When I first signed up for the Hero's Program, I thought it was all about startups. Boy, was I wrong. This experience isnโt just about launching ventures; itโs about discovering the hero within, pushing your limits, and thriving in the face of challenges. ๐ช
Picture this: 130 kilometers of walking and hiking in just four days, mixed with swimming, rowing, and running. Survival week, curated by US Navy SEALs, was a true test of grit, blood, sweat, and yes, tears. This journey was designed to build not just physical endurance, but the mental toughness to tackle any challenge with enthusiasm, energy, and a healthy dose of fun! ๐
Iโm beyond grateful to have been part of this once-in-a-lifetime experience, alongside 110 heroes from 37 countries. Draper University isnโt about being spoon-fed; itโs about being thrown into the deep end (sometimes literally, like treasure-hunting in San Mateo at 4 AM and jumping into a freezing pool in the early morning!) and getting the job done. The spontaneity of pitching to Tim Draper while strolling through the streets ofย #SanMateo or sleeping under the stars in Northern California Wilderness pushed me beyond my comfort zone in the best possible way. ๐
If you are fundraising in 2024, then you should read this post.
Recently attended a startup event "Fundraising for Startups" as a panelist. As the only startup founder among the VC panelists, it was interesting to hear their perspectives and provide my own. The event was organized by HSBC in collaboration with eChai Ventures.
1. Dry powder money is still there and startups with clear vision and execution are getting funded. 2. The time for due diligence has increased and therefore, having enough runway is important before fundraising. 3. AI as a use case is certainly a favorite area but not the only one attracting funding. 4. College degrees are not that pertinent anymore as long as you have a solid business understanding and team (Lots of non-IIT and non-IIM founders are emerging) - alumni network may open doors but wonโt convert only on basis of college.
Money flows where the innovation is and India now has the 3rd largest startup ecosystem in the world. In Q1 2024, Indian startups raised a total of $2 billion fund and added three unicorns to its fleet in 2024 so far - fintech SaaS Perfios, Bhavish Aggarwal's AI venture Krutrim and Logistics startup Porter. While overall investor sentiment has been cautious, the funding winter scenario is a bit milder than expected as the growth of the Indian economy encourages investment in new ventures.
Overall, lots of new learnings with old and familiar faces. Thanks to Jatin for bringing us all together to share our learnings and network with fellow founders, investors, and industry leaders. Looking forward to more such events in the future.
Meet Vaishvi Bansal , a former founder of StarYup Ventures, turned investor and now serving as a Portfolio Manager at Marwari Catalysts
Marwari Catalysts is an accelerator program that invests in early-stage startups. They first provide mentorship for 3 months and then invest in the startups, offering guidance across all segments of the business.
๐ Favorite Startup: Cloud Kitchen Prasadam ๐ She shared that one of her favourite startups is a cloud kitchen that prepares Prasad and sends it directly to customers' homes.
๐ Tips for Aspiring Founders:
1. Do Your Research: Vaishvi advises founders to thoroughly research and approach venture capitalists who specifically invest in their sector. Understanding the investorโs focus area can significantly increase your chances of securing funding
2. Tailor Your Pitch: When preparing to pitch, itโs crucial to tailor your presentation to the specific requirements of the investor. A personalized pitch demonstrates that youโve done your homework and are serious about your venture.
๐ Vaishvi's Recommendations: โข Atomic Habits by James Clear: Vaishvi highly recommends this book, which has been instrumental in her journey. It teaches how small, consistent actions can lead to significant impact over timeโvaluable advice for any founder
โข Inc42 Media Newsletter: Stay updated on the latest startup trends, news, and insights by subscribing to this newsletter.
Upon being asked what she enjoys most, Vaishvi shares that she enjoyed her time as a founder more than as an investor. Why? Because as a founder, you get to build everything from scratchโa process she finds incredibly exciting.
Reach out to Vaishvi Bansal if you are looking for investment for Startups.
Key Takeaways from Vaishvi Bansal: โ Enjoy the startup journey and embrace the challenges of building from scratch. โ Research and approach investors who align with your sector. โ Customize your pitch to match the investor's specific interests and requirements. โ Consistency is keyโsmall habits can create big impacts.
I would like to thanks Vaishvi Bansal and other panelist Aditi Sinha and Ashna Agarwal for sharing their insights and tips for the investment.
P.S. Feel free to reach out to me, Bhavik Gupta and follow Startups Manch, if youโre interested in startups, funding, finding innovative ideas, or exploring new opportunities.
