Voices of Change 2: Tushar Kansal, Founder & CEO, Kansaltancy Ventures

“Independent Directors as Voices of Change- Interview 2”

Tushar Kansal is the Founder of Kansaltancy Ventures , an accomplished professional, a “Thought Leader/ Influencer” and a TEDx Speaker. He is an Independent Director with GP Eco Solutions, which came out with an IPO of $4 million in 2024 and got bids of $2 Billion. Our team spoke to him recently on corporate governance and independent directorship. Here are the excerpts from the interview:-

You are an independent director with a listed company. How can independent directors improve corporate governance practices in listed companies? Please share an example if possible

Tushar Kansal- Investment as a profession is unlike any other. I am confident in saying that working in the investment industry entails much more than just analyzing data, buying and selling stocks, and allocating capital because of my own experience and journey. Beyond the numbers and strategies, it’s about recognizing potential, nurturing relationships, and making decisions that go beyond financial gain. Over the years, I’ve found that this field sharpens not only your analytical skills but also your ability to empathize and act with integrity. You’re entrusted with guiding founders, shaping companies, and sometimes influencing entire industries.

Increasing the board’s independence is one of the main ways we can enhance governance procedures. In order to ensure that decisions are not influenced by controlling shareholders or internal management, independent directors provide an impartial and objective viewpoint to board discussions. By being distanced from the company’s daily operations, we can focus on the bigger picture — prioritizing sustainable growth over short-term gains. This independence is critical in maintaining the balance between management and shareholders, as well as mitigating potential conflicts of interest. A notable example of governance failure due to lack of oversight is the Satyam Computers scandal in 2009, where independent directors failed to detect financial discrepancies. The aftermath led to significant reforms in India’s Companies Act, mandating stricter oversight and clearly defined responsibilities for independent directors, which has since strengthened the role we play in corporate governance.

Independent directors also play a pivotal role in enhancing transparency and accountability. One of our main responsibilities is overseeing financial reporting to ensure the accuracy and integrity of the company’s financial statements. By serving on audit committees, we make sure that proper accounting standards are followed, and the financial health of the company is accurately represented to shareholders and regulators. Beyond financial oversight, we are tasked with ensuring that the company upholds ethical standards in its operations. Independent directors hold management accountable for their decisions and actions, promoting a culture of fairness and transparency across the organization.

Another significant area where independent directors contribute is in providing strategic oversight. Our outsider perspective allows us to offer insights and guidance on the long-term strategy of the company. We help ensure that strategic decisions are not clouded by internal biases or pressures but are aligned with the company’s mission, vision, and long-term goals. This strategic input can be invaluable, especially in industries undergoing rapid change or disruption. By balancing immediate business needs with the broader objectives of the company, independent directors help ensure that the company remains on a path of sustainable growth.

In my own career, I’ve come to deeply appreciate how this responsibility has shaped not just my professional skills but also my personal values. There’s something uniquely fulfilling about knowing that, as an independent director, you’re not just contributing to a company’s bottom line — you’re contributing to its credibility, trustworthiness, and long-term success. It’s a role that demands empathy, foresight, and an unwavering commitment to ethics, making it one of the most meaningful aspects of my professional journey

You are a renowned figure in the startup ecosystem. How can independent directors contribute to strengthening the Indian startup ecosystem?

Tushar Kansal- As someone deeply immersed in the Indian startup ecosystem, I’ve come to appreciate the pivotal role that independent directors can play in fostering the growth and sustainability of startups. Startups, by their very nature, move at a rapid pace, often laser-focused on innovation and scaling quickly. While this drive is what makes them exciting, it also means they sometimes overlook critical elements like governance, risk management, and long-term strategy — areas where independent directors can bring immense value.

In my experience, one of the most important contributions an independent director can make is in establishing strong governance practices. Startups, especially in their early stages, can be so consumed with growth that they neglect the systems needed to sustain that growth. I’ve seen firsthand how implementing proper governance structures can provide a solid foundation for long-term success. It not only keeps the startup on track but also signals to potential investors and partners that the company is serious about accountability and transparency. These structures are vital, especially as startups scale and their operations become more complex.

