At the eChai Ventures AI Day with GUSEC, one of the panellists, Chirag Patel, Chief Strategy Officer of Rysun Labs, emphasized the critical importance of embracing AI. He remarked, "In the future, there will only be two types of companies: those that embrace and adopt AI, and those that are shut down."
This resonates with the recent survey titled "Labour force perception about AI: A study on Indian white collar workers" done by Indian Institute of Management Ahmedabad faculties & industry experts. It was released last day.
The survey reveals fascinating insights into AI adoption in India across industries like education, IT, manufacturing, and healthcare. โขโ โ ๐จ๐ข% ๐ฐ๐ง ๐ฆ๐น๐ฆ๐ค๐ถ๐ต๐ช๐ท๐ฆ๐ด ๐ง๐ฆ๐ข๐ณ ๐๐ ๐ธ๐ช๐ญ๐ญ ๐ณ๐ฆ๐ฑ๐ญ๐ข๐ค๐ฆ ๐ซ๐ฐ๐ฃ๐ด ๐ช๐ฏ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ช๐ฏ๐ฅ๐ถ๐ด๐ต๐ณ๐บ, ๐ฃ๐ถ๐ต ๐ง๐ฅ% ๐ฃ๐ฆ๐ญ๐ช๐ฆ๐ท๐ฆ ๐ช๐ต ๐ธ๐ช๐ญ๐ญ ๐ค๐ณ๐ฆ๐ข๐ต๐ฆ ๐ฏ๐ฆ๐ธ ๐ฐ๐ฑ๐ฑ๐ฐ๐ณ๐ต๐ถ๐ฏ๐ช๐ต๐ช๐ฆ๐ด. โขโ โ ๐ฉ๐ข% ๐ด๐ข๐บ ๐ถ๐ฑ๐ด๐ฌ๐ช๐ญ๐ญ๐ช๐ฏ๐จ ๐ช๐ฏ ๐๐ ๐ช๐ด ๐ฏ๐ฆ๐ค๐ฆ๐ด๐ด๐ข๐ณ๐บ ๐ง๐ฐ๐ณ ๐ค๐ข๐ณ๐ฆ๐ฆ๐ณ ๐จ๐ณ๐ฐ๐ธ๐ต๐ฉ, ๐ข๐ฏ๐ฅ ๐จ๐จ% ๐ธ๐ข๐ฏ๐ต ๐ต๐ฐ ๐ญ๐ฆ๐ข๐ณ๐ฏ ๐๐ ๐ด๐ฌ๐ช๐ญ๐ญ๐ด. โขโ โ ๐๐ฉ๐ฆ ๐๐ ๐ด๐ฆ๐ค๐ต๐ฐ๐ณ ๐ช๐ด ๐ญ๐ฆ๐ข๐ฅ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ ๐ธ๐ข๐บ, ๐ธ๐ช๐ต๐ฉ ๐ฅ๐ค% ๐ฐ๐ง ๐๐ ๐ซ๐ฐ๐ฃ๐ด, ๐ง๐ฐ๐ญ๐ญ๐ฐ๐ธ๐ฆ๐ฅ ๐ฃ๐บ ๐ค๐ฐ๐ฏ๐ด๐ถ๐ญ๐ต๐ช๐ฏ๐จ, ๐ฎ๐ข๐ฏ๐ถ๐ง๐ข๐ค๐ต๐ถ๐ณ๐ช๐ฏ๐จ, ๐ข๐ฏ๐ฅ ๐ฎ๐ฆ๐ฅ๐ช๐ข.
With AI making inroads across sectors, Indiaโs AI market is expected to grow from $4.2 billion in 2023 to $8.3 billion by 2025. While AI adoption is rapid, caution is advised as the workforce gears up to upskill and adapt.
Itโs clearโAI is transforming industries and creating both challenges and opportunities. Continuous learning and upskilling will be crucial to harnessing the potential of this AI-driven future.
Professionally, I have been using AI tools and it has enhanced my productivity and also helped in do mundane jobs while giving me extra time for creativity and complex problem-solving.