Amazing sharing an open conversation on "Basics Of Startup Fundraising" with Samson, Angad, Nivin, and all the incredible folks who joined us at Draper Startup House.
Our resident entrepreneurs got to pitch their hearts out, and the feedback they received was pure gold. The energy was unreal!
But it wasnโt just about funding. What made this week extra special were the amazing backstories these VCs sharedโfrom an Airforce veteran turned VC, to a DJ turned VC, to a super young college grad already making waves in the venture world. These stories were pure inspiration, especially for anyone thinking about starting their journey in VC.
We also hosted two panel events with these incredible VCs, attracting nearly 200+ attendees! It was a blast and a huge success for our community.
My husband, Ripul Sharma, and I started BabyOrgano with just 2 lakhs, and today, securing seed funding from Sauce.vc feels like a dream come true.
As with any entrepreneurial journey, ours was not without its challenges.
When BabyOrgano launched, our mission was to use natural, safe ayurvedic products to redefine child wellbeing.
Bootstrapping our way through the initial years, we faced our fair share of challenges.
Despite the difficulties we encountered, we never wavered from our goal of giving parents reliable natural & ayurevdic wellness solutions for their kids.
In our third year, after countless meetings with potential investors, we found ourselves at a crossroads.
We knew we needed to expand but were unsure where we were going wrong.
All these couldnโt have been possible without the help and support of Ravi Uttamchandani from Faraz Wadhwania & Jeel Doshi. Their support was the first step toward a brighter future.
The unwavering support by my family, loyal customers, investors and my whole team laid the foundation for this latest milestoneโour successful seed funding round led by Sauce.VC.
Weโre more determined than ever to make a positive impact on childrenโs health. A big thank you to our loyal customers and dedicated team for helping us achieve this!ย
During his recent visit to the US, Ankit Kedia was invited to join an insightful panel at "๐๐๐ป๐ฑ๐ฟ๐ฎ๐ถ๐๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐ฆ๐๐ฎ๐ฟ๐-๐๐ฝ๐: ๐๐ฎ๐ ๐๐ฟ๐ฒ๐ฎ ๐๐ฑ๐ถ๐๐ถ๐ผ๐ป," held on Monday earlier this week at Draper University, San Mateo.
The event, which drew a diverse audience of over 45 ๐๐ฉ๐ฉ๐๐ฃ๐๐๐๐จ ๐๐ง๐ค๐ข 20 ๐๐๐๐๐๐ง๐๐ฃ๐ฉ ๐๐ค๐ช๐ฃ๐ฉ๐ง๐๐๐จ, featured a dynamic conversation between investors and founders, providing invaluable insights into the intricacies of fundraising.
Hosted by eChai Ventures and Draper Startup House, the event featured a dynamic panel conversation with investors and founders, offering valuable insights into the complexities of fundraising. Ankit and fellow speakers Abhishek Kaushik, WeCP and Abhinav Das shared their Entrepreneurial experiences and success stories to guide start-ups on their fundraising journeys.
Closing the event with a networking session, Ankit engaged in meaningful conversations with a diverse array of start-ups and founders.
Events such as this play a crucial role in fostering connections, knowledge exchange, and collaborative growth across international boundaries, empowering entrepreneurs in driving their ventures forward.
A passionate musician turned Investor meet Pranav Sanghvi, Principal at Merak Ventures, an early-stage B2B Tech VC Fund and a TedX speaker.
Born & brought up in Bombay, Pranav was a passionate musician under the stage name One&One. Across his music career, Pranav played at numerous Indian and international music festivals.
Coming from a business family, Pranav highlighted that he got the opportunity to learn the how real businesses were built & scaled, a skill that eventually helped him break into the Indian venture capital ecosystem.
In 2020, Pranav switched to a career in investments with the MABS Family Office & spent the next few years building a portfolio that now has over 20 early-stage businesses across different sectors.
This experience, coupled with a keen interest in meeting with and learning from early-stage Founders, led him to pursuing a long-term career in venture capital.
Pranav joined Merak in late 2022 & has been with the firm for almost 2 years now.
Merak Ventures is a sector-agnostic venture capital fund that invests in early-stage B2B and emerging technology companies that are solving hard, real world problems and creating large-scale impact.
The firmโs investment focus spans across all B2B and Tech first or tech-enabled early-stage businesses across different sectors.
Investment Ticket Size: โข First cheque: USD 0.5-1.5 million (approx. INR 5 crores) โข Sweet spot: USD 1 million
During a recent conversation, Pranav emphasised the importance of storytelling when pitching to investors.
