Most fintech founders build a company and hope for an exit. Gaurav Dhar actually did it — selling to a sovereign wealth fund and then sitting on the other side of the table, investing and advising the very institutions that shape this region's economy. Joining me is Gaurav Dhar, CEO and Founder of The WorxShop and Board Member at MFTA. Gaurav, welcome to Wall Street to Mena.
Thank you so much. It is a pleasure to be here.
You exited a fintech business to a sovereign wealth fund. What does that transition actually teach you?
When you look at the journey of an entrepreneur as an operator, it is very much focused on building a business with an idea — and that idea needs to build towards traction, that builds revenue. We exited 70% of the business. I am still a 30% stakeholder with a permanent board seat. What that teaches you is that the business needs to move to the next evolution. You see the other side of how businesses mature — how sophisticated investors, private equity, and sovereign wealth funds look at businesses, what they need, and the outcomes they expect. It was a very steep learning curve. Fantastic and brilliant.
What is the one thing that SWFs actually get wrong when it comes to investing in fintech?
When you look at SWFs and their track record, it is very tough to say they get anything wrong. They are such sophisticated machinery with such intelligent people and rich data sources. What I would actually say is they might not be looking at all the opportunities potentially available to them. A lot of sovereign wealth fund capital goes abroad — to North America, Europe — because those markets have a longer track record of businesses growing toward IPOs or acquisitions. In our region, the missed opportunity is not working more closely with seasoned operators who can help them uncover excellent early-stage businesses to invest in before they become obvious. The operator segment in this region is now mature enough to help them do that.
What are sovereign wealth funds actually looking for when they invest?
Founders often hope that bringing in a sovereign wealth fund will alleviate business pressure and open doors. What SWFs and private equity firms are actually looking for are mature, sophisticated, well-structured businesses with good governance. They do not manage businesses. They do not want to be operators. What they want is a company structured well enough to take capital and evolve without their day-to-day involvement. That requires the right governance — independent board members, experienced advisors — people who have seen multiple cycles of business and can make sure the company is resilient in difficult times and positioned to take advantage of opportunities in good ones. You need gray hairs in the industry. People who have seen business cycles and can ensure the company is resilient in tough times and able to capitalise in the best ones.
As a board member of MFTA, what is the policy fight you have been pushing for this year?
Our focus this year is very much around stablecoins. The opportunity is a very large one, and MFTA is in an extremely good position given our track record of bringing the right stakeholders into one room — regulators, financial institutions, startups, and capital — to discuss what needs to happen for stablecoins to grow in the best possible way for all parties.
Thank you so much, Gaurav.
Thank you.
