From shaping global investment strategies for businesses, to now building global startups from Goa, Gautam Verlekar at Saltwater Sutra; combines entrepreneurial vision, disciplined risk-taking, and integrity to create growth that is both profitable and purposeful
Saltwater Sutra is not your ordinary investment bank. They are years of wisdom, in tune with modern times. They are visionaries who define growth as evolution and believe in the potential of profitability with a higher purpose. Their mission is to help entrepreneurs pursue innovation and bring to life the cutting-edge.
Saltwater Sutra has been running a tight boutique investment banking practice spanning three continents (US, Europe, India) and three cities in India (Goa, Pune, Mumbai) taking only intense entrepreneur engagement and growth projects since the last decade; Gautam Verlekar as Managing Director of Saltwater is today driving two global startups besides being an early-stage investor in multiple companies through the family investment arm ‘Saltwater Venture Sparks.’
In Search of Disruption
Gautam as a Chartered Accountant began his career with Ernst & Young and post his executive MBA at HKUST; was deeply attracted to investment banking. He liked the whole idea of being a catalyst or enabler for growth of businesses rather than post mortem advisory that came with traditional audit and tax practice. “The robust entrepreneurial climate across India during 2008-2010, signaling the resurgence of the internet and technology sector, was my main source of inspiration,” he adds.
When he came back to Goa and joined his father’s audit and tax firm, R.K. Verlekar & Co, Gautam did not enjoy the role of a passive observer to businesses which were ignoring the India growth story. He found very few takers for implementing ideas of change in businesses. “My personal commitment to sport, having represented my state in both table tennis and cricket, fuelled a desire to bring the same energy and drive into the businesses we were consulting. My tenure as Chairman of the Goa Branch of the ICAI provided me with an extensive national network and encouraged me to think beyond the local Goan ecosystem. I was also fortunate to meet the right people including Rajesh Jog, Kamal Rungta, T.T. Bhat, and Pramod Raju, during the 2008–2012 period, when mid-tier investment banking was emerging alongside India’s rapid economic growth.”
Gautam faced his fair share of challenges while building Saltwater Sutra. “Saltwater Sutra as an investment bank was built after my earlier stint with Posiview America Inc. at New Jersey, USA. The key challenge was consulting moonshot ideas and nascent technologies that did not pay fees in early days. Another key challenge was making people aware that a global consulting business also can be built from Goa.” Being away from the financial hubs of Mumbai and Bangalore made it difficult to keep the investor ecosystem engaged. To overcome these hurdles, the company had a committed approach to frugal services business building, getting key senior employees and partners who practically worked for free. Gautam also lived out of a suitcase, travelling to New York/Mumbai/Goa from 2013-2017, until they set up their key global back end in Goa. Finally his senior shareholders and partners Rajesh Jog, Kamal Rungta, and Trivikram Bhat, ensured positioning their Goa base as strength rather than a weakness, due to their immense experience and reputation. This was way before Goa became the place to work and build, during and post covid.
Playing Rainmaker
Speaking about his most defining milestone so far, Gautam shares that although there have been several, the most significant was his long-standing association with the Goan aerospace and defence giant, KINECO; a partnership that has spanned over a decade. Working closely with Shekhar Sardesai, who set out to build a truly ‘made-in-India, for the world’ success story, has been an extraordinary learning experience. Gautam remarks that the insights gained through this journey have been nothing short of earning a postgraduate degree.
Philosophy & Vision
The story behind the name Saltwater Sutra is quite an interesting one. Gautam and his senior partner, Rajesh Jog, who also serves as Chairman of the Saltwater Board; had grown rather weary of their original company name, hastily chosen when they set up the firm in 2013.
“In 2020, during the Covid period, we decided to undertake a deep exercise in brand re-envisioning,” Gautam recalls. “The word Saltwater was something we were keen to retain, it evokes Goa and symbolises the source of all life, as life itself was born in the salty waters of the sea.”
As brand names in the consulting world often draw from expansive Greek or Roman nomenclature, the team debated for months on how best to capture their vision. Ultimately, they wanted the brand to reflect a sense of Indianness, rooted in their conviction that this is truly India’s century.
After much deliberation with their brand advisors, JumpCut India, they arrived at the second word, Sutra, a term referring to a genre of ancient and medieval Indian texts found in Hinduism, Buddhism, and Jainism.
Thus, Saltwater Sutra was born, a name that aspires to represent something broader and more profound than just advisors or consultants. With best-in-class partnerships being forged with both Indian and international firms, the ‘string’ that ties everything together to deliver world-class services from Goa can indeed be defined as Saltwater Sutra.
Elaborating on how he balances creativity and commerce in his work, Gautam explains that Goa, as a place, enables him and his key partners to maintain equilibrium between the two. “We make it a point to bring our senior team, directors, and partners to Goa at least once every quarter; to slow the pace, reflect, and consciously let go of certain projects,” he says. “The idea is to focus on impact-driven and visionary goals rather than on run-of-the-mill assignments.”
