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In 2020, I hosted a fire side chat with Mukesh Bansal, Co-Founder, Myntra and CureFit about brief history of Myntra, CureFit and his insights from building an iconic indian startup as part of The Red Bricks Summit by IIM Ahmedabad.
Mukesh is a technology entrepreneur with almost two decades of experience working with high tech consumer internet companies. After B.Tech in Computer Science from IIT Kanpur and working across engineering, product management, and leadership roles for four different early-stage tech startups in the Bay Area, he founded Myntra in 2007 which became India's largest online fashion retailer.
Mukesh co-founded Cure.fit in April 2016. Since then, the company has raised a total of $400 million of funding and acquired Cult, 1000Yoga, and Fitness First. Bansal, through Cure.fit, has been instrumental in changing the landscape of India's health and fitness industry.
You can check out the live recording of our conversation below.
At our latest eChai Dinner Social hosted by Shalin Parikh and Leena Parikh from Entigrity at their farmhouse, we gathered a select group of startup founders and operators for an evening of candid conversations and community spirit.
ft.
Shalin Parikh
&
Leena Parikh
(Entigrity)
Syed Nadeem Jafri
(Hearty Mart)
Manasvi Thapar
(Candour Legal)
Rishit Shah
(Kinetiq)
Vishakha Shah
(Venus Logistics)
Kumar Manish
(Communicate Karo)
Nikita Lalwani
(Croooze App)
.jpg "Kush Prajapati - Co-Founder, Redicine Medsol")
Kush Prajapati
(Redicine)
Prafull Billore
(MBA Chaiwala)
.jpg "Harsha Bhurani - Founder, Humming Bird Consulting")
Harsha Bhurani
(Hummingbird Consulting)
Aalap Sanghvi
(Immersfy)
Priyanka Sharma (Republic)
Shreya Billore (Askus way)
Jatin Chaudhary
(eChai Ventures)
ft.
Shalin Parikh
Leena Parikh
Syed Nadeem Jafri
Manasvi Thapar
Rishit Shah
Vishakha Shah
Kumar Manish
Nikita Lalwani
Kush Prajapati
Prafull Billore
Harsha Bhurani
Aalap Sanghvi
Priyanka Sharma (Republic)
Shreya Billore (Askus way)
Jatin Chaudhary
From the earlier eChai SaaS Social with founder friends from the city at MagentaInsights HQ.
Small Group. Candid Conversations. Startup Folks.
Great to catch up with many new founder friends from Ahmedabad.
Vikas Mundhra & Vikalp Somani (MagentaInsights)
Yash Shah (Clientjoy)
VIKASH RAJPUROHIT & Keshav Dhamecha (VastraApp)
Pankaj Bhimani (58Miles)
Kush Prajapati (Redicine)
Pratik Patel (Flo Mobility)
Himani Kankaria (Missive Digital)
Bhavik Makwana (ZenDevX)
Anuj Dalal (Zestard)
Mitesh Shethwala (Currently)
Harsha Bhurani (Hummingbird Consulting)
Jay Patel (Momentum Ventures)
Koumal Kalantry (Ankk Cares)
Swayam Raval (Admyre Club)
Nishi Jain (Vibes Good)
Niren Panchal (Brittman & Workex)
Foram Popat (HROne)
List of participants at https://echai.ventures/events/echai-saas-social-in-ahmedabad-feb-07-2024
Notes from Startup Exits and M&A Forum
It’s important for both the companies - the company being acquired and the acquirer - to evaluate not just products, services and financials but also whether there is culture fit between the leadership and the team at large.
Due Diligence can bring to light compliance issues as well some times and it is ok. As long as it does not show gross negligence or mis-representation in data, Due Diligence typically goes through.
Diligence at the time of acquisition and diligence at the time of fund-raising are quite different. At the time of acquisition, it is much more focused on team, technology, GTM channels and financials while diligence at the time of fund raising is mostly legal and financial with some attention to other aspects.
It’s difficult for startups to plan for an exit. The plan should be created to become valuable for customers - everything else typically follows.
It’s important for both the companies - the company being acquired and the acquirer - to evaluate not just products, services and financials but also whether there is culture fit between the leadership and the team at large.
Due Diligence can bring to light compliance issues as well some times and it is ok. As long as it does not show gross negligence or mis-representation in data, Due Diligence typically goes through.
Diligence at the time of acquisition and diligence at the time of fund-raising are quite different. At the time of acquisition, it is much more focused on team, technology, GTM channels and financials while diligence at the time of fund raising is mostly legal and financial with some attention to other aspects.
It’s difficult for startups to plan for an exit. The plan should be created to become valuable for customers - everything else typically follows.
Things to keep in mind during fundraising for early stage founders.
There are no permanent ‘No’s. When an investor passed on your deal, ask for permission to keep them updated every quarter and then enrol them into a list to which you send out a quarterly update across your product, team and growth. You never know when interest in your startup might peak.
Fundraising is a full-time activity for 1 founder. Pitch to as many people as you can. Pitch, Ask for feedback, improve, repeat.
At early stages, valuation is more of an art than a science. Ultimately, when you are at the negotiating table - everything falls back to how desperate you are to raise and how convinced they are to invest in you.
There are no permanent ‘No’s. When an investor passed on your deal, ask for permission to keep them updated every quarter and then enrol them into a list to which you send out a quarterly update across your product, team and growth. You never know when interest in your startup might peak.
Fundraising is a full-time activity for 1 founder. Pitch to as many people as you can. Pitch, Ask for feedback, improve, repeat.
At early stages, valuation is more of an art than a science. Ultimately, when you are at the negotiating table - everything falls back to how desperate you are to raise and how convinced they are to invest in you.
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eChai with Founders from the community who have made it to Shark Tank India.