However, there can't be any replacement for Human Intelligence or maybe it is wishful thinking. Only AI can tell ๐.
Would love to hear your opinion & insights on this.
As we are working on product development at Binary Infura. I always had questions related to "Selling the product before or while building it". I was fortunate to have the opportunity to discuss this with Panelists. Luckily panelists are also tech product founders and so, they shared valuable insights from their journey.
๐ Had a blast at the Startup Social in Bangalore organised by eChai Ventures & moderated by Chaitanya last Saturday, where the conversations were as energetic as a double-shot espresso! During one of the discussions, I casually mentioned "ICP," and someone in the audience asked, "What's that?" ๐ค
Well, ICP could stand for Ice Cream Party" ๐ฆ๐ but thatโs not quite right. ๐
ICP actually stands for ๐๐ฑ๐ฒ๐ฎ๐น ๐๐๐๐๐ผ๐บ๐ฒ๐ฟ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐น๐ฒโnot as fun as an Ice Cream Party but arguably just as essential. ๐
Let me break it down for you: (some gyanbaji ) ๐ฌ
Imagine you're in the business of selling custom superhero capes. You could try selling to everyone, but wouldnโt it be better to focus on those die-hard superhero fans who canโt wait to put on a cape and feel invincible? These are your ideal customersโthe ones who not only need your product but are also excited about it, ready to buy, and might even show up to work wearing one!
Your ICP is that dream crew for your product or serviceโthe people who need what you offer, will benefit from it, and will love you for it. When you know who they are, you can focus on speaking directly to them. No more guessing games, no more "shouting into the void."
Why is this crucial for product managers and founders?ย tโs like having a superheroโs map ๐บ๏ธ that guides you toward the right customers, knowing your ICP helps you avoid the classic startup trap of trying to be everything to everyone. ๐ฏ
Instead, you can zero in on those who truly need what youโre offering. This means better product-market fit, more effective marketing, and ultimately, a happier customer base.
In short: Know your ICP, and youโll spend less time chasing the wrong customersโand more time delivering value to the right ones. ๐ก
P.S. Still craving that Ice Cream Party though... ๐จ
Considering every startup confronts this question at some point, I was surprised by how little has been written about it. Particularly anything actionable. So I decided to do my own digging. I spent the past month personally reaching out to founders, scouring interviews, and tapping the Twitterverse. Below, youโll find first-hand accounts of how essentially every major consumer app acquired their earliest users, including Tinder, Uber, Superhuman, TikTok, Product Hunt, Yelp, and over a dozen more. Enjoy!
Todayโs Mumbai Start-up Meet with eChai Ventures at DevX Andheri was nothing short of inspiring!
No panelists this time โ just a fantastic group of startup enthusiasts seated in a circular setup, sharing their unique stories. We heard everything from innovative startup ideas, the inspirations behind their entrepreneurial journeys, and the real challenges theyโre facing at work. It was a truly collaborative and insightful session!
A huge thank you to Jatin Chaudhary, the driving force behind eChai Ventures, for organizing this incredible event. And a big shoutout to our venue partner, DevX for providing the perfect space for these meaningful conversations!
Lastly, a special thanks to everyone who attended and asked such thoughtful questions โ your engagement made todayโs meetup extra special.
Any service-based company founder I meet, invariably at least once mention that they want to build a product or they want to make a transition from service-based to product-based business! ๐
While many entrepreneurs are pursuing it, very few succeed.
To learn the challenges faced by entrepreneurs in this pursuit, "Transitioning from IT Services to SaaS Products" was organized by eChai Ventures at IIMA Ventures.
Yash Shah shared his experiences of a successful transition for Service based to SaaS product company and we had some insightful interactions on various points.
Some of the learning nudgets from the meetup:
๐ Start promoting product as soon as you start building product not after it is ready to launch. Most of the founders wait till MVP is ready and then start looking for initial customers to get their feedback. Instead of that, it was suggested that it is preferred to start searching for clients as soon as the development of the product starts.
