Hardware + Software: The Only D2C Finance Moat in India
D2C personal finance startups in India are struggling because software alone is replicable. Hardware—physical devices, secure storage, payment terminals—creates friction that competitors cannot instantly copy. The margin math only works when unit economics are backed by bundled hardware revenue.
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Amit Tyagi
Founder, AletheiaAI & GP, Fitoor Capital
Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.
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