They reveal frequency but conceal quality of frequency. Time spent/MAU is the North Star metric. Would anyday take low frequency and v high time spent over v high frequency and low time spent. [Relevant for digital media biz]
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Always wondered why companies and investors share revenue/GMV/topline metrics in annualized terms and burn/losses in monthly :)
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Speaking with a SaaS founder in the valley and we were talking about how undifferentiated software is getting. And he blurted "Marketing is your new product"
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Gmail should have a simple filter: hand typed email and machine generated email.
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Indian SaaS companies ARR distribution:
1B+: 1
0.5-1B: 1
0.2-0.5B: 4
0.1-0.2: 4
Zoho is the first Indian SaaS company to cross $1B ARR in 2022.
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“The cowards never started, the weak died along the way — that leaves us.” - Phil Knight
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"Averages are bad measure. I want to see actuals, highs, loes, and why - not an average. An average is just lazy"
@JeffBezos
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India tech story is just getting started
1. Paypal TPV $1.2T > UPI TPV
2. Shopify GMV $170B > 4x India Ecom market
3. YT rev $28B > 4x India digital ad market
4. FB rev $120B > 8x India ad market
5. Goog/MSFT/Apple quarterly profit $57B > Annual profit Nifty50
*annualised
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@banglani
Not sure. After the Aussies batted, we had no hope.
This one seems a lot more plausible.
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Just realised: Top 10 Indian IT services stocks are approaching $500B in market cap.
SaaS is the new IT services. Long India SaaS!
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