He graduated from IIT Bombay in 2011, spent two years at Deutsche Bank’s FX Risk desk, and by 2013 had the itch that most engineers who end up building companies get: the feeling that working inside someone else’s system is a slow way to die. He co-founded Niffler, a hyperlocal deals platform, built a team of 25 to 30 people, and by 2015 had sold it to Tapzo (then HelpChat). Tapzo was later acquired by Amazon. The journey from small-cap to mid-cap to large-cap, as Patel describes it, played out in roughly four years.

He left Tapzo in December 2017. By January 2018, Mudrex had begun. And then the RBI banned crypto.

Check out the video of the conversation here or read on for insights.

Ten days before Mudrex’s exchange was set to go live, with a thousand alpha testers already signed up, the Reserve Bank of India effectively shut down crypto activity in India. Most founders would have taken that as a sign. Patel took it as a design constraint.

He pivoted immediately to building a global algo-trading platform for crypto. The logic was clean: crypto trades 24 hours a day, seven days a week, across every time zone, with volatility that makes manual trading emotionally and practically unsustainable. Mudrex built the automation layer. By the time Y Combinator backed Mudrex in its Winter 2019 batch, the platform had scaled to over a million users globally.

In 2020, the Supreme Court overturned the RBI’s ban. Patel turned back to India. He launched Coin Sets, a product built along the lines of index funds for crypto. He ran a Delta Neutral crypto fund for global family offices and HNIs. Then the 2021 to 2022 boom-bust cycle hit, and the company went through what Patel calls its “Year of Persistence.”

By 2024, Mudrex had seen a 200% rise in its user base and a 20x surge in monthly trading volume, reaching $200 million. Today the platform supports over 700 tokens, 500+ derivatives products, and 30 index products for more than one million investors.

I joke that this is probably the fifth company we are on inside Mudrex. One battle after another, that is the title of the last eight years.

The sixth chapter may be the most consequential.

In December 2023, Mudrex launched Saber.Money, a stablecoin-based cross-border payments infrastructure now licensed in seven countries including India (FIU), UK (S21), EU (VASP), Canada (MSB), and Australia (AUSTRAC). The business case is stark: India is the world’s largest recipient of remittances at $135 billion annually. Nearly $10 billion of that is lost to fees and settlement delays. Traditional SWIFT transfers cost 3 to 5% and take 3 to 7 days. Saber completes 93% of its transactions in under a minute, at roughly 50 basis points.

In January 2026, Saber integrated with Circle Payments Network as a Beneficiary Financial Institution, enabling instant USDC off-ramping across global markets. Saber now processes over $1.5 billion in annualized payment volume.

Crypto has gone well beyond trading and investing. It is now becoming a new OS for financial services, especially with stablecoins. The financial system is being rewritten in real time.

When I pushed Patel on what this all means for the people who build these companies, the conversation got genuinely interesting.

The Indian startup ecosystem has a liquidity problem that nobody likes to talk about plainly. Employees join early, accept below-market salaries, receive ESOPs, and then wait. And wait. The average time to a meaningful outcome has stretched past ten years. Meanwhile, public company RSUs, which are effectively cash with a vesting schedule, make competing for experienced talent increasingly difficult.

Patel’s approach is direct. At Mudrex, every employee holds equity, including customer support agents. It is non-negotiable. The average tenure is 3.5 years. His oldest team member has been with him for seven years, through every cycle, every pivot, every near-death moment.

His hiring filter is equally direct. When candidates negotiate hard on ESOPs, he sees it as a green flag. When they do not bring it up at all, he reads it as either disengagement or a sign they are using the offer to fish for a counter-offer elsewhere.

People who argue and negotiate for ESOPs, that is a clear green flag. It tells me you are valuing something that matters. If you do not talk about it at all, I wonder why you are here.

On the question of token-based compensation, Patel is more cautious than most crypto founders. He believes most businesses should not issue tokens. The moment a token exists, it puts a public, real-time number on a company at a stage when that number reveals very little that is useful and can damage morale, distort decision-making, and distract from the actual work.

