Part 2: Mukesh Bansal on hiring for loyalty to a mission, "no means not now", writing three books, and compounding sideways

More from First Principles All episodes →

1. 

   S3 · E19 · 28 Sep 2026 · 14 min

   Season 3

   Summary I have hosted First Principles for four years and 58 episodes, and I have never once stopped to look at it. This episode is me doing that. There is no guest. It runs about fourteen minutes, and it ends with something I need from you. Season 3 started with Vidit Aatrey of Meesho in April 2025 and ended with Mukesh Bansal in August 2026. A lawyer, a banker, a restaurateur and a venture capitalist were guests on a show I had built for founders. The businesses were trucks, fish, kitchens and bikes. And my questions moved away from fundraising and towards where a person came from and how…

2. 

   S3 · E17 · 10 Aug 2026 · 58 min

   Part 1: Mukesh Bansal on founder mode in the AI age, the three kinds of professionals in the AI age, and the Haridwar boy who found entrepreneurship in a library

   Mukesh Bansal has founded and left more companies than most people build in a lifetime, and in Part 1 he explains why. He founded Myntra and sold it to Flipkart; he co-founded Cult.fit and turned fitness into a category; and today he runs the AI company Nurix and the Meraki Labs studio. Asked what he is now, he says "a learner", and admits he gets bored the moment a company starts working. Part 1 traces the thesis and the companies: how he allocates his weeks, why he thinks the AI era rewards the hands-on operator over the people-manager, what Nurix and Fermi are, why Myntra's move into…

3. 

   S3 · E16 · 27 Jul 2026 · 1 hr

   Fireside Ventures' Kanwaljit Singh on the decade at Hindustan Lever that gave him consumer, raising half the fund he could have, and keeping a coach in his sixties

   1 · Summary Part 2 of 2. Part 1 laid out the bet: a fund built only for Indian consumer brands, back when the idea sounded absurd, and the anti-power-law machine Kanwal Singh built to make it work. This half is the person. The near-decade at Hindustan Lever that gave him his love of consumer, the Intel years, and the Paper Boat conviction that taught him to back the founder over the idea. Then the man himself: parents who came to India as refugees from Pakistan, a father who kept collecting degrees while feeding the family, the coach he started seeing in his sixties and what separates…

4. 

   S3 · E16 · 20 Jul 2026 · 1 hr 2 min

   Fireside Ventures' Kanwal Singh on the consumer-brands bet nobody believed in, why "for a 5x, nobody will call you legendary," and on refusing the one-100x-outlier game

   1 · Summary Part 1 of 2. Kanwal Singh is the first venture capitalist to appear on First Principles, and the reason is the bet he made with the fund itself. In 2017, at the peak of the tech boom, he walked away from tech investing to raise a fund only for Indian consumer brands, when almost nobody believed India had a consumer story worth venture capital. His first backers weren't institutions, they were the consumer families who had built India's brands. This half covers the whole bet: what investors actually said when he pitched a consumer-only fund, why he raised in India rather than…

5. 

   S3 · E15 · 13 Jul 2026 · 1 hr 2 min

   Part 2: Saahil Goel of Shiprocket on wanting a paisa of every Indian transaction outside the marketplaces, who doesn't survive at Shiprocket, and still playing Pink Floyd on a Fender

   Part 2 of 2. In Part 1 we walked the road from 2011 — three companies, an investor ultimatum, and the capital it took to build. Part 2 is the mind. Saahil Goel starts with what, given hindsight, he'd do differently, then the first principles he runs Shiprocket on (distribution beats product), the two or three metrics he genuinely obsesses over, his bet on applied AI, why he believes you can't actually manage people, who does and doesn't survive at the company, the guitar he still plays, his dog, and the question Rohin closes every episode with, which Saahil answers with a single number.…

6. 

   S3 · E15 · 7 Jul 2026 · 1 hr 5 min

   Part 1: Saahil Goel of Shiprocket on rebuilding the same company three times,  the $4 million he was told to take or leave and why in India you sell outcomes, not software

   Part 1 of 2. Most people date Shiprocket to 2017; in truth it was born in 2011, and the road there runs through two companies called KartRocket and Craftly. Saahil Goel walks Rohin through the build: Rs 15 lakh of their own money, nearly not being hired by their own first engineers, the hard lesson that in India you sell outcomes not software, an investor ultimatum to take $4 million or nothing, and by the end, just how much capital it's taken to get from that first office to the edge of a public listing. Part 2 gets into how he actually thinks. Chapters 0:00 The company that started in…