Dhandha ya Startup?

My recent family visit to Jaipur would have been incomplete without a quick check-in into the start-up ecosystem. A few conversations with Headstarters and a last-minute meet-up with eChai Ventures helped me understand-

1. Jaipur and Rajasthan as a whole believe in business = profit > massive growth
2. Fundraising doesn't take as much precedence as building a sustainable business
3. Some of the most renowned start-ups and businesses like CarDekho Group, Razorpay, DealShare, and even Dexter Ventures have started and been built in Jaipur
4. The community is nascent, close-knit and growing
5. A lot of talent, very good talent is available thanks to the number of colleges and coaching institutes in the region

A shoutout to everyone who made time on short notice to help me get a sneak peek into Jaipur and the Rajasthan ecosystem - Paresh Gupta, Tushar, Prateek Mathur, Vinay Kamal, Chetan Saini, Rahul Singh.
Jatin Chaudhary and Gautham Sivaramakrishnan Headstart Network Foundation always help me find the best people to connect with across the country and the world.

If you have been to or built-in #Rajasthan, I would love to hear your thoughts. Do tag anyone you would like me to meet the next time I'm in Rajasthan.

Hey Manoj, what do you do?
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I had never thought, that this simple question can be so difficult to answer. Here is how my answer to this question has changed in last 3 years.

• Until Feb 2021, before I left my Corporate job - I am a Technology Risk Manager at Barclays, Singapore 👜

• From Mar 2021 to July 2022 - I am Founder of Bizsomia ⚽

• After we stopped working on Bizsomia - I found myself grappling with an Identity crisis as I struggled to define my professional narrative 🌶

• Between Aug 2022 to Dec 2023 - Though I was doing various things such as Consulting, Running Course and Hosting podcast, still I had no definite answer 🤐

• Jan 2024 onwards - I am Director at WebOsmotic and Co-Founder at narad.io 🚀

Transitioning from a Corporate job to the Startup world isn't just about starting something new; it's about persevering through the challenges and maintaining your sense of identity along the way.

P.S : Today marks my 3 year anniversary in Startup Ecosystem and I am proud of my journey 😎

I'll be hosting the fireside chat with

Nisarg Pandya

, Founder & CEO, drivebuddyAI at DeepTech Startups Meetup in Ahmedabad today evening (1st March, Friday) at Ahmedabad University (w/ VentureStudio) from 6 pm to 8 pm.

Free registration at https://echai.ventures/events/deeptech-startups-meetup-in-ahmedabad-mar-01-2024

This is what we live for @cricheroes #Cricket

Back at eChai Ventures tomorrow chatting about marketing at early stage startups. 🚀

Bang in the middle of COVID - I remember Jatin reaching out for a session on content and I got to join a really rich panel of experts with Sujata and Taniya from Suta, Riddhi from Avenue Ecom and Smita from Delloite, ex Duroflex.

I learned so much from their diverse opinions and experiences.

I’m joining another panel tomorrow with Ankita De and Varun Trivedi to chat about marketing at early stage companies in HSR Layout, 11 AM onwards.

Join us if you’d like to catch up. Im looking forward to learning from this panel as well.

Details ⬇️

Join us for our upcoming event in collaboration with Azure Society of Excellence & Microsoft Azure, and explore how AI accelerates idea generation, refines concepts, and optimizes strategies, reshaping the path to startup success!

Mark your calendar - March 1, 2024, 6:00 pm onwards.

Register now at  https://ahmedabad.iimaventures.com/event-details/microsoft-day-at-iima-ventures/form

eChai's Singapore Startup Meetup is happening today (29th Feb, Thursday) at Draper Startup House Singapore from 7 pm to 9 pm.

🎙️

Monika Mehta

, Co-Founder, TrillionSale
🎙️

Tushar Tejuja

, Founder, Scout - AI Powered Talent Hunter

It will be moderated by

Smitha Saravanan

, Business Development Manager, IKIGAISG.

Free registration.   

Congratulations to BonV Aero!

Exciting news from Meet the Drapers Season 6 Finale - BonV Aero emerged as the champion, securing a whopping $1.6 million in funding! 🏆

I had the opportunity to be part of the selection panel along with Devesh Ramchandani, Dr. Barada Prasad Panigrahy and Sarika Batra, we witnessed more than 300+ Startups from across India, Srilanka and the MENA region, and least mention the Sri Sri University, Bhubaneswar, certainly was tough call to pick one startup to be represented from each region.

I would like to thank all our judges who were at MEET THE DRAPERS-season 6 India, Madan Padaki Nikhil Kamath Nupur Hemant along with Tim Draper.

BonV Aero’s groundbreaking mission to transform critical logistics with innovative electric aerial vehicles, tailored for demanding terrains, has garnered them well-deserved acclaim from our distinguished panel of judges.

Many congratulations to the team BonV Aero Satyabrata Satapathy Gaurav Achha the winners and 1st Indian startup to be funded at Meet the Drapers seasons.

This season witnessed a total investment of $2.8 million, underscoring the extraordinary promise and commitment of our contestants to propel innovation and change.

