Episode 71: Million-Dollar Stock to Backing Indian Startups | Sandeep Murthy
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In Episode 71 of #DamaniTalks, Anirudh A. Damani converses with Sandeep Murthy, Founding Partner at Lightbox, and one of the earliest champions of long-term, product-first startups in India.
From his formative years under Barry Diller to funding Cleartrip and shaping India’s consumer internet story, Sandeep reflects on 25 years of backing bold ideas before they were cool – and staying the course when others walked away.
But this is more than just a career recap. It’s a candid, no-frills masterclass on what it really takes to build durable businesses and why the current VC playbook needs a rethink. Expect raw truths about broken feedback loops in venture, distorted cap tables, the obsession with IRR over DPI, and why burn is not a business model.
Whether you are a founder navigating PMF, an LP questioning returns, or a VC looking for perspective, this episode is packed with grounded insights, real stories, and hard-won wisdom.
Highlights:
– The inside story of TripAdvisor’s early days
– The $10M deal where Sony took 92% equity – and the hard lessons it left
– Betting on Indian travel before it was a thing
– How VC signals are failing the founders they fund
– Why “valuation is vanity, exit is reality” still holds true
– What real founder support looks like
Tune in for a deep dive into what it truly means to be a founder-first investor and why Sandeep Murthy is still betting on real businesses over flashy pitch decks.
Chapters:
08:46 – Dotcom days: Match, Expedia & TripAdvisor
20:15 – The 92% equity story: A deal that changed everything
30:49 – From IAC to India: The Cleartrip chapter
44:08 – Betting on Indian consumption
50:20 – How to balance ambition and burnout?
1:00:24 – How to invest strategically in emerging markets?
1:10:26 – How to build founder-investor relationships?
1:20:29 – Why do most new venture funds struggle?
1:30:31 – How to choose the right team and investors?
1:40:34 – Measured growth and founder evolution
1:50:38 – Local adaptation in the Indian market
2:00:41 – How to embrace change & redefine failure?
2:10:45 – What is the role of perspective in business?
2:20:48 – The joy of building & the meaning of lightbox
2:23:45 – Rapid Fire: legacy, balance, bold bets
More about our Guest,
Sandeep Murthy
Linkedin: https://www.linkedin.com/in/murthysandeep/
X: https://x.com/sandeepm1?s=21
Instagram: https://www.instagram.com/sandeepm1?igsh=a3RrM2dyaHcwMHR6
DamaniTalks
Hosted by Anirudh A Damani, began as a live podcast during COVID-19 to motivate entrepreneurs and investors through tough times. It evolved into insightful conversations uncovering the ‘why’ behind entrepreneurship. From insightful conversations to actionable advice, DamaniTalks explores startup stories, venture capital trends, and the realities of building scalable businesses. Tune in for authentic discussions that inspire, educate, and motivate the next generation of entrepreneurs. Subscribe now to stay ahead in the world of innovation and growth!
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