As an early-stage investor, his primary responsibility is to back meaningful businesses and generate promising financial returns for their investors.
If you have an innovative idea that addresses a significant real-world problem, consider reaching out to Pranav Sanghvi . Key Takeaways from My Interaction with Pranav Sanghvi: โ As an investor, Focus on financial returns while solving real-world problems โ Insights into investing in emerging technologies and sectors with high growth potential โ Strategies for identifying and nurturing early-stage startups
When Last-Minute Plans Create Unforgettable Moments with Draper Startup House and eChai Ventures.
Sometimes, the best things happen on a whim! What started as a spontaneous Friday evening VC meet with Pranav Sanghvi from Merak Ventures turned into a powerhouse session of insights, pitches, and breakthroughs. ๐ก
In just 2 minutes, each startup had the chance to showcase their visionโand they delivered big time! From game-changing feedback to invaluable validation, every founder walked away with something that could propel their journey forward. ๐ฑ
The energy was electric, the ideas were bold, and the takeaways? Pure gold. โจ
Huge kudos to all the founders who stepped up to pitch and to Pranav for dropping some serious knowledge bombs. This is what the startup ecosystem is all aboutโlearning, growing, and supporting each other!
๐ฅ Want to catch more of these epic events? Hit that follow button and stay in the loop!
๐ฆ Thank you for joining us in the eChai Ventures Fundraising for Startups meetup at Draper Startup House Koramangala, Bengaluru! ๐
I'm glad that Jatin Chaudhary was onboard when I said I'd curate and moderate a women-only panel for this subject. It wasn't a women-only event. Everyone was welcome. But the fact that I had these amazing women speakers from the world of venture capital spend their Saturday evening with us made it a wholesome gathering!
Sharing some snippets here -
Aditi Sinha believes she and her team at IndiaQuotient don't just invest in a startup but marry them! They grow together, brainstorm, pivot if need be and go beyond the boardrooms to show up in the journey. ๐ฐHeavy on India SaaS owing to the growth potential ๐ฐ Highlighted portfolio company FRND for their tightly knit tech team and immense learnings on consumer behaviour and power users ๐ฐInteresting investments this year include Utsav App in the spiritual tech space and kim.cc ๐ฐRecommends listening to The 20-minute VC by Harry Stebbings ๐ฐHiring: For founder office roles in Series A and Series C startups in her portfolio companies
Ashna Agarwal believes growing up in a Marwari family fuelled her curiosity since childhood. So she'd not just visit a restaurant for a family outing but also ask questions around how'd they make money to run that business. ๐ฐIn her work at Jungle Ventures, they invest in seasoned entrepreneurs and write a cheque size that's relatively bigger at that funding stage ๐ฐInteresting investments this year include NIC Icecreams and Atomberg Technologies ๐ฐRecommends reading The Economic Times and Inc42 Media that covers a large chunk of news without burning a hole in your pocket with all the paid subscriptions ๐ฐHiring: For a D2C startup in her portfolio company - Brand marketer with 7+ years of work experience
Vaishvi Bansal and her friends ran a Shark Tank style competition in college. From conceptualisation to execution, it was a three-month long rigorous learning that led to a total of eight startups raising around 25 Lacs! That was her first taste of what it takes to raise funds and "once you taste the blood, it's difficult to not go back to it", she quips. ๐ฐ In her work at Marwari Catalysts, they are mostly the first ones to write a cheque for the startups and bring co-investors with them ๐ฐJust the way founders look for a product market fit, they look for a founder market fit to ascertain that it's a good match! ๐ฐHighlighted her portfolio company Turms (Bigphi Technologies Pvt. Ltd.) which has MS Dhoni promoting it ๐ฐHiring: Her portfolio companies are hiring. You can visit the company's website for details
We โค๏ธ the elevator pitches from founders along with some thoughtful questions from the audience!
Sunday Cheer: Share a picture with your pet in the Comments! The last pic has Nivin Joseph's Paris ๐ถย
The event drew a diverse audience of over 45 attendees from 20 different countries, featuring a dynamic conversation between investors and founders, providing invaluable insights into the intricacies of fundraising.
Closing the event with a networking session, the audience engaged in meaningful conversations with a diverse array of startups and founders.
Events such as this play a crucial role in fostering connections, knowledge exchange and collaborative growth across international boundaries, empowering entrepreneurs to drive their ventures forward.
This event wouldn't have been possible without the support of Karan Bahadur and Jatin Chaudhary. Special thanks to Waleed Arshad and Mohammad Mustafa Hassan for their encouragement and support throughout the event.
Here's to many more successful collaborations and impactful events!
