UpGrad founder Ronnie Screwvala, whose early bet on Lenskart has delivered nearly 70× returns, is now shifting his investment focus toward India’s next generation of AI, deep-tech and space-tech founders. In a conversation with Moneycontrol, Screwvala said he is actively hunting for the “next Lenskarts” as frontier technologies become sunrise sectors for the next decade.
A Strategic Pivot Toward AI, Deep Tech and Space Tech
Screwvala argues that while consumer startups dominate public attention, transformative innovation is unfolding in AI-driven software, applied intelligence, and space-tech. He has already made six investments, including SpeakX, ZuAI, CuePilot AI, Round1 (Grapevine), and TrueFan — five of them in the last three months. Over the next 12–15 months, he expects to invest in around 15 startups, with cheque sizes of $1–3 million.
Why Frontier Tech? A Thesis Built on Defensibility
His investment shift is based on the belief that durable opportunities lie in workflow-level AI, language systems, and high-depth technical products areas where Indian founders can create defensible IP without entering capital-heavy model-building races. Yet he warns that “90–95% of AI startups won’t make it past the starting gate,” pointing to a growing trend of superficial AI rebranding.
Founder Qualities: Stamina, Frugality and Commitment
Screwvala is applying a strict filter on the founders he backs. He prioritises long-term stamina, calling staying power the biggest determinant of value creation. Frugality, he says, is about behaviour, not budgets. He also criticised founders abandoning companies mid-way: “You took investor money.”
A Focused Deployment Strategy for the $50 Million Pool
Rejecting the spray-and-pray model of tiny angel cheques, Screwvala plans a concentrated investment strategy, reserving capital to double and triple down on founders who endure market cycles.
Final Take
With India announcing a ₹1 lakh-crore R&D mission for AI, quantum and deep tech, Screwvala’s frontier-tech thesis aligns with a national shift toward high-depth innovation. His next decade of bets may well define India’s next wave of category-leading technical companies.
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