๐ The challenges we face in service based company would be more or less same ( client not paying on time, employees churn rate, etc.) even when the company is scaled. While in SaaS company, as the product scales, the problems would be different at each stage of 100 customers, 10000 customers or a million customers. So, as a founder, you have to be prepared for managing new challenges and finding solution for it.
๐ Customers can come up with N number of requests or features in your product. It is not advisable to go for building each feature that is requested. Customization can be done up to some level but you have to put some line to it. If customer is ready for paying customization, that then can be prioritized.
๐ Having a product based company requires a completely different mindset than having a service based company. So, if you are trying both then keep both the teams separate and do not mix them up.
Overall, it was a great learning experience and interacting.
Kudos to Jatin Chaudhary for his efforts to bring all the people together. Looking forward to attending more knowledge sharing sessions.
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.
I had an amazing time speaking at the recent D2C Day event organized by eChai Ventures It was an honor to be part of such a dynamic and inspiring gathering.
The energy in the room was electric, and the level of talent and curiosity in the audience made me optimistic about where India's digital ecosystem is heading.
Sharing my journey with Minicult.in, from starting in my nephew's room to a Brand, was truly exciting for me. We also had a fantastic Q&A session, answering many insightful questions from the audience.
A huge shoutout to Jatin Chaudhary for organizing such a fantastic event and to eChai Ventures for being the perfect event partner and Nanda Kumar for hosting the panel and keeping the conversation dynamic and engaging!
Met some awesome folks during my trip to Singapore where I also hosted the eChai Singapore meetup โ Anupama Singal and Vikram Bharati ๐ Doing seriously cool stuff in their worlds. ๐
Anu comes from such rich experience of being one of the key leaders who shaped Levi Strauss & Co. especially in Asia. She has then moved to build bigger things with her three own startupโs. At SLICeR. she has cracked visualising data for non-data folks!
Vikram is the most chill โbartenderโ who is the brain behind Draper Startup House and now is building this visionary community called โDraper Nationโ - a Bitcoin native nation
Feeling pumped and ready for more meetings like these!
A discussion all about selling as an early-stage startup, building marketplace businesses, the maturing SaaS landscape in Asia, breaking silos and more with:
Thereโs something truly special about hosting eChai Ventures Social meetups on the AllEvents terrace. With a stunning view and a relaxed, welcoming vibe, itโs the perfect setting to unwind and connect with fellow entrepreneurs.
These gatherings are agenda-free, allowing ideas to flow naturally. Conversations range from the latest AI trends and innovative marketing strategies to the challenges of running a business. The insights shared are always refreshing, and the atmosphere on the terrace adds an extra layer of inspiration.
Itโs always a pleasure to welcome our eChai friends to AllEvents. The combination of great company, stimulating discussions, and that unbeatable terrace vibe makes each meetup memorable. Looking forward to many more inspiring evenings ahead.
I'm thrilled to share that I recently attended the eChai Ventures Meet-up at DevX Vadodara. It was an incredible opportunity to delve into the world of creating a D2C brand.
During the session, we had an insightful session with Swati Vakharia. She shared her journey candidly, offering many valuable takeaways for fellow entrepreneurs.
Key highlights included:
- Her Shark Tank Journey - Strategies to prevent third-party suppliers from selling her formulations. - Balancing work and family life while being an Mother. - Importance of Creating an amazing work culture within her company. - Effective marketing on Instagram and Meta for her target group. - Leveraging the Amazon marketplace alongside Myntra, Nykaa, and Tira.
A special thanks to our host Deeti Dave and Jatin Chaudhary for their efforts in making this session possible. I'm looking forward to attending more such events.
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.
๐Founders, Techies, Creators and Marketers - all under one roof one evening!! What an amazing turnout it was... ๐ฏat Draper Startup House organised by eChai Ventures!!
After all, who doesn't want it?? And doesn't get excited about it??
