Stellaris Venture Partners

In VC, ‘early-stage investing’ can mean a hundred different things depending on who you ask. Some understand it by the stage of entry, while others consider revenue milestones or investment size. To us, ‘early-stage’ is more than just a label. It's a philosophy Quick thread🧵

I recently shared my thoughts on the transformation of SaaS businesses and brand building in the age of AI at the Google event. Interesting conversations around how operators are rethinking their core businesses, evolving customer expectations, and what credible GTM looks like when the landscape is shifting as rapidly as it is today. It was great to meet and interact with colleagues, peers, founders and builders, working through the same hard questions together. Thank you to the @Google team for curating a thoughtful gathering.

dAIlogues is back and we're picking up right where we left off. More conversations, more depth, more of the ideas shaping how AI will transform the world around us. Dr. Harrick Vin has steered @TCS and its technology vision through one of the most transformative periods in tech history. He is a rare blend of academician turned tech visionary who was working on ML & AI before it was cool, and brings a deep, forward-looking perspective on the future of technology. When someone like him sits down with @alokgoyal1971 to talk about AI and India's next chapter, the conversation doesn't disappoint. If you're a builder, investor, or exploring a career in AI, or simply curious about how AI will affect your job and where the industry is headed, this is the one conversation you cannot afford to miss. Watch the full podcast here: youtube.com/watch?v=YPRurB…

I recently sat down with my ex-professor Dr. Harrick Vin, CTO of @TCS and it felt like a masterclass. Here are some key takeaways that stood out for me - "Don't build for problems that will get solved anyway. Build for problems that will worsen with improvement in technology." "The 100x gap between average and elite engineers hasn't moved in a decade. AI's biggest opportunity is closing that gap." "Every organisation suffers from the watermelon effect, green on the outside, red on the inside." 30 years of pattern recognition in one conversation. Do share your thoughts. Full podcast here🎙️👉youtu.be/YPRurBPceGc?si…

Three decades in software has taught me that pricing models follow value creation, not the other way around. The present chatter on outcome-based pricing in AI gets this backwards. The logic sounds clean, AI agents do the work, so charge for results, not seats. But the reality is messier than the pitch. A few things I've been thinking about and have tried to unpack in my latest piece for @moneycontrolcom: 👉 Most "outcome-based" pricing today is actually output pricing in disguise 👉 Per-seat isn't dead. ChatGPT, Claude, Copilot all still charge per user 👉 Outcome-only pricing turns startups into underwriters of results they don't control 👉 Cash flow dynamics can kill a company even when the predictions are right The companies building durable AI businesses aren't picking one model. They're blending- base fees for predictability, performance components for upside. Here’s the full article: moneycontrol.com/news/opinion/o…

▶️ Happening Now! Panel Discussion: From Valuation to Value Featured Panelists: Mohit Bhatnagar (@mobhat) | Managing Director,  PeakXV (@peakxvpartners) Pranav Pai (@Pai_dPiper) | Managing Partner, 3one4 Capital (@3one4Capital) Ritesh Banglani (@banglani) | Partner, Stellaris Venture Partners (@Stellaris_VP) Moderated by: V Keshavdev (@keshavdev_v), Executive Editor, Fortune India Event Partners: 💳 Powered by: @PhonePe ⚖️ Legal Partner: Niti Bodh 🏨 Hospitality Partner: @FourSeasons ✨Celebration Partner: Arthaus x Aodh Glassware 💼 Startups Partner: @THubHyd 💡 Insight Partner: @HookNewsfeed 🎁 Gifting Partner: The Gift Studio For more information, visit: share.google/jyVnga8KxFqTNB… 📺 Live on Facebook | YouTube | Instagram 🌐 fortuneindia.com #FortuneIndiaStartupSummit2026 #FortuneIndiaStartupSummit #StartupEcosystem #Startups #FortuneIndia

Every wave of AI has produced a breakout data infrastructure company. The next one will come from Physical AI. The foundation that will power humanoids, robots, and embodied agents, but, there's a catch- there is no internet for robots. The training data doesn't exist yet, and leading labs need 100x–1,000x more of it to reach frontier capability. Over the last several months, @sarkar1028 and @swapnalidalal went deep with researchers across top robotics labs and startups to understand what it takes to win in egocentric data collection and why India is the natural beachhead for the company that builds it. The blog is now live our website - lnkd.in/g4FVKu3J If you're a founder building in this space, we'd love to chat.

