Wolf&Grayson EditorialBefore he became recognized as a modern-day investor, Ash Khandelwal captured attention as a teenager obsessed with turning science fiction into reality. His journey began with childhood experiments with movie-inspired technology on YouTube, a signal of the imagination and drive that would later give him authority in global startup investing. “I absolutely loved seeing dystopian worlds that had technology we had never even dreamed about,” he recalls, describing the projects that first drew him toward innovation. That curiosity carried him to an MIT incubator at 14 and later into computer science, before a decisive shift to private equity where he discovered the mix of finance, entrepreneurship, and innovation that suited his instincts. “It was the perfect blend of both,” he says, and it laid the foundation for his role leading Ash Capital.
Khandelwal’s early investing lens was local and profit focused. The model worked, yet it left him restless. He wanted to back ideas bold enough to matter everywhere, not just in one market. “The only people that are really innovating at that scale are doing it on the global scale,” he shares. That conviction now anchors his search for early stage companies capable of serving many countries.
The Signals That Separate Real Potential
Khandelwal’s first filter for assessing potential investments is straightforward: does the product have practical relevance across borders and different income levels? “The global positioning of the products, can it be used by X amount of countries,” he asks, but turning to financials. “To me that stuff is boring; it is more of a checker,” he admits, but passing the numbers test earns a conversation. Winning his capital, however, depends on the people.
“After that, honestly what it comes down to is the founder, their story, the team that they have,” he shares. “You either have a product worth believing in or you are a person worth believing in. I will invest in a person worth believing in 10 times out of 10 before I invest in a product.” In crowded categories where differentiation is fleeting, the ability to rally talent, partners, and customers is decisive. “We are in a day and age where the product or the idea is just the first step,” he adds. Without a compelling leader who can sell the vision and outmaneuver competitors, even a strong idea can stall.
Khandelwal also screens for impact and stewardship. He pushes against caricatures of investors who strip and flip. “We really make sure that the companies in our portfolio are managed well, the people are taken care of and they are benefiting the world in some degree more than just money,” he says. That stance shapes portfolio choices and the way Ash Capital engages with management teams.
Scaling Across Borders With Discipline
Khandelwal does not expect companies to have a global footprint from the start. What he looks for is intent and the right foundation to expand. “We look for the companies that have the ability for that global reach and then we push them for that global reach,” he says. That process begins with regulatory know‑how and careful experimentation. “With our experience, understanding of legal frameworks, and research into these markets, we are able to help push them onto that global stage.”
Ash Capital often pilots projects in lower‑cost, demographically similar markets to test adoption and operations before moving proven models into higher‑GDP countries. “We start in similar markets that are more low cost, see if it succeeds there, and then target higher income countries within that same geoster,” Khandelwal explains. These early pilots frequently bring social benefits, such as improving mobility or logistics, while also giving the fund practical lessons on how operations can scale to other regions.
Where the Next Wave Will Emerge
Artificial intelligence featured in nearly every thesis Khandelwal evaluated, though he acknowledges its short life cycle. “It can do so much that it can create a better self,” he says, which is why he prioritizes d training data and time in the field. “We look for people that have done the test, done the trials, done the research. Their AIs are data trained over and over again to produce the best results.” He expects meaningful breakthroughs in convenience sectors such as transportation and delivery, as well as in public safety use cases where autonomy could save lives. Drones and robotics are squarely on his radar.
Global relevance, however, still rules the decision. A dazzling tool that only works in a narrow band of markets does not clear the bar for Ash Capital. “There are certain AI companies and tools that are going to be completely useless in 90 percent of the world. We are focusing on the entire pie,” he says, sharing how his team solutions that function in second and third world contexts, even if that means capturing a modest share of premium markets rather than chasing the full ten percent at the top. And while he was bullish on automation, his optimism isn’t blind. “I do not believe that we should ever be in a world that is fully automated,” he says.
The Takeaway
Start with global usability, confirm the fundamentals, then back founders whose character attracts belief. Test in the real world where costs are low and lessons come quickly. Favor data-rich AI that solves essential problems for many countries, not just a few. Behind each step is a simple premise he has practiced since those early attempts to turn fiction into hardware: build for a future that people everywhere can use. As he puts it, “If we aim for the extraordinary and fall short, we still land in a place most people never thought possible.”
Follow Khandelwal on LinkedIn for more insights.
