 "Pearl Agarwal")
Eximius Ventures is sharpening its focus on artificial intelligence (AI), particularly where it intersects with software-as-a-service (SaaS). Founder and managing partner Pearl Agarwal says the firm sees a shift underway — from traditional SaaS models to 'service as software' as AI enables automation of human-driven processes in a service-led economy like India’s. In an online interview with Peerzada Abrar, Agarwal outlines three areas Eximius is watching closely: AI-powered tools that streamline operations in sectors such as legal, education, and financial services; the rise of autonomous agents capable of evolving existing AI models; and the use of edge AI to bring analytics into manufacturing and logistics workflows. These emerging trends, she says, offer strong potential for scalable software products and could define the next wave of innovation. Edited excerpts:
Q: What inspired you to start Eximius Ventures?
I’m from Odisha, born and raised in Barbil, a small town. I grew up in an entrepreneurial family. By age eight, I knew I wanted to be an entrepreneur. I moved to Bengaluru for higher studies, then to the US for business school.
In 2010, I joined the McCombs School of Business at the University of Texas. I built my first venture in fintech, automating trading algorithms with qualitative data. We scaled it to $1 million. However, the venture hit a ceiling, but the experience helped me transition into investing.
I joined UTIMCO, which managed about $40 billion in assets that time. We worked on pre-IPO companies like Zynga, Facebook, and also invested in larger funds like Sequoia and Technology Crossover Ventures. I then moved to New York and joined Merrill Lynch, focusing on M&A and capital market transactions. Later, I joined private equity firm GIP and stayed through their growth to a $70 billion AUM. GIP was recently acquired by BlackRock.
By early 2020, after years between New York and London, I realised it was time to return and pursue entrepreneurship again. I built DotReview, a platform like Glassdoor for VCs. It helped founders gain visibility into the startup and VC ecosystem. Around 70 per cent of founders didn’t know who to raise their first cheque from, and over 95 per cent lacked the right support to reach the next level. We saw a clear gap and aimed to become the go-to pre-seed fund. We wanted to be the first cheque and provide the right support to propel early-stage growth. This insight led to Eximius Ventures, launched in 2021. We've backed 24 startups from Fund I and four from Fund II, focusing on fintech, consumer tech, and SaaS.
Q: How does Eximius Ventures differentiate itself in India’s crowded early-stage VC space?
We take a sector-differentiated - or sector-biased - approach, where we’ve built focused verticals across three areas: fintech, consumer tech, and SaaS. In each of these sectors, we’ve developed deep networks and perspectives to become the first point of call for founders starting up in those spaces. Unlike a 'spray and pray' model where firms invest in 50–60 startups a year, or a cohort-based model that bets on volume, we’re very deliberate - we invest in just eight to nine companies annually. Our process is institutionalised even at the pre-seed stage, and we leverage both content and community to add real value to founders. Where this really plays out is in founder access: not just at the point of entry, but also during follow-on rounds. Even when top-tier VCs like Elevation or Nexus are leading later rounds, we often continue to hold a seat at the table. That, to me, is a strong indicator of the value we've created throughout the journey—and that’s what truly differentiates us.
Q: What sectors or technologies are you most excited about right now?
AI within SaaS is something we’re very excited about. Traditionally, SaaS was about building software products. With AI, the model flips. India is a service-driven economy. AI allows us to convert services into software. We’re moving from software as a service to service as software.
This theme is central for us. We focus on companies that replace or augment human-driven processes with AI. We've already invested in legal tech. But the opportunity spans multiple verticals: education, HR, financial operations, and more. AI can turn these service-heavy sectors into scalable software products.
The second area we're focused on is autonomous agents. AI is advancing rapidly, but talent is a key bottleneck. AI engineers are expensive and scarce. We're exploring how autonomous systems can operate independently and innovate existing AI models.
The third area is smart manufacturing. This isn’t about new hardware, which already exists. It’s about embedding edge AI to run analytics across logistics and manufacturing workflows. These are the three themes within AI that we find most compelling right now.
Q: Could you walk us through recent investments and what made them stand out?
We’ve made four investments this year — two in AI and two in consumer tech. The first is DevAssure, an AI-first automated testing platform. It uses AI to automate operations. Normally, every new code push requires quality assurance teams to test product stability, causing delays. DevAssure solves this by 'shift-left' testing — enabling developers to test and fix bugs as they write code. It continuously checks for edge cases, ensuring cleaner code. We led the round as the sole investor. The founders, from Microsoft, have already onboarded unicorn customers.
The second investment is in an AI-driven legal tech company focused on legal research. Legal research is usually tedious and time-consuming. They’re automating the process, allowing users to reference cases from anywhere in minutes. The tool is already being used live in US courtrooms. Both are simple yet commercially viable from Day Zero.
Q: This is a traditionally male-dominated industry, how has your experience shaped your approach to investing?
Yes, this has traditionally been a male-dominated industry. But we’re now seeing more phenomenal women emerging, especially in the last four to five years. Since I’ve been active in the Indian market, I’ve seen a handful of women rise through the ranks. Hopefully, this opens the door for more incredible women to enter the ecosystem.
That said, the biggest advantage Preeti Sampat (Eximius Partner) and I bring to the table is a gender-neutral lens. At Eximius, we’ve built a diverse team with a 50:50 gender ratio. Both men and women bring equally valuable perspectives. While we consciously evaluate founders and companies without bias, our team’s diversity also helps us spot long-tail ideas—especially those targeting segments a less diverse team might overlook. I truly believe we bring the best of both worlds to the platform, giving us a meaningful edge.
Q: How has the funding landscape for women founders changed in recent years?
We need more women founders to emerge. For that to happen, inspiration must come from both inside the home and outside. Inspiration at home will grow as the next generation sees more women in their families taking on active professional roles.
External inspiration will come from the incredible women already making strides, and those who will continue to break new ground. Ideally, this momentum will push more women into leadership roles, making entrepreneurship more accessible. Not just for those starting fresh from college or junior roles, but for experienced professionals as well.
We’ve seen significant progress over the last four to five years, and I believe this trend will continue to accelerate. It has to, because to unlock the full potential of this country, we need our 750 million women actively contributing to the workforce. Over time, this shift at the grassroots level will lead to more women founders entering the ecosystem.
Q: Are there any emerging trends or sectors in India that investors should pay close attention to?
The first trend is the pervasive role of AI. AI can now be embedded across every industry. It’s a foundational shift at the technology level, not just a sectoral trend. Whether in fintech, consumer tech, or health tech, we’re exploring how this innovation plays out across verticals.
Second, at Eximius, we focus on backing founders building from India for the world. Indian products are at par with global counterparts in certain categories. Beyond reaching $10 million–$20 million in revenue, these companies can scale globally.
The third trend is growing wealth among mid-tier leadership at India’s unicorns. This is fueling a new generation of founders: experienced operators with capital. They can support long-term innovation with patient capital, reducing dependence on institutions.
We need more homegrown wealth creators to catalyse Indian innovation. We can’t rely solely on global capital anymore. India, the US, and Europe are now on the same AI playing field. What we need is patient capital to support growth and make India a superpower.
