Murali Krishna Gunturu is one of the founding members of Inflexor Ventures
As principal of the fund, Murali leverages his skills of deal analysis, eye for detail and quick-thinking to play a pivotal role in the identification of investment opportunities, day-day administration of the fund and management of the portfolio.
Murali is also responsible for building the brand and representing Inflexor at different industry forums and ensuring visibility across India.
Inflexor Ventures‘ mission is to find and support audacious founders building companies that define the future.
Inflexor Ventures has a strong focus on technology-driven investments. Could you elaborate on how you evaluate the scalability and defensibility of a startup’s technology?
At our fund, understanding the underlying technology is always the first step. A scalable tech stack is crucial— the tech stack should be engineered in a way that minimizes technology debt in the future and should be able to grow operations without significantly increasing costs. We also look for technology that can easily expand into new markets or customer segments. When evaluating companies, we pay close attention to the barriers the technology creates for competitors. Barriers of entry in technology could be a complex algorithm, a unique dataset that is proprietary to the startup or a hard technology to master. But beyond the tech itself, one of the most important factors for us is the founder’s ability to innovate and maintain a competitive edge in the market. Their vision and ability to adapt are key to creating a lasting impact.
With Inflexor Ventures targeting sectors like healthtech, fintech, and space tech, what trends or innovations in these industries excite you the most for future investments?
In the healthTech space, we have seen the advent of leveraging existing data to get intelligence that can solve problems ahead of time. I also see interesting trends in cancer research where some startups are looking at new methods in immunotherapy, RNA-based therapies, early detection technologies and novel drug delivery systems. I would also look out for startups building new-age medical devices that solve problems which have hitherto had only surgical options.
SpaceTech in my view, has 3 key trends:
- Use of industrial-grade materials instead of space-grade materials, for example stainless steel versus carbon fiber.
- Startups in India focused on reusable rockets.
- Startups looking at solving space traffic management.
Specifically, in FinTech, the application of AI presents intriguing opportunities, particularly in the area of fraud detection and prevention.
With Inflexor emphasizing a “founder-first” approach, what are the most critical qualities you look for in a founder before making an investment?
We really value passionate founders who have deep experience in their domain and a strong, resilient outlook. Spending time with founders before making an investment has always been important to us. It helps us understand how well they know their market, how they approach problems, and how they are thinking about building an organisation structure. When we are evaluating the founders we are also looking for his/her unique insights about the space they are operating in and how they are thinking about leveraging their insights. We also develop a view about their ability to inspire and motivate their teams, as well as how they build relationships with clients. This approach gives us confidence in their potential to build and grow a successful business.
What specific strategies does Inflexor employ to help portfolio companies scale effectively in resource-constrained environments?
At Inflexor our mission has always been to provide not just capital, but also strategic guidance, resources, and a collaborative network. We work closely with our founders to help shape their technological roadmap, assist with key hires, and refine their GTM strategies. Additionally, we have made important introductions to potential stakeholders, whether that’s customers, partners, or investors.
Our strategies also differ according to the stage of the company we are investing in. For a seed stage company, we work with the company to figure out their initial market approach, guide them on the initial technology roadmap, and help them with building an organisation structure. For a company at Series A, we focus on helping the startup expand into new markets, help them hire senior resources and refine their organization structure for scale.
You’ve written extensively about India’s semiconductor sector. How do you see India transitioning from manufacturing-centric to design-centric innovation in the coming years?
India has a strong base of skilled talent and hosts semiconductor leaders like Intel, Qualcomm, and NVIDIA, which shows its growing potential in semiconductor design. The government is playing a key role in supporting this ecosystem through initiatives like the PLI scheme and the Semicon India Program. These programs encourage innovation in fabless semiconductor startups and provide incentives for R&D.
Many Indian chip companies are now focusing on areas like 5G, IoT, and AI applications, building IP and filing patents for their designs. Startups are taking on greater responsibilities across the value chain, moving beyond specific tasks to owning more of the process. The growing demand in sectors such as AI, IoT, and electric vehicles is opening up opportunities for Indian companies to design custom chips tailored to these industries.
With increasing global demand and the right macroeconomic factors in place, Indian companies are well-positioned to create solutions not just for the local market but for global needs as well. While challenges remain, the momentum is encouraging, and India is making steady progress toward becoming a significant player in semiconductor innovation.
How are technologies like AI, IoT, and edge computing reshaping India’s semiconductor and deep tech landscape, and what opportunities do they present for investors?
With the growing use of AI in applications like natural language processing and computer vision, there’s a rising need for customized, specialized chips. Sectors like agriculture, smart cities, and healthcare are also evolving, creating demand for chips that are energy-efficient and highly reliable. As computing needs grow, the focus on low latency and better performance is opening up exciting opportunities for Indian startups to innovate and create solutions tailored to these needs. This shift is paving the way for a dynamic and promising future in the Indian semiconductor and deep tech space.
Fintech has revolutionized financial access for MSMEs (Micro, Small, and Medium Enterprises) in India. How do you see digital lending platforms evolving to address challenges like credit access and regulatory compliance?
Digital lending platforms are now using AI to better understand credit history and buyer behavior. This has helped them develop smarter underwriting systems to assess borrowers more effectively. Many platforms are offering tailored solutions like working capital loans, invoice discounting, and pay-as-you-go credit options that match the cash flow needs of MSMEs.
A lot of the digital lending startups have also begun to think about making structural changes to their organisation structures i.e. they are looking at operating through a NBFC which is automatically more regulated; at the same time we are seeing startups come up with innovative ways of solving for financial access for MSMEs. Incidentally, Inflexor has also invested in a company called Credflow which is solving for access to credit for MSMEs.
How do you evaluate fintech startups’ ability to align with the unique needs of MSMEs while ensuring scalability and profitability?
When we evaluate any startup in the lending space, here are the 3 broad attributes we look for:
- Discoverability – MSMEs need access to credit and find it difficult to access traditional means of finance. While they are looking for people who can lend to them, startups lending to MSMEs need to be discoverable.
- Distribution – Having a distribution strategy built on trusty so they can reach the maximum number of MSMEs is also important.
- Underwriting – To ensure profitability, reduction in NPAs is key. So startups using both financial and non-financial data points is crucial.
This is how we think scale and profitability can be achieved.
As someone with a background in finance and investment management, how has your experience shaped your approach to identifying disruptive startups?
Having worked with several companies in the past, driving their finance teams and managing investments, I’ve always valued startups that have a clear, scalable business model. As finance folks, we are famously known for our black and white thinking; while I don’t completely agree with that stereotype, clarity in the founding team’s vision and thought process goes a long way in building a resilient organisation. At Inflexor, we also spend a lot of time discussing emerging trends and technologies that are creating disruption in different sectors. We make it a point to brainstorm on evolving business models, tech innovations, and other factors that could shape the future. We make sure to share these insights with the broader team to stay ahead of the curve.
Inflexor’s portfolio includes companies in AI, cybersecurity, and material sciences. What areas of innovation do you think are poised to drive the next wave of transformative startups?
We’re noticing a growing interest in the Agentic AI space, which is really changing how verticalized SaaS solutions are evolving. At the same time, industries like manufacturing tech, biotech, and consumer tech are increasingly adopting advanced technologies to meet new demands from customers. We’re also excited about the potential in companies focused on climate and sustainability, as we see great opportunities for innovation in this area.
Thank you for the great interview, readers who wish to learn more should visit Inflexor Ventures.
