
14 segments available
India is now #3 in global unicorns, and was the #1 fastest growing economy in the world from 2015-2025. How did that come about? I'm joined by Hemant Mohapatra at Lightspeed India to give a quick survey of Indian tech for people who know nothing about India. We cover biotech, genomics, space, California vs India, and the game plan for the global technologist. If you're interested in global technology, you should come to Network School. Apply online at https://ns.com. OUTLINE 00:00 - Hemant Mohapatra of Lightspeed India 02:34 - Why genomics hasn't scaled 05:05 - How DNA led Balaji to BTC 09:57 - India for people who don't know anything about India 15:10 - India's ascendance 26:24 - Living an 'Internet First' life 29:48 - India's population is digitally awake 45:19 - Theses on Indian Tech 50:19 - The closing door for immigrant entrepreneurs 56:38 - The future is Fiat Identity vs. Crypto Identity 1:02:21 - India is California in Reverse 1:17:36 - The dot-com bust was worthwhile because it led to Google and Amazon 1:44:47 - The Future of Biotech in India 1:51:21 - The Rise of India's Space Tech CITATIONS (1) India as #3 on global unicorn list: https://indianexpress.com/article/trending/top-10-listing/hurun-global-unicorn-index-2025-top-10-countries-india-rank-10091613 (2) ISRO landing a probe on the dark side of the moon: https://www.discovermagazine.com/the-sciences/the-chandrayaan-3-mission-and-the-second-space-race-to-the-moons-dark-side (3) The Internet Country: https://www.tigerfeathers.in/p/the-internet-country SOCIALS https://lsvp.com/team-member/hemant-mohapatra/ https://ns.com
Hemant Mohapatra from Lightspeed India introduces himself and shares insights about the venture capital landscape in India. He discusses the firm's focus on early-stage investments and its global presence, highlighting the importance of entrepreneurship in various regions.
"All right, HTML, welcome to the number speed podcast. So, um, you want to introduce yourself. You're at Light Speed. We worked here at A68. Go ahead. Yeah, thank you for having me. Been looking forwar..."
Hemant discusses the slow growth of the genomics sector, despite advancements in DNA sequencing technologies. He reflects on the challenges faced by companies like 23andMe and the regulatory hurdles that have hindered the widespread adoption of personal genomics.
"so with the whole genomics thing that is a space which should be much bigger and it's kind of being quietly growing like I mean 23 and me recently went bankrupt unfortunately but um with 223 andme ans..."
The conversation shifts to how Hemant's experiences in the genomics field led him to explore Bitcoin and cryptocurrency. He shares insights on the regulatory landscape and the challenges faced by for-profit companies in the biotech space.
"that in in a sense made me get into BTC right because as as an academic the government is basically friendly to someone with theed address once you go to do they think of you as like an evil for-profi..."
Hemant provides an overview of India for those unfamiliar with the country. He emphasizes India's vast population, rich history, and the significance of its emergence as a global player in technology and economics.
"uh to Afghanistan Iran on the left and then you know uh to the right uh and uh at that point and for the longest time of India India's history we were almost a quarter to a third of the global economy..."
The discussion focuses on India's historical economic significance and its recent resurgence as a major player in the global economy. Hemant outlines the factors contributing to India's growth and its potential for future development.
"India trade across India and nobody really thinks about it the there's a currency union with the rupee there's transit links um you know English and Hindi have become nationalizing languages people ma..."
Hemant explores the concept of living an 'Internet First' life in India, highlighting how digital connectivity has transformed everyday experiences and the economy. He discusses the implications of this shift for future generations.
"that just shows that state capacities on some axis actually flipped, right? UPI is very very good. Ather is very good. You have criticisms of these systems but an identity system that works for a bill..."
The conversation delves into the digital awakening of India's population, emphasizing the rapid adoption of technology and the internet. Hemant discusses how this shift is reshaping industries and creating new opportunities.
"I know people that uh are in the up and cominging part of society that actually have two phones. You drive in a in a India you'll have two phones one for Olar one for ruper and you can take rides on b..."
Hemant shares his theses on the current state of Indian technology, discussing key trends and innovations. He reflects on the unique challenges and opportunities that Indian tech entrepreneurs face in the global market.
"completely true by 2035 or 2040 or thereabouts right because they can learn languages quickly around. So my view is like if we're sitting on this chair this chair doesn't feel like a Chinese chair, ri..."
The discussion shifts to the challenges faced by immigrant entrepreneurs in the tech industry. Hemant highlights the regulatory barriers and changing attitudes that impact the ability of foreign talent to thrive in India.
"10 years? I think it's going to be much less welcoming. Much less what that's what I hear I have friends. It's worse than today or worse. Right. So if it just is getting worse, you never want to bet o..."
Hemant contrasts fiat identity with crypto identity, discussing the implications of each in the context of emerging technologies. He explores how these identities shape the future of finance and personal data.
"is providing combine them with a venture money that is then to take risks with very young and unproven founders and they're also pretty capital efficient there very capital efficient yes right uh then..."
The conversation draws parallels between India and California, exploring how India's tech ecosystem is evolving in contrast to Silicon Valley. Hemant discusses the unique characteristics that define India's approach to technology and innovation.
"whether he said this or not but this is my interpretation of it. You can in a single day you can if you go to Mumbai or Bangalore you can land in a in a airport that looks like a sevenstar hotel. Mhm...."
Hemant reflects on the dot-com bust and its long-term impact on the tech industry. He discusses how the challenges faced during that period ultimately led to the emergence of successful companies like Google and Amazon.
"sense all the capital that went into that if all it did was get Brock interested in chat bots it paid for itself yeah right so that is like a really right tail way of thinking about some of these bubb..."
The discussion shifts to the future of biotechnology in India. Hemant outlines the potential for growth in this sector and the innovations that could position India as a leader in global biotech.
"started as like just main you know just like a low-end thing and then eventually it went up the value chain and actually the CEO own China. So correct that's right that's interesting. Okay that's good..."
Hemant concludes by discussing the rise of India's space technology sector. He highlights recent achievements and the potential for India to become a significant player in the global space race.
"60 to 70 km. Um this is a company reinvested in the preceded this raise from uh from budget G investors in the US uh large seed round they're doing uh I think drone is an interesting space in India be..."