AI & Software
April 3, 2024

Mastering complex B2B sales: Our investment in SiftHub AI

Yesterday, Tomasz Tunguz posted this image on Twitter. Typing “Compare Salesforce & Hubspot for a 10-person sales team. Which is better?” into Gemini produces this result:

Why is this important? Because there has been a big shift in how enterprise buyers buy, and how sellers need to sell.

The role of sales has moved downstream. Buyers are better informed. Their research starts online, with websites, analyst reports, customer reviews, and now LLMs. In many cases, they also try or use the product (thanks to product-led-everything). Prospects are engaging sales reps later in the buying cycle.

Sales has become more technical. The above means that prospects engage sales for more advanced information or support. More than the educational 101 stuff is needed, and customers are looking to solve their edge cases, or specific workflows & integrations. Or they’re looking for other specifics like legal, infosec, data privacy, data residency, and retention policies. And to top it off, products have also become more complex. Every product is a tech product (I’m looking at you, Tesla), and soon every product will be an AI product.

Pressure on sales reps is higher than ever. With the post-COVID focus on efficiency, sales teams are expected to do more: higher quotas, less staff, and a tougher market where buying decisions are going through more scrutiny than ever. And ask any sales engineer, they are always overworked with ratios between sales:SE hovering from 1:3 to 1:5.

Roles are converging, and the modern sales rep has to be good at relationships, and technology, and be super-productive, all at the same time. We believe AI can manage product knowledge so that sales can go back to what they know best - manage relationships, navigate the enterprise, and get the win. Sales and pre-sales teams lack the right tooling to handle this new selling environment.

And that’s the vision with which we partnered with Manisha to build SiftHub. We’ve known Manisha for several years and always admired her unique combination of customer empathy, technical skills, and entrepreneurial instinct. Having seen the world of technical sales during her days at IBM Watson and while building LogiNext, she empathized deeply with the problem statement. We were instantly intrigued by the possibilities of changing the world of technical sales with AI.

I’m personally excited to lead the seed round in SiftHub and partner with Manisha and our co-investors and angels including Sanjay Nath (Blume), Siddharth (Neon), Harshil & Shashank (Razorpay), Arvind (Superops), Manish (exCloudflare), Andrew (Superhuman), and several others. If you’re interested in roles at Sifthub, we’re hiring for engineering, design, and GTM so reach out to Manisha on Linkedin!

PS: At Matrix Partners India, we’ve always been excited by applied AI - the intersection of AI and business applications. We’ve backed companies like Murf AI, Atomicwork, Aampe, and more in stealth (more on this soon!) and would love to hear from you if you’re reinventing large markets with AI-first applications. Write to Ashwin, Madhav, or me on Linkedin or by email.

For more information, write to us: namaste@Z47.com.
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Mastering complex B2B sales: Our investment in SiftHub AI

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Yesterday, Tomasz Tunguz posted this image on Twitter. Typing “Compare Salesforce & Hubspot for a 10-person sales team. Which is better?” into Gemini produces this result:

Why is this important? Because there has been a big shift in how enterprise buyers buy, and how sellers need to sell.

The role of sales has moved downstream. Buyers are better informed. Their research starts online, with websites, analyst reports, customer reviews, and now LLMs. In many cases, they also try or use the product (thanks to product-led-everything). Prospects are engaging sales reps later in the buying cycle.

Sales has become more technical. The above means that prospects engage sales for more advanced information or support. More than the educational 101 stuff is needed, and customers are looking to solve their edge cases, or specific workflows & integrations. Or they’re looking for other specifics like legal, infosec, data privacy, data residency, and retention policies. And to top it off, products have also become more complex. Every product is a tech product (I’m looking at you, Tesla), and soon every product will be an AI product.

Pressure on sales reps is higher than ever. With the post-COVID focus on efficiency, sales teams are expected to do more: higher quotas, less staff, and a tougher market where buying decisions are going through more scrutiny than ever. And ask any sales engineer, they are always overworked with ratios between sales:SE hovering from 1:3 to 1:5.

Roles are converging, and the modern sales rep has to be good at relationships, and technology, and be super-productive, all at the same time. We believe AI can manage product knowledge so that sales can go back to what they know best - manage relationships, navigate the enterprise, and get the win. Sales and pre-sales teams lack the right tooling to handle this new selling environment.

And that’s the vision with which we partnered with Manisha to build SiftHub. We’ve known Manisha for several years and always admired her unique combination of customer empathy, technical skills, and entrepreneurial instinct. Having seen the world of technical sales during her days at IBM Watson and while building LogiNext, she empathized deeply with the problem statement. We were instantly intrigued by the possibilities of changing the world of technical sales with AI.

I’m personally excited to lead the seed round in SiftHub and partner with Manisha and our co-investors and angels including Sanjay Nath (Blume), Siddharth (Neon), Harshil & Shashank (Razorpay), Arvind (Superops), Manish (exCloudflare), Andrew (Superhuman), and several others. If you’re interested in roles at Sifthub, we’re hiring for engineering, design, and GTM so reach out to Manisha on Linkedin!

PS: At Matrix Partners India, we’ve always been excited by applied AI - the intersection of AI and business applications. We’ve backed companies like Murf AI, Atomicwork, Aampe, and more in stealth (more on this soon!) and would love to hear from you if you’re reinventing large markets with AI-first applications. Write to Ashwin, Madhav, or me on Linkedin or by email.

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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