Xponents was founded in 2024 by Sarth Jain, a fourth-generation entrepreneur with manufacturing roots running four generations deep. Our thesis isn't an opinion piece — it's a lived experience translated into a venture studio.
Most venture studios start with a fund and look for ideas. Xponents started with a question: what if the next generation of Indian companies needed something different from what Indian capital was offering?
For four generations, my family has built and run businesses. The work is unromantic. You source steel. You commission machines. You hire foremen. You ship containers. You wait for letters of credit to clear. You build trust with customers across continents, one shipment at a time. Compounding happens — but it happens over decades, not quarters.
When I returned to the family business after my engineering degree and post-graduate work at SPJIMR, I noticed two things. First, India's industrial base was on the cusp of a once-in-a-generation expansion — semiconductors, hydrogen, electric mobility, defence manufacturing, advanced materials. Second, the venture capital model imported from Silicon Valley wasn't built for any of this. It was built for software companies that could scale on a credit card.
"Software helps. Supply chains decide."
That gap is where Xponents lives. We are a venture studio for companies that take real-world inputs and produce real-world outputs. Companies that need a foreman as much as a founder. Companies that compound over decades because the moats are physical, the relationships are inherited, and the capital required is patient.
We don't write checks and wait. We originate ideas in sectors we understand, validate them in real markets, capitalize them with strategic capital, and operate them alongside the founding team. Every company we touch gets the same operating leverage from day one: access to our 3,000+ family business network for distribution and supply, capital that doesn't blink at three-year build cycles, and operating partners who've actually run factories.
If you're a founder building something durable in semiconductors, advanced manufacturing, energy, or industrial software — and you're tired of explaining why your gross margins look the way they do — we should talk.
If you're a family office or strategic investor looking for concentrated exposure to India's industrial decade — same.
If you're a business owner who built something real and want to pass it on to operators who'll take care of it — same.
This is what Xponents is. This is what it'll be in twenty years.
Six principles we apply to every company, every check, every conversation. We publish these because we want to be held accountable to them — by founders, by capital partners, by our future selves.
We back fewer companies, harder. A diversified portfolio is what you build when you don't have a thesis. We have a thesis — Indian deep-tech and industrial — and we'd rather be wrong on conviction than right by accident across 200 bets.
Capital is the easy part. The hard part is hiring the right plant manager, negotiating with a key supplier, opening the right distribution channel in Lagos. We do the hard part alongside our founders.
We build companies expecting to hold them for ten or twenty years. If a thesis only makes sense on a three-year exit, it's not for us. Compounding requires time, and time requires patience that most capital doesn't have.
We don't apologize for being Indian. We don't open a Singapore HQ to feel global. India's manufacturing base, talent depth, and consumer scale are structural advantages — we treat them that way, and we build companies that compound on them.
We've watched too many Indian startups optimize for valuation announcements instead of revenue. Our first milestone for every company is the same: paying customers, healthy margins, repeatable acquisition. The rest follows.
To founders, to investors, to the press, to ourselves. We publish our thesis, our principles, our quarterly updates. If we change our minds, we'll say so. Discipline at the level of words leads to discipline everywhere else.
We respond to every serious inbound. Tell us what you're working on.