Speaking about his larger vision for Saltwater Sutra; Gautam shares that the firm is focused on steady, organic growth. “As a mid-tier investment banking group, our aim is to grow sustainably rather than aggressively,” he explains. “Over the next five to ten years, we hope to encourage more entrepreneurs to slow down, think big, and build globally. At the same time, we aspire to be positioned at the upper end of mid-tier firms; measured by the scale and quality of financing rounds we undertake, rather than by the sheer number of projects. Saltwater Sutra intends to remain boutique in size, yet deep in influence, particularly within India’s private equity space.”
On Investments and Strategy
As an active investor, Gautam follows three guiding principles for his investment decisions. “While working on early-stage transactions, we noticed that some entrepreneurs preferred to retain us as advisors even as their businesses grew,” he explains. “Over time, our role naturally evolved from being tactical to more strategic. I found great comfort in the trust these entrepreneurs placed in us, allowing me to participate in the very growth stories we were helping to catalyse.”
Today, Gautam has invested in over ten startups, growth-stage, and mid-sized companies, in addition to co-founding two ventures this year. “All my investment decisions are driven by three factors,” he says. “The entrepreneur’s moonshot, their discipline, and their integrity; when these three qualities align, I am confident in extending both my counsel and my investment.”
The India Internet and consumption story, along with technology-driven solutions to the country’s challenges, are the sectors that excite him the most.
Speaking about evaluating risk versus potential when investing in an idea or company, Gautam notes that every idea carries risk; and without risk, there is no investment. “My assessment of risk is based on my understanding of the sector and the research I conduct personally wherever possible. However, the greater risk lies with the entrepreneur, which is why integrity and the alignment of the entrepreneur’s personal life goals are of paramount importance.”
He further adds that financial returns are fundamental to driving growth and without growth, there is no life. “The true impact of investment is realised when it creates sustainable financial well-being for all stakeholders. While financial returns remain indispensable, their true worth emerges when they are achieved in alignment with enduring values and uncompromised integrity. Any business opportunity that goes against the future of India and its people is something I would never pursue, no matter how lucrative it may be.”
Gautam shares a few of his success stories from his investment journey so far, while noting that his journeys are still evolving and that success, after all, is a relative term. “There have been a few instances where consulting and investment have converged,” he explains. “I would mention Kineco, Spintly, Ulhas Jewellers, The Tea Toast Co., Wincoat Pharma, Pai Kane Group, Urban Tribe, Eclipse Infotech, Boatcraft, Paradise Education and Digimaze among them. Some of these I have already exited, while several new ventures have since been added to the portfolio following those exits. As a first-cheque co-founder, I now lead two technology-driven companies, CUROTEL Inc. and HOUSE OF STUDENT Inc., both headquartered in the United States and managed by primary founders there, with global back offices based in Goa.”
On Goa & Entrepreneurship
As a Goan, Gautam believes that the state offers both the calm and composure needed to think big, provided one avoids slipping into a culture of comfort and complacency. With its IT hubs in Panaji and Verna, robust engineering colleges, and emerging accelerators, Goa certainly holds immense potential. However, he emphasises that the spark must be ignited through rapid access to capital and global knowledge.
While he believes that Goa can evolve into a serious destination for investors and startups beyond tourism and hospitality, he notes that this will only be possible if substantial capital with medium-term patience is invested collaboratively by both, the private and public sectors.
He envisions a public–private partnership (PPP) model to drive innovative industries in the state. “The resulting multiplier effect would stimulate growth across real estate, tourism, education, and consumer industries, ultimately boosting Goa’s GDP”.
He offers a few words of advice for young Goan entrepreneurs just starting out: “Dream big, take risks, stay in Goa but commit to the world. Seek help, and never be afraid to fail. Above all, always ask ‘why’; the fundamental question behind building with honesty. If the answer to that is not as clear as water, investors and external stakeholders will see through the façade and success will remain out of reach.”
Personal Life
When it comes to inspiration in his entrepreneurial journey, Gautam shares that he draws inspiration from his late father Ramakant (also a CA), whose frugal approach to building businesses combined with bold risk-taking, makes him a true role model. Also without his wife Karishma who brings discipline to his hectic life, no entrepreneurial journey would be possible he says.
“Today, I am inspired by the Prime Minister’s vision of Viksit Bharat and by fellow entrepreneurs who genuinely believe they can make a meaningful impact towards achieving it,” he says.
When he is not building or investing, Gautam devotes his time to sports and fitness. “I am an amateur mountaineer, and the mountains give me the solitude I need for fresh ideas. On a regular basis, though, cricket and the gym are my go-to pursuits,” he shares.
To conclude, Gautam shares his mantra for balancing life, work, and wealth: “If someone says it cannot be done, then it certainly should be.”
He believes that the perception of something being difficult; whether it concerns life, work, health, or wealth, should never be a deterrent, “If it does not hurt then it is not worthwhile anyways”; but rather a motivator to push harder.
“No pain, no gain,” he says, “is something I truly live by”
