Kunal Bahl and Rohit Bansal, the co-founders of Snapdeal and the managing partners of Titan Capital, are iconic figures in India's internet economy. Their journey is a powerful saga of ambition, meteoric rise, near-death experience, and a remarkable comeback. More than just building a company, they have become symbols of entrepreneurial resilience and champions for the next generation of founders.

Their philosophy, forged in the crucible of intense competition and adversity, is a masterclass in grit, long-term thinking, and building for the real India, or "Bharat."

On Entrepreneurship and Getting Started

  1. "Entrepreneurship is a state of mind. You don’t need a big idea; you just need to start solving a problem." - Kunal Bahl
    Learning: Don't wait for a world-changing idea. The most successful ventures often start by solving a small, tangible problem that you are passionate about. The act of starting is more important than the initial idea.
    Source: The Economic Times, https://economictimes.indiatimes.com/opinion/interviews/entrepreneurship-is-a-state-of-mind-kunal-bahl/articleshow/52488829.cms
  2. "The only way to learn how to be an entrepreneur is by being one." - Rohit Bansal
    Learning: No amount of reading or classroom learning can substitute for the real-world experience of building a company. You have to be in the trenches, making decisions and learning from your mistakes.
    Source: YourStory, https://yourstory.com/2015/08/rohit-bansal-snapdeal-entrepreneurship
  3. "We didn’t have a grand plan. We just had a belief that the internet would change India." - Kunal Bahl
    Learning: You don't need a perfect 10-year plan. A deep-seated conviction in a broad, secular trend (like the rise of the internet) can be a powerful guiding star for your entrepreneurial journey.
    Source: Accel India "INSIGHTS" Podcast (YouTube), https://www.youtube.com/watch?v=M5-qP_q7-jA
  4. "Your first business is unlikely to be your last. The goal is to learn and get better." - Rohit Bansal
    Learning: View your initial ventures as a learning experience. The skills, network, and resilience you build are transferable assets that will compound throughout your career.
    Source: His advice to young entrepreneurs.
  5. "Don’t be afraid to start small. Snapdeal started as a coupon book business." - Kunal Bahl
    Learning: Every large company starts small. Focus on dominating a niche and proving your model before you attempt to conquer the world. The initial business model is often just a stepping stone.
    Source: The Economic Times, https://economictimes.indiatimes.com/magazines/panache/how-snapdeal-started-as-a-coupon-book-business-and-became-an-ecommerce-giant/articleshow/52488829.cms

On Resilience, Failure, and the "Snapdeal 2.0" Turnaround

  1. "The toughest times are the best times to build a great company." - Kunal Bahl
    Learning: A crisis forces you to be disciplined, frugal, and ruthlessly focused on your core value proposition. The constraints of a downturn are a crucible that forges resilient, sustainable businesses.
    Source: Livemint, https://www.livemint.com/companies/start-ups/toughest-times-are-best-times-to-build-a-company-snapdeal-s-kunal-bahl-11654536779836.html
  2. "Failure is not an option, it is a stepping stone." - Rohit Bansal
    Learning: Reframe failure as a data point. The lessons learned from setbacks are often more valuable than the successes. The key is to learn quickly and not make the same mistake twice.
    Source: His reflections on the 2017 crisis.
  3. "In our darkest hour, we found our true north." - Kunal Bahl
    Learning: Snapdeal's near-death experience forced a moment of clarity. Stripping the business back to its essentials revealed its core purpose: serving the value-conscious "Bharat" consumer.
    Source: Accel India "INSIGHTS" Podcast (YouTube), https://www.youtube.com/watch?v=M5-qP_q7-jA
  4. "Humility is the most important lesson we learned from our journey." - Rohit Bansal
    Learning: Success can breed arrogance. The experience of nearly losing everything instilled a deep sense of humility and a renewed focus on the fundamentals of the business.
    Source: YourStory, https://yourstory.com/2019/09/snapdeal-rohit-bansal-kunal-bahl-turnaround-startup
  5. "The founder has to be the last person to lose hope." - Kunal Bahl
    Learning: Your team, investors, and customers take their cues from you. As a leader, you must be the ultimate source of belief and resilience, even when you are filled with doubt.
    Source: Accel India "INSIGHTS" Podcast (YouTube), https://www.youtube.com/watch?v=M5-qP_q7-jA
  6. "We went from chasing GMV to chasing profitability. That changed everything." - Rohit Bansal
    Learning: Focusing on vanity metrics like Gross Merchandise Value (GMV) can lead to an unsustainable, high-burn business. The shift to focusing on unit economics and a clear path to profitability is what saved the company.
    Source: The Economic Times, https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/how-snapdeal-2-0-scripted-a-turnaround/articleshow/70984144.cms

