Rubrik’s $5.6 Billion IPO Is Latest Win For The ‘IIT Mafia,’ A Group Of Indian Engineers Turned CEOs

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Rubrik’s $5.6 Billion IPO Is Latest Win For The ‘IIT Mafia,’ A Group Of Indian Engineers Turned CEOs
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I'm a senior editor at Forbes covering venture capital and startups, especially in cloud and AI, out of New York. I edit the Midas List and Under 30 for VC, and created the Midas List Europe and Cloud 100 lists. I've written more than a dozen cover stories on business leaders including Marc Benioff, Patrick Collison and Melanie Perkins.

A small group of Indian immigrants have helped propel each other from technical roles at Oracle and Google to found and lead a number of Silicon Valley’s top enterprise software startups, from Nutanix to Glean and Rubrik , which went public on Thursday.t Oracle ’s former Silicon Valley headquarters in Redwood Shores, a small group of engineers gathered weekly in 2005 for what amounted to a mini-MBA: an exclusive crash course in product quality, customer support, basic sales and marketing.

Sinha’s was particularly arduous. The son of an entrepreneur whose business ventures failed, Sinha and his family moved frequently in their lower-income state of Bihar in India growing up. At one point, they lived in a basement without running water, according to one. Urged by his father to apply to IIT despite poor grades, Sinha stopped attending class to focus solely on the entrance exam and English, a language needed to study.

Once he was sure that Sinha couldn’t be convinced to reconsider, Mhatre shifted gears to encouraging him to partner with the firm on the new venture. Lightspeed led Rubrik’s Series A in 2015 and eventually bet more than $350 million on the company over the years, per a source with knowledge, giving it a position worth more than $1.2 billion at IPO.

But Indian immigrants were mostly expected to defer to others to launch new startups. “When I was thinking of starting my first company, investors would say, ‘you should look for somebody who’s more American looking, whatever that was supposed to suggest,” said Sharma, now on his third startup, Skyflow, which recently$30 million. “Everyone thought, these guys can be successful developers. Then maybe they could be managers, then maybe do product design.

In 2020, after twelve years in charge, Pandey left Nutanix. His next move: launching a new AI-based product development startup, DevRev, after being inspired by a chat with Khosla, the first institutional VC to back OpenAI. Recently, Pandey raised $100 million for DevRev at an undisclosed valuation in one of tech’s largest-ever seed rounds.

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