Ways to engage with me

If you are a seed stage tech firm with a big idea, looking for seed funding, you can write to us at Leo Capital, through our website.

I run a program called “Builders Share” as a 1on1 meet, the old fashioned way – you can learn about it here.

I also host and partake in events – you can learn about them through our website or my LinkedIn.

If there is some other business you are looking to get in touch with me for – you can write to me at rajul.garg@gmail.com. I always read it. If I don’t reply, it’s not something that I want to engage in.

Companies I have founded

Pine Labs: Founder and CEO. I started from my college dorm in 1998 in Delhi. Now a large payment leader in India, and went public in Nov 2025. I ran the company until 2003 and was a Board member until 2008. Fully exited to Sequoia India (now Peak XV) in 2008.

GlobalLogic: Co-founder and COO / then Head of M&A. I started in 2001 between the US and India. It became a leader in outsourced product development, helping global tech leaders to globalize R&D. To start with in India, and then in Ukraine and other parts of the world.  The company was sold to Apax PE in 2013 for $420M and then eventually re-sold to Hitachi in 2021. It continues to operate today as GlobalLogic under the Hitachi holding.

Sunstone: Co-founder and CEO : Started in in 2011 and then pivoted to what is Sunstone today. I ran until 2017 and then was taken over by a new team which runs it today. I continue to be a shareholder.  Sunstone is now one of the largest educational programs for employment seeking undergraduates and graduates in India, with approximately 10,000 student population. The company has raised over $80M in private capital so far.

Leo Capital: Founder and Managing Partner: Leo capital is an early stage venture capital fund, HQ-ed in Singapore. We started in 2018 and continue to invest. It has raised close to $200M in capital and invested in over 60 companies. We invest in technology companies in India, India / US corridor and selectively in other geographies. 

Companies I have invested in

Since 2018, we have been investing in companies as Leo Capital – and you can check the list of investments at https://leo.capital/.

Some of the companies I am involved in directly on behalf of Leo Capital are: (not a comprehensive list)

• Lambdatest: software testing with AI and cloud
• FinanceOps: AI collection agents
• Lanesurf: AI logistics broker
• StrainX: Protein sugar
• Tylt: Stablecoin payments
• HealthAssure: Largest OPD insurance co-creator and distributed in India
• GoComet: AI led SaaS for freight shippers
• GTMBuddy: AI tools for GTM
• Flixstock: AI images for retailers
• Zeeve: Crypto infrastructure provider
• EximPe: Cross border payment from India
• IndiaGold: Gold loans in India

I have also had a direct investment portfolio:

Currently hold equity (not a comprehensive list):

• Meesho: Reseller commerce company, turned into leading E-commerce platform in India. I was the first investor in 2016. Company expected to IPO in India in 2025.
• Reify Health: Decentralized clinical trials. Co-invested early.
• Twid: Bank / retail chain driven loyalty points for consumers. First angel check.
• Taggd: Large recruitment platform in India, spun off fro PeopleStrong. I was an early angel in PeopleStrong and Board member for close to a decade.
• Osh Wellness: Ayurveda based D2C brand in the US. First angel.

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Positive Exits

(Fully exited – no longer hold equity)

Cygnus Medicare: I was the first investor in Cygnus in 2010. The company built an innovative managed-asset model for post-secondary care hospitals across North India. It was an early bet on healthcare infrastructure in underserved markets. I exited in 2019 after the company was acquired by the Ujala Group.

hCentive: I invested in hCentive in 2010. The company built technology for health exchanges, insurance providers, and brokers — one of the earliest India–US healthtech plays. I exited in 2018 after its sale to a strategic buyer.

Curofy: I wrote the first cheque into Curofy in 2014. It went on to become India’s largest doctor-to-doctor network for jobs, case discussions, and community engagement. I exited in 2017 through a secondary sale to RoundGlass.

Babygogo: I invested early in Babygogo in 2016 — a parent community built around baby care and health Q&A. The team was later acquired by Sheroes in 2017.

Qikwell: Qikwell was one of my earliest investments in digital health in 2013. It solved doctor discovery and appointment management, especially with large hospital chains in South India. I exited in 2015 after its acquisition by Practo.

HealthKart: I was the first investor into HealthKart in 2011, when the idea of a health e-commerce platform in India was still new. The company built a solid consumer brand in nutrition and wellness. I exited through a secondary to Omidyar in 2012.

Tripeur (Shorebird): I wrote the first cheque in Tripeur in 2016, a travel booking and expense management app for enterprises. The company was later acquired by Navan in 2023.

PeopleStrong: I served as both an Independent Board Member and investor in PeopleStrong from 2017 to 2025. The company grew into India’s largest HRTech platform before being acquired by Goldman Sachs.

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Shutdowns

(Businesses ceased operations or were acquired at a substantial haircut. The thesis about not working out is purely mine, and the founder’s and other investor’s view might be completely different. These are purely from my personal investments. The list may not be comprehensive)

Madrat Games: I backed Madrat in 2014 — it began as India’s first board games company before pivoting to wearable gaming in the US. Despite a passionate team, the business remained under-capitalized and couldn’t find product–market fit.

Mynit: In 2015, I invested in Mynit, a social polling app that later pivoted to a media product. Polling couldn’t create enough retention and media was already crowded in a bad funding market

Foodcircle: Foodcircle, which I backed in 2015, was like “Airbnb for home-cooked food.” The unit economics didn’t add up coupled with a crashed funding environment towards end of 2015

Presso: I invested in Presso, a laundry service app, in 2015 — it could never really take off in any significant way. Came in too early.

Just Move / WalkOn: I supported Just Move in 2015, a fitness rewards app that aimed to gamify health habits. Could not find enough user retention, sold the technology.

10Pebbles: In 2009, I invested in, and operated 10Pebbles — a gym chain concept. The retail economics never allowed to scale. Sold at discount.

Lisa Homes: Lisa Homes (2014–2019) aimed to simplify property management for residential investment properties .The team/space did not allow to build a venture scale business, sold to the founder at discount.

Uolo Notes: I invested in Uolo Notes in 2015 — a school-to-parent communication app. Struggled to monetize and capitalize. The company has pivoted under a new management. I exited in 2019

Gallop.AI: Gallop.AI was an AI-driven business travel startup I invested in 2017. The company underwent M&A and pivoted. I exited, but the founder put in more capital and has continued.

Shuttl: Shuttl offered a tech-enabled daily office commute service. I backed the startup from 2015 – 2021.  The business was hit hard by COVID. Assets were eventually acquired by Chalo.

Lifecare: I invested in Lifecare from  2016- 2024 — an early e-pharmacy play. The company struggled to find unit economics in a crowded market, tried to pivot to hospital pharmacies, lacked scale.