Sandeep C Patil

We have been investing in India for 6 years. 8 of 14 APAC investments are anchored in India. $200M+ deployed in the region. We released everything we learned. QED India Field Notes 2026 -- a thread:

New record🥇 The Artemis II astronauts are now farther from Earth than humans have ever been! At 1:57 p.m. EDT, they broke the record set by Apollo 13 in 1970. Their journey around the far side of the Moon today will take them a maximum distance of 252,752 miles from Earth.

Big deal!

QED’s strategy has evolved towards larger Series A and Series B investments, typically writing $10–15 million cheques instead of smaller seed rounds. 👉 @SandeepCPatil, head of Asia Pacific at QED, said recent activity has largely focused on follow-on investments.

Top Clip #1 🏆 @QEDInvestors (@SandeepCPatil): 18,631 on X x.com/stabledash/sta…

6/6: What we are investing in next: AI-native financial services (enterprise and consumer) Cross border finance. Wealth platforms. Global businesses built in India. Full report: qedinvestors.com/blog/india-has…

5/6: AI is a mixed bag. Jekyll-and-Hyde! Jekyll: extends software advantage, raises productivity, export growth. Hyde: threatens software and services employment, widens income disparity. 100M weekly @ChatGPT users. One of the largest @X and @grok user bases.

We have been investing in India for 6 years. 8 of 14 APAC investments are anchored in India. $200M+ deployed in the region. We released everything we learned. QED India Field Notes 2026 -- a thread:

After 6 years, we're releasing QED India Field Notes 2026. India has moved from a market of promise to a market of real consequence. $4.51T GDP. 6.4% growth. 22B monthly UPI transactions. 116 unicorns. Our conviction has only increased. qedinvestors.com/blog/india-has…

@saharmalik111 @FinancialXpress @AyantiBera Historically, credit has always had the most resilient profit pools in financial services. Though with the right model insurance and investments can also be enviable businesses.

My interview with @FinancialXpress on our investing approach. Thanks @AyantiBera for sharp questions. India’s fintech market has plenty of seed/Series A capital—but Series B/C is the real funding gap now that crossover capital has faded, and founders often have to look abroad. QED sees that mid-stage gap as attractive because that’s where operators can help companies sharpen unit economics, profitability, and moats. On valuations, AI looks high, while fintech—especially lending—has stayed more disciplined because you don’t want hyper-growth before you understand NPAs and unit economics. @QEDInvestors

@SohomScales Glad you liked it.

