Nothing but the Truth

• In a candid interview, Ilya Kravtsov (co-founder of 500-backed fintech company Ringkas) shares lessons from over a decade building startups in Southeast Asia. Here's a few key takeaways that stood out.
• Indonesia’s VC scene: Back in 2012, Indonesia had just three VCs writing $20K checks. Fast forward to 2021, founders with no product were raising $5M pre-seed rounds. Ilya reminds us that while today feels tougher, it's still a far cry from the early days—and a much healthier place to build.
• Beware the illusion of revenue: Many startups blur the line between lending and sales. Ilya warns against inflated loan book valuations that ignore fundamentals like net interest margin and cost of capital.
• Infrastructure over lending: While many fintechs chased risky lending models, Ringkas built pipes—connecting banks and property developers. Ilya made a conscious choice to stay asset-light, enabling scale without balance-sheet exposure.
• Winning over banks: Getting 700+ bank branches to use your tech? No small feat. Ringkas succeeded by riding the momentum of fintech disruption, capitalizing on the low mortgage penetration, and bringing in heavyweight property developers to the table.
• Small stakes, big support: Rather than hand control to a single major investor, Ilya capped investor ownership below 10%. The goal? Diverse advice, broad networks, richer support, fewer power struggles. 
• Leadership evolution: After three ventures, Ilya’s a different leader today. Culture fit now trumps raw talent. Transparency with the team isn't optional—it's a lever. And patience for misalignment? Minimal. “Attitude is everything,” he says.
• The real KPI: truth: More than ARR or MAUs, Ilya’s guiding metric is “truth-seeking.” Are you chasing vanity metrics or building something real? His advice: be honest with yourself, your team, and your investors—especially when it’s hardest.
• Indonesia, still the long game: Ilya believes Indonesia remains one of Southeast Asia’s strongest markets. Founders and investors must push past the headlines and double down on long-term fundamentals.
• Watch the full interview on BRAVE SEA.