Rishab Malik, Partner, Seed Investments at Jungle Ventures
In October 2023, venture capital (VC) firm Jungle Ventures launched First Cheque@Jungle, a bespoke programme to support entrepreneurs at the idea, pre-seed, seed stages and subsequent Series A funding rounds.
First Cheque@Jungle is based on two core concepts: Focus on only a few exceptional teams with bold ideas at any given time and a sizeable first cheque with no minimum ownership criteria. Beyond providing capital, this strategy aims to create a lasting impact by providing access to resources, mentorship, and partnership opportunities.
In an email to e27, Rishab Malik, Partner, Seed Investments at Jungle Ventures, shares the most popular verticals the firm notices today.
“From the inbound we receive via First Cheque@Jungle, the top three sectors entrepreneurs build in are Consumer, B2B, and Healthcare. That said, AI-led companies are predominantly receiving the most traction. Traditional lending businesses and innovative fintech companies have also been successful in securing funding,” he says.
“Separately, there is also a notable rise in funding in the farm mechanisation space, signalling a shift towards enhancing agricultural productivity through technology.”
He also reveals more of the profiles of founders that tend to gain attention. “Overall, VCs are increasingly backing seasoned entrepreneurs, especially those with a proven track record from previous successful ventures.”
Also Read: Jungle Ventures rolls out new programme to back idea-stage startups in India, SEA
Founded in 2012, Jungle Ventures launched with a US$10 million debut fund and has since grown its Assets Under management (AUM) 100x in 10 years. The firm said that as of 2024, it has an AUM of over US$1 billion, making it the first independent, Singapore-headquartered VC firm that invests across Southeast Asia and India to reach this milestone.
Its portfolio includes notable names such as Kredivo, Livspace and Moglix.
In this interview, Malik explains the factors that Jungle Ventures considers when reviewing potential investments and shares some fundraising tips—especially if you are looking at First Cheque@Jungle as your target.
The following is an edited excerpt of the conversation:
What key factors do Jungle Ventures consider when evaluating a startup for potential investment?
We prioritise the profile of the founders, with a strong preference for second-time entrepreneurs and domain operators. Founders with deep operating experience targeting large, addressable opportunities (we are talking about multi-billion TAMs) and having unique insights into their customers, problems, and solutions are particularly compelling for us.
Can you share some common mistakes startups make during fundraising and how they can avoid them?
Startups often misjudge their TAM by not fully understanding it or overestimating its size. A clear articulation of the problem statement and a realistic definition of success are crucial.
An advice to founders is to avoid making grand claims about future revenue. You cannot project US$100 million by the third year of operation without a detailed plan and go-to-market strategy!
Also Read: HealthXCapital joins Jungle Ventures to lead healthcare investments in SEA & India
What advice do you have for startups to make their pitch more compelling and stand out for Jungle Ventures?
If possible, reach out via a mutual connection, as it helps prioritise your application.
Clarity and passion also go a long way: a well-prepared 10-15 page deck with clear objectives, solutions, problems, and product details, along with being passionate about the product and problem statement, make a HUGE difference.
Does cold calling work? Do you need an insider contact to secure a meeting with a VC?
Contrary to popular belief, cold calling works. Our First Cheque@Jungle team reviews every. single. inbound.
While insider contacts and warm referrals are beneficial, the best founders will always find an in-road to connect with VCs and investors regardless of their initial network.
How important is it for a startup to have a clear exit strategy when seeking funding from venture capitalists?
While having an exit strategy is important, more often than not, it evolves over time. My recommendation to founders is always to assess whether the company has the potential to go public and to identify comparable companies in the market.
Analysing the learnings and key inflexion points from these comparables can give valuable insights. This process of exit analysis clarifies the industry structure and stakeholder dynamics.
Can you explain the importance of building a strong relationship between founders and investors post-investment and how startups can foster this relationship?
I liken the founder-investor relationship to a marriage, at least for eight to 10 years. So, choose wisely and think long-term from the onset. Foster this relationship through continuous engagement, transparency, and alignment on vision and mission.
Chemistry with the partner at the VC firm and the ability to work together through multiple cycles are more important than you think.
Also Read: Jungle Ventures leads Vietnamese insurtech startup Medici’s Series A round
Lastly, what is the one key principle that founders need to remember when fundraising?
Take time to establish a strong partnership at the foundation. This means alignment on vision and mission, good chemistry with the VC partner, and the ability to work together effectively deep in the trenches over various cycles and periods of ebbs and flows.
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Image Credit: Jungle Ventures
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