Issuing a token for your business is, in most cases, a really bad idea. It puts an objective worth on your company at a time when that number might represent anything, and you will always be dissatisfied.

Tokens make sense, he argues, only in network businesses where early participants take on disproportionate risk for later-stage gains, and where you genuinely want to incentivize the builders of the network itself. Binance’s BNB token is his cleanest example: $15 million raised, a loyalty flywheel built into the exchange, and a positive loop between token utility and company growth.

For everyone else, the answer is simpler and harder: pay people fairly in cash, give them meaningful equity, build a secondary market for that equity over time, and then make the company worth something.

If your company’s ESOPs were liquid, there would be a clear answer for almost every candidate coming from big tech. You could tell them: as soon as your grants vest, there is a liquid pool available. You are not waiting for an IPO that is a decade away.

Patel ended our conversation with a question I had not expected to be the most revealing. Given a choice between Bitcoin and Coinbase stock, which would he choose?

He chose Bitcoin, because Coinbase carries company-specific risk that Bitcoin does not. But if building a portfolio, he said, he would go 60 to 70% Bitcoin and 30% Coinbase. It is the same mental model he applies to everything: separate the signal from the structure, understand what you are actually betting on, and size accordingly.

It is, perhaps, the cleanest summary of how he has built every company he has ever built.

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Your Host,

Satish Mugulavalli

Their father had just passed away. They’d returned from comfortable jobs in Bangalore to be with family. The garage office had wedding tables for desks. Fourteen years later, CarDekho joined the unicorn club with a $1.2 billion valuation, becoming Rajasthan’s first unicorn.

But the more interesting story isn’t the valuation. It’s what Anurag Jain and his brother Amit did with the wealth along the way. While still private, they created over 60 millionaires among their 500+ ESOP beneficiaries. They conducted four liquidity events, letting people buy homes and clear EMIs years before any IPO. They built what Anurag calls a “house of founders,” where employees become co-founders of new business units and raise their own capital.

Check out the video of the conversation here or read on for insights.

The Profitable Foundation

The early years of GirnarSoft, CarDekho’s parent company, defy the modern startup playbook. For seven consecutive years - from 2007 to 2014 - the company was profitable every single month. No venture capital. No “growth at all costs.”

When investors started approaching them in 2010, after CarDekho gained traction, the brothers said no.

We did not know what to do with the money.

It wasn’t until a 2012 trip to the US, where they saw what large auto tech companies were building, that their vision crystallized. They took their first institutional capital in 2013: a $15 million Series A from Sequoia. By then, they’d already built something more valuable than a product - a culture and talent system that could scale.

The Jaipur decision, initially born from family necessity, became a strategic advantage.

The cost of living is quite low, relatively low. It’s not as low as a Jodhpur or Ajmer, but it is significantly lower than a Gurgaon.

But talent was scarce. So Amit and Anurag became teachers, personally conducting lectures for “hungry freshers” from tier-2 and tier-3 colleges. They eventually formalized this into a finishing school, hiring a director from NIIT to run it.

Talent is in every person in every country. We need time to bring that talent in the right place at the right time. You just need to groom them, hone them in the right skilled areas and basically they’ll do wonders for you.

Many from that first batch are still with the company 15+ years later, now in leadership positions across the group’s 6,000 employees.

The ESOP Revolution

CarDekho created its ESOP pool in 2014, with Anurag and Amit personally diluting their stakes. Today, that pool has over 500 beneficiaries, at least 60 of them millionaires. The company is still private.

The wealth creation happened through four separate liquidity events. Each time new investors came in at higher valuations, CarDekho negotiated secondary sales allowing employees to cash out portions of their vested options. The first round in 2014 priced shares at less than ₹10,000 each. Three years ago, the price had climbed to ₹1.25 lakh - a 13x jump.

Most people end up either clearing off their EMIs of their house or end up buying a house. But did people stop working once they had money? I have never seen people stop working once you generate liquidity for them. The hunger for doing better doesn’t go down.

