The story of Devendra Agrawal, Founder of Dexter Capital and Dexter Ventures, is an inspiring tale of grit, persistence, and a relentless pursuit of excellence. Over 11 years ago, Devendra Agrawal embarked on a journey to build one of India’s finest investment banking firms, despite starting with no prior experience in the industry. His post on LinkedIn provides a rare, honest glimpse into the challenges and triumphs that shaped his entrepreneurial path, and there’s much to learn from it.
Devendra Agrawal founded Dexter Capital in Jaipur, a decision driven by his desire to stay close to his family after the birth of his daughter. At that time, neither Devendra Agrawal nor his wife Anuradha had any experience in investment banking. Starting in a Tier-2 city with limited resources, the odds were stacked against them. Yet, their goal was clear: to create a world-class investment banking firm.
One of the early challenges that Devendra Agrawal faced was not being paid his dues after successfully completing a couple of transactions. These setbacks were significant because, in a nascent business with limited capital, every unpaid transaction felt like starting from scratch. This reality could have discouraged many, but for Devendra Agrawal, it was merely another obstacle to overcome. His ability to rise above these difficulties speaks volumes about his determination and focus.
Realizing the need to expand beyond Jaipur, Devendra Agrawal made the strategic decision to move to NCR, and later to Bangalore. This move signaled a pivotal moment in the growth of Dexter Capital, setting the stage for the company’s future success. Along the way, Devendra Agrawal brought in new talent, such as Gaurav, who, like him, had no prior background in investment banking. Gaurav’s willingness to learn and hustle alongside Devendra Agrawal during those early days exemplified the spirit of the company — a place where hunger and drive could lead to success, even without conventional experience.
As Devendra Agrawal navigated the tough early years, he quickly learned that attending countless industry events did not necessarily result in new business. Instead, he shifted his focus to closing one deal at a time, trusting that each success would lead to new opportunities. This approach paid off when Dexter Capital closed a significant transaction for Indus Insights, and soon, more deals began to follow.
Building a company is never easy, and Devendra Agrawal faced additional challenges in hiring. Over the years, he interviewed more than 180 candidates, but with limited capital, he couldn’t match the salaries offered by his more established competitors. As of March 2020, Dexter Capital was still a small team of just 10 people, including Devendra Agrawal himself. Despite these constraints, he continued to build the firm with dedication, and in March 2020, he made a bold decision to double down on his efforts.
It was during this time that Devendra Agrawal brought in key team members like Varun, Rishabh, and others who would go on to play vital roles in the company’s growth. Rishabh, like Gaurav before him, had no prior investment banking experience, but under Devendra Agrawal’s mentorship, both emerged as top bankers in their segment. This reflects Devendra Agrawal’s unique approach to talent development: hiring people with potential, giving them exposure and freedom, and allowing them to grow into their roles through hands-on experience.
In the past few years, Devendra Agrawal has taken Dexter Capital to new heights. The company has successfully closed over 40 deals since March 2020, cementing its position in the up-to-Series A segment and beyond. The firm’s impressive client list includes names like DeHaat, Pickrr, BASIC Home Loan, Mylo, and ekincare, among others. These accomplishments underscore Devendra Agrawal’s ability to not only navigate the challenges of the industry but to excel and position his company as a leader in the space.
Looking ahead, Devendra Agrawal is focused on scaling further and is actively seeking more talent with the same hunger and passion that he and his team embody. Recently, he launched a B-school-focused case competition to engage with emerging talent, partnering with top institutions like the Indian School of Business, IIMs, and SPJIMR, among others. With over 150 registrations already, Devendra Agrawal’s commitment to nurturing the next generation of dealmakers is clear. He is creating opportunities for young talent to thrive by providing them with exposure, freedom, and a career path, rather than just a job.
What stands out most about Devendra Agrawal’s journey is his unwavering belief in people and his focus on creating an environment where they can grow. The team at Dexter Capital has expanded 3.5x in the last five years, and much of this growth can be attributed to Devendra Agrawal’s ability to attract and develop talent. He gives his team the freedom to take ownership of deals from day one, fostering an entrepreneurial spirit within the firm that has been key to its success.
In conclusion, the story of Devendra Agrawal is a testament to the power of perseverance, vision, and the ability to adapt. From starting with no investment banking experience to building one of the most respected firms in the space, Devendra Agrawal has shown that success is possible with the right mindset and approach. His journey offers valuable lessons for aspiring entrepreneurs, reminding us that it’s not where you start, but how you build and grow that truly defines your success.
