Welcome to our ‘Fund in Focus’ series where we profile our member VC funds, underscore their investment philosophy, and highlight some of their interesting work. In this exclusive chat with Deepak Gupta, Partner, WEH Ventures. The fund has been backing bold, uniquely Indian ideas since 2017—prioritizing founder-market fit, originality, and long-term value over conventional credentials. In this candid conversation, the team shares their investment approach, from spotting “emerging founders” to supporting startups serving Bharat’s next billion users. With a sharp focus on product-market fit, hands-on support, and sector-agnostic curiosity, WEH Ventures continues to shape early-stage success stories across India’s evolving startup landscape.
Fund In Focus: Inside WEH Ventures' Playbook: India-First Ideas and Founder-Market Fit
Deepak Gupta, Partner,WEH Ventures
Spokesperson: Deepak Gupta, Partner,WEH Ventures
1. WEH Ventures has been backing early-stage startups since 2017. How has your investment philosophy evolved over the years?
Our philosophy has not changed that much. Over time we have better realization of what we are actually thinking and what we tend to like. E.g. We have frequently backed what we refer to as “Emerging Founders”- founders who are somewhat seasoned, have some startup experience (median experience of ~5 years) but not tasted big success and still quite hungry. Also we have backed models that may be somewhat unique to India and not adapted from successes elsewhere e.g. Jar (Gold based savings is not native to many countries), Animall (small holding farmers need help with livestock buy/sell), Masterchow (Chinese is a major food genre in India, and premiumizing with our desi twist).
2. You’ve mentioned that WEH Ventures doesn’t rely on conventional checklists like IIT/IIM backgrounds or unicorn alumni status. What are some unconventional indicators that tell you a founder is worth backing?
We look for founder match with the problem statement, superior insight, drive, execution agility and chemistry with us among other things. On some occasions one may just “fall off the chair” and that’s a good reason to back a company.
3. Many of your portfolio companies cater to Bharat’s next billion users. How do you evaluate the scalability of businesses targeting this segment?
This segment is digitally savvy and moving from trying out to paying for things. We see that in the consistent and growing paying user base at Pratilipi or the sticky cohorts of gold buyers in Jar. Given the 800M+ internet penetration in India and growing propensity to consume and pay digitally, more and more ground-up uniquely made for India ideas become feasible to hit deep scale and large valuations.
4. Your recent investment in MedMitra AI highlights your interest in health tech. Are there any specific sectors or trends you are particularly bullish on in 2024-25?
We are sector agnostic- we started many years ago with more of a consumer bent. We have organically sectors such a climate, agri-tech, B2B marketplaces, hardware. And yes health is a sector where we are more focused recently and want to get more exposure.
5. Capital allocation is a crucial part of startup success. How do you guide founders in managing their runway and fundraising strategy?
At the base case, we believe and counsel founders that they should not waste capital in very early product scaling until they have convincing Product Market Fit. Many a growth curve has been built without the product actually demonstrating a clear value proposition. So validating the problem, what the company is aiming to be, validity of PMF, what milestones to hit for next raise and ensuring the runway management to land there fits the bill. We have enjoyed a very strong graduation rate of our companies to substantial follow on funding, They have raised over 2500cr nearly 30x of what we have invested- so far.
6. Your team also helps with hiring, business direction, and M&A activities. Can you share an example of a time when WEH Ventures played a pivotal role in shaping a portfolio company’s growth trajectory?
We actively work with companies in improving their chances of success from the pre-seed to Series A stage. For instance, in the case of Masterchow, we invested in the company when they were doing 5l/month in revenue and we guided them on their early marketing strategies, helped make a business plan, interviewed early candidates and also connected them to Surge which ended up leading their Series A round. In another instance, when the founders decided to pivot their business, we met them every fortnight for 2 months and brainstormed multiple possible paths that leveraged the team’s strength while also aligning with the market opportunities. We also got them to validate their finalized path with an external expert before launch. We act as a sounding board without making judgments- founders know that we are on their side and treat us as true partners at the early-stage.
7. What’s next for WEH Ventures? Are there any plans to expand your fund size or explore new investment themes?
We will continue to scale our AUM in logical steps and explore newer themes from time to time. No specifics to add at this time.
8. What advice would you give to first-time founders looking to raise seed capital in today’s investment climate?
The number of early stage and micro-Vcs has grown substantially in recent years and they are quite active. So there are good chances for raising funding for strong ideas and teams (even for first time founders). They need to have a strong idea, narrative, founder team, execution and hustle - and they will get somewhere.
9. What are your expectations for India’s startup ecosystem in 2025 and beyond?
The vibrancy continues to increase and we are seeing success going to startups from tier 2 cities and beyond. And the opportunity for “Made for India” propositions will deepen. The next few years seem to be promising.