The company’s most distinctive policy is what Anurag calls “4+4.” Work at the company for four years, and you don’t lose your vested ESOPs when you leave. Instead, you get four additional years to exercise them - enough time to potentially participate in a future liquidity event or IPO. Both active and inactive employees were included in all four buybacks.

When conducting buybacks, CarDekho caps how much senior leadership can liquidate, ensuring benefits flow to junior employees too. The ESOP program includes multiple types: loyalty ESOPs based on tenure, performance ESOPs from annual appraisals, talent ESOPs for exceptional contributions, and long-term incentive plans for leadership.

The House of Founders

The CarDekho group operates seven different businesses, but here’s what makes it unusual: many have their own co-founders, separate from Amit and Anurag. An employee who shows exceptional promise after eight to ten years can be elevated to co-founder of a new business unit, then raise external capital.

Take InsuranceDekho. It started internally, headed by Ankit Agrawal. As it scaled, it was carved out as a separate entity. Ankit raised $70 million in external funding in March 2025. The Competition Commission recently approved its merger with RenewBuy. Anurag describes it as a “unicorn in making.”

The Southeast Asia business shows a different path. Umang joined through the 2015 acquisition of Gaadi.com. A decade later, he’s co-founder of Southeast Asia operations. The group invested $30 million internally, then Umang raised $50 million externally.

We today call ourselves as a house of founders. It’s not just me and Amit who are the founders of this company. There are multiple founders. At the right material scale, the person who has been working with us as an employee for eight, 10 years in leadership is converted into a co-founder and is asked to raise capital at the subsidiary level.

Each subsidiary often has its own ESOP pool. Someone working in Jakarta gets Southeast Asia equity, not parent company equity. But business unit leaders typically get both.

Values Under Pressure

When COVID hit in 2020 and automotive sales went to zero, CarDekho’s response revealed its priorities. Employees below a certain salary bracket faced no cuts. The founders went to zero salary. Leadership took 50% or more reductions. Everyone else saw progressive cuts based on salary levels.

The company also granted zero-price shares to employees who took pay cuts, allowing them to recover losses later.

We have kind of always put our people first.

This wasn’t new. From day one, even before it was fashionable, CarDekho offered flexible work hours. When teams pulled all-nighters, the founders were there with them. The company today has open-house town halls, whistleblower policies, a recognition system, even a mood-o-meter where employees log how they’re feeling.

The Road Ahead

CarDekho has been “IPO-bound” for a while. Originally planned for 2023, then 2025, the timeline shifted due to the InsuranceDekho-RenewBuy merger. When it happens, the IPO is expected to raise around ₹4,000 crore. The company reported 50% expected growth for FY2025, building on 54% profit increase in FY2024.

Three major used-car unicorns - CARS24, CarDekho, and Spinny - are preparing for public listings that could collectively raise over $1 billion. India’s used-car market, valued at $32.14 billion in 2021, is expected to reach $74.70 billion by 2027. The only listed player, CarTrade, saw its stock surge 63% in 2025.

But Anurag doesn’t seem rushed. The company is profitable. The businesses are growing. They’ve already created substantial wealth for employees through private liquidity.

Perhaps that’s the lesson. In an ecosystem obsessed with “exit velocity,” CarDekho has played a different game - optimizing for sustainability over speed, culture over growth-at-all-costs, shared prosperity over concentrated wealth.

The wedding tables are gone from that Jaipur garage. The company now operates across India and Southeast Asia, with expansion into Saudi Arabia and the UAE in progress. The LinkedIn proclamation from 2007 has been validated.

But as Anurag would point out, the real moonshot wasn’t the valuation. It was creating 60+ millionaires along the way. It was proving that tier-2 cities can build world-class companies. It was showing that patient, profitable growth can coexist with ambition.

Dream big, not small. Even if you do half a good job, it’s kind of good enough. The entire universe in cosmos tries to align in the thoughts that you’re creating in your own head.

In a startup ecosystem often characterized by winner-take-all dynamics, CarDekho has built something different: a house where many founders can thrive, where employees become owners, where wealth creation is distributed rather than concentrated.

