Paavan Gami is the founder and managing partner of Raas Partners, a concentrated, long-term Indian public equities fund. Before Raas he spent five years at Greenoaks, working across venture and public markets. José sits down with Paavan for another episode of the Emerging Managers series on The Delphi Podcast. Paavan explains how Greenoaks works as one investing system rather than a federation of partners, and tells the Carvana story from the inside: selling near the top, buying back after a 90% fall, and holding through another 75% drawdown. Then India: why its best tech companies go public at a few billion dollars while they still look like Series C businesses, why the index is a poor passive instrument, and how AI changes the bull and bear case. Paavan walks through the two businesses Raas owns, Eternal (Zomato and Blinkit) and Meesho, an Indian data center supply chain bet, how he uses AI agents in his process, and the biggest risk to his own fund. 00:00 Intro 01:59 The Road to Greenoaks 05:37 Inside Greenoaks 08:15 The Carvana Story 18:02 Why Leave for India 21:18 Betting on the Category Leader 23:45 Does AI Break the India Story? 33:26 Imagine Sam Walton Today 35:21 Is the Window Closing? 39:33 IPOs at $350 Million 42:10 What Makes an Exceptional Founder 45:08 India's FANGs 48:21 Blinkit and Quick Commerce 53:21 Meesho and Value Commerce 57:28 The India Data Center Bet 1:00:43 AI in the Investment Process 1:09:04 The Biggest Risk 1:10:32 What Success Looks Like ━━━━━━━━━━━━━━━━━━━━ Follow or get in touch in the comments... José: https://x.com/ZeMariaMacedo Paavan: https://x.com/hiro_sugimoto_ Delphi: https://x.com/delphi_digital Delphi Digital: https://delphidigital.io/?utm_source=youtube&utm_medium=video ━━━━━━━━━━━━━━━━━━━━ 🔥WATCH: Most VCs Are Afraid to Be Wrong | Rohan Pujara: https://youtu.be/RL_r5TL3kNg Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree: https://youtu.be/pAIrREY_Umk ━━━━━━━━━━━━━━━━━━━━ DISCLOSURE José Maria Macedo is an LP in Raas Partners. Nothing in this episode is investment advice; Paavan discusses positions Raas holds. ━━━━━━━━━━━━━━━━━━━━ DISCLAIMER The Delphi Podcast (the “Podcast”) is produced by DELPHI MEDIA, LLC (“Delphi Media”). This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi Media is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media. Delphi Media is a member of the DELPHI DIGITAL family, a group of distinct companies sharing the same brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in world-changing founders.