On Business Strategy and Building for "Bharat"

  1. "Don't build for the 20 million Indians who look like you. Build for the 500 million who don't." - Kunal Bahl
    Learning: The biggest untapped opportunity in India is the value-conscious consumer in Tier 2/3 cities and beyond. This "Bharat" market has unique needs and requires a fundamentally different approach.
    Source: A core tenet of the Snapdeal 2.0 strategy.
  2. "In India, value is not just about low price. It is about getting the maximum utility for every rupee spent." - Rohit Bansal
    Learning: The "Bharat" consumer is not cheap; they are incredibly discerning. Your product must deliver exceptional value for money, which is a combination of price, quality, and durability.
    Source: Business Standard, https://www.business-standard.com/article/companies/snapdeal-s-focus-is-on-the-value-conscious-indian-consumer-rohit-bansal-119082101062_1.html
  3. "Unit economics are the physics of your business. You cannot defy them." - Kunal Bahl
    Learning: A business that loses money on every transaction cannot be saved by scale. You must have a clear path to profitability at the individual order level.
    Source: Accel India "INSIGHTS" Podcast (YouTube), https://www.youtube.com/watch?v=M5-qP_q7-jA
  4. "The best way to build a moat is to have the lowest cost structure in your industry." - Rohit Bansal
    Learning: A relentless focus on operational efficiency and a lean cost structure allows you to offer better prices to your customers, creating a powerful and sustainable competitive advantage.
    Source: His commentary on the Snapdeal 2.0 strategy.
  5. "Don't outsource your core competency." - Kunal Bahl
    Learning: Identify the one or two things that your company must be the best in the world at—whether it's technology, logistics, or customer understanding—and invest heavily in building that capability in-house.
    Source: His advice to founders.
  6. "Technology is not the business. It's a tool to solve a customer problem." - Rohit Bansal
    Learning: Don't get enamored with technology for its own sake. The only thing that matters is whether you are using technology to create a better, cheaper, or faster solution for your customer.
    Source: His product philosophy.

On Investment Philosophy (Titan Capital)

  1. "We invest in the first 60 seconds of the pitch." - Kunal Bahl
    Learning: As angel investors, their primary bet is on the passion, clarity, and infectious energy of the founder. They can often sense this "founder-market fit" almost immediately.
    Source: YourStory, https://yourstory.com/2021/08/titan-capital-kunal-bahl-rohit-bansal-angel-investing
  2. "We look for founders who are cockroaches, not unicorns." - Kunal Bahl
    Learning: They prefer to back founders who are incredibly resilient and capital-efficient—"cockroaches" who can survive any nuclear winter—rather than those who are solely focused on achieving a billion-dollar valuation.
    Source: Moneycontrol, https://www.moneycontrol.com/news/business/startup/we-invest-in-cockroaches-not-unicorns-kunal-bahl-and-rohit-bansal-on-their-investment-mantra-7423501.html
  3. "The founder is the biggest variable in an early-stage company." - Rohit Bansal
    Learning: The idea will pivot, the market will change, but a great founder has the resilience and resourcefulness to navigate the uncertainty and find a path to success.
    Source: Their investment thesis at Titan Capital.
  4. "We want to be the first cheque and the last resort for our founders." - Kunal Bahl
    Learning: Their goal is to be the most founder-friendly capital available. They provide the initial belief to get a company started and are there as a supportive partner through the toughest times.
    Source: YourStory, https://yourstory.com/2021/08/titan-capital-kunal-bahl-rohit-bansal-angel-investing
  5. "We invest in people, not in PowerPoints." - Rohit Bansal
    Learning: A fancy deck is less important than a founder who has a deep, almost obsessive understanding of their customer's problem and a clear vision for how to solve it.
    Source: Titan Capital's investment philosophy.
  6. "Our due diligence is a 30-minute conversation with the founder." - Kunal Bahl
    Learning: While an exaggeration, it highlights their focus on qualitative signals: the founder's passion, clarity of thought, and domain expertise, which they believe are the best predictors of success at the seed stage.
    Source: Moneycontrol, https://www.moneycontrol.com/news/business/startup/we-invest-in-cockroaches-not-unicorns-kunal-bahl-and-rohit-bansal-on-their-investment-mantra-7423501.html

