Z47
April 30, 2026

He Built ChatGPT in 2013. The World Wasn't Ready | Aakrit Vaish | Unstarted

What do you do with the regret of being right too early?

Aakrit Vaish started Haptik in 2013: an AI chatbot company nine years before ChatGPT. By 2016 he knew the market wasn't ready. He kept going anyway. In 2019 he sold to Reliance Jio. In November 2022, he watched the world finally catch up to the thesis he'd carried for a decade and for a few weeks, sat with the sentence: "This should have been me."

Today he's co-founder of Activate, an AI-native VC firm running with two partners, one employee and seven agents, and an advisor on the India AI Mission. In this episode, Avnish Bajaj sits down with a founder who has rejected him more than once, and asks the questions most founders quietly carry:

1. How do you know whether you're early, late, or correctly timed?
2. Why do you keep going when the rational move is to stop?
3. When the world eventually proves you right, what do you do with the grief?
4. In AI today, what does it actually mean to be in the 99th percentile — globally, not locally?
5. How does a high-agency founder stay ahead when the tools keep rewriting the job?
6. What Aakrit lands on: market timing matters, but identity matters more.
7. Mission over everything else. And the only advice he gives, seven times a day, to anyone who'll listen: have agency. Build. Don't wait.

For more information, write to us: namaste@Z47.com.
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April 30, 2026

He Built ChatGPT in 2013. The World Wasn't Ready | Aakrit Vaish | Unstarted

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What do you do with the regret of being right too early?

Aakrit Vaish started Haptik in 2013: an AI chatbot company nine years before ChatGPT. By 2016 he knew the market wasn't ready. He kept going anyway. In 2019 he sold to Reliance Jio. In November 2022, he watched the world finally catch up to the thesis he'd carried for a decade and for a few weeks, sat with the sentence: "This should have been me."

Today he's co-founder of Activate, an AI-native VC firm running with two partners, one employee and seven agents, and an advisor on the India AI Mission. In this episode, Avnish Bajaj sits down with a founder who has rejected him more than once, and asks the questions most founders quietly carry:

1. How do you know whether you're early, late, or correctly timed?
2. Why do you keep going when the rational move is to stop?
3. When the world eventually proves you right, what do you do with the grief?
4. In AI today, what does it actually mean to be in the 99th percentile — globally, not locally?
5. How does a high-agency founder stay ahead when the tools keep rewriting the job?
6. What Aakrit lands on: market timing matters, but identity matters more.
7. Mission over everything else. And the only advice he gives, seven times a day, to anyone who'll listen: have agency. Build. Don't wait.

We are excited about the innovation and growth opportunities in this sector.

If you are considering building in the footwear space, we’d love to chat.
Drop us a line at consumer@matrixpartners.in

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Index Performance

+28.1%
Since Jan 2024
NIFTY 500
+19.0%
Since Jan 2024

Z47^fortyseven is up +23.9% since its January 2024 base date, versus Nifty 500's +18.4%, ahead by 550 bps.

The cohort moved +4.7% over the month versus Nifty 500's +2.5%, leading by 220 bps.

Anchored in domestic demand and rising digital adoption, the cohort remained resilient amid global headwinds.

Consumer Tech was the best-performing sector at +9.2% last month, driven by sustained growth in consumer demand and strength in consumer-internet platforms.

Largest Constituents  ·  The Names That Anchor The Index

1.
Eternal
Quick-commerce leadership and continued investment
▲ +12.8%
2.
Groww
Broking market-share gains and margin-funding growth.
▲ +10.4%
3.
Lenskart
Store densification and margin expansion.
▲ +2.4%

Top Gainers  ·  Key Drivers

1 MONTH RETURN
1.
CarTrade
Auto-marketplace dominance and a cash-rich balance sheet.
▲ +59.4%
2.
 Amagi Media Labs
Profitability turnaround and AI-led cloud media adoption.
▲ +31.4%

Top Laggards  ·  Key Drivers

1 MONTH RETURN
1.
Fractal Analytics
Enterprise AI spending trends and post-listing share supply.
▼ -10.8%
2.
MedPlus Health
Pharmacy-margin pressure and competitive intensity.
▼ -6.6%

Key Themes  ·  Latest Results

In Q4FY26, Z47^fortyseven's cohort grew top line ~39% YoY, more than 3x the broad market's ~12% growth.

Operating leverage lifted net margins around 500 bps into positive territory, even as broad-market net margins remained roughly flat.

With 40 of 47 companies now profitable, the cohort reflects a broader shift toward profitable growth over growth at any cost.

AI adoption runs deeper across this cohort than in the broader market, with companies using it to drive growth and reshape demand, not just improve efficiency.

Cash generation is increasingly defining the winners, enabling market leaders like Eternal, CarTrade, and PB Fintech to fund acquisitions and expansion from their own balance sheets.

Market & Macro Context

The cohort saw several block deals this month, including sizeable stake sales in Lenskart, Delhivery, Honasa, and Shadowfax.

Ownership continues to shift from foreign investors to domestic institutions, creating a more durable shareholder base.

AI remained the defining technology investment theme, driving capital deployment across both private and public markets.

IPO Takeaway · Kissht

Listed May 2026

A modest listing pop followed by strong post-listing gains reinforced the market's preference for asset quality and disciplined underwriting over pure loan-book growth.

The listing helped reset perceptions around unsecured lending, creating a constructive valuation anchor for the issuers that follow.

The buyer mix was a notable positive — strong participation from long-only domestic institutions supporting a durable post-listing ownership base.

Net Read

Fundamentals continued to strengthen across the cohort, with growth, margins, and cash generation improving in tandem.

Performance dispersion widened, with profitability and earnings quality increasingly distinguishing the strongest performers from the rest.

Disclaimer

Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.

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