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YuriMilner:Thebillionairewhomade
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andWhatsApp
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BySamidhaSharma,TNN|6Aug,2015,11.07AMIST
READMOREONYuriMilner|Xiaomi|WhatsApp|siliconvalley|Russia|Ola|Netscape
YuriMilner,whohasmadeafortuneby
makingbigbetsontechcompanieslikeFB,
TwitterandWhatsApp,inarareinteraction
revealedwhyhe'sbullishonIndia.Meetthe
Russianwhohaschosenresearchover
roulette
RussianbillionaireinvestorYuriMilnerhas
invitedselectIndianinvestors,
entrepreneursandscientistsforaprivate
screeninginBengaluruonThursdayofa
documentaryfilmaboutalienlife.The
objectiveappearstobetogathersupport
forhisambitious$100millionproject
BreakthroughListentodiscoverwhether
intelligentlifeexistsoutsideplanetEarth.
Pieceofplanewingcould
Scorchin
revealwhathappenedtoMH370 stocksa
YuriMilner,whohasmadeafortunebymakingbigbetsontech
companieslikeFB,TwitterandWhatsApp,inarareinteraction
revealedwhyhe'sbullishonIndia.
Thisisthe1stdirectproofthattheplane
Retailinvest
crashedintheocean,closingonechapter
inoneofthebiggestmysteriesinaviation
history.
portfoliosha
maynotbei
yet.
AngeranddisbelieffromMH370China
relativesoverdebris
MH370:Whatweknowandwhatwe
don't
ETSPECIAL: Lovevisualaspectofnews?Enjoy
thisexclusiveslideshowstreat!
"Julia(Milner'swife)andIwouldliketoinviteyouandaguestforadinnerandaprivate
screeningofthedocumentary"AreWeAlone?AlienPlanetsRevealed".Thefilmis
dedicatedtotheKeplerMissionTelescope,NASA'ssuccessfulandongoingprojectto
searchforEarthlikeplanetsintheMilkyWay,"themailtoinviteessays.RahulMehta,
partneratDSTGlobalbasedinDubai,haspersonallycalledupmanyVCsonMilner's
behalffortheThursdayevent,whichwillincludedinner.OnesourcetoldTOIthatthe
eventisexpectedtohave150guests.AnumberofVCinvestorstoldTOIthattheyhad
receivedinvites.
Milner,whorunsDSTGlobal,whichhasinvestedincompanieslikeFlipkartandOla,has
beenmeetingentrepreneursandinvestorsonhisthreedayvisittothecity.Onesource
toldTOIthatnotallhismeetingswithentrepreneursareaboutinvestment.On
Wednesday,hemethealthcarestartupPerfint,afirmthatisdevelopingrobotic
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Tech
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http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
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07/08/2015
YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
TrainfromSpain:Talgotorun
trialrunsoffastertrainsin
India
Hiroshimaaftertheatomic
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Whenjoiningastartup,dont
askwhatposition,whatrole:
Paytm'sRuchiSanghvi
MiraRajputon'JhalakDikhhla
JaaReloaded'?
BACKTOTOP
BengalurubasedhealthcarestartupPractoissettoannounceafundraiseonThursday
aroundinwhichMilnerisalsomakingapersonalinvestment.Itwasin2011whenYuri
Milner,thephysicistturnedtechinvestor,firstflewintoIndiasensingahugeopportunity
aroundinternetinacountrywitharapidlyrisingsmartphonetotingpopulation.Hemeta
clutchoffastgrowinginternetcompaniesonlinedirectoryplatformJustDial,amongothers
butnoneofthosediscussionsfructifiedintoinvestments.Ittookthe53yearoldanother
threeyearstolayhisfirstbetinthecountrywhenMilner'sfundDSTGlobal(whichstarted
lifeasDigitalSkyTechnologies)leda$210millionfinancingroundinecommercemajor
Flipkart.However,Milner'sascenttothepositionofoneofSiliconValley'smost
successfulinvestors,despitebeingarankoutsider,hasbeenfarquicker.
FROMRUSSIAWITHARISKAPPETITE
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http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
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07/08/2015
YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
70crocodileheadsfoundina
freezerinAustralia
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committingsuicideinChennai
thaninanyothermetroforthe
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Insurancetoeaseburdenof
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612months
Sixthingstoknowabout
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project
Karnatakatobeflagshipfor
PMNarendraModi'sDigital
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services
TheRussianbillionaire'sportfolioincludesfourcompaniesFacebook,Alibaba,JD.com
andXiaomiwhicharesaidtohavereturnedDSTprofitsofabilliondollarsormore
individually,injustoversixyearssinceMilner'snowlegendary$200millionpunton
Facebookin2009.
Howgrievanceredressalfor
insurancepolicieswork
Circlebackto2015:Milner'sbeliefinIndiaproducingseveralmultibilliondollarinternet
companieshasonlybecomestrongersincethatfirsttripfouryearsagowhenhecame
armedwithasuitcasefulloftuna.Likemanyforeigntravellersapprehensiveofthefiery
Indiancurry,Milner'swife,Julia,aformerfashionmodelandacontemporaryartist,
packedthecansonlytodiscoversomedelectableIndiancuisineontheirarrival.
