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Hard Truths By Vertex

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by Vertex Ventures SEA and India

5.0(6 reviews)
34 episodes
Updated Bi-weekly
Accepts GuestsHas SponsorsLocation 🇸🇬
62

Podcast Authority

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GoodBased on show quality, social media presence, reviews, charts, and more
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Quality70
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YouTube76
Engagement60
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Podcast Overview

Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we want to share and uncover Hard Truths - raw, unfiltered insights and venture capital experience across Southeast Asia & India. Tune in to hear from leading founders, innovators, venture capitalists and industry experts in the region and to gain industry insights from those in the know. If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

Language

🇺🇲

Publishing Since

12/12/2022

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62

Podcast Authority

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GoodBased on show quality, social media presence, reviews, charts, and more
Pod Engine
Quality70
Social0
YouTube76
Engagement60
Learn more
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35 minutes
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28 episodes over 2.6 years

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Recent Episodes

Episode thumbnail for Almost Bankrupt Twice. Profitable After 13 Years. | Brian Marshal, SIRCLO

June 11, 2026

Almost Bankrupt Twice. Profitable After 13 Years. | Brian Marshal, SIRCLO

<p>I sat down with a founder who almost lost his company twice… and still built one of Indonesia’s biggest e-commerce enablers.</p><p>Brian Marshal took SIRCLO from a Shopify-style startup to powering major brands across TikTok Shop, marketplaces, live commerce and fulfillment… all while surviving the startup crash, failed fundraising rounds and the tech winter.</p><p>We spoke about profitability, AI agents, startup governance, IPO readiness, scaling outside Jakarta, and why most Southeast Asian startups got growth completely wrong.</p><p><strong>IN THIS EPISODE</strong></p><p>00:00 | Why SIRCLO Almost Died Twice</p><p>01:38 | The Shopify Idea That Failed in Indonesia</p><p>02:25 | Why Brands Need More Than Just a Storefront</p><p>04:06 | The Brutal Reality of Startup Fundraising</p><p>06:30 | How SIRCLO Finally Became Profitable</p><p>07:53 | Preparing SIRCLO for a Possible IPO</p><p>11:37 | The Governance Mistakes Startups Keep Making</p><p>15:24 | Why Good Tech Infrastructure Pays Off</p><p>17:10 | How SIRCLO Is Using AI Agents Internally</p><p>19:38 | Scaling E-Commerce Without Owning Warehouses</p><p>22:05 | How TikTok Changed E-Commerce in Indonesia</p><p>23:31 | Why Catalog Commerce Is Dying</p><p>24:00 | Building for TikTok, Live Selling &amp; Creators</p><p>25:07 | Why Sales and Marketing Are Merging</p><p>26:05 | The Future of Live Commerce in Southeast Asia</p><p>26:19 | Will Indonesia Become Like China’s E-Commerce Market?</p><p>27:23 | Balancing Profitability and Innovation</p><p>28:22 | Why Innovation Failed at SIRCLO Earlier</p><p>32:30 | Why Southeast Asian Tech IPOs Struggle</p><p>35:10 | Is Indonesia Still a Great Startup Market?</p><p>36:36 | Brian’s Vision for SIRCLO’s Next Chapter</p><p><strong>Brian Marshal</strong></p><p>Brian Marshal is the Founder and CEO of SIRCLO, a leading Southeast Asian e-commerce enabler that helps brands sell online across their own web stores and platforms like TikTok and Shopee. What began as a simple website-builder idea in 2013 has grown under his leadership into an integrated solution powering millions of monthly orders. Over the past decade, Brian has guided the company through organic and inorganic growth, shifting market conditions, and a steady push toward profitability, rooted in a commitment to resilience and integrity.</p><p>His personal journey bridges Indonesia and Singapore, built on a background in computer science and data analytics alongside a firm belief in technology's power to unlock new opportunities. Beyond SIRCLO, Brian is deeply committed to nurturing Indonesia’s future leaders through his active involvement in the Informatics and AI Olympiad communities, as well as the McKinsey Young Leaders for Indonesia program. </p><p><strong>Rahul Thayyalamkandy</strong></p><p>Director of Comms &amp; Community, Vertex Ventures SEA &amp; India</p><p>Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication &amp; Community in 2024 and is based in Singapore.</p><p>Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.</p><p><a href="https://www.linkedin.com/in/rahulthayyalamkandy/?originalSubdomain=sg" rel="ugc noopener noreferrer" target="_blank">https://www.linkedin.com/in/rahulthayyalamkandy</a>/</p><p>—-</p><p>Vertex Ventures Southeast Asia &amp; India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.</p><p>If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.</p><p>—</p><p>Follow us to get notified whenever new episodes are shared.</p><p>—</p><p>For more information, please visit: <a href="https://www.vertexventures.sg" rel="ugc noopener noreferrer" target="_blank">https://www.vertexventures.sg</a> </p><p><br /></p><p>#hardtruthsbyvertexventures  #vertexventures #entrepreneurship #startups #venturecapital #vc #podcast #businessleaders</p><p><br /><br /></p>