๐ ๐๐๐จ๐ฎ๐ญ ๐๐ฎ๐ง๐๐ซ๐๐ข๐ฌ๐ข๐ง๐ : Couple of questions had an interesting undertone. A 'no' from an investor was being taken as a validation on whether or not their startup could work.
I think that an investor could say no for great many reasons. Ultimately, a founder should try to look at their startup as a financial product in an asset class. It will be difficult to do so - but it has to be done while pitching.
This financial product needs to be put in front of atleast 100 investors before we take their responses as a validation. It is a full time activity for 1 founder for 4 months.
๐ ๐๐๐จ๐ฎ๐ญ ๐ฆ๐๐ซ๐ค๐๐ญ๐ฌ: Some bits were being asked around 'how to get customers to change their habits/behaviour?'
An arguable opinion of mine about this is that we should not. Changing consumer/customer habits is extremely difficult and an expensive exercise. We must understand that we will have to learn to fall out of love for our idea and build what the market wants.
Atleast in B2B, more often than not, change management is a huge responsibility that no-one on the client side wants to take. As long as you are cheaper, better or faster at enabling them to save time, save money or make more money - that should do the trick.
๐ ๐๐๐จ๐ฎ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ ๐ฌ๐ฎ๐๐๐๐ฌ๐ฌ: Couple of interesting hacks were being shared around handling and dealing with negative reviews. These ranged from 'responding to negative reviews quickly' to 'offering the reviewer something for free'.
While these are great for consumer brands, they don't work for B2B. For B2B SaaS, the customer doesn't leave a review. They just churn. At Clientjoy (Acquired by Synup), Anupama and I had a strict schedule of speaking to 1 churned customer every week and we invested significantly in ways to identify churn related behaviours to detect early signals.
After $100K in MRR, a SaaS company is more of a retention game than an acquisition game.
๐ ๐๐๐จ๐ฎ๐ญ ๐๐จ-๐๐จ๐ฎ๐ง๐๐๐ซ๐ฌ: Everyone is looking for co-founders for their own business idea. People who have specific skills are also searching for problems to solve.
What I noticed interestingly is no one is saying that 'I am a great AI engineer - I am looking for a business person who has identified a problem, is trying to build a solution and join them as a co-founder.'
It seemed like people felt they should work only on their own ideas and in absence of that, look for ideas. In my opinion, and most other founders, ideas are dime a dozen. Look for people with complimentary skills and relentless persistence.
Founders contemplate whom to approach for funding, while investors consider where to allocate their investments. When one should seek funding or refrain from it is an individual choice. There are no definitive answers to any questions; it's always subjective and often seasonal.
This post celebrates the incredible impact of #networking and the pivotal role eChai Ventures has played in expanding my knowledge and connections within the industry.
A special shout-out to Jatin Chaudhary, whose support was instrumental when I was navigating the beginnings of this vibrant ecosystem. The relationships forged through #eChai meetings have turned out to be not just valuable but transformative.
Witnessing Bull Agritech's growth has been a joy. The dedicated approach and profound industry insights of its founders, Hit Desai and Divyajeetsinh Chauhan, clearly set them apart and paved their path forward.
Heartfelt congratulations to the entire Bull Agritech teamโhere's to soaring to new heights and achieving even greater milestones.
A big thank you to Faraz Wadhwania for being part of this journey. Your involvement and connections have made the job a lot easier.
I am humbled to share the news of the $100K fundraise of Bull Agritech as their Fundraising Advisor. Personally, this is the first instance of aiding a fundraiser as a consultant.
With our close engagement with the founders, we will continue to help them in their capital-raising journey.
About Bull Agritech:
๐ Bull Agritech aims to create India's largestย #agricommodityย #supplychain by leveraging technology and its network of farmers and commodity processors.
๐ BA facilitated trades worth 35 crores in 24 months. Over 6000 farmers chose BA for selling crops instead of local APMCs.
๐ After reporting a 200% YoY growth, the company aims to sustain a 25% MoM growth and expand in the less penetrated farmer financing market.
See all those consumer products behind us. What if I told you that all these can be created using AI?
Imagine a world where products are no longer solely developed based on intuition and market research, but rather a world where AI becomes the driving force behind the creation of consumer packaged products. This idea is not a distant dream but a reality taking shape as we speak and Ai Palette is at the forefront of it.
At Ai Palette, we are passionate about leveraging the power of Generative AI to transform the traditional CPG Industry and drive innovation. With this recent investment, we are poised to take our disruptive technology to new heights and expand our reach into exciting new verticals.