I'vebeeninfatuatedwith
almosteveryactorIhave
workedwith:ShriyaSaran
Importantthingstoknowasaninsurance
policyholder
Recyclerstoldtouselocal
wasteasgovernmentquietly
slapsbanonimportof
electronic,PETscrap
AliaShahidstarrer
Shaandaar'steaserposter
released
FRIENDINGFACEBOOK
ThoughIndianowfiguresregularlyontheitineraryofthejetsetter,he'sneverbroughtthe
tunaback,hetellsmewhenwemeetattheRosewoodhotelonMenloPark'sSandHill
Fivereasonstobuyan
insurancepolicyonline
Road,theepicentreoftheventurecapitaluniverse(thisiswheretheyarefunding
disruptionsinthewayweliveandlove,commuteandcommunicate).Someofthese
investorswerehisbiggestdoubterswhentheRussianoutsiderfirststrucktheFacebook
deal.Hevaluedthesocialnetworkingsiteat$10billion,ahugepremiumcomparedto
Labourministrybatsfora
nationalpolicytohiredomestic
helperstosafeguardtheir
whatotherinvestorshadtooffer.DSThassinceclockedastupendous24timesreturnon
basicrights
http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
3/7
07/08/2015
YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
the$1billionofcapitalthatitploughedacrossfiveyearsinFB.Recently,Marc
Andresseen,thefounderofNetscapewhonowrunsoneofthemostsoughtafterventure
fundsintheworldAndresseenHorowitz,wasquotedinFortunemagazineassayingthat
MilnerwascalledacrazyRussianwithdumbmoneyduringthetime.Asentimentechoed
bymanyintheinitialyearswhenthemanwiththedeeppocketswasseenashaving
boughthiswayintothebestsocialmediacompaniesintheValley.
Indiamaysoongetluminous
highwaystoenhancesafety,
saveenergy
Thingsaredifferentnow.Today,Milner,whosenetworthispeggedat$3.3billionby
Forbes,isknowntohavemanyclosefriendslikeAndresseeninSiliconValley'sclubby
andinsulatedtechworld.Hethrowslavishpartiesattendedbysuperstarfoundersathis
$100millionLosAltosHillsmansionaperfectplaceforentrepreneursfromacrossthe
worldtonetworkwiththeValley'swellheeled.
IndoJapandefenceties
'dangerous'forAsia:Chinese
expert
"Yuri'sadvantageatthetimewasthatheandhisteamhaddoneanincredibly
sophisticatedanalysis.Whatthey'dbasicallydoneiswatchthedevelopmentofconsumer
internetbusinessmodelssince2000outsideoftheUS,sotheyhadthesespreadsheets
thatwereliterallyacross40countries,"Andresseen,whohadaringsideseattoMilner's
meteoricriseashewasontheFacebookboard,hasbeenquotedassaying.
Thesesecretspreadsheetscombinedwithexhaustiveresearchandlongperiodsspent
ondiligenceofcompaniesareatthecoreofMilner'sinvestmenttheory.Somethingthat
madehimlooktoIndiaafterhavingstitchedtogetherbigticketdealsintheUSandChina.
CHASINGTHEINDIASTORY
EvenasMilnerwentbackafterhisvisitin2011,RahulMehta,aformerGoldmanSachs
bankerwhoisnowamanagingpartneratthefund,keptmeetingIndianstartupsoverthe
nexttwothreeyearsbeforeDSTzoomedinonFlipkart.Now,Milnerhasnotonlygrown
tolikeIndianfoodbuthasbulkeduphisIndiaportfolio.Afewmonthsafterinvestingin
Flipkart,inthemiddleof2014,hepersonallyputafewmilliondollarsintaxiaggregator
serviceOlawhichhetoppedupearlierthisyearwhenDSTleda$400millionroundinthe
cabstartup.ThiscatapultedOlaintothebigleague,valuingitat$2.5billion.
"FlipkartandOlaarefollowingapromisingtrajectory.Whenweinvestinacompany,
theyhavetogrow1020timesforthemtobecomereallysignificant.Ithinkthatafew
yearsago,SiliconValleydidnothaveanycompetitionfortalentandcapitalbutnow
AsianandEuropeancountriesarecomingupverystrongly.Youseebackward
repatriationoftalenttakingplacewhichiswhycapitalisfollowingtalentandopportunity,"
theathleticlookingMilner,dressedcasuallyinafullsleevedtshirt,tellsmeinan
unmistakableRussianaccent.
WhileMilner'sknackforhominginonmultibilliontechcompaniesiswellestablished,he
andhisteamarealsoadeptatspottingpromisingearlystagestartups.Thishelpsthem
buildrelationshipsearlyonwithcompanies.Whilesomeofthesework,othersremainas
experimentstypicalofearlystageinvesting.Likethebettheytookonthenow
controversialrealtyportalHousing.com,whichneverreceivedDST'sfollowonin
vestment.AndnotinvestinginUberhavingcomeinearlyasapersonalinvestor,which
Milnerhasadmittedwasamistakehehaslearntfrom.