Another critical aspect is mitigating conflicts of interest. Startups often have a concentrated leadership structure, where founders and early investors hold significant sway over decisions. While this can help in the initial stages, it can also lead to conflicts, particularly as the company grows and more stakeholders come into play. I’ve personally been in situations where tensions between founders and investors could have derailed the entire venture. As an independent director, I’ve been able to act as a neutral party, ensuring that decisions are made in the best interest of the company as a whole, rather than favoring one group over another. This impartiality helps maintain trust and ensures the company stays on course.

One of the most fulfilling aspects of being an independent director is the opportunity to provide strategic guidance. Startups face a range of challenges, from managing cash flow to deciding when and how to expand into new markets. Having someone on the board with experience in navigating these challenges can make a huge difference. I’ve had the privilege of guiding founders through some of their toughest decisions, helping them balance immediate needs with long-term vision. In many cases, it’s about offering the right advice at the right time — something that only comes from experience. This guidance can be the difference between a startup that burns out and one that achieves sustainable growth.

Investors, too, are more likely to place their confidence in a startup when they see independent directors on the board. From my interactions with investors, I’ve noticed that having experienced, independent voices involved can ease concerns about governance, strategy, and risk. It demonstrates that the startup is committed to growing responsibly and transparently. I’ve helped startups improve their relationships with investors by fostering open communication and ensuring that both sides are aligned in their expectations and goals.

As the Indian startup ecosystem matures, regulatory and compliance requirements are becoming increasingly important. Startups often struggle with these, especially when expanding internationally or dealing with complex financial regulations. I’ve worked with companies to ensure that they not only meet these regulatory standards but exceed them, reducing risk and enhancing their reputation in the market. This focus on compliance is often overlooked in the rush to scale, but it’s a critical element in sustaining long-term growth.

How can overall board governance and board leadership be enhanced in the Indian startup sector?

Tushar Kansal- My work with Indian startups has led me to believe that improving board leadership and governance is essential to their long-term success. Startups frequently prioritize innovation and growth, but good governance can guarantee that this growth is sustainable and that the business can overcome obstacles more skillfully.

One of the first steps in improving board governance is fostering a culture of accountability and transparency. I have worked with numerous startups where all of the decisions are made by the founders or investors, which can sometimes lead to tunnel vision. By bringing in independent directors, startups can introduce a system of checks and balances. As an independent director myself, I’ve found that offering an objective viewpoint helps companies make better, more balanced decisions that are in the best interest of the business as a whole.

Diversity on the board is another factor that makes a huge difference. When boards bring together people with different backgrounds — whether it’s industry expertise, gender, or skill sets — the discussions become richer, and decisions are more comprehensive. I’ve personally seen how boards with a mix of perspectives can foresee a wider range of risks and opportunities. This not only enhances the decision-making process but also helps the startup adapt to an ever-changing business environment.

Clearly defining the roles and responsibilities of board members is also crucial. In many startups, board members wear multiple hats, which can lead to confusion or overlap in responsibilities. I’ve found that when roles are clearly defined — whether it’s focusing on strategy, risk management, or investor relations — the board operates much more efficiently. Everyone knows where their focus should be, which leads to more productive meetings and quicker decision-making.

Another practice that I’ve found helpful is conducting regular performance evaluations for board members. Startups move fast, and the needs of the business can shift quickly. By evaluating the board’s performance periodically, we can ensure that the board’s composition and focus are aligned with the startup’s evolving needs. I’ve seen firsthand how this keeps the board accountable and allows for continuous improvement.

I also believe that ongoing education and training are important for maintaining effective board leadership. The startup landscape is dynamic, and governance challenges evolve just as quickly. I’ve seen how keeping board members up-to-date with the latest trends in corporate governance and industry developments allows them to contribute more effectively. This is especially critical in sectors with fast-changing regulations, like fintech or health tech, where being informed is key to staying compliant and competitive.

In my experience, open communication between the board and the management team is essential for effective governance. Boards that work closely with management are better positioned to provide valuable guidance while still allowing the company to stay agile. I’ve been part of boards where regular, open communication led to stronger strategic alignment and better execution of long-term goals. This collaborative relationship is key to building trust and ensuring that the board is fully in tune with the company’s day-to-day operations and future objectives.

Finally, risk management needs to be a core focus of board governance. Startups, by nature, take on a lot of risks — whether through rapid scaling, new market entries, or adopting emerging technologies. While taking risks is essential for growth, I’ve always emphasized the importance of having proper risk management strategies in place. As an independent director, I’ve often played a key role in ensuring that companies take calculated risks without jeopardizing their future.