That might be the most valuable thing they’ve built - not the billion-dollar valuation, but the blueprint for how to share it.

Listen now!

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Satish Mugulavalli

Even today I don’t have a cabin. I sit on the floor along with everybody else, do my work. Nobody in the company has a cabin.

This isn’t theatre. It’s the physical architecture of a company that has achieved what most Indian fintechs couldn’t: actual profitability. Four consecutive years of it. Revenue jumped 107% from ₹392 crore to ₹812 crore between FY23 and FY24. Net profit exploded 1,770% in the same period, from ₹5.4 crore to ₹101 crore. The company now serves over 3 million customers with Assets Under Management of ₹4,429 crore, maintaining credit costs around 8% despite 90% AUM growth.

Check out the video of the conversation here or read on for insights.

The Blessing of Not Knowing

In 2015, when Ashish and co-founder Akshay Mehrotra decided to start a lending company, they violated fintech’s first commandment: neither had a coding background. Ashish was a Chartered Accountant and former Chief Investment Officer at Bajaj Allianz. Akshay brought marketing expertise from Future Group and PolicyBazaar. Between them, zero lines of production code. Zero experience in retail credit underwriting.

The industry whispered concerns. Every serious fintech had at least one IIT graduate. How could you disrupt banking without a technical co-founder?

Ashish saw it differently.

I think that was a blessing in disguise, to be honest. Both of us came with ideas which if 10-15 years of experience could have negated them.

Domain expertise, he realized, can be baggage. Veterans came loaded with assumptions about what was possible. Ashish had something else: “childish curiosity” - the ability to see patterns that 15-year experience had trained people not to notice.

The pattern was absurdly simple. Young salaried employees lived a monthly cycle banks ignored. Flush after payday. Stretching mid-month. Scrambling or borrowing informally in the final stretch. It wasn’t a credit problem. It was cash flow timing.

That point in time, if somebody asked me to write a 50 crore check, it is a small check for me. From there, I’m coming down and thinking of distributing 50,000 rupee.

The name “EarlySalary” came from a casual conversation. Someone said “so you want people to take their salary early” and Ashish immediately flipped it into a brand. No agencies. No committees. Minutes, not months.

But the tech gap still needed solving. His answer: hire a CTO and Head of Risk Analytics as employees, not co-founders. The logic was structural - you can find talent if you build the right systems, but you can’t fix a diluted cap table.

You can always find talent if you know what right systems to build, what are the right ways to persevere and how do you really ensure that you have the right tracking mechanism.

Ten years later, that Head of Risk Analytics is still at Fibe, now as CEO of the NBFC arm. The early CTO built the entire proprietary tech stack - loan origination systems, mobile apps, analytics - before moving on. The gamble paid off.

The Pune Advantage and the Culture Machine

While tech was being built, Ashish made a second contrarian bet: Pune over Bangalore. Everyone said he was wrong. Bangalore had the ecosystem, the talent density, the venture capital.

It also had a culture he found toxic.

In Bangalore, the attrition rates are, whatever story I hear is quite high. There is a saying that in the lunchtime people go and give interviews.

Pune offered loyalty. Global banks (Citi, Barclays, Credit Suisse) had technology centers there. Bajaj and insurers had data science teams. But no 500 startups competing for the same 5,000 engineers in a bidding war that rewarded mercenaries.

Ashish also rejected the “tribe hiring” common in tech - leaders bringing entire former teams.

I generally don’t like tribes following as a founder purely because you get all single-minded people with the same kind of thought process.

He wanted diversity - people from insurance, banking, retail, creating cognitive friction rather than groupthink. He screened for “hunger” over pedigree, asking if candidates could “replace their own boss” in three years.

The retention validated the thesis. One early hire recently completed ten years at a 10.5-year-old company.

The “no cabin” policy serves multiple functions. In lending, the feedback loop between collections and risk modeling must be instant. Physical proximity eliminates latency. But deeper, it’s psychological. It screens against “entitlement coefficient” - people resting on past laurels.

