Episode Details

Lightrock arrived in India with nearly a billion dollars and royal backing — the Liechtenstein dynasty's centuries-old fortune funding bets on around 40 growth-stage startups.

The firm moved fast, doubled down on existing investments more aggressively than most peers, and scaled hard during the zero-interest-rate boom. Then the cycle turned. Its portfolio — Waycool, Pharmeasy, Dunzo — ran into trouble. New cheques dried up.

Lightrock shifted from investor to caretaker, managing what it had rather than building what came next. A royal wager on Indian tech, still waiting for a payoff.

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