Accounting in the West is quietly breaking. Not because of AI. Because the people are leaving and not enough are coming in. We sat down with @ArpitM7 of @the_atlas_ai, to understand the problem they're going after. A few things that stood out: 1️⃣ Independent firms serve 99% of businesses that aren't Fortune 500. They're absorbing all the pressure with none of the resources the Big 4 have. 2️⃣ This isn't a workflow problem. The delivery model itself needs to be rebuilt. 3️⃣ The answer isn't AI replacing accountants, it's AI handling execution so humans can focus on what actually requires judgment. Atlas is fuelling the accounting firms of the future. Human-led. AI-powered. Watch @alokgoyal1971 full conversation with Arpit here 👉 youtube.com/watch?v=gQLNob…

Recently, we announced our investment in @the_atlas_ai Today I want to share a different side of @ArpitM7, the one I've had the privilege of seeing up close. We sat down for an intriguing conversation. Just two people who've spent years thinking about the same problem, finally putting it all on record. We talked about his time at @Stellaris_VP, what kept him up at night before he decided to build and how he thinks about the hardest parts of what Atlas is trying to do. A couple of things Arpit touched upon that I found interesting- ➡️ On humans in the loop: where does AI stop and human judgment begin, and why getting that boundary wrong is the fastest way to lose a customer's trust ➡️ On switching from investor to founder: what looks obvious from the outside and what hits completely differently when it's your own money, your own team, and your own problem to solve If my previous post made you curious about Atlas, this conversation is where the real texture is. Watch the full video here - youtu.be/gQLNobZHfoU?si…

New joinee orientation at Stellaris now includes a new slide: "What are the incentives and career trajectory here?" Answer: we fund your company. (We're joking. Mostly.) @ArpitM7 joined Stellaris as an investor and spent time evaluating AI companies, building conviction on where markets were going, understanding what separates real products from demos. Then left to go build @the_atlas_ai (AI for accountants). And today, we're co-leading his $6M seed round alongside Accel. Here's the problem Atlas is solving: accounting, a $150 billion industry in North America is quietly breaking. Not because demand is falling, but because the talent supply is, and it isn't coming back. Independent firms are stretched thin, turning away clients, and stuck with tools that promised transformation but mostly created more work to manage. Atlas is building the operating layer that changes that. AI that works like a junior accountant. Humans focused on judgment. Incentives tied directly to partner success, not just seat licenses. Arpit and Jagmal are the right team for this. We've seen Arpit's mind up close for years and believe in @jagmal Singh’s technical prowess. Their shared history and chemistry give Atlas a strong foundation. We couldn't be prouder to back them. 🙌 Read the full article story here- economictimes.indiatimes.com/tech/funding/a…

It is rare when someone you've worked closely with for 6 years decides to go build something. You don't wait for the pitch deck. You want to be part of the process. @ArpitM7 spent years at @Stellaris_VP and in that time, we built a shared conviction around AI native services. He didn’t just execute on a thesis. He helped shape it. So when he decided to go build @the_atlas_ai with @jagmal , the question wasn't whether to back them. We were part of the ideating process itself. That's the kind of trust that only comes from working shoulder to shoulder, knowing how someone thinks, how they handle hard problems, and what they're like when things don't go to plan. And the problem they're going after is one we both believe is deeply structural. American accounting is in a quiet crisis. The profession has shrunk, not because of AI replacing people, but because people are leaving, and not enough are joining. Client complexity keeps rising. The remaining accountants are stretched to a breaking point. The Big 4 can absorb this. The independent firms, serving 99% of businesses that aren't Fortune 500, cannot. That's the gap Atlas is going after. Not with another workflow tool, but with something closer to an operating system for how a firm delivers work. AI handling execution. Humans handling judgment. Incentives aligned to partner success, not just seat licenses. What I find most compelling isn't the technology. It's the founding instinct, the clarity that this problem is structural, not cyclical and that an industry with a broken talent model is ready to be reimagined. Excited to be on this journey with Arpit, Jagmal and the Atlas team. Welcome to the Stellaris family (once again) 🎉

Another one for us. Lumio has been awarded the Best Projector Brand at the NDTV @Gadgets360 Awards 2026. We’re grateful for all the love and support.

