Beating PwC & Infosys: How Shubham Garg's CodeVyasa Won Fortune 500 Clients Without VC Funding

How did Shubham Garg bootstrap CodeVyasa to $XXM ARR without a single dollar of VC funding? In this episode, we uncover the contrarian playbook behind India's fastest-growing AI-powered IT services firm and why enterprises are ditching SaaS for custom software. Shubham Garg is the Founder and CEO of CodeVyasa, a 600-person bootstrapped IT services company serving unicorns like Mamaearth, UpGrad, and Yatra, plus Fortune 500 clients including HDFC Bank and major oil and gas PSUs. What makes his story remarkable is the journey itself - from failing at a supply chain SaaS startup in 2019 to pivoting into high-value outcome-based engineering services that reached $XXM in annual recurring revenue, all without external funding. In this candid conversation with host Akshay Datt, Shubham reveals how CodeVyasa helped UpGrad slash their AWS cloud bill by 40% (saving $2M annually), replaced SAP's enterprise software for a government PSU in just two quarters, and is now capitalizing on the AI revolution by selling GenAI implementation services. He shares hard-earned lessons of scaling a services business with no VC money, and his controversial thesis that the era of SaaS dominance is ending as enterprises shift to building custom AI-powered tools in-house. This episode is essential viewing for bootstrapped founders, service business operators, enterprise sales professionals, and anyone navigating India's IT services boom in the AI era. What You'll Learn: 👉How Shubham Garg scaled CodeVyasa from zero to $XXM ARR and 600 employees without VC funding using pure customer revenue and cash flow discipline 👉Why outcome-based pricing beats traditional time and material models, and how CodeVyasa competes with giants like Infosys and PwC for Fortune 500 contracts 👉The build versus buy revolution - why enterprises are replacing SaaS platforms like SAP and Salesforce with custom AI-powered software built in-house 👉CodeVyasa's AI enablement strategy including data pipelines, LLM operations, and identity stitching that now represents 20-25% of revenue

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Beating PwC & Infosys: How Shubham Garg's CodeVyasa Won Fortune 500 Clients Without VC Funding is an episode from Founder Thesis by Akshay Datt.

This episode is 63:37 long.

This episode was published on Dec 5, 2025.

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