Patience Is the Hardest Competitive Advantage
- by: Jatin Chaudhary
(Screenshot from Blume Ventures Youtube Channel)
This story is part of the Notes from Podcasts series on eChai, where we highlight conversations from across the ecosystem that carry lessons for founders.
This story is part of the Notes from Podcasts series on eChai, where we highlight conversations from across the ecosystem that carry lessons for founders.
In this episode of the Blume Podcast (Season 4: Destiny Avenged), Karthik Reddy spoke with Rajeev Samant, founder of Sula Vineyards, about the long journey of building India’s wine industry.
Rajeev began in the mid-90s with no background in farming or wine. He left his job at Oracle, bought grapes from Crawford Market, and fermented his first batch at home. In a country where whisky was the only drink that mattered, people thought he was crazy for even trying. Licenses were hard to get, debt was heavy, and there was no clear policy for making wine in India.
One turning point came when Rajeev met Deepak Shahdadpuri, who was just beginning his move into venture capital. They met through friends, Rajeev led the group on a trip to Goa, and the two bonded. At a time when investors in small consumer brands were rare, Deepak chose to back Sula and stayed with the company until the IPO. The bond came first, the investment followed.
Step by step, Rajeev kept going. He helped draft Maharashtra’s 2001 Grape Processing Policy, built India’s first wine tourism hub in Nashik, and after years of struggle, took Sula public. Along the way he showed why patience matters. It kept the company alive through slow policy shifts, changing customer habits, and the long grind of creating a new culture.
The conversation also shows the choices behind the journey. Showing profits early when cash was scarce. Treating tourism as survival, not just marketing. Cutting distractions during COVID to focus on the core. But the thread running through all of it is patience. Not sitting back, but choosing to keep building when the world said no.
As Rajeev put it, “You don’t realize that some of the most lasting stories are 20-year-old, 30-year-old stories.”
Some interesting segments from this Blume Podcast conversation:
> “People used to look at me like I was completely crazy… why does this guy think he can actually make wine here?”
> Fermenting the first batch at home in 1995–96, before even securing licenses.
> Helping draft Maharashtra’s 2001 Grape Processing Policy that opened the doors for the industry.
> Meeting Deepak Shahdadpuri on a Goa trip and finding one of the first VCs willing to back Indian consumer brands.
> “We built India’s first wine tourism operation… without that part of the business, this business would not survive.”
> Struggling with debt and cash shortages, yet choosing to show profit early instead of chasing vanity growth.
> Pivoting during COVID by cutting imports, focusing on Indian wines, and creating The Source, a breakout hit.
https://x.com/BlumeVentures/status/1965288264690172408
https://x.com/SeekingN0rth/status/1965294216294088837
> “People used to look at me like I was completely crazy… why does this guy think he can actually make wine here?”
> Fermenting the first batch at home in 1995–96, before even securing licenses.
> Helping draft Maharashtra’s 2001 Grape Processing Policy that opened the doors for the industry.
> Meeting Deepak Shahdadpuri on a Goa trip and finding one of the first VCs willing to back Indian consumer brands.
> “We built India’s first wine tourism operation… without that part of the business, this business would not survive.”
> Struggling with debt and cash shortages, yet choosing to show profit early instead of chasing vanity growth.
> Pivoting during COVID by cutting imports, focusing on Indian wines, and creating The Source, a breakout hit.
https://x.com/BlumeVentures/status/1965288264690172408
https://x.com/SeekingN0rth/status/1965294216294088837