Episode thumbnail for Why Every Future Fintech in India Will Be Built on UPI | Anup Agrawal, Kiwi

April 23, 2026

Why Every Future Fintech in India Will Be Built on UPI | Anup Agrawal, Kiwi

<p>He had one formula for building trust in fintech: promises kept divided by promises made.</p><p>Anup Agrawal spent years at LazyPay watching how India actually pays — and what he saw was striking. 85% of consumer transactions ran on UPI. Credit cards existed, but they weren't built for the way India's new generation spends. So he built Kiwi: a credit card designed as a delightful UPI experience, with credit rails underneath and instant cashback on top.</p><p>In this conversation with Rahul, Anup unpacks the product decisions behind Kiwi — including a data point that surprises most fintech insiders (80% of Kiwi spends are offline, the exact opposite of the industry norm), a product failure that reshaped their rewards design (users who made their first transaction at a fuel station churned when they got no rewards), and two mental models he uses to make every product decision: the Trust Formula and the Ginger Product rule. He also makes a sharp case for why retention has to come before growth — every time.</p><p><strong>Timestamps</strong></p><p>00:00 | From LazyPay Data to the UPI Credit Idea</p><p>03:43 | What Kiwi Actually Is — "A Delightful UPI Experience"</p><p>05:52 | Why Gen-Z UPI Users Need Credit (The Utility Ladder)</p><p>06:43 | Virtual vs Physical Cards — and the Offline Stat That Flips the Industry</p><p>09:34 | Who Kiwi Is For — Credit-Invisible Affluents, Not Thin-File Poor</p><p>10:59 | Retention First: Why Kiwi Doesn't Push Growth Until It's Ready</p><p>12:25 | The Fintech-Bank Division of Labour</p><p>14:35 | The Trust Formula: Promises Kept ÷ Promises Made</p><p>17:35 | When Product Fails: The Fuel Attrition Story</p><p>19:31 | Cashback vs Points — Why Kiwi Bets Against Breakage</p><p>20:59 | Competing With Cred and PhonePe: Focus Over Distribution</p><p>23:07 | The Ginger Product Rule + Kiwi's Three Dimensions</p><p>25:53 | The 2035 Vision — Imagine the Taj Mahal Before It's Built</p><p><strong>About Anup Agrawal</strong></p><p>Anup Agrawal is the founder of Kiwi, a fintech company building credit card products designed for India's UPI-native generation. Before Kiwi, he led product and growth at LazyPay, where consumer behaviour data — specifically the 85% UPI dominance in Indian transactions — sparked the founding insight. Kiwi targets "credit-invisible affluents": users with income but limited formal credit history, who are well-served by UPI but underserved by traditional credit products.</p><p>Anup on LinkedIn: https://www.linkedin.com/in/anup-agrawal-a2915b11 </p><p>Kiwi website: https://gokiwi.in/</p><p><strong>Rahul Thayyalamkandy</strong></p><p>Director of Comms &amp; Community, Vertex Ventures SEA &amp; India</p><p>Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication &amp; Community in 2024 and is based in Singapore.</p><p>Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.</p><p><a href="https://www.linkedin.com/in/rahulthayyalamkandy/?originalSubdomain=sg" rel="ugc noopener noreferrer" target="_blank">https://www.linkedin.com/in/rahulthayyalamkandy</a>/</p><p>—-</p><p>Vertex Ventures Southeast Asia &amp; India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.</p><p>If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.</p><p>—</p><p>Follow us to get notified whenever new episodes are shared.</p><p>—</p><p>For more information, please visit: <a href="https://www.vertexventures.sg" rel="ugc noopener noreferrer" target="_blank">⁠https://www.vertexventures.sg⁠</a></p><p>#Kiwifintech, #UPI, UPIcreditcard, #fintech, #LazyPay, #creditcardIndia, #RBI, #cashback, #Cred, #PhonePe, #founder</p><p><br /><br /> </p>

