Avnish Bajaj

My journey has been shaped by watching extraordinary founders up close. Watching the extraordinary Steve Jobs up close at Apple and building Baazee, India’s first online marketplace, taught me a fundamental truth: business building is hard.

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After Ebay’s acquisition of Baazee, I started angel investing and something fascinating happened. Founders would share their deepest challenges with me, things they wouldn't tell their regular investors. They'd ask my advice about how to communicate in the boardroom, team building, even personal challenges. These interactions have made me realize that as venture capitalists, we are not just the seekers of financial returns but also partners in the transformative journey of nation building.

India, an ancient civilization with a rich heritage, is transforming its narrative—leaving behind outdated perceptions of poverty and poor infrastructure. The idea that it could become a developed nation in our lifetimes seemed laughable not too long ago. Not anymore. Today it is a tangible, achievable, time-bound goal.

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Growing up, we heard about Tata and Birla—today, we're seeing a new generation of builders like Bhavish Agarwal, Falguni Nayar and Vijay Shekhar Sharma creating incredible digital businesses. History shows that transformative eras define nations: the U.S. emerged as a superpower after World War II, Japan and South Korea revolutionized electronics, and China reimagined manufacturing at scale. Now, we're at the dawn of India's transformation—digitally led—thanks to our unique, world-class digital public infrastructure that is being adopted the world over.

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At Z47, we’ve had the privilege of partnering with founders who are more than entrepreneurs—they are the architects of a developed India. They are the new industrialists, or perhaps the digital industrialists, of our age. Founders are reshaping how more than a billion Indians live, work, and thrive.

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Nation building is a shared purpose at Z47 - contributing to the most populous country claiming its rightful destiny. We feel incredibly privileged and grateful to be alive at a time when we can contribute to this once-in-a-lifetime opportunity.

When you see a small business owner in a remote town using digital payments, or a first-generation entrepreneur building a global company from India, you realise we're witnessing history in the making.

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The scale of transformation happening in India right now is remarkable. Ten years ago, we looked at other markets, especially China, with infrastructure envy. Today, we're one of the most digitised countries in the world.

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It started with Aadhaar, followed by UPI and multiple digital rails. After COVID, these digital foundations proved crucial.

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What's exciting is seeing experienced operators and repeat founders step up to build. The public markets have also matured—in just months, we've seen numerous tech companies go public. We're seeing customers become shareholders, completing the flywheel.

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Combine this with India's digital infrastructure and massive market opportunity, and you have the perfect conditions for building large, impactful businesses. Our GDP is headed toward $10 trillion, and tech penetration in our stock market could grow from 5% to 25-30%—that's a multi-trillion dollar opportunity.

In 2006, we started with a simple belief: we back founders over markets. Founders first.

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When we started, conventional wisdom in the investing business was that one should back markets—not people. Good businesses in great markets were seen as the best formula for investing. Yet, my own experience had been different.

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Markets and businesses don’t execute—people do. Founders do.

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Eighteen years into this journey, this belief in founders is now commonplace, thanks to the incredible value creation by founders globally and locally. During this time, we’ve had the privilege of partnering with founders who are more than entrepreneurs—they are the architects of a developed India.The quality of founders has increased tremendously throughout my journey as an investor, and our conviction in founders has been validated time and again through multiple cycles. We have Bhavish, who has revolutionized multiple industries from ride hailing to AI, Mr. Lakshmipathy, who brought new approach to small business lending, Asish who built the largest B2B commerce platform, Harshil and Shashank, who built India’s best payments business, Chakri and Shashank, who are building better food businesses, Anurag who is building digital-first credit cards, or Sharad, who is building an intelligence cloud business. And there are so many more.

Being able to work with founders who are building for India's future is a real privilege. When I see the problems they're solving and the scale they're operating at, it's genuinely inspiring.

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This is my life’s work—my Ikigai.

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My motivation comes from the founders themselves. When you sit across from someone willing to put everything on the line to build something meaningful, it's incredibly energising. These founders are tackling real challenges—from financial inclusion to healthcare access to education. They're not just building businesses; they're building solutions that could improve the lives of millions of Indians. Being part of their journey, being able to support their vision—that's what gets me excited every morning.

Z47 is by founders, for founders—we are the most operator-led investor in the country, with many ex-founders, business builders, and operators as investors. With the dream of a developed India by 2047 as our inspiration, we strive to be more than investors—we aim to be the most trusted partner for founders. We’re not just dreaming of this future; we are committed to being in the trenches, building it together.

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We're not consultants giving advice; we're partners trying to help them on their journey. We want founders to feel this isn't just another VC relationship—it's a true partnership in building something meaningful for India.

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When founders work with us, they're not just getting capital. They're getting partners who understand their challenges firsthand.

Whether it's the late-night calls about a crisis, the tough decisions about strategy, or the excitement of a breakthrough - we've been there.

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Our experience as operators means we can be genuinely helpful, whether we're thinking through scaling challenges, building teams, or navigating tough markets. Most importantly, we understand that our role is to support, not to direct.

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The founders are building the future, we're privileged to be part of their journey.

I believe in work-life integration. My family has been part of this journey from day one. My wife has been there since Baazee, and my kids are very integrated into my work life, just as I'm present in their lives. 

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When you're doing something you truly love or consider your life's work, these artificial boundaries naturally dissolve. Ambition isn't just an option - it's almost a responsibility, a once-in-a-generation opportunity in India. 

This integration has made everything more meaningful. My children understand what we're building and why it matters. They're part of conversations about startups and building for India's future. Whether it's their college applications or other important moments, I'm fully present because there's no artificial separation. 

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My wife has been an incredible partner in this journey. From day one, she understood that this wasn't just a job; it was a calling. When your family shares your vision, work no longer feels like work.

An essential reading list for founders: 'Superforecasting' to sharpen decision-making, 'Mindhacking' for building mental models, and 'Outlive' offers long-term perspectives. For startup wisdom direct from the frontlines, tune into the 'All In’ episode with Sam Altman and '20VC'.