Edition #9. Honest, unfiltered conversations, on record, are rare in journalism. In recent times, at least. So when I got the opportunity to sit down with Avik Ashar for Unscripted, I didn’t think twice. I’d met him only once before but it was enough to set the stage for what I knew would be a cracker of a conversation.
Ashar is from a generation of fund managers who have seen near-unfettered capital flow into India’s private equity and venture capital (PE-VC) markets for a decade. They’ve also had a front-row seat to the debilitating consequences of reckless dealmaking at unsustainable valuations. As the generation that will largely drive dealmaking in the current decade, their learnings and approaches will be critical in defining the contours of PE-VC investing in India for the next several decades.
Ashar has been on both sides of the dealmaking table – investing in technology startups on behalf of a Mumbai-based family office back in 2013, bearing witness to the implosion of one of Asia hottest ecommerce startups, taking the entrepreneurial plunge and then having to shut shop, and now driving investments for Riverwalk Holdings, an Indian-origin family office that’s crossing over into the fiercely competitive venture capital arena.
Watch the latest episode of Unscripted with Avik Ashar from Riverwalk Holdings.
The conversation with Ashar is the perfect close to a year that, for me personally, has been equal parts about returning to form (journalism) and exploring new storytelling forms on a subject that has always intrigued me.
The Runway is still work-in-progress but its direction and character has fallen into place, helped in no small measure by feedback and suggestions from friends and readers. We have much to look forward to in 2026. Keep those suggestions coming in.
And, if you really want a review on PE-VC in India in 2025 and what’s coming up next year, the only wrap you need to read is Tigerfeathers’ Vision 20/26: Charting India.
Enjoy the holiday week and Happy New Year!
Recco | Notes on Culture, Craft, and the Considered Life
Three Underrated Whiskies to Look Out for in 2026
As the single malt conversation gets louder and increasingly predictable, there’s real value in looking slightly off the beaten path. Some of the most interesting whiskies today sit just outside the main conversation. With that in mind, we asked Krishna Nukala to recommend three underrated whiskies worth seeking out in the new year. Based in Hyderabad, Nukala is among India’s most respected whisky consultants and has spent over three decades working closely with master distillers, writers and collectors across the world. Here are three bottles he believes deserve far more attention than they get.
Ardnamurchan (Highlands)
Ardnamurchan is still a young distillery, established in 2014 and releasing whisky only in the last few years. What’s striking is how settled the whisky already feels, says Nukala. He suggests starting with early releases like AD:09.20:01, and then trying the bolder sherried versions to get a fuller sense of the distillery’s style.
Ledaig (Isle of Mull)
Produced at the Tobermory distillery, Ledaig is the peated, maritime counterpoint to Tobermory’s unpeated style. For drinkers who enjoy Islay-style smoke but want a credible alternative, Ledaig delivers bold peat and coastal character, often without the price inflation. Nukala suggests starting with the 12- or 15-year-old expressions, or a cask-strength bottling if available.
Dalwhinnie (Highlands)
Dalwhinnie remains a quiet outlier in the Highlands, prized for its honeyed sweetness, gentle smoke and soft, rounded mouthfeel. Subtle rather than showy, it rewards patient drinkers, says Nukala. His pick is the 15-year-old, with rare cask-strength releases offering deeper insight into the distillery’s elegant core style.
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