Episode thumbnail for How the Best VCs Source, Back, Support, and Exit | Kee Lock Chua, Vertex Ventures SEA & India

March 27, 2026

How the Best VCs Source, Back, Support, and Exit | Kee Lock Chua, Vertex Ventures SEA & India

<p>How do VCs pick that one billion-dollar startup… before the world sees it?</p><p>I sat down with Kee Lock, a veteran venture capitalist who’s spent decades backing founders, navigating failures, and building companies from zero to exit. We unpack his real playbook—from sourcing deals and spotting great founders to surviving the brutal 0→1 and 10→100M growth journey in venture capital.</p><p>He shares how pattern recognition is built, why most investors get market size wrong, and the subtle red flags that instantly kill a startup pitch.</p><p>If you’re curious about startup investing, venture capital strategy, fundraising, and what actually makes a founder worth betting on—this one’s packed with insights you won’t hear elsewhere.</p><p><strong>IN THIS EPISODE</strong></p><p>00:30 | How VCs find winning startups (and how you get noticed)</p><p>01:30 | The exact checklist before investing in any startup</p><p>02:05 | 4 ways top VCs discover breakout founders</p><p>06:50 | Early mistakes that cost investors millions</p><p>07:58 | How VCs build “gut instinct” for great startups</p><p>08:45 | The 3 filters every VC uses before investing</p><p>09:52 | Why judging founders is harder than you think</p><p>15:20 | Red flags that instantly kill a startup pitch</p><p>16:54 | How to judge if your market is actually big</p><p>22:47 | How VCs actually help startups grow (beyond money)</p><p>33:32 | When and how VCs decide to exit</p><p>42:47 | Why VC training is like flying a fighter jet</p><p><strong>Kee Lock CHUA</strong></p><p>Mr Chua Kee Lock is the Group President / CEO of Vertex Holdings (“VH”), a Singapore-headquartered venture capital investment holding company. VH is a wholly-owned subsidiary of Temasek.</p><p>Vertex Group is a global venture capital network comprising 5 early-stage technology-focused funds (Vertex Ventures China, Vertex Ventures Israel, Vertex Ventures US, Vertex Ventures SEA &amp; India, Vertex Ventures Japan), an early-stage healthcare-focused fund (Vertex Ventures HC) and a growth-stage fund (Vertex Growth). Each of these funds is managed by independent and separate General Partnerships and investment teams, with VH providing anchor funding alongside significant 3rd party capital commitments. Vertex Group manages USD 6.8B in assets. Mr Chua is currently Managing Partner of Vertex Ventures SEA &amp; India, as well as Chairman of Vertex Growth Fund.</p><p><strong>Rahul Thayyalamkandy</strong></p><p>Director of Comms &amp; Community, Vertex Ventures SEA &amp; India</p><p>Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication &amp; Community in 2024 and is based in Singapore.</p><p>Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.</p><p><a href="https://www.linkedin.com/in/rahulthayyalamkandy/?originalSubdomain=sg"><u>https://www.linkedin.com/in/rahulthayyalamkandy</u></a>/</p><p>—-</p><p>Vertex Ventures Southeast Asia &amp; India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.</p><p>If you like what you hear, please follow or subscribe to the show so you don’t miss out on any of our upcoming discussions.</p><p>—</p><p>Follow us to get notified whenever new episodes are shared.</p><p>—</p><p>For more information, please visit: <a href="https://www.vertexventures.sg"><u>https://www.vertexventures.sg</u></a> </p><p>#hardtruthsbyvertexventures  #vertexventures #entrepreneurship #startups #venturecapital #vc #podcast #businessleaders</p><p><br></p>

34 total episodes available

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What is Hard Truths By Vertex?

Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we want to share and uncover Hard Truths - raw, unfiltered insights and venture capital experience across Southeast Asia & India. Tune in to hear from leading founders, innovators, venture capitalists and industry experts in the region and to gain industry insights from those in the know.

If you like what you hear, please click follow or subscribe and share it with entrepreneurs or investors in your circle so we can all grow, succeed and build the future of SEA and India together.

How often does this podcast release new episodes?

This podcast updates bi-weekly.

Where can I listen to this podcast?

This podcast is available on 10 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.

Does this podcast accept guests?

Yes, this podcast regularly features guests.

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