Correction not crisis: why down rounds can be a good thing We have seen some remarkable volatility in the public equity markets this year. Stock prices fluctuate due to a combination of macroeconomic factors, investor sentiment, and supply-demand dynamics. When the market corrects, seasoned public company CEOs don’t panic. They understand that valuations are a reflection of a moment in time rather than an absolute measure of a company’s worth. However, in startup circles, a "down round" has long been considered a badge of shame—a signal that a company has fallen from grace. When a startup raises capital at a lower valuation than its previous round, founders often view it as a failure, investors grow wary, and employees worry about their equity. But this perspective needs recalibration. Far from being catastrophic, down rounds can be catalysts for positive transformation—providing a necessary reset that ultimately strengthens a company's foundation. Current context The 2021-22 funding environment created artificially inflated valuations across the startup ecosystem, fueled by unprecedented liquidity and near-zero interest rates. Many companies that raised capital during this period secured valuations disconnected from fundamental metrics. The correction over last two years are not a reflection of widespread startup failure but rather a natural recalibration. Down rounds can feel deeply personal to founders. After all, a company’s valuation is often perceived as a direct measure of a founder’s success. Moreover, employees and existing investors may express concern about a declining valuation. Founders must take the lead in shaping the narrative, ensuring their teams understand that a down round is not an indictment of the company’s worth but rather a recalibration that positions the business for long-term growth. Advantages of down rounds Rather than viewing down rounds as setbacks, founders should consider the strategic advantages they bring. Companies struggling to justify a high valuation often make risky decisions — prioritizing growth at all costs, entering questionable markets, or spending inefficiently — simply to maintain the appearance of high-growth trajectory. A valuation rest removes this pressure, allowing leadership to focus on building sustainable business rather than chasing vanity metrics. Second, down rounds can attract higher-quality investors. New participants entering at a lower valuation have greater upside potential and often bring a more disciplined, long-term perspective. These investors are typically more aligned with building enduring companies rather than seeking quick exits. Perhaps most importantly, down rounds force operational discipline. When capital becomes more expensive, companies must prioritize efficiency, focus on core business strengths, and eliminate non-essential activities. This renewed emphasis on fundamentals often results in more resilient business models. Learning from Success Stories Several industry giants have experienced down rounds but emerged stronger: @Flipkart : In 2017, Flipkart faced a down round, lowering its valuation from $15 billion to $10 billion. Instead of seeing this as a setback, the company raised $4 billion, realigned its strategy, and later secured a $16 billion acquisition by Walmart. @Klarna : The fintech leader saw its valuation drop from $45 billion to $6.7 billion in 2022. However, the correction allowed the company to right-size its operations and sustain its market leadership. @stripe and @Instacart : Both companies proactively adjusted their internal valuations in 2023 to reflect market conditions, reinforcing transparency and setting the stage for future growth. Managing the Human Element The psychological impact of down rounds cannot be ignored. For founders who have built their identities around company valuation milestones, a down round can feel deeply personal. Leaders must separate their ego from company valuation, recognizing that a single funding event doesn't define their company's ultimate worth or potential. For employees whose financial futures are tied to equity value, it creates uncertainty. Addressing these concerns requires transparent communication about why the round was necessary and how the capital will advance the company's mission, the historical context of market corrections and successful rebounding companies, and the strategic advantages of right-sized valuations for long-term growth For existing investors, who have been long-term supporters of the company and stand to mark-down their books, a down round creates concerns dilution and company’s trajectory. Founders should proactively engage investors, demonstrating a clear plan for capital deployment and value creation. Alternative Approaches Companies approaching fundraising in challenging markets have options beyond traditional down rounds. Extension rounds can provide additional runway at previous valuations. Bridge financing through convertible notes or SAFEs can defer valuation discussions until market conditions improve. Revenue-based financing offers capital without equity dilution for companies with predictable cash flows. However, these alternatives should be evaluated carefully against the potential benefits of accepting a valuation reset that matches current market realities. Taking the Public Market CEO Mindset The most successful startup founders adopt the mindset of public company CEOs, who understand that market value fluctuations are normal and often disconnected from operational performance. They recognize that company-building is a long-term endeavor where resilience matters more than maintaining artificial valuation thresholds. Down rounds, viewed correctly, represent opportunities rather than failures—chances to reset, refocus, and rebuild on stronger foundations. In the startup journey, how you respond to challenges matters far more than temporary valuation setbacks.

@KASTxyz @SandeepCPatil @QEDInvestors 3. Kast isn't just facilitating payments; they are building a financial ecosystem that includes: ✅ Instant Investing ✅ High-Yield Savings ✅ Borderless Lending Kast is winning the transaction today so they can own the financial future tomorrow. 🐧🚀

"They're just a stablecoin card." @SandeepCPatil, Partner at @QEDInvestors, on why that take misses the entire thesis behind @KASTxyz: "Cards hold a very special place in banking because of high engagement. You use your card every day. If you're able to earn a customer's trust and become their primary transaction medium, you can address the entirety of their financial needs." Win daily transactions. Build trust. Expand into investing, savings, lending, insurance. @raagulanpathy started premium-first, positioned at the level of Amex and Centurion, then built down. The repeat behavior and loyalty in their customer cohorts signal this isn't a crypto card. It's the beginning of a full financial services platform.

Wonderful to chat today about @KASTxyz with the good folks at @stabledash

Today's lineup: -@TheAdamsConrad & @SandeepCPatil, @QEDInvestors - @YuvalRooz, Co-Founder & CEO @digitalasset / @CantonNetwork - @Bakxys, CBO @LayerZero_Fndn / @LayerZero_Core - Antoine Scalia, CEO @cryptio_co Live at 12:30 PM ET / 9:30 AM PT. x.com/i/broadcasts/1…

Stablecoins is rapidly becoming the always on dollar layer for moving and holding value across borders and assets. It has the promise to reinvent financial services by building on consumer trust. That's why we are very excited to co-lead the Series A round of @KASTxyz

We co-led @KASTxyz round for stablecoin payments firm @KASTxyz's $80 million Series A because we believe people and businesses deserve an easy way to move money across borders. "Fintech is a trust business disguised as software, and stablecoins are rapidly becoming the always-on dollar layer for moving and holding value across borders and assets. KAST is building on this layer with a clear wedge and already showing strong customer traction..." - @SandeepCPatil