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Kevin Carter is the founder of EMQQ Global and a leading voice in emerging markets investing. In his first appearance, he broke down the investment case for digital consumption in emerging markets. In this follow-up episode, Kevin returns fresh from a month-long trip to India, where he went beyond the usual business hubs to explore tier 2 and tier 3 cities, the infrastructure transformation, and why India might be the most compelling EM story of the next two decades.

In this episode we cover:

• (00:01:30) What Kevin saw firsthand in Uttar Pradesh and Ahmedabad that made him more bullish on India’s tier 2 and 3 cities
• (00:06:52) The rise of entrepreneurship in smaller cities and why the next unicorns may come from beyond IITs and IIMs
• (00:12:41) How India Stack digitized over a billion lives and added trillions in hidden infrastructure value
• (00:24:42) The explosion of quick commerce in India and why it may disrupt not only kirana stores but also Flipkart and Amazon
• (00:36:46) Why Mumbai’s infrastructure boom rivals what Kevin saw in China 20 years ago
• (00:41:59) Why you need to visit India to understand its transformation and how old stereotypes are holding back global perception

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Djasur Djumaev, Founder and CEO, and Nikolay Seleznev, Co-founder and Chief Strategy and Business Development Officer of Uzum, Uzbekistan’s first tech unicorn, joined us for this episode. Uzum became a unicorn in just two years, and now serves as the country’s leading e-commerce and fintech ecosystem. In this episode, they share how they built a household name in a largely offline market, their strategy for leapfrogging infrastructure gaps, and why Uzbekistan is one of the most exciting frontier markets today.

In this episode we cover:

• (00:01:11) Why Uzbekistan had almost no e-commerce before Uzum, and how they built everything from scratch, including last-mile logistics
• (00:07:50) How they scaled to 12,000 employees in under two years and blended expat and local talent to build a winning culture
• (00:10:33) The macro case for Uzbekistan: 6.5% GDP growth, 99% literacy, 87% smartphone penetration forecast by 2027
• (00:15:27) How 50% of adults were unbanked just four years ago — and how Uzum onboarded millions to financial services
• (00:22:57) Jasur’s fundraising journey: starting with his own capital, then attracting top U.S. and MENA investors despite skepticism about Uzbekistan
• (00:28:20) Where they plan to IPO, and what’s next for Uzum as they prepare for a dual listing and regional expansion

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Jan Riehle is the CEO of B4A, a leading Brazilian beauty marketplace with over 700,000 active users. An INSEAD ’09D, Jan began his career in M&A and private equity in Switzerland before joining Springstar, a German-Swiss venture builder, to manage their Brazil operations.

In this episode we cover: 

• How he acquired and merged two struggling beauty companies (Glambox and Men’s Market) into what is now B4A (00:00:24; 00:05:28) 
• His approach to restructuring and achieving breakeven in just four months by integrating company cultures and cutting fixed costs (00:11:39; 00:12:21) 
• How B4A grew 10x in size and revenue, leveraging subscriptions, micro-influencers, and B2B services (00:19:41; 00:28:02) 
• His thoughts on AI’s impact on labor, business efficiency, and why every employee at B4A is expected to use AI tools (00:28:02) 
• His long-term vision for B4A, including potential international expansion, IPO, or SPAC exit (00:36:18)

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In this episode, I speak with Amr Habis, a transformational leader with expertise in engineering, project management, and business strategy, who has played a key role in Saudi Arabia’s Vision 2030. With experience spanning organizations like Aramco, OEM Group, and the Saudi National Guard, Amr provides deep insights into Saudi’s economic shift, infrastructure boom, and cultural transformation.