Someofhisotherpersonalinvestments,whichrangefrom$15million,inIndiainclude
http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
4/7
07/08/2015
YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
hyperlocaldeliveryventureGrofers,healthcaretechstartupPracto,andSwiggy,afood
deliveryplatformbasedinBengaluru.Alloftheseareaimedtomapprogressofwhat,
accordingtoMilner,couldpotentiallybecomebigbusinessesandfutureDSTinvestment
targets.
Anothercriterionisthatbusinesseswhichareshortofa$500millionvaluationdonot
qualifyforinvestmentsfromthefund.Milnerisclearhedoesn'tleadearlystagerounds.
"Wedon'twanttocompetewithVCs.DSTcomesinatlaterstages,anichewe'vecarved
outforthefund,"hesays.
"Ourinvestmentsarebasedonthoroughresearchandbuildingrelationshipswith
companiesbeforetheybecomesignificant.Soitworksinthisorderwetapintoour
sources,buildrelationshipsandpreparespreadsheets.Ourstrategyisourbig
spreadsheet,basedonwhatweseearoundtheworld."Oncethesespreadsheetsare
preparedbyateamofexGoldmanSachsinvestmentbankers,largelybasedatDST's
headquartersinHongKong,thefocusshiftstofounders.
THEFOUNDERFRIENDLYFUND
SachinBansal,cofounder&CEOofFlipkart,saysMilnercomesacrossassomeonewho
investsonlyifhebelievesinthefounder'svisionofthecompany.Recountingavideo
conferencechatwithhimbeforetheDSTinvestment,Bansalsays,"Knowingverywell
thatI'dlovetohavehimasaninvestor,IaskedhimwhyFlipkartshouldgetDSTon
board.`Becausewebringluck,'respondedMilner."
Overayearagowhenthisroundgotdone,Flipkartwasvaluedataround$2billionits
currentvaluationis$15billion.Alltold,DSThaspumpedasmuchas$275millioninthe
ecommercefirmasitsvaluationhassoaredseventimes.
"Wedelveintoalotofnumbers,butIthinkthefounderisveryimportant.Itboilsdownto
thefounder,andhisorherambition.Inmanyways,it'spurepsychology.Iwasafounder
myself,andIthinksometimesit'shardtoappreciatehowdifficultitisandwhatitmeans
tohaveadailybattlewheretheworldisagainstyou."ThatexplainsDST'sfounder
friendlyterms,saysMilner.
AnexampleofthatisDST'sphilosophyofnottakingboardseatsinthecompaniesthat
theyinvestinthereisalmostnegligibleoperationalcontrolandnodaytoday
involvement.Milnerisalsoknownforcraftingwhat'scalledDSTtypedealsamodel
whereinthefundprovidesliquiditytofounders,employeesandearlyinvestorsthrougha
mixtransactionofprimaryandsecondarysaleofshares.Whilefoundershailthis
investmentformula,manycompetitorfundssaythesetermsgiveDSTaneasyaccessto
hotcompanies.
BhavishAgarwal,cofounder&CEOofOla,saysMilnerisaverypassiveinvestorwitha
deepunderstandingoftechandinternet."HisnetworkinSiliconValleyisagreatassetfor
foundersalongwithhisbigpicture,macroviewsonemergingtrendsintechnology.They
areverysupportiveoffastgrowingcompaniesbecausetheyunderstandturninginprofits
comeslater,it'saboutgainingscaleatthisstage,"hesays.
INSTITUTIONALIZINGASTARTUP
SixyearsintorunningDSTGlobalinitspresentavatar,Milnerhasinmanyways
reorderedthewaysoftechinvestingaroundtheworld,buthisfundisstillseenasaone
manshow.Hedisagrees."Whenpeoplesaythat,theycompareDSTtootherestablished
fundswhichhavebeenaroundfor25years.Thatisnotafaircomparison.Firstofall,DST
isateameffort.Second,DSTisastartupitisprobablythesameageasaFlipkartwhich
isalsodependentontheteamoffoundersjustlikeFacebookandevenGoogleare.The
institutionalizationofanorganizationtakestime.DST'sculturewascreatedbymeas
muchasbytheteam,"saysMilner.Thegoal:tocontinuebuildingtheinstitution.
http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
5/7
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YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
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READMOREONYuriMilner|Xiaomi|WhatsApp|siliconvalley|Russia|Ola|Netscape
http://economictimes.indiatimes.com/tech/internet/yurimilnerthebillionairewhomadefortunebettingonfacebooktwitterandwhatsapp/articleshow/48
6/7
07/08/2015
YuriMilner:ThebillionairewhomadefortunebettingonFacebook,TwitterandWhatsAppTheEconomicTimes
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