Most VCs Are Afraid to Be Wrong | Rohan Pujara

José sits down with Rohan Pujara, general partner at Valhalla Ventures, for another episode of the Emerging Managers series on The Delphi Podcast. Rohan explains why he avoids crowded investment themes, seeks out unconventional founders, and believes venture capital has increasingly traded risk-taking for status and consensus.

They explore what separates repeatable investing skill from getting lucky, why a great seed investment should have no competitors, and how Valhalla builds conviction in companies other investors overlook. Rohan breaks down the thinking behind investments in K2 Space, Jaza and Truffle—from large satellites and electricity in sub-Saharan Africa to the case for running AI on personal devices.

The conversation also covers concentrated portfolios, selective follow-on investing, the appeal of owning future monopolies, and how LP incentives shape fund managers’ decisions. Rohan shares how growing up with little money shaped his willingness to take risks, why he prefers New York to San Francisco, and what it takes to build an enduring investment firm.