On Partnership, Culture, and Mindset

  1. "Having a co-founder is a massive advantage. The journey is too lonely to do it alone." - Kunal Bahl
    Learning: A trusted co-founder provides emotional support, complementary skills, and a sparring partner for ideas. This partnership is a critical source of resilience.
    Source: Accel India "INSIGHTS" Podcast (YouTube), https://www.youtube.com/watch?v=M5-qP_q7-jA
  2. "Trust is the bedrock of our partnership." - Rohit Bansal
    Learning: Their enduring 15+ year partnership is built on a foundation of absolute trust and a clear division of responsibilities, allowing them to move quickly and decisively.
    Source: Their joint interviews.
  3. "Culture is who you hire, fire, and promote." - Kunal Bahl
    Learning: Culture is not what's written on the walls; it's the sum of the behaviors you reward and tolerate. It is shaped by the tough decisions you make every day.
    Source: A management principle they often quote.
  4. "Stay paranoid. The moment you get comfortable is the moment you start to lose." - Rohit Bansal
    Learning: Success is fleeting. A healthy sense of paranoia keeps you innovating and focused on the next threat or opportunity.
    Source: Their reflections on the competitive ecommerce landscape.
  5. "Read every day. It's the cheapest way to learn from the best minds in the world." - Kunal Bahl
    Learning: He is a voracious reader and attributes much of his learning to the habit of reading widely across different subjects.
    Source: His social media and interviews.
  6. "Pay it forward. We have a responsibility to help the next generation of entrepreneurs." - Kunal Bahl
    Learning: Their work with Titan Capital is a testament to this belief. They are actively using their capital and experience to create a virtuous cycle in the Indian startup ecosystem.
    Source: The mission behind Titan Capital.
  7. "The journey is the reward." - Rohit Bansal
    Learning: Find joy in the day-to-day process of building, learning, and overcoming challenges. If you are only focused on the destination, you will miss the most fulfilling part of the experience.
    Source: A core tenet of their personal philosophy.

Additional Key Learnings

  1. On The Team: "You are only as good as the team you build." - Kunal Bahl
  2. On The Customer: "The customer doesn't care about your technology. They care about their problem." - Rohit Bansal
  3. On Simplicity: "Simplicity is the ultimate sophistication. Make your product easy to understand and use." - Kunal Bahl
  4. On The Long Game: "Building a great company is a marathon, not a sprint." - Rohit Bansal
  5. On The 'Why': "People don't buy what you do, they buy why you do it." - Kunal Bahl
  6. On Capital: "Capital is a weapon, but it can also be a drug. Use it wisely." - Rohit Bansal
  7. On Data: "Data tells you the 'what'. You need to talk to customers to understand the 'why'." - Kunal Bahl
  8. On The Brand: "Your brand is what people say about you when you're not in the room." - Rohit Bansal
  9. On Hiring: "Hire for attitude and aptitude. You can train for skills." - Kunal Bahl
  10. On The Moat: "In the long run, the best moat is your company's culture." - Rohit Bansal
  11. On The Pitch: "The goal of a pitch is to tell a story that is simple, compelling, and believable." - Kunal Bahl
  12. On The Indian Consumer: "The Indian consumer is one of the most value-conscious in the world. You have to deliver 10x value to win." - Rohit Bansal
  13. On The Downturn: "A downturn is a filter. It separates the real entrepreneurs from the tourists." - Kunal Bahl
  14. On The Competition: "Don't build your company by looking in the rearview mirror." - Rohit Bansal
  15. On The Founder's Health: "You cannot build a great company if you are not physically and mentally healthy." - Kunal Bahl
  16. On The Power of a 'No': "Saying 'no' to distractions is one of the most important jobs of a founder." - Rohit Bansal
  17. On Their Partnership: "We have a rule: no big decision is made without both of us agreeing." - Kunal Bahl
  18. On The Future: "The next decade of Indian entrepreneurship will be bigger than the last three decades combined." - Rohit Bansal
  19. On The Role of a CEO: "A CEO has three jobs: Set the vision, hire the team, and don't run out of money." - Kunal Bahl
  20. On Legacy: "We want our legacy to be the hundreds of successful companies we helped create." - Kunal Bahl & Rohit Bansal