Ashish built a culture that accepts failure as inevitable in risk businesses. The response to errors determines whether people hide problems or surface them early.

It is always that how do you really go every day and do things is the culture, what will determine your company.

His definition: culture is what you do habitually, not what you say in meetings. The test: maintaining 100-person culture at 1,000 employees. Fibe passed.

The Numbers and the Evolution

The company that started offering salary advances now operates across four categories: personal loans (instant, mobile-first), education loans (6-24 month courses banks ignore), healthcare financing (point-of-care at hospitals), and travel financing.

The healthcare insight came from frustration.

It is much easier to get a mobile phone financing in two minutes, but it is very, very tough to do healthcare funding.

A parent needing IIT coaching for their child has no options. A 30-year-old can’t finance dermatology treatment. Banks optimized for high-ticket secured lending and ignored these “small” needs. Fibe built the rails.

The financial trajectory defied the sector’s “growth at all costs” narrative. Between 2015 and 2023, Indian fintechs raised over $30 billion, mostly burned chasing monopoly scale. Most are now dead or zombified.

Fibe raised approximately $266 million total - a fraction of peers - and built profitability from early days. The thinking: if unit economics don’t work at small scale, volume won’t fix them.

Valuations reflected fundamental strength: ~$300 million (Series D, 2022), ~$600 million (Series E, 2024), crossing $1 billion (Series F, 2025 with $35 million from IFC).

The risk-first doctrine drives this. Ashish repeats an old finance saying: “You need to talk about risk. Growth numbers need to be seen, not talked.”

Most of the fintechs who did not succeed or could not make it, most of the time falters on the business side, not on the tech side.

Elegant algorithms mean nothing if you underwrite badly or collect poorly. The math is unforgiving.

The target: India’s aspirational middle - salaried employees earning ₹25,000 to ₹75,000 monthly, underserved by traditional banking. Ashish uses telecom as analogy. In 2005, analysts predicted max 200 million mobile phones in India. Today: 160 crore phones for 140 crore people.

His projection: the next decade will be “much more vibrant, stronger and very, very much diversified” for aspirational consumption. Fibe is building the financial infrastructure for that wave.

The Twenty-Year Game

When asked about milestones, Ashish’s answer reveals his time horizon.

Personally, I’m here for 20 years. With that piece, I’ll build the company. So there will be three, six, 12 months when we might slow down, but we will build the company with a very, very long-term objective.

This isn’t the language of founders optimizing for a five-year exit. It’s institution-building. The implication: Fibe can absorb short-term volatility that forces competitors into panic. The company survived 2023’s brutal fintech downturn precisely because it wasn’t dependent on the next round to cover losses.

Fibe’s journey demonstrates you can build sustainable lending in India without burning capital on customers you’ll never profit from. It proves thoughtful location strategy creates advantage through loyalty and cost structure. It shows culture, defined as “what you do habitually,” can scale without dilution.

Most importantly, it validates a different definition of fintech: not a technology company doing lending, but a financial services company using technology as an enabling layer. The distinction changes where you focus, how you hire, what you measure, and whether you survive.

For now, the CFO continues sitting on the floor with everyone else in Pune, reviewing credit models and approving loans for coaching classes and medical treatments. The cabin-less office keeps humming. The profits keep compounding. And somewhere in Bangalore, competitors with better pedigrees and bigger war chests wonder how they missed this.

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Satish Mugulavalli

They overcrowded with valuation and inflated the price but now the inverse is also happening. Meta Labs is now consolidating which means they are removing a lot of other researchers as well.

This isn’t about $100 million offers or overnight unicorns. It’s about what happened in April 2024 when Aurionpro Solutions acquired 67% of Arya.ai for $16.5 million in an all-cash deal, and Vinay’s early employees, some there since 2013, finally converted paper wealth into real cash.

Check out the video of the conversation here or read on for insights.