Right from #SteveJobs to an Aman Gupta!! And that's exactly what Penchala Tharun ๐, the dynamic host made us do - think, ask, grill, imagine, visualize, find answers and have some serious fun.
As an experienced #BrandMarketer, it was always on my list to:
1. Quash doubts about Marketing for Startups - especially in Tech domain. 2. Clear misconceptions around Budgeting for Marketing 3. Guide them on how to go about GTM. 4. How to crack the Sales/Investor Pitch or Presentation. 5. And last but most important, the DON'Ts! ๐ I did try my best to address these in the short span of time that we had. If you still have any queries, please feel free to DM or write to: [email protected]
At Momentum91, we've been hard at work understanding AI and their use-cases for mid-market and large firms. Late last week, I had the opportunity to share everything we've learnt so far with eChai Ventures at GVFL Limited.
Here are some notes:
๐ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐ข๐ฌ ๐๐ฏ๐๐ง ๐ฆ๐จ๐ซ๐ ๐๐ข๐๐๐ข๐๐ฎ๐ฅ๐ญ Other people also have AI. A lot of folks are building on top of AI and so there is increased competition in almost every vertical. Every niche software has like 3 bootstrapped competitors who are going to market via SEO. Also, product differentiators are difficult to communicate in the age of low attention spans. If you are starting distribution today, it needs a thorough re-imagination.
๐ ๐๐๐จ๐ฎ๐ญ ๐๐๐ซ๐ซ๐จ๐ฐ/๐๐๐๐ค ๐๐ Instead of building systems that are kind of smarter at doing a lot of things, you might want to consider building multiple and separate systems that are very smart at doing a few things extremely well. Enterprises/companies will separately pay for solving specific problem areas and addressing their use-cases. The game is depth, not breadth.
๐ ๐๐๐ญ๐ข๐ฏ๐ ๐๐ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐๐ฌ Companies like ClickUp and Notion have done an amazing job at bringing AI within their products. But they are still not AI native. They were conceptualised when AI was not around. They have fit AI retrospectively. There is a large opportunity for building Native AI experiences. Platforms and products that are conceptualised from ground-up in the age of AI. An example of this is a project management system where I can assign tasks to both humans and agents. It will demand a lot of capital and ingenuity but it can be done. Here's a good question to ask: What other 'systems of records' exist that can be made AI native?
๐ ๐๐จ๐ฅ๐ฏ๐ ๐๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐ญ๐ ๐๐๐ญ๐ AI will solve for analysis, predictions, pattern recognition etc. Most firms do not have accurate data. If you can figure out a way for a business to collect accurate data about their prospects, customers, employees, products, sales, etc - using AI, you can do anything and everything. Figure out a way as to how you will solve for collection, storage and organisation of accurate data.
There were a few other things that we discussed.
๐ Co-pilot and Autopilots ๐ AI wrappers ๐ AI & Funding ๐ Verticalising LLMs ๐ AI Safety ๐ Real-life implementations of AI by companies we have not heard about
This conversation was meant to be a starting point for folks thinking about building in the AI space. It was by no means exhaustive - but sort of a summary of all the research Harsh, Jay, Koushikram and I have been doing for the past few months.
If you want the deck, let me know in the comments and I'll send it over ๐
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.
Innovative D2C Strategies Unveiled at ๐ D2C Bangalore Mixer!
Our recent meetup at Netcore's Bangalore office with D2C pioneers from SOQO, Iyurved,ย #JohnJacobs (Lenskart.com) lit the way for mastering the digital-first brand journey. โจ
Key takeaways from the panelists: ๐ฑ Janvi Tiwari - showcased strategies for niche product success through strong community engagement, setting a blueprint for brands that truly connect.
๐ก Vandita Tewari - explored the rising ROAS challenge, offering insights on smart customer acquisition and distribution efficiency.
๐ Shivam Tiwari - mastered the art of scaling campaigns within large brands. It's about balancing reach and relevance to cut through the noise.
These leaders prove that strategic growth, community engagement, and smart decisions drive D2C success. ๐ฏ
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.
