Hello, everyone!
Before we get too far into Q2, here’s a quick pulse-check on what Q1 set in motion.
Startups are moving smarter—building faster with LLMs, spending leaner, and executing like the next round depends on it.
Here’s what you’ll find in this edition:
- Topical take: AI—ally or illusion for B2B
- Portfolio milestones (Jan – March 2025)
- OneStack: Our new investment in neobanking
- A front-row seat to GTMD’s city tours
- Fintech x AI: Where the future is taking shape
Topical Take: Is AI the Friend B2B Startups Deeply Seek?
Gireendra Kasmalkar, our Managing Partner, explores a question that many B2B founders are quietly grappling with: Is AI a true partner in growth or just another shiny distraction?He shares how early-stage startups can avoid falling into the “AI for AI’s sake” trap and instead build with AI, not just on top of it. From enhancing GTM speed to improving internal efficiency, it’s a refreshingly grounded look at where AI can actually move the needle.
Portfolio Wins
Jan to March 2025
Vodex secured both SOC2 and ISO 27001 certifications and showcased its AI voice agents at MLDS 2025, making it clear that enterprise-grade GenAI is here and ready for scale.
Spyne raised $16M in fresh funding to accelerate its US expansion and cement its position as a global leader in AI-powered product imaging.
DeepTek took the global stage with Shimadzu at Arab Health 2025 and was spotlighted at NTLF for driving real-world adoption of AI in radiology.Fable Fintech rolled out advanced cybersecurity infrastructure strengthening its moat as the go-to infra layer for secure, compliant cross-border banking.
Looking ahead, several of our portfolio companies are already setting the pace for the next quarter with US expansions, new product verticals, and deeper industry partnerships.
Modernizing Bharat’s Banks
GTMD Insights
From Playbooks to Practice
We hit the road with GTMDialogues this quarter—Bengaluru, Chennai, and Delhi NCR. We picked up sharp strategies, open conversations, and a front-row seat to how today’s top SaaS leaders are building traction in messy markets.
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Bengaluru | Jan 18
In Bengaluru, we kicked off the year with Mayank Kukreja (Founder & CEO, ITILITE). From hiring across borders to adapting GTM playbooks for a very different buyer mindset, Mayank broke down what it takes to build traction in a global market.
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Chennai | Feb 8
We hosted a double-header in Chennai. Prabhu Ramachandran (Founder & CEO, Facilio) shared a candid look at the 0-to-1 GTM grind, while Sabareesh Natarajan (Founding Marketer & Global Head of Growth, Neutrinos) showed how events can become scalable GTM channels.
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Delhi NCR | Mar 22
In Gurugram, Rishabh Ladha (Co-founder, SquadStack) broke down founder-led sales, from cold demos to consistent closes. Nishchal Dua (VP Marketing, inFeedo) followed with a live AI workshop where founders built GTM-ready AI agents in under two hours.
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Want to be in the room next time?
Fintech’s API Backbone
Trends to Watch: AI Is Quietly Rewiring Fintech
Over the last two quarters, AI has moved from prototype to core infra in fintech. It’s no longer about hype, it’s about who owns the layer that decisions flow through.
Why it matters: India’s fintech stack—UPI, Account Aggregator, and DigiLocker—have created a ready foundation for AI-native infrastructure. Startups that turn this data into actionable signals are becoming indispensable because they enable faster, accurate decisions.
What’s shifting:
- Underwriting is going contextual. Thin-file borrowers, gig workers, and micro-businesses are now in play because AA + AI makes real-time, personalized credit decisions viable at scale
- Fraud is a data race. With ₹30,000+ Cr in annual fraud losses, banks are moving from static rules to dynamic models that flag intent, not just behavior
- Compliance is becoming productized. AI-powered KYC and AML tools are reducing false positives, and turning onboarding from a bottleneck into a UX advantage
- Infra is moving vertical. Fintech SaaS is embedding AI to manage payouts, credit limits, collections, and more, with infra layers that plug directly into India’s DPI stack
What this means for you: For founders, it’s a chance to build the backbone others will depend on.
What this means for Indian VC firms: The real opportunity isn’t in generic AI plays, but in vertical, API-led fintechs—built by domain-native founders—who use agentic AI to own high-stakes workflows and deliver real outcomes. Smart capital will back the layers that the ecosystem will lean on for the next decade.What to watch: The next generation of fintech winners won’t market “AI-first.” They’ll just own the APIs that everyone else depends on. These are the workflows being rebuilt quietly, and permanently.
Looking Ahead
That’s a Wrap (For Now)
Q1 gave us plenty to cheer about new milestones, bold bets, and sharp conversations that reminded us why we do what we do. But beneath the momentum, there’s a clear signal: a global reset is underway.
As recessionary pressures build and capital becomes more selective, its execution—not exuberance—that’s driving returns.
We’d love to hear from you.
Got thoughts on this edition? Something you’d like us to cover next time? We’re always listening, your feedback helps us shape future updates.
Follow us on LinkedIn for the latest news, founder stories, and insights from across the portfolio.
Until next quarter.
Team Pentathlon Ventures
