Summary

Episode 97 is a Monday three-guest special. Sahil Shah of TM Systems (nearly 30-year-old Ahmedabad cybersecurity firm with Netherlands presence) discusses how AI agents are evolving the threat landscape from I-love-you viruses to agent-to-agent attacks, OT security for critical infrastructure, India's DPDP compliance deadline, and why 90% of their revenue comes from overseas. Dhawal Jain of Mave Health presents their TDCS (Transcranial Direct Current Stimulation) brain wellness headset — a 100g consumer device that uses gentle electrical current on the prefrontal cortex for 20 minutes daily to improve focus, stress and mood. $2.1M raised from Bloom, 500-person beta with psychiatrist monitoring, onboarding NFL players and UFC fighters. Vinay Jaisingh and Afshaan Siddiqui of Legend of Toys (LOD) share their D2C full-stack toy manufacturing brand building story around IP characters (Flair, NOX, Nightwolf RC cars). 30 crore ARR, 1800 rupee average order value, sold on Amazon/Flipkart/QuickCommerce, with after-sales repair service and Lego-inspired IP universe strategy.

Full Transcript

Dhruv Sharma: Happy Monday listeners, this is episode 97. We're getting closer and closer to episode 100. And today's first guest is Sahil, Sahil Shah, who's a resident of Ahmedabad, the founder of a company called TM Systems, and he was a national chess player growing up.

Sahil Shah (TM Systems): Thank you so much.

Utsav Somani: Yeah. All right. So when people talk about cybersecurity, I think they think of phishing emails, they think of scam calls and a bunch of other things as well. But you're closer to like the operational technology and factories and IOTs and all of the other things that are truly like technologically need defense. So talk to us about what TM Systems actually does.

Sahil Shah (TM Systems): Okay, so, you know, TM Systems, as an organization, we are primarily focused on helping other enterprises with their cybersecurity journey. So we help enterprises with their end-to-end cybersecurity journey. So when they are building a system or a technology from ground up, we guide them at that phase. If they already have a mature ecosystem in place, we guide them from a security perspective. And then at the end, if at all there is any breaches, etc., then we help with the forensic part and make sure that, you know, we give them the right support to make the attacks do not happen again.

Sahil Shah (TM Systems): With Mythos coming in, it is very interesting that, and scary, where, you know, how AI agent is able to find out so many security issues, vulnerabilities, and trying to fix them. And I would say it's positive for us. That's good business.

Sahil Shah (TM Systems): I think the threat landscape in cybersecurity has been pretty interesting over the past three decades. We started with the I-love-you virus, then the Y2K thing sort of came up. And now we are at a phase where agents are talking to agents and performing attacks.

Sahil Shah (TM Systems): I think the Dutch ecosystem is nice, interesting, but overall, very regulation heavy. In Dutch, the major focus of startups are focused on fintech industry. And one of the companies that have come out of Netherlands and probably the market leaders in the world is ASML. In Netherlands, there is an ecosystem or there is a forum called HSD, Hague Security Delta. They have got around 150 cybersecurity companies across Europe at one place. I think it's 90% overseas and 10% India.

Utsav Somani: Nice speaking. All right, listeners, moving on to our next guest, we've got Dhaval Jain of MAVE. Dhaval, welcome to the show.

Dhawal Jain (Mave Health): Hey, what's up? Hey, bro. How are you guys doing?

Utsav Somani: So explain the product in English. Somebody buys almost a $500 headset, does a 20 minute session. What do they get out of it?

Dhawal Jain (Mave Health): What do you essentially get is the healthier brain, a more efficient prefrontal cortex. For some people, that might mean that they can focus better. They can regulate their stress better. For others, it could mean their reflex time is closer to what they want.

Dhawal Jain (Mave Health): TDCS is Transcranial Direct Current Stimulation. It uses very low intensity electric current to recharge these neural networks. When you wear the headset, very gentle electric signals pass through the prefrontal cortex to essentially complete the circuit. This weighs about 100 grams. You only have to recharge like once a month and then it is good to go for at least 30 to 45 days. You're supposed to use it daily. It's like gymming.

Dhawal Jain (Mave Health): One unique strength for this technology is that there is no tolerance built up, which essentially means you don't have to increase the amount of time or the amount of stimulation you need to efficiently power the brain the same way.

Dhawal Jain (Mave Health): We did do a 500 people beta last year where the idea was to understand how people behave with the product. It is monitored by psychiatrists and psychologists where they regularly perform check ins. Most of the times it was people who are knowledge workers. But then we did also have athletes. We did also have surgeons. So you'd be surprised to know we're actually on boarding around a dozen NFL players to use the product.

Utsav Somani: And congrats on the 2.1 million raised by Bloom.

Dhawal Jain (Mave Health): Thank you. For us, success would be most people who buy the product at least use it four times a week. That's fundamentally what we're all aligned towards for the next year.

Utsav Somani: All right, listeners, we're moving on to our final segment today. We've got two founders from Legend of Toys, Afsan and Vinay. Hi, guys. Welcome to the show.

Vinay Jaisingh (Legend of Toys): Thank you. I hope you guys are doing well, Utsav and Dhruv.

Vinay Jaisingh (Legend of Toys): So Afsan and I run Legend of Toys, which is essentially a full stack manufacturing brand for toys. We've gone live with Legend of Toys, LOD Cars, which focuses on the RC car segment. We currently operate across multiple channels. We're available on Amazon. We're available on Flipkart, QuickCommerce, our own D2C website, and a little bit of offline.

Vinay Jaisingh (Legend of Toys): The child is about 12 years old, playing with Flair in his society. When another child asks which car is this, he does not say this is Legend of Toys. He says, this is Flair. And that's how the IP builds.

Afshaan Siddiqui (Legend of Toys): We are the only brand in the market who checks each and every piece that goes out of our factory. India is more of a value conscious market. For the right amount, you should give them the right value and the consumers are ready to buy.

Vinay Jaisingh (Legend of Toys): Selling price of a toy from Legend of Toys? We are currently at an average order value of about 1800.

Utsav Somani: And that's gotten you to the 30 crore ARR mark. Cheers. All right, listeners, that's it from us. We'll see you on Wednesday at four o'clock. Bye-bye.