We discuss:

• Amr’s career journey – from engineering and construction to oil & gas and eventually entrepreneurship, and how he finds fulfillment in constant learning and transformation.
• Saudi’s Vision 2030 at two levels – the "hardware" changes (megaprojects like NEOM and Riyadh Metro) and "software" changes (cultural and societal shifts).
• The cultural evolution – how Saudis are embracing uncertainty, breaking from traditional career paths, and seeking more personal fulfillment.
• The “New Unknowns” – how the younger generation is redefining ambition, financial stability, and career choices in response to the rapid changes in Saudi Arabia.
• Challenges for business owners – how SMEs and long-established companies are adapting to regulatory overhauls and a fast-changing market.
• Why Saudi shouldn’t be judged by global benchmarks – how cultural uniqueness shapes policy, business, and urban development differently than in the West.
• The rise of the Saudi entrepreneurial ecosystem – why businesses in Saudi are creating their own "Blue Ocean" strategies to differentiate and innovate.
• Leadership and mindset transformation – the most critical factor in successfully navigating change, both for individuals and companies.
• His passion for Arabic calligraphy – preserving and modernizing Saudi culture through an upcoming podcast dedicated to this historic art form.

A fascinating conversation for entrepreneurs, investors, and anyone interested in Saudi Arabia’s unprecedented transformation under Vision 2030.

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In this episode, we are joined by Waleed AlBanawi, an INSEAD 05D, Executive Chairman & CEO of Banvest Group, and former chairman of Young Presidents' Organization (YPO) MENA. Waleed has deep experience in traditional industries, venture capital, and regional economic transformation.

We discuss:

• His father’s entrepreneurial journey – pioneering industrial business in Saudi Arabia before the oil boom, securing funding when banks wouldn’t lend to industry, and overcoming regulatory and workforce challenges.
• Lessons in resilience – how early exposure to adversity through boarding school, competitive sports, and business challenges shaped Walid’s leadership style.
• Transitioning from family business to venture capital – after 26 years in manufacturing, Walid moved into VC to support tech entrepreneurs and invest in disruptive businesses across MENA.
• Challenges for startups in the GCC – why many founders fail due to a lack of market fit, the importance of adaptability, and how capital mismanagement affects long-term success.
• Investment philosophy – key criteria he looks for in startups: sector growth potential, path to profitability, strong governance, and building scalable teams.
• Saudi Arabia’s Vision 2030 – how government reforms, digital transformation, and policies are accelerating private-sector growth and attracting investment.
• Future opportunities in MENA – why fintech, health tech, tourism, and entertainment are among the region’s most promising sectors for entrepreneurs.
• Advice for young entrepreneurs – the importance of lifelong learning, stepping out of comfort zones, and innovating rather than just renovating.

A must-listen for investors, entrepreneurs, and anyone interested in business transformation in the Gulf region.

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Zaid Mosawy, an INSEAD 10D, joined us to discuss his experience as a key figure behind the delivery of the 2022 FIFA World Cup in Qatar. 

We explore how his background in civil engineering, experience with the London Olympics, and INSEAD MBA positioned him to lead one of the most ambitious infrastructure projects in the region’s history. 

Zaid shares lessons from a decade of planning and executing the World Cup—from cultural diplomacy and labor reforms to navigating geopolitical crises and creating lasting legacy programs. 

We also look ahead to Saudi Arabia 2034 and discuss how mega-events can catalyze social, economic, and regional transformation.

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In this episode of the INSEAD Emerging Markets Podcast, Nick Lall speaks with Kaoru Kaganoi, INSEAD MBA '16J and founder of Peach Tech, East Africa’s leading used car marketplace. From growing up in Paris as the son of a Japanese professor of French philosophy to intense stints at McKinsey in Tokyo and Nairobi, Kaoru shares his global journey through social impact work in Bangladesh, Tuvalu, and Palestine, culminating in launching a high-growth startup in Kenya.

He opens up about:

• How his early cross-cultural experiences shaped his worldview and career
• Lessons learned from microfinance and the nonprofit sector
• The challenges and rewards of switching from consulting to startups
• Building Peach Tech as a vertically integrated solution to bring transparency, safety, and trust to Africa's used vehicle market
• What it’s like to live and build in Nairobi
• Why fairness is his core life principle—and how that guides every decision

With reflections on grit, culture-building, and creating systems from scratch in emerging markets, this is a must-listen for anyone interested in entrepreneurship, Africa, or mission-driven business.

