The Operator’s Playbook: Sandeep Patil on Building and Backing Fintech Unicorns with QED Investors
A deep dive into the career and investment thesis of the operator behind Truecaller’s IPO and Flipkart’s fintech engine, now funding the next generation of giants.
“In a downturn, knowing your startup is worthwhile is more important than merely surviving.”
This is the seasoned, contrarian advice of Sandeep Patil, a leader who has navigated the highest echelons of both building and backing transformative companies. For founders caught in the "growth at all costs" whirlwind, his philosophy is a masterclass in building sustainable, long-term value. As Partner and Head of Asia for the premier fintech venture capital firm QED Investors , Sandeep brings a rare "full-stack" perspective to the world of investing, shaped by years in the trenches as an operator at iconic companies like Capital One, Flipkart, and Truecaller.
This dossier provides a comprehensive profile of Sandeep Patil and his work at QED Investors, leveraging exclusive insights from his recent candid conversation on the Founder Thesis podcast with Akshay Datt.
Check out the video of the conversation here or read on for insights.
The Architect: The Journey from Operator to Investor
Sandeep Patil's career is a masterclass in strategic evolution, beginning not in finance, but in engineering. His journey started in Ujjain, a city he describes as a "small town" in India , leading to a B.Tech from the prestigious IIT, Mumbai. This quantitative foundation proved pivotal when, in 1999, he was recruited by
Capital One in the United States.
He describes the firm with admiration and considers it a foundational experience:
“In many ways, Capital One was the first fintech that ever was. You are very big on data and very big on technology.”
It was at Capital One, analyzing what he recalls as "some eight hundred different data boards per user" , that Sandeep honed the data-centric philosophy that would become the bedrock of his career and QED's own investment thesis.
After securing an MBA from the London Business School, his path broadened into global finance and strategy with roles at:
Actis Capital: A London-based growth equity fund where he first cut his teeth in emerging markets investing across India and Africa.
McKinsey & Company: A seven-year tenure where he rose to Junior Partner, advising top-tier global financial institutions on complex growth and M&A strategies.
In 2015, Sandeep transitioned from advisor to operator, returning to India to join the senior leadership team at
Flipkart, the country's largest e-commerce company. His impact was transformative:
Business Head, Fintech: He successfully built and scaled consumer, SME, and vendor financing products, directly benefiting over 1.3 million borrowers.
Group Head of Strategy: He played an instrumental role in the company's massive $4 billion fundraising round and its eventual landmark acquisition by Walmart.
Following Flipkart, he took the helm as the Managing Director & CEO for India at
Truecaller. His leadership yielded spectacular results: he quadrupled revenues to over
$100 million in two years, drove the company to net income profitability, and paved the way for its successful IPO on NASDAQ in 2021.
The Platform: QED Investors & The Asian Expansion
In 2020, Sandeep's career came full circle. He was tapped by Nigel Morris—co-founder of Capital One and founder of QED Investors—to lead the firm's strategic expansion into Asia.
QED Investors is not a typical venture capital firm. Founded in 2007, its entire philosophy is built on the operational experience of its partners, who are self-described "fintech operators turned fintech investors". With
$4.3 billion in assets under management and a portfolio boasting 28 unicorns like Credit Karma and Nubank, their model is proven. They act as trusted advisors, or "consiglieres" , providing founders with nuanced advice beyond capital.
“I strive to provide the best advice that you can get as a founder, not just capital, and hopefully help you make fewer mistakes than I, and we all at QED made in our past while running businesses.”
Under Sandeep's leadership, QED's expansion into Asia follows a clear and deliberate playbook:
Go Deep, Not Broad 🇮🇳: QED first entered India in 2020 and made seven foundational investments before expanding into other Southeast Asian markets. Since 2020, the firm has invested over
$150 million in India.High-Conviction Capital 💸: While Series A is their "heart" , the firm remains flexible, leading rounds from Seed to Series C to back the best founders.
Building an Ecosystem 🤝: Sandeep is clear about avoiding the "tourist fund" mentality—VCs that fly in to deploy capital in hot markets and then leave. QED's mission is to embed itself in the local ecosystem, partner with founders for the long term, and contribute to building the market.
Select companies in QED's India portfolio include
Jupiter ,
OneCard (FPL Technologies) ,
Refyne ,
UpSwing , and
Leo1 (Efficient Capital Labs).
The Thesis: An Investor’s Philosophy
In his conversation on the Founder Thesis podcast, Sandeep laid out the clear frameworks that guide his investment decisions. He believes building a company is a sequential process of discovery.
“In some ways, building a company is about answering a set of questions... At every point, you should have one major question you're answering, maybe one or two minor questions that you're answering.”
He revealed the three non-negotiable filters QED applies when evaluating a startup:
Positive Unit Economics: Before any conversation about scale, there must be a clear, demonstrable path to profitability on a per-transaction or per-customer basis. In fintech, burning capital without sound economics is a fatal flaw.
Potential for Exponential Growth: The business model must have the inherent ability to scale exponentially, not just linearly. This is often unlocked by leveraging technology and unique market dynamics.
Visionary & Grounded Talent: The founders must not only have a compelling, long-term vision but also deeply appreciate the gravity and complexity of operating in a regulated industry.
“As a founder, you get rejected far more than you are accepted... What drives you, right, at the very heart of it is then, I think, the vision part.”
He argues that India's single greatest advantage is its
digital public infrastructure (like UPI and the Account Aggregator network) , which creates an open foundation for innovation that is unparalleled globally. This, combined with a deep talent pool and resilient macroeconomics, forms the core of QED's bullish thesis on India.
Sandeep Patil's journey from engineer to operator to investor provides a powerful playbook for any entrepreneur or leader. His focus on first principles, sound economics, and long-term vision offers a clear roadmap for building companies that are not just valuable, but truly worthwhile.
Listen now!
Other Ways to Listen:
Before you go……the analytics only tell me so much, I want to hear what you feel and think about the conversations.
Mail me at ad@thepodium.in with your comments & feedback or if you just want to hear my comments on your startup idea - I love getting your emails!
Until the next founder's thesis📕,
Your host, AD