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Profile

Tushar Kansal is the Founder of Kansaltancy Ventures — an accomplished professional, a “Thought Leader/ Influencer” and a TedX Speaker. He is an Independent Director with GP Eco Solutions, which came out with an IPO of $4 million in 2024 and got bids of $2 Billion.

Over the years, he has supported Startups & Growth-stage companies in diverse Tech & Non-Tech sectors. Please see 90+ Recommendations on LinkedIn — https://www.linkedin.com/in/tusharkansal/

He aims to help change-makers using Venture Capital, Debt, SME IPO & Strategic Services, leveraging 450+ Investors/ VC Funds/ Lenders/ IPO Anchor Investors connects & picking up sector-agnostic global deals. The ticket size of deals accomplished is USD 1–50 million

He is a Venture Advisor with Loyal VC, the INSEAD-led Canadian VC Fund, having over 360+ portfolio investments in 60+ countries

He is a Mentor & Speaker at Entrepreneurship cell’s of Global marquee Institutions. His expert opinion is often sought by leading Business news channels/ Publications like CNN-News18, VCTV (Venture Capital Tv), Business World, Inc42, TechThirsty & Digital Market Asia. He has done over 300+ talks including TedX — You can find the videos of these Talks on Google or YouTube

He has written numerous articles and have also been featured by top Media like the Times of India, Economic Times, Times Now, Hindustan Times, Business World, CNN News18 etc — The links to all these is → https://www.linkedin.com/in/tusharkansal/details/publications/

and https://www.linkedin.com/in/tusharkansal/details/honors/

His experience spans multiple sectors from Venture Capital (Brand Capital), Big 4 Consulting (Deloitte & Touche), LSE-listed Sistema’s India unit (MTS India) to CFO of USD 325 billion Guggenheim Partners-owned company (DLI). I executed several Venture Capital deals at Deloitte & Brand Cap and raised USD 2.5 billion for MTS India

He received an Executive education from Harvard Business School; an MBA in Finance from the University of Delhi and a B.Tech from “The Technological Institute of Textile & Sciences”, affiliated to the “Textile Institute Manchester, UK” and part of the leading Industrial & Education house in India “The Birla Group”

Awards won by Kansaltancy Ventures:

- “Best Startup Supporter” by AICRA — All India Council for Robotics & Automation for contribution in the STEM field, given by Dr Kiran Bedi — https://www.youtube.com/watch?v=OyAptGnD3_c&t=4s

- “Business Leader of the Year in Investment Management” by “Asian African Chamber of Commerce & Industry” — https://drive.google.com/file/d/1iZRqTfUrBTLFcvhV6BvpIQPERL2W0HKo/view

- “Entrepreneur of the Year 2022” by Business Connect magazine — https://drive.google.com/file/d/1GLvtBo4FX5Y2SQSVw5x_F4N_Xcse26y7/view

- “Best Investment Bank in Venture Capital 2023” and “Brands to watch out in 2024” by Great Companies — https://www.greatcompanies.in/sme-business-award-finance-insurance-legal-accounting-2023 and “https://www.greatcompanies.in/post/kansaltancy-ventures-brands-to-watch-for-in-2024"

You may find more about his credentials at — https://www.linkedin.com/in/tusharkansal/

Testimonials with Links are here

- https://www.linkedin.com/in/tusharkansal/details/recommendations/

and - https://www.kansaltancy.com/testimonials/

YouTube Playlist Talks/ Events/ Shows — https://www.youtube.com/playlist?list=PLgrWugpMQEmY8UWwJOEiZ1ICcsSD9tgBk

YouTube playlist of 51 VCTV (Venture Capital Tv) shows — https://www.youtube.com/playlist?list=PLgrWugpMQEmbyMzpcsJQkYYDIu6JxiZUh

YouTube playlist of 9 “Business ki Pathshala” shows at “Har Ghar Startup” channel on Tata Play (owned by Mr. Suniel Shetty) — https://youtube.com/playlist?list=PLgrWugpMQEmaLlW0abg4f-LtqIXZoPXoX&si=XBj-k3AspV2TY-mI

Spotify playlist of 18 Podcasts — https://open.spotify.com/playlist/6Aj0Mfy7WFEIN7vEkLozvr?si=knBbbDsxQLKr7cENrvqgOg&pi=a-C2lcge_fSweQ