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 In this episode of the INSEAD Emerging Markets Podcast, host Nick Lall is joined by Altesh Baijoo, a dynamic entrepreneur at the intersection of finance, technology, and global markets. As Founder of Insaaph Capital and Director at Flow48, Altesh is helping reshape financial access across the developing world—unlocking investment opportunities through blockchain-enabled platforms and bridging SME funding gaps through tech-driven working capital solutions.

Altesh shares his journey from the corporate world to entrepreneurship, including his early intrapreneurial experiences in FMCG, his deep dive into fractionalized finance, and his growing conviction that emerging markets hold the key to future global growth. With 6,400+ users on Isaaph’s platform and $25 million raised at Flow48, Altesh unpacks how he and his teams are leveraging alternative data, API infrastructure, and a trust-based culture to drive innovation in South Africa, the UAE, and beyond.

This wide-ranging conversation explores tokenization, the democratization of wealth-building tools, the challenges of SME lending, and Altesh’s core values of trust, transparency, and technical leadership. Tune in for an eye-opening look at how emerging markets are not just catching up—but leading the way.

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In this episode, we were joined by Yana Yasevich, Partner & Head of Platform at Alter Global, an early-stage VC firm focused on emerging markets worldwide. 

Since 2020, Alter has made more than 70 investments in entrepreneurs based out of São Paulo, Jakarta, Dhaka, Lagos, Buenos Aires, Manila, Mexico City, and more, supporting high-character founders building not just companies, but their communities and economies.

We discuss:

• Yana’s entrepreneurial journey – how launching a sleep and wellness startup in San Francisco gave her first-hand experience in zero-to-one growth, fundraising, and operations, shaping her approach to VC.
• The Alter Global investment thesis – why they focus on fintech, commerce enablement, and logistics in high-growth markets like Brazil, Indonesia, Egypt, and Nigeria.
• Founder selection – how Alter identifies "inevitable entrepreneurs"—relentless, high-impact founders committed to scaling their ventures and supporting their local startup ecosystems.
• The unique challenges of emerging markets – limited late-stage financing and exit opportunities, and how Alter helps startups connect with global investors and build towards long-term success.
• How emerging markets are leapfrogging traditional industries – examples from insurance, logistics, and digital payments, where startups are bypassing legacy infrastructure and introducing mobile-first solutions.
• How Alter is expanding into new markets like Saudi Arabia and Vietnam – and what makes a country an attractive investment destination.
• Alter’s Fellowship Program – an innovative initiative matching top early-career professionals with Alter’s portfolio startups for six to twelve months on the ground, helping scale operations while exposing top talent to emerging market ecosystems.
• Advice for entrepreneurs in emerging markets – why founders should be strategic about raising venture capital, seek strong local investor partnerships, and prioritize clear, compelling pitches.
• The future of venture capital in emerging markets – why patient capital, deep market understanding, and founder-first investing will drive the next wave of global innovation.

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In this episode, we were joined by Darren Lapp, CEO of the New Forests Company, a sustainable forestry and timber products business operating in Uganda and Tanzania. Darren shares his journey from growing up in a forestry town in Canada to leading a major forestry enterprise in sub-Saharan Africa.

We discuss:

• Darren’s career path – how he transitioned from biology and soil science to forestry, influenced by early work experiences and international exposure.
• The challenges of forestry in Africa – balancing environmental sustainability, community engagement, and economic viability.
• Sustainable practices – how the New Forests Company restores deforested areas, integrates local communities, and secures FSC certification.
• Investment in forestry – why forestry requires long-term, impact-driven investors and how the industry is evolving in Africa.
• Local value addition – efforts to reduce reliance on raw material exports by producing finished timber products within East Africa.
• Leadership insights – Darren’s collaborative leadership style, developed through multinational experience and INSEAD’s International Directors Program.
• Future vision – scaling New Forest Company's impact by expanding industrial capacity and market development, with a goal of long-term economic sustainability.

After this podcast was recorded, Darren let me know they had closed a transaction with Shell Nature Based Solutions in forming a new impact forestry joint venture.  You can learn more on the New Forests Company’s LinkedIn profile - https://www.linkedin.com/company/the-new-forests-company

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