Join us next week for a conversation about AI in financial services with panel of fintech founders. Moderated by the effervescent @sarkar1028! 9th April 6.30 pm Koramangala Register here: luma.com/l8pb5vm7

India’s travel industry has evolved across multiple generations of startups. Over the past 25 years, category-defining companies have shaped how India discovers, plans, and books travel, from early online booking platforms to scaled marketplaces built on the back of India’s growing internet economy. Now, another shift is underway. With AI entering the stack, travel could move beyond digitising bookings to redesigning the entire journey, from discovery and planning to real-time decision-making. @banglani brings together @deepkalra (@makemytrip), @alokebajpai (@ixigo), and @HariPyt (@Pickyourtrail) to decode the evolution of India’s travel internet and why the next phase could look completely different. For anyone building for the next decade of consumer internet with AI, this is a sharp lens into how platforms evolve and how new technologies create entirely new playbooks. Watch the full episode: youtu.be/NiXjZrF5v3Q

Startup thinking has truly permeated Bangalore… We are in the middle of a diligence, and during consumer calls today, one thing stood out: Bangalore consumers don’t just adopt startups, they co-build them. They are forgiving of early flaws and intuitively understand that things will improve over time. When asked how often they would use the service in future, they didn’t just give a number. They started ideating on what more the startup can do and how their behavior might evolve with it. Without any prompting, a few even mentioned they would be willing to pay 2x for something like this if it worked well. (I’m sure they don’t mind when marketplaces charge convenience fees 🙂) The most interesting part is how easy they make our job. You don’t need to probe them to understand the use cases. They are already thinking in that direction. It almost feels like the mental model of “building a startup” has seeped into the way consumers think here. Makes Bangalore an exciting ground for founders to test and iterate. Any different pov?

A couple of months ago I got an incredible opportunity to sit with the stalwarts of online travel - @DeepKalraMMT of Makemytrip, @alokebajpai of Ixigo and @HariPyt of Pickyourtrail - and chat about the future of the industry. We addressed important questions like "how much influence do influencers really have?" and "why don't middle managers book their own travel?" besides trivial ones like the role of AI in travel. Check out the full conversation below (link in comments).

Do repeat founders really have an edge over first-time founders? The data suggests they do. Repeat founders have built unicorns at ~3x the success rate. They represent ~10-12% of founders, but 30-35% of unicorns. But here’s what makes it interesting. Some of India’s most iconic companies - Flipkart, Razorpay, Zepto - were built by first-time founders. What they lacked in experience, they made up for in speed, conviction, and a willingness to challenge norms. And now, with AI, the equation is shifting again, where prior mental models can become a liability. After nearly two decades in venture, one thing is clear to me: There is no single winning archetype. A repeat founder brings pattern recognition and execution speed. A first-time founder often brings greater risk appetite and frugality. The real question for investors isn’t who is better - it’s when each advantage matters the most. Read the full article I wrote with @AishwaryaMakkar for Moneycontrol. Link in comments.

