> ## Content Index > Fetch the complete content index at: https://www.antoinebuteau.com/llms.txt > Use this file to discover other available public pages before exploring further. # Lessons from Kunal Bahl and Rohit Bansal, co-founders of Snapdeal and Titan Capital - URL: https://www.antoinebuteau.com/lessons-from-kunal-bahl-and-rohit-bansal-co-founders-of-snapdeal-and-titan-capital/ - Published: 2025-10-28T03:58:00.000Z - Updated: 2026-09-05T03:20:17.000Z - Description: Kunal Bahl and Rohit Bansal, co-founders of Snapdeal and managing partners of Titan Capital, embody entrepreneurial resilience after ambition, rapid ascent, near-collapse, and comeback, pairing long-term thinking with a commitment to building for India’s “Bharat” market. - Author: Antoine Buteau - Tags: Profile, Operations, Venture Capital Profiles 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." ![Infographic for "Lessons from Kunal Bahl and Rohit Bansal, co-founders of Snapdeal and Titan Capital".](https://www.antoinebuteau.com/content/images/2026/07/lessons-from-kunal-bahl-and-rohit-bansal-co-founders-of-snapdeal-and-titan-capital-optimized.webp) ## 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Feconomictimes.indiatimes.com%2Fopinion%2Finterviews%2Fentrepreneurship-is-a-state-of-mind-kunal-bahl%2Farticleshow%2F52488829.cms&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fyourstory.com%2F2015%2F08%2Frohit-bansal-snapdeal-entrepreneurship&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DM5-qP%5Fq7-jA&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Feconomictimes.indiatimes.com%2Fmagazines%2Fpanache%2Fhow-snapdeal-started-as-a-coupon-book-business-and-became-an-ecommerce-giant%2Farticleshow%2F52488829.cms&ref=antoinebuteau.com) ## 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.livemint.com%2Fcompanies%2Fstart-ups%2Ftoughest-times-are-best-times-to-build-a-company-snapdeal-s-kunal-bahl-11654536779836.html&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DM5-qP%5Fq7-jA&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fyourstory.com%2F2019%2F09%2Fsnapdeal-rohit-bansal-kunal-bahl-turnaround-startup&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DM5-qP%5Fq7-jA&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Feconomictimes.indiatimes.com%2Fsmall-biz%2Fstartups%2Fnewsbuzz%2Fhow-snapdeal-2-0-scripted-a-turnaround%2Farticleshow%2F70984144.cms&ref=antoinebuteau.com) ## 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.business-standard.com%2Farticle%2Fcompanies%2Fsnapdeal-s-focus-is-on-the-value-conscious-indian-consumer-rohit-bansal-119082101062%5F1.html&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DM5-qP%5Fq7-jA&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fyourstory.com%2F2021%2F08%2Ftitan-capital-kunal-bahl-rohit-bansal-angel-investing&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Fbusiness%2Fstartup%2Fwe-invest-in-cockroaches-not-unicorns-kunal-bahl-and-rohit-bansal-on-their-investment-mantra-7423501.html&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fyourstory.com%2F2021%2F08%2Ftitan-capital-kunal-bahl-rohit-bansal-angel-investing&ref=antoinebuteau.com) 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Fbusiness%2Fstartup%2Fwe-invest-in-cockroaches-not-unicorns-kunal-bahl-and-rohit-bansal-on-their-investment-mantra-7423501.html&ref=antoinebuteau.com) ## 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](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DM5-qP%5Fq7-jA&ref=antoinebuteau.com) 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