If you're convinced your startup can make a significant impact, seize the opportunity to apply for Season-7 of Meet the Drapers. Embark on this journey to leave your imprint on the global entrepreneurial landscape. https://lnkd.in/gWuVsvJF

Thank you GUSEC for this felicitation and recognition. I cherish my association with your esteemed incubation centre since the time of its inception.

These years have helped me groom myself as a mentor and I am pretty sure I could contribute a little in the growth and success of those early stage #startups that approached me for mentorship and guidance. 

Looking forward to further this relationship and nurture more entrepreneurs in the times to come!

It was a super event hosted by Malav Warke at DevX Andheri in Mumbai.

Honoured to be part of the speaker Panel. It was Great to meet Udit Goenka - and I realised that there is a lot to learn from him.

Keep Up the good work eChai Ventures.

Going forward apna will be the official partner of AICTE to help all Engineering and Management graduates find a job and help them in career discovery. Honoured to exchange an MoU with AICTE, led by esteemed Prof. Sitharam T.G, Chairman of AICTE.

“There is no dearth of jobs, we just need to connect students with opportunities. We are thrilled to announce that Apna and AICTE will make this happen for all India’s Engineering and Management College students.”

The ceremony was graced by the august presence of Union Minister of Education, Skill Development and Entrepreneurship, Shri Dharmendra Pradhan-ji, Secretary Higher Education Shri K Sanjay Murthy, UGC Chairperson MAMIDALA JAGADESH KUMAR, NCVET Chairperson Dr. Nirmaljeet Singh Kalsi IAS (retd), and other dignitaries whose guidance and blessings make this journey even more meaningful.

Inspired by Hon’ble PM Shri Narendra Modi-ji's words, “The energy of the youth and their passion for development are what drive a nation forward.” It is a privilege to work alongside such visionary leaders and dedicated institutions in our shared mission to nurture and equip India's youth for the opportunities of tomorrow.

The collaboration envisions to unlock job and career discovery, provide AI-powered support for building resumes & interview preparation and set up a community platform for all-round professional development of students, ensuring they step into the professional world with confidence and the right opportunities at their doorstep. All Engineering and Management students graduating from AICTE-affiliated colleges will be benefitted by this initiative.

A heartfelt thank you to everyone involved in making this a reality. Karna Chokshi Shuvajyoti Ghosh Kathak Mehta, PhD and the entire team at apna, and Hiranmay Mahanta. 
Together, we will be nurturing a skilled, competent and confident generation ready to lead India's growth.

Photo courtesy: AICTE

People ask about weekends,

Your weekends can be worthy too if you are surrounded by the right folks, and for me, they are eChai Ventures and this is what echai friends do.

The day started with chit-chat about the business and was followed by an amazing lunch at Karnawati Club.

Attended an amazing echai demo day, where one friend pitched his new venture on the stage and another shared his success story.

58 Miles Rocks and AllEvents.in has been always inspiring.

Crazy fun weekend with craziness and productivity. Hope to have these keep coming in.

Jatin Chaudhary Pankaj Bhimani Amit Panchal Umesh Uttamchandani Himani Kankaria Kumar Manish Koumal Kalantry Shrijay Sheth Leena Parikh Syed Nadeem Jafri Gaurav Barot

“Prateek, let’s travel across India to know more about the stories of India SaaS”

4 months ago, my co-founder Sri reached out to me with this crazy text and bag full of even crazier ideas. Without a second thought, I knew I was in.

And that's how from Day 0, both of us went all in.

And here we are today—I’m extremely excited to introduce to you, The Bharat SaaS Yatra!

Our vision? To celebrate the Rise of India SaaS, and cover hundreds of stories of SaaS Founders—The wins, the losses, the challenges and everything in between ❤️

Stories not just from the Tier 1 cities, but also the gritty tales from Tier 2 & Tier 3 cities.

Hitting the road for the next 4 months to travel across 20 cities and capture the Fan-SaaStic stories out there.

Wondering, where we’ll meet? In one of the finest immersive SaaS exhibitions that we’re setting up across all the 20 cities. I bet, you’re going to love it!

Hop in with us in the Yatra 🙂

Link to register for the exhibitions

 

How did I find my Co-Founder?

In 2020, I decided to relaunch an IT company with a focus on a specialized field as opposed to continuing our 2014-founded freelance business. Even though since 2014 we have completed over 300 fixed-cost jobs and about 100,000 hours of freelancing, I was not happy. It's so simple to be a so-called "CEO" in the IT business these days—all you need is a laptop and various accounts on freelance platforms, which you may even open under family names 😂.

But, I've always wanted to start an IT company rather than a freelancing agency. To get knowledge and explore more from other like-minded entrepreneurs across various sectors, I joined BNI Global Surat Region.

There I met Dhaval Vansadia at a chapter meeting a few weeks later. He had a technical background, came from the textile industry, and had expertise in D2C brand consulting.

He is very enthusiastic about networking and enjoys building new connections. We met at our office and after an hour-long discussion, he hired us for a project, and we created an ERP system for his business. that's how he became our first client out of a freelancing portal.

