In a recent conversation with Rohit Yadav on The One Point Podcast, Shwetank Verma, Co-Founder and Managing Partner at Leo Capital, shared his perspective on India’s evolving role in global venture capital. His insights cut through a common misconception: India is not just a geographic market — it is a global talent engine.

India as a Talent Thesis, Not Just a Market

Shwetank emphasizes that allocators should avoid restricting India to its borders. Instead, the real alpha lies in recognizing Indian talent worldwide.

With 1.4 billion people in India and over 40 million in the diaspora, Indian-origin professionals have become leaders across industries
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From Satya Nadella at Microsoft to entrepreneurs building startups across London, Singapore, and Silicon Valley.

For Leo Capital, this means backing founders who are either of Indian origin or strategically leveraging India — whether by tapping into its vast talent pool or using the country as a springboard for global expansion.

The Origins of Leo Capital

Leo Capital was founded in 2018 by Rajul Garg and Shwetank Verma, both entrepreneurs-turned-investors. Having built companies themselves, they realized that their real value-add as investors would come not just from writing checks but from offering operating insights, network access, and long-term partnership.

We didn’t want to do the zero-to-one startup journey again, instead, we institutionalized what we were already doing as angels — supporting founders with both capital and operating experience.
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This approach positioned Leo as one of India’s first truly global VCs, with a base in Singapore that provides regulatory freedom to invest across the US, Europe, India, and Southeast Asia.

What Sets Leo Apart?

In venture capital, differentiation can be elusive — most firms offer capital and connections. For Leo, the edge lies in three areas:

  1. Talent Strategy – Helping founders think through where and how to build their teams for capital efficiency.
  2. Cross-Border Expertise – Years of investing globally have given Leo cultural and operational fluency in scaling across geographies.
  3. Relationships Beyond Capital – Shwetank stresses that being “founder-first” is not just cheerleading. It’s about building deep, respectful relationships while also providing hard truths and strategic guidance.

This balance of empathy and rigor, born from their own startup journeys, fosters bonds that often feel more like family than business.

Portfolio Highlights: Building for the World 

  • LambdaTest – Founded in Delhi, LambdaTest has grown into a $50M ARR company providing AI-driven testing solutions worldwide. Their ability to crack the US market through outbound sales — all while building in India — exemplifies capital-efficient global scaling.
  • Atoa Payments – A UK startup with Indian and Irish founders, Atoa adapted lessons from India’s UPI system to build open banking solutions for European merchants. By lowering transaction fees from 2.5% to ~1%, they are transforming merchant economics while proving how Indian insights can reshape advanced markets.

The Indian Startup Ecosystem: From Stigma to Aspiration

Shwetank also reflected on how dramatically India’s ecosystem has shifted since 2012. A decade ago, being a founder was often viewed as a fallback for those who couldn’t secure corporate jobs. Today, entrepreneurship is aspirational — fueled by role models like Flipkart’s $20B exit, IPOs of Nykaa and Zomato, and government initiatives like Startup India.

This momentum has drawn not only foreign investors but also local LPs and operator-turned-investors, creating a more vibrant and sophisticated ecosystem.

Looking Ahead

India remains the best place to be a consumer — from fintech to quick commerce — but the next wave will likely bring deeper SaaS and B2B innovation. For allocators, the key lies in zooming out: India is not merely a geography, but a global network of talent and ideas shaping the future of technology.

Founders don’t fail. Companies fail. Talent is the constant.”
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And for Leo Capital, betting on that talent — wherever in the world it may be — is the ultimate investment thesis.

Watch full podcast here: Beyond Borders: How Leo Capital is Reframing India’s Venture Capital Story

Chapters in the podcast: