Nupur Garg is a driving force reshaping the private equity and venture capital landscape. As the founder of Winpe, she is at the forefront of dismantling systemic barriers that impede women’s progress in the investing ecosystem. Holding influential positions such as Chairperson of Kids Clinic India Limited and independent director on multiple high-profile boards, Nupur’s impact extends far beyond her pioneering work with Winpe. Her advisory roles with the National Investment and Infrastructure Fund (NIIF) and the Dutch Good Growth Fund (DGGF) further solidify her reputation as a strategic leader and advocate for inclusive growth.
Recognised for her contributions, Nupur has been honoured with the HerPower Award 2023 and featured on Forbes’ W-Power list of Self Made Women 2020 and BW Most Powerful Women in VC 2024, 2023, 2022. Her journey, from leading IFC’s private equity and venture capital funds business to mentoring female entrepreneurs, exemplifies her dedication to empowering others. In this interview, Nupur delves into the challenges women face in the PE/VC sector and outlines Winpe’s transformative initiatives to de-bias the industry and create a more equitable investing ecosystem.
Here are some excerpts from the conversation:
Given your vast experience in the PE-VC sector, what systemic and cultural barriers do you believe perpetuate gender disparity in the Indian investing landscape? How can these be effectively dismantled?
Systemic barriers for women in the workplace are deeply rooted in cultural biases and are a calcified remnant of archaic structures. Deep-seated cultural biases, originating from a time when women were relegated to the domestic sphere have created these institutional obstacles. Historically, women were absent from the workforce, a reality that persisted until World War II in the US. This isn’t just an Indian problem, it’s a global one.
Unconscious bias, a pervasive systemic barrier, has long discouraged women from having an ambition, dedicating long hours at work and networking. As a result, many women till date hesitate to aim high, hindered by limited networks and pressured to prioritise family over career. Afterall, who hasn’t heard of the working mother’s guilt?
At the workplace, women are often assumed to be less committed due to potential marriage, motherhood, or relocation. There’s a perception that women can’t work late, will get married and leave the workforce, or will prioritise family over career.
The stereotypes that have led to fewer women in the workforce, have created a cyclical problem that has now become systemic.
Finance and private equity fields amplify these biases, casting a doubt on women’s capabilities in STEM and numerical abilities. Lack of role-models resulting from underrepresentation of women creates a cycle of discouragement, indirectly reinforcing the stereotype. Rather than the rule, the few successful women are seen as exceptions.
It is this self-reinforcing cycle that needs active intervention in order to disrupt it. Our work at Winpe has highlighted this as a major concern among women: career trajectory uncertainty. Unlike say a career in consulting with clear paths to partnership levels, private equity lacks visible female role models at the top. This makes women hesitant to commit their careers to these sectors.
We need to disrupt this cycle. More women in the workforce will lead to more women in leadership, inspiring others to follow. With more women in the workforce, the influence of cultural and unconscious biases on decision-making will also get diluted, creating a more level playing field. That’s the core of Winpe’s mission.
Winpe aims to increase women’s participation as investors and recipients of investment capital. What are some of the most impactful initiatives or programmes you’ve implemented and the measurable outcomes they have achieved?
Winpe operates on three primary pillars. The first focuses on collaborating with private equity and venture capital firms – essentially, the employers and decision-makers. Our goal is to foster a cultural shift, improve decision-making processes, and mitigate unconscious biases that skew outcomes. To achieve this, we meet with our member firms every other month, tracking key performance indicators (KPIs) and prioritising areas for improvement. Over the past four years, our focus has remained consistent: enhancing female hiring practices, supporting female professionals and creating pathways to more women in leadership roles, influencing portfolio companies, and effectively measuring progress.
For instance, our member firms have implemented a KPI to engage those headhunting firms that can guarantee a diverse candidate pool, with 40-50% women. This approach significantly increases the likelihood of female candidates progressing through the hiring funnel. We also advocate for blind screening, gender-balanced interview panels, and consistent interview processes. These seemingly simple changes often yield substantial results. Notably, 70% of our member firms have demonstrated progress in their KPIs.
Unlike traditional diversity consultants, Winpe operates with the lens of an investor, from within the industry. This unique position enables us to develop solutions tailored to the specific challenges of private equity and venture capital. Through collaborative discussions, the industry identifies its pain points and collectively develops practical solutions.
Our second pillar involves supporting women already in the industry. We organise networking events, offer one-on-one mentorship, and facilitate connections with senior female leaders. Our mentorship programme has been particularly successful, with 76% of mentees experiencing tangible career advancements within 18 months. Additionally, our workshops and events have attracted over six thousand participants with an impressive satisfaction rating of 96.3%.
The third pillar aims to attract more women into the industry. We engage with business schools and early-career professionals to highlight the private equity and venture capital sector as a viable career path. However, our efforts have revealed a more complex challenge than initially anticipated.
Contrary to the assumption that women avoid the industry due to a perceived ‘boys’ club’ culture or work-life balance concerns, our research indicates a different primary barrier: lack of visibility on career longevity . Women are eager to invest in their careers but lack confidence in the long-term prospects within private equity and venture capital. This finding has redirected our focus towards demonstrating career progression and showcasing successful female role models. Furthermore, the industry’s unique hiring patterns, with infrequent and smaller hiring cycles compared to corporate India, present additional obstacles. The lack of critical mass in private equity roles during campus placements further discourages students from pursuing this path.
Female entrepreneurs often face unique challenges when seeking VC funding. What systemic changes do you believe are necessary to create a more level playing field? How does Winpe advocate for these changes at policy and industry levels?
The presence or absence of women in investment roles has a profound impact on the flow of capital to women entrepreneurs.
Data reveals a stark disparity: while women hold approximately 7-10% of leadership positions in private equity and venture capital, their influence on investment decisions is significantly lower, hovering around 2%. Correspondingly, women-led companies receive a mere 1.5-2.5% of private equity and venture capital funding.
A direct link between female investors and female-backed companies has been established by research, including the IFC’s 2019 report. This correlation is intuitive; teams with female investors are less likely to harbour unconscious biases and are more likely to ask nuanced questions. Conversely, women entrepreneurs often face a barrage of gender-based stereotypes and inquiries that their male counterparts do not encounter. Questions about a woman’s husband’s role or financial situation are commonplace, revealing underlying assumptions about women’s motivations and capabilities. The presence of female investors mitigates the likelihood of such biases influencing investment decisions.
Winpe’s approach to addressing this involves a two-pronged strategy. Firstly, we’re working to increase the number of women in investment roles, recognising that this is a long-term endeavour. Secondly, we’re fostering a supportive ecosystem where women entrepreneurs and investors can connect and collaborate. Our mentorship programmes and networking events have successfully facilitated these connections, leading to increased fundraising for women-led businesses.
Ultimately, we aim to create a holistic environment that supports women entrepreneurs at every stage, from access to capital and mentorship to capacity building and training. While we’ve made progress, we’re still developing a comprehensive solution.
Unconscious biases can significantly impact investment decisions. What are some of the most pervasive biases you have observed in the industry, and what strategies or frameworks has Winpe developed to help investors recognise and counteract these biases?
Unconscious bias is a massive hurdle we’re constantly battling. The first step is often the hardest – getting people to acknowledge that they might have them. There is a lack of understanding about what unconscious bias is and many people believe that having unconscious bias is a negative thing that could make them bad persons. Most investors vehemently deny any bias. They believe and rightly so, that they’re solely driven by the best idea and maximum IRR. But the truth is, unconscious bias subtly influences what they perceive as the ‘best idea’.
It’s not that these biases cause investors to outright reject good ideas led by women. The problem is more insidious. Biases can distort judgement of an idea’s potential.
For instance, questions about a woman’s husband’s role or whether she’s pursuing a ‘lifestyle business’ or about how many kids she has are classic examples of unconscious bias creeping in. These questions wouldn’t be directed at a male entrepreneur. It’s not about outright discrimination; it’s about a skewed perception of the opportunity.
Educating people about unconscious bias and its impact on decision-making is crucial. We’ve launched online assessments and in-person workshops, but driving adoption has been a real challenge. Even something as simple as a self-paced online training has faced resistance. It seems acknowledging that we all carry biases is the first, and most difficult, step.
Based on your extensive experience and success in the investing ecosystem, what key pieces of advice would you offer to aspiring female investors, leaders, and CEOs looking to make their mark in this industry? What strategies or mindsets have been crucial in your journey that you believe would benefit them?
I genuinely love this industry. It’s intellectually stimulating, rewarding, and can also be incredibly lucrative if you stick with it. But let’s be clear: it’s not a traditional nine-to-five job. You need passion. If you enjoy working with entrepreneurs, rolling up your sleeves, and figuring out how to grow businesses, then this industry is for you.
That said, this passion doesn’t equate to sacrificing your personal life. The demands of private equity and venture capital are similar to those in consulting or law – industries with strong female representation. Long hours, tight deadlines, and client pressures are par for the course. However, unlike these other sectors, private equity and venture capital haven’t always had the same focus on gender diversity.
To succeed in this industry, women need to approach their careers as professionals first and foremost. It’s essential to avoid attributing setbacks solely to gender. While instances of gender bias undoubtedly exist, a winning mindset that focuses on overcoming challenges rather than blaming external factors is crucial for career growth. I’ve encountered women who believe they missed out on promotions due to gender discrimination. Maybe, maybe not. But by focusing on gender as a hindrance, women can inadvertently limit their own potential. It’s about bringing your A-game to work, regardless of your gender.
The good news is, the industry is changing. There are many firms with inclusive cultures that value diversity. While challenges remain, there’s no reason women can’t thrive in private equity and venture capital.