Kunal Bahl & Rohit Bansal on Capital Allocation

Through Titan Capital, Bahl and Bansal have invested in more than 250 startups across consumer tech, health-tech, fintech, SaaS, consumer brands and B2B services, with notable positions including Ola, Urban Company, Razorpay, Ofbusiness and Mamaearth — a portfolio that effectively captures the Indian consumer-internet and SaaS startup map of the 2010s.

Bahl co-founded Titan Capital, an early-stage venture firm that invests his and Bansal's personal capital; the firm's portfolio includes Ola, Urban Company, Mamaearth, Credgenics, Shadowfax, Razorpay and Giva, with reported returns of over 100x on several positions like Ola, Urban Company and Mamaearth.

Bahl serves as an independent director on the board of Piramal Enterprises — the conglomerate led by Ajay Piramal — and is also a mentor at The Foundery, a venture by Nikhil Kamath and Kishore Biyani that supports early-stage founders, indicating how his post-Snapdeal identity bridges India's traditional promoters and new-age tech founders.

Titan Capital has invested in roughly 280 companies across consumer tech, health-tech, fintech, SaaS, consumer brands and B2B services — with marquee names like Ola, Mamaearth and Razorpay — and now writes an average ticket of around Rs 15 crore per deal, indicating a steady, mid-stage angel pace rather than a power-law chasing strategy.

A central tenet of his investing approach is to back only sectors where he has prior operating knowledge — fintech, consumer brands, software — placing domain depth above theoretical familiarity and avoiding the temptation to chase unfamiliar categories purely because capital is available.

He prioritises long holding periods: Titan Capital exited Ola after a 12-year holding period and Urban Company after nine — evidence that he treats early-stage investing as patient capital, the inverse of the short-cycle model that defined his own Snapdeal experience where the board pushed for quick outcomes.

Titan Capital's focus on micro, small and medium enterprises reflects a thesis that engaging with smaller businesses fosters innovation and produces profitable returns that can be recycled into the ecosystem — a self-sustaining loop that mirrors the cooperative spirit Bahl has publicly associated with the 'Indicorn' philosophy.