Ft.
Ananya Maloo
, Co-Founder, Nuutjob
Shani Pandya
, Co-Founder, Imagine Powertree
Payal Pathak
&
Soham Payal Pathak
, Co-Founders, The Simply Salad
Jignesh Vasavada
, Co-Founder, Temple.ngo
Jainam Mehta
, Co-Founder, UrbanNaps
I had moderated this meetup.
Ft.
Ananya Maloo
Shani Pandya
Payal Pathak
Soham Payal Pathak
Jignesh Vasavada
Jainam Mehta
I had moderated this meetup.
eChai Socials are delightful and fun conversations with founders.
Lot of learning and fun exchanges.
Lot of learning and fun exchanges.
Today
Amit Panchal
(Allevents) hosted the founders lunch to welcome Bhopal-based Nemesh Singh (Appointy) who was visiting the city.
Appointy is one of the leading online scheduling software companies in the world, with over 200,000 customers globally.
We were joined by
Shalin Parikh
(Entigrity) ,
Rishit Shah
(Kinetiq),
Pankaj Bhimani
(58miles),
Bhavesh Patel
(Brands.live),
Ruchit Patel
(Allevents),
Kush Prajapati
(Redicine) and Dhruv Patel (SalesHandy).
We had hosted the first eChai in Bhopal at Appointy Office in 2014.
Amit Panchal
Appointy is one of the leading online scheduling software companies in the world, with over 200,000 customers globally.
We were joined by
Shalin Parikh
Rishit Shah
Pankaj Bhimani
Bhavesh Patel
Ruchit Patel
Kush Prajapati
We had hosted the first eChai in Bhopal at Appointy Office in 2014.
eChai Startup social celebrating the vibrancy of entrepreneurship and Co rising together with cool much of folks & founders with a picturesque backdrop.
1st eChai social of #HappyNewYear2024 🥳
Thanks Shalin Parikh and Leena Parikh of Entigrity for being an amazing host.
1st eChai social of #HappyNewYear2024 🥳
Thanks Shalin Parikh and Leena Parikh of Entigrity for being an amazing host.
eChai Partner Brands
eChai Ventures partners with select brands as their growth partner, helping them expand market reach, drive revenue growth, amplify brand visibility, and strengthen hiring efforts.
Branding and Marketing
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USP: We simplify the workflow of creators and teams.
Marketing Automation
Legal
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USP: Empowering 8000+ startups & MSMEs with hassle-free legal, tax, and compliance services. ·Ideal for: Early Stage Founders, SMEsClients: Cricheroes, DevX, Clientjoy, Saarthi Pedagogy
Event Marketing
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USP: AllEvents' event ticketing software helps you reach 20M+ event tickets seekers to sell tickets online & boost your event ticket sales.Ideal for: Event Organizers, Concert OrganizersClients: Bhutan Tourism, Odisha Tourism
Coworking Spaces
Healthcare
FMCG Food and Retail
Merchandise
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USP: The multi function of a backpack for various application for example, a camera backpack can be transformed in to a normal backpack, or gym backpack or sports backpack.
Developer Tools
HR Tech and Agencies
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USP: Our speciality is that we don’t spam candidates. We also filter our candidates twice – once by our team member, once by team leader. We hire across industries and across experience levels.
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USP: We specialize in quickly connecting you with the best mid- to senior-level talent, ensuring quality candidates every time.Ideal for: High Growth Startups, SMEsClients: Allevents, DevX, IndiaBiz, WebOsmotic, Welness Forever
Investment Banking
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USP: At IBGrid, we evaluate both tangible and intangible value factors to deliver a fair valuation reportIdeal for: IPO-bound SMEs, Series A StartupsClients: Peer Capital, DevIT, Allevents, Unicorn India Ventures
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USP: Our USP is our tailored approach to investment banking, combining in-depth market research, personalized advisory, and strategic financial modeling to turn our clients' ambitions into measurable success.
Brands Partnerships
Customer Engagement Platform
eChai's Dubai Startup Meetup coming up this Friday evening
eChai Ventures partners with Accel for their Accel Atoms program for AI and Bharat Startups
eChai Ventures and LegalWiz.in launch The Startup Code, an open accelerator program for early stage founders
Interakt by Jio Haptik joins eChai's Preferred Partner Brands Program
eChai Ventures partners with Delhivery's Growth Summit for D2C Founders
Founders from 20+ Countries Participate in eChai's San Francisco Meetup at Draper University
eChai Ventures and LegalWiz.in Host 'The Startup Code' Conference at DevX GIFT City with Mentors and Startups from the Community
eChai Ventures collaborates with AIEMED for Tech Expo Gujarat 2024
About eChai Ventures
eChai Ventures is a global startup network connecting entrepreneurs through local meetups in 20+ cities worldwide, enabling cross-border collaborations via startup panels, demo days, cricket, and pickleball leagues.
Make the most of eChai Ventures network:
- Complete Your eChai Profile It's key for others to discover you.
- Join eChai's Startup Meetups: Register for relevant eChai events happening across cities. Each event will have specific instructions on how to join.
- Discover Startup Folks: Explore and connect with other participants.
- Stay Updated: Follow the eChai feed for the latest updates from our community.
- Explore eChai Partner Brands: Check out our partner brands and how they can support you.
- Showcase Your Startup: Get opportunities to present your startup.
- Get Involved: Engage more and get a chance to volunteer or host meetups.
- Attend Global Events: Participate in events across different cities and countries.
- Find Collaborators: Discover co-founders, collaborators, talent, and business opportunities.
- Build Friendships: Make meaningful connections with fellow startup enthusiasts.
Join the meetups that interest you and start making the most of the community.
If you have any questions or need assistance, feel free to reach out at [email protected].