The Different Path

Arya.ai’s numbers tell a contrarian story. Founded in 2013 when deep learning was largely academic, the company raised only $2.19 million total over 11 years. The team never exceeded 20 people during most of that period, with an average age around 25. They reached 45% EBITDA margins while growing 2-3x year over year.

The exit delivered a 3.1x return to early investors like YourNest Venture Capital. More importantly, it generated actual liquidity for the founding team and early employees.

Most of our initial team got rewarded really, really well. They were able to buy good apartments. We may not have generated too many of them, but whatever people have who have stayed with us, they had good amount of exits.

Vinay’s one regret?

The only regret that probably I would have is I should have done this more than what I could think of, and more people as well such that more people could have been able to get the benefit quite well.

His philosophy is unambiguous.

No point giving it back to investors. There is zero motivation for founders to do that. If it is for the team, it is for the team.

The Valuation Distortion

While Arya.ai built profitably, a different pattern emerged in frontier AI. Seed-stage labs began launching at $100 million-plus valuations with no product, no model, just founding teams and $10 million in the bank.

People thought they would have gotten good ESOPs but no, not that. You are 14th employee right. And there is no product, there is no model, there is nothing. The risk is very high.

An engineer joining as the 14th employee might receive 0.5% equity at a $100 million valuation. Compare that to traditional SaaS five years ago, when 20 employees collectively received around 5% at much lower valuations. The structural difference: old-school startups generated value through employees first, then investors. In 2024’s frontier AI, investors and founders capture value first.

The result is widespread job-hopping. Engineers move between startups seeking higher percentage ownership or authorship credit on published models, the new “worked at Google” credential, before moving elsewhere for better equity.

Meta briefly offered $100 million packages spread over 3-5 years to a handful of key researchers, with million-dollar baselines for others. But 5-10% have already left.

You have built a lot of highly skilled people in one group. Now, how do you create a hierarchy between them? Nobody wants to report to anyone.

Building Before the Hype

Vinay’s 2013 playbook offers stark contrast. India had no credentialed AI researchers to hire. Universities weren’t teaching neural networks. The Arya.ai team used Nvidia’s Digits framework, one of the earliest tools for building deep learning models.

At that time, it was simply like, okay, you know math, you have done good paper in math, fine. You don’t know what deep learning is. Let’s learn together.

They hired curious math majors from IIT, not credentialed researchers. Compensation was acknowledged as low. The value proposition was learning and solving problems “you will nowhere see in India.” Many used Arya.ai as a stepping stone to Masters programs in the US. Four to five people made that transition in the first three years.

By 2024, standards have shifted dramatically. Arya.ai now runs labs in Paris, London, and India, with requirements matching frontier labs: minimum four to five published papers even for undergrads, first-author preferred.

For college students, they created an AI Academic Research Internship paying ₹25,000 monthly regardless of year, with bonuses for publications or six-month completion. Fresh full-time hires earn ₹12-24 lakhs annually, experienced researchers ₹18-36 lakhs.

The geographic strategy is deliberate. Europe for academic research depth, particularly math-heavy work. India for engineering execution.

In India, the problem is the guy is good, but their PhD concept is bad because the PhD concepts come from sponsorships. Good students are solving bad problems.

The Labor Market Reality

As someone deploying AI in banking, Vinay sees labor shifts directly.

There is already job compression happening in the market.

Back offices, BPO services, DevOps roles, and fresh graduates face the hardest impact. Two age brackets see negative hiring: over 40 and under 30.

High-skilled labor remains in demand, though “the payability can vary.” The question is whether new opportunities will offset reduced headcount per problem, requiring 100x more problems solved to maintain employment levels.

What the Exit Means

After 11 years and an exit where both co-founders stayed with Aurionpro, Vinay’s view on equity is clear. Three of the initial six-person team remained through the entire journey. They bought apartments. They built financial security.

That’s not revolutionary. It’s decent. And in today’s AI talent market, where Meta offered million-dollar packages before laying off researchers over organizational politics, decent might be the real competitive advantage. Paper wealth that actually converts to real wealth is increasingly rare.

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Satish Mugulavalli