Purchase frequency Vs. AOV In my experience of backing consumer brands, I’ve come to rely on this simple grid more than most fancy frameworks. It’s not so much a theory… but more a reminder that the nature of your product can shape what kind of company you can realistically build. HIGH FREQUENCY + HIGH AOV (a rare combination) Very few brands live here. Apple's product suite is a classic example. If you're in this quadrant, you've built something exceptional. Your job is to protect it, not over-optimize it. HIGH FREQUENCY + LOW AOV (a distribution game) Food, beverages, BPC. High chance that you are part of the customer basket and not a standalone purchase. Winning = Focus on distribution, be where the customer is (q.comm, kiranas, marketplaces). Likely dominant channels are 3rd party marketplaces, GT, MT etc. Use the D2C channel to generate trials and build customer insights LOW FREQUENCY + HIGH AOV (a game of trust) Electronics, appliances, furniture, jewelry. Brand trust is the moat. You need a genuine differentiation in the product - on features or pricing to convince customers to switch. Purchases are deliberate, so first order unit economics matter. As a new-age brand with limited money for brand spends, double down on NPS, customer reviews, word of mouth, genuine influencer reviews & after-sales service. In highly branded categories like Electronics, winning on third-party marketplaces is critical. In Furniture or Jewelry, building through your own channel (online + offline) can create deeper trust. Once the brand is established, expand into new categories under the same brand to lift frequency. That’s how one can move toward the High Frequency and High AOV quadrant. LOW FREQUENCY + LOW AOV (the toughest quadrant) Seasonal products, niche categories, pain management. Winning = tight CAC discipline and realistic expectations on fast scale-up in the early part of your journey. You have few shots at acquiring customers in a small window. Over time, your options are to expand channels, build sub-categories, or launch new brands. For multiple reasons, building a house of brands is easier said than done. A handful of companies like Mamaearth have done it successfully - but each new brand can take at least a year before real traction shows up. My go-to frequency × AOV matrix. Happy to hear your thoughts on this matrix!

Scrolling through today’s @Mint and there’s Lumio Arc 7 featured as a budget projector that delivers a ‘genuinely usable big-screen experience without the compromises’. The write-up says it all – good brightness, clean software, official Netflix support, Google TV, and thoughtful design. T20 season is here and if you don't have a big screen yet, Arc 7 is your sign. Proud to be an early backer. Keep going, team @RaghuReddy505 @kailazh @LumioIN @Stellaris_VP

Experiences are emerging as a new layer of India’s consumer economy. From large global concerts to hyperlocal community events, consumers are increasingly stepping out not just for entertainment, but for identity, belonging, and participation. Importantly, this shift is not limited to large-format events. Micro-niche experiences, from run clubs and coffee raves to community gatherings and interest-led events, are seeing strong adoption as younger consumers seek to be part of shared stories, cultures, and communities. This shift is creating entirely new opportunities and challenges in building platforms that connect consumers to real-world experiences. In this episode of Interstellar, @rchowdhri speaks with Rahul Ganjoo (@elegantlywasted), CEO of @district_india by Zomato. Over the past two decades, Rahul’s journey has spanned companies such as Six Apart, Twitter, Snapdeal, and Zomato, placing him at the center of multiple waves of the consumer internet, from early mobile platforms and social media to e-commerce, food delivery, and now the experience economy. They explore what it takes to build in this category, from shaping consumer habits and scaling supply, to navigating the structural complexity of real-world infrastructure. Watch the full conversation: youtu.be/3xz0DmhtLDU

A new trend is emerging among Indian consumers: a shift toward authentic, real-life experiences. Karan Aujla toured. Diljit Dosanjh sold out nationwide. Dua Lipa performed. And now, global icon Kanye West has announced his India tour. But this shift is not limited to large-format concerts alone. Over the last two years, an entirely new layer of micro-niche experiences has begun to emerge. Events like “fake shaadi" and "fake divorce parties" are drawing paying audiences. Bhajan concerts are filling auditoriums. Pottery workshops are selling out weeks in advance. Coffee raves, run clubs, and pickleball are becoming cultural movements. For decades, going out in India meant movies, dinner, or shopping. Today, it means belonging to an experience. Young consumers don’t just want to attend, they want to be part of a story. I had a deep discussion with my namesake on this shift, @elegantlywasted, CEO of @district_india Over two decades, he has built through multiple waves of consumer internet across companies like Six Apart, Twitter, Snapdeal, Zomato, and now District, witnessing firsthand the evolution of consumers. Today, he is building at the center of this emerging experience economy, a market he describes as “very early… literally Day Zero.” We spoke about how demand for experiences is accelerating far ahead of the infrastructure needed to support it. As this ecosystem gets built, opportunities and white spaces are emerging across platforms, venues, formats, and IP. Watch the full conversation on youtu.be/3xz0DmhtLDU @Stellaris_VP