He built a $20B public company, left—then raised a $100M Series A. | Dheeraj Pandey, Founder of Nutanix & DevRev

A Product Market Fit Show | Startup Podcast for Founders

Dheeraj built Nutanix into a $20B public company—then walked away to start DevRev. He just raised a $100M Series A.

This episode breaks down why most founders "sell and run" (chase new logos instead of delivering value), why that strategy fails, and how Dheeraj thinks about building platforms with use cases instead of just features. He explains why the biggest opportunities come from bundling and why you need to hit 130%+ NRR to scale in B2B.

Dheeraj also shares the two near-death experiences at Nutanix in the first 5 years, how they survived, and what he's building differently at DevRev in the AI-native world.

If you're wondering whether you have real PMF, how to think about platforms vs features, or why your existing customers matter more than new ones—this is mandatory listening from someone who's done it twice at massive scale.

Why You Should Listen:

• Learn why PMF at $1M doesn't mean PMF at $10M—and why you have to find it again at every milestone
• Why "sell and run" kills startups—the real work starts after you close the deal
• See how platform thinking (not feature thinking) took Nutanix to $1B ARR
• Understand why 30-40% of revenue from existing customers is real PMF

Keywords:

startup podcast, startup podcast for founders, product market fit, platform thinking, Nutanix founder, enterprise SaaS, net dollar retention, PMF milestones, fastest to $1B, second-time founder

00:00:00 Intro
00:01:58 Starting Nutanix
00:14:24 Why he left a $20B company
00:18:53 The DevRev thesis
00:27:39 Pre-AI vs post-AI product strategy and the agent shift
00:40:57 Platform vs features
00:46:25 PMF is not a destination
00:48:10 #1 Advice

Send me a message to let me know what you think!

챕터

1. Intro (00:00:00)

2. Starting Nutanix (00:01:59)

3. Why he Left a $20B Company (00:14:25)

4. The DevRev thesis (00:18:54)

5. Pre-AI vs Post-AI Product Strategy and the Agent Shift (00:27:38)

6. Platform vs Features (00:40:58)

7. PMF is not a Destination (00:46:26)

8. #1 Advice (00:48:19)