After a year of collaboration, he made the difficult decision to leave his company, which he had invested both money and heart in for eight years. Despite this, we remained close friends and nurtured our relationship.

He spoke to me over the phone one day, "Jatin, what are you doing? This Friday, if you have time, let's get together at your workplace. I miss having coffee from you."

Well, then, why not?

We had coffee together on Friday and during a conversation, he asked "Jatin, Why do most IT companies in Surat fail to become multimillion-dollar companies?"

After an hour-long conversation, I asked him, "If you think you are ready again, let's build Sarvadhi a multimillion-dollar company that would run for years and years, with or without us!"

And he responded, "YES!"

That's how I met my co-founder Dhaval, who serves as Director of Sales and has been in charge of sales since January 2024.

It proved that huge dreams, trust, and a cooperative mindset of mutual growth can all lead to the creation of a great company.

Dhaval Vansadia, welcome to the team. I'm looking forward to working with you after working for you.

If someone asks me if BNI has been helpful, my response is: Indeed, it's worth exploring if you're willing to be flexible and know how to make the most of your network—both for business and for making new friends in different fields.

Had an enriching experience at the eChai Startup Demo Day in Pune last Saturday!

Attended a captivating showcase of startups, and two in particular stood out for their innovative offerings:

#ElektrikExpress : Their focus on the EV space, specifically building electric scooters for gig workers, is truly commendable. What caught my attention was their ability to identify a niche market and offer affordable solutions despite stiff competition. It was inspiring to learn that the founders are still in college, showcasing incredible entrepreneurship at such a young age.

#Phynart : Revolutionizing our homes with smart technology, Phynart impressed with their seamless integration of various smart products through a single app. Their strong revenue generation reflects the effectiveness of their solutions.

Kudos to #eChai Ventures for curating yet another impactful demo day! Looking forward to witnessing more innovation and entrepreneurship in the future.

Startup Learning Series: Understanding ROFR vs. ROFO

ROFR (Right of First Refusal)

➡️ What is ROFR?
The holder has the privilege to match any offer the seller receives before finalizing a deal with a third party. Essentially, they have the right to refuse an initial offer and step in with the same terms.

➡️ Example:
Startup A grants an investor a ROFR. If the startup receives a funding/ acquisition offer from Company X, the investor has the first shot at matching that offer before the startup can proceed with Company X.


ROFO (Right of First Offer)

➡️ What is ROFO?
Unlike ROFR, this gives the holder the first chance to make an offer before the seller approaches others. The seller is obligated to consider this initial offer before entertaining offers from third parties.

➡️ Example:
Startup B gives an investor a ROFO. If the startup decides to sell a portion of its shares, the investor gets the opportunity to present an offer first before the startup explores other options.


Which is more beneficial for Startups?

➡️ ROFO: This can be advantageous for startups aiming to maintain control and nurture strategic partnerships. It provides a structured process for selling shares and ensures that existing stakeholders are considered first.

➡️ ROFR: Startups looking for flexibility might prefer ROFR. It allows them to explore various offers and potentially secure a better deal.


Which is more beneficial for Investors?

➡️ ROFR: Investors seeking security and the ability to protect their investment may lean towards ROFR.

➡️ ROFO: Investors looking for proactive involvement and a first-mover advantage may find ROFO more appealing. It allows them to set the initial terms and potentially secure a deal before others come into play.


Considerations for both Parties

➡️ Negotiation Power: ROFO gives negotiating power to the holder by allowing them to set the initial terms.

➡️ Flexibility: ROFR provides flexibility for sellers to explore various offers before committing.

➡️ Relationship Dynamics: Both agreements impact the dynamics between startups and investors, requiring a careful understanding of the long-term vision and goals.


Conclusion

➡️ The choice between ROFR and ROFO depends on the specific needs and goals of the startup and the investor involved.

➡️ It's not a one-size-fits-all scenario, and understanding the nuances is crucial for creating mutually beneficial agreements.


Other posts in the Startup Learning Series:

🔗 Pre-emptive Rights: https://lnkd.in/dQKcThft

🔗 Liquidation Preference: https://lnkd.in/dRb2Eetc

🔗 Anti-dilution Clause: https://lnkd.in/dFSWs2xH

🔗 Understanding ROFR: https://lnkd.in/dxuVBxge

At STIR Advisors, we help startups and investors with our expertise to navigate through such intricacies.

Gained invaluable Insights and Inspiration from the latest eChai Startup Demo Day at IIMA Ventures in Ahmedabad.

On this Saturday I had attend Echai meet up for Start up enthusiasts, and it was awesome experience with innovation ,collaboration and potentials, from dynamic pitches to engaging discussion ,the event was full of entrepreneurial spirit.

There are many founders who represent their product and ideas. one founder introduced FMCG product app for fastest delivery service and highlights the emergence needs of online delivery services. on the other side the founder focusing on the travel bag product.

In Addition the founders of Smytten also shared invaluable insights into strategic approach and their journey to success. Overall, the eChai meetup served as a phenomenal platform where investors, start-up founders, and industry professionals meet to discuss emerging business opportunities and exchange knowledge.

This event helped me in fuelling my passion for innovation and Entrepreneurship.