๐ Entering the Beauty and Personal Care Sector: Building on our success in disrupting traditional CPG markets in F&B, we are thrilled to announce our expansion into the dynamic world of Beauty and Personal Care. This move represents a strategic leap forward as we continue to push boundaries and deliver cutting-edge solutions to meet evolving consumer needs.
๐ก Transforming the Industry with AI: Our proprietary Generative AI technology enables us to create unique, data-driven insights and develop personalized products that resonate with consumers on a deeper level. By harnessing the power of AI, we are unlocking new possibilities in product development, marketing, and customer engagement, setting new standards for innovation within the industry.
As we embark on this exciting new chapter, we remain committed to our vision of shaping the future of the CPG landscape on a global scale. With our innovative approach and strategic partnerships, we are well-positioned to drive meaningful change and create value for consumers, brands, and investors alike.
Thank You to all our well-wishers and supporters: None of this would be possible without the unwavering support of our customers, investors, and dedicated Paletteers. We are immensely grateful for your belief in our vision and your commitment to our success.
Stay tuned for more updates as we continue to disrupt and innovate in the CPG industry! Together, we are shaping the future of consumer goods with AI-driven solutions that inspire, delight, and transform.
Exciting news from Meet the Drapers Season 6 Finale - BonV Aero emerged as the champion, securing a whopping $1.6 million in funding! ๐
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.
BonV Aeroโs 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.
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
Startup Learning Series: Understanding ROFR vs. ROFO
ROFR (Right of First Refusal)
โก๏ธ 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.
โก๏ธ 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)
โก๏ธ 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.
โก๏ธ 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?
โก๏ธ 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.
โก๏ธ 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?
โก๏ธ ROFR: Investors seeking security and the ability to protect their investment may lean towards ROFR.
โก๏ธ 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
โก๏ธ Negotiation Power: ROFO gives negotiating power to the holder by allowing them to set the initial terms.
โก๏ธ Flexibility: ROFR provides flexibility for sellers to explore various offers before committing.
โก๏ธ Relationship Dynamics: Both agreements impact the dynamics between startups and investors, requiring a careful understanding of the long-term vision and goals.
Conclusion
โก๏ธ The choice between ROFR and ROFO depends on the specific needs and goals of the startup and the investor involved.
โก๏ธ It's not a one-size-fits-all scenario, and understanding the nuances is crucial for creating mutually beneficial agreements.
27 startups, 9 funds, 1 show - Kal Ke Krorepati, Chhote sheher, bade sapnein.
This show is focussed on the innovators and entrepreneurs from Tier2 and Tier3 cities. Its not just another funding show. The objective of this show is to create more awareness and strengthen our startup ecosystem and provide the startup founders, not only with investments, but also venture building, scaling, cross border incubation and mentoring support.
As we embark on our journey to showcase this show on the national platform very soon, we sincerely thank Mr Suniel Shetty Sir who blessed us with his gracious presence and gave us immense strength to keep going. This not only validates our efforts but also strengthens our will and intent to mobilise the startup ecosystem.
Here are some key takeaways that resonated with me:
Considering Co-founders: ย Jimish Kapadia sir shed light on the importance of considering co-founders from a VC perspective. While going solo isn't necessarily a problem, having a co-founder can significantly enhance credibility, especially if the product or idea is promising.
Fundraising Essentials: ย Pankhil Baunthiyal emphasized the need to address three fundamental questions before diving into fundraising: When to raise funds, how to raise them, & how much to raise. These questions are crucial for strategic planning and negotiation, particularly in early-stage startups.
In addition to the invaluable insights gained, networking with fellow founders like Aryan Hinge from @Denner was truly enlightening. These interactions underscored the importance of building meaningful connections within the startup ecosystem.
Looking forward to sharing more insights from these enriching experiences and continuing to learn and grow alongside this incredible community!
Had an awesome time putting together the eChai Ventures breakfast meet up in pune along with Prabhjyot Singh Mann!๐
Connecting with the brilliant minds of fellow founders and investors in Pune was an absolute pleasure and discussing with them on startup fund raising. The impact and reach of eChai Ventures left me truly impressed, and I want to extend my heartfelt gratitude to the visionary teamโJatin Chaudhary
Your collaborative efforts made this networking event not just possible but exceptional! ๐
I'll be hosting the special gathering in Pune on this Friday morning - eChai's Fundraising Social - focused on bringing together a small group of startup founders and supporters.
This get-together is all about having honest and open talks with each other, sharing our stories of trying to raise funds, the ups and downs, and everything in between.
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.
