Aviral Bhatnagar

Today marks an incredible milestone for us at Inflexor Ventures as we proudly announce the 𝐟𝐢𝐫𝐬𝐭 𝐜𝐥𝐨𝐬𝐞 𝐨𝐟 𝐨𝐮𝐫 ₹350 𝐂𝐫𝐨𝐫𝐞 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐅𝐮𝐧𝐝. This isn't just a number—it's a symbol of our steadfast commitment to empowering founders who are ready to amplify their proven potential and take their vision to new heights. In my journey from being an entrepreneur to a VC, I've witnessed firsthand the critical juncture where vision meets opportunity. The Opportunities Fund is designed to be that bridge—supporting visionary founders who have already proven their potential and are ready to scale further and faster. To all the founders who trust us with their stories and growth, thank you for your resilience and ambition. You inspire us daily to be more than just investors; you motivate us to be partners who champion your vision and share in the challenges and triumphs of building something extraordinary. Our heartfelt gratitude goes out to HDFC AMC Select AIF FoF I scheme and our other valued limited partners for their trust and belief in our mission. Your support fuels our drive to not just invest in ventures but to become true partners in the journey, championing innovation and resilience every step of the way. I also want to acknowledge my colleagues, whose dedication and expertise drive us forward, and the wider ecosystem that plays an essential role in making ventures thrive. This milestone wouldn’t be possible without each of you contributing to this vibrant network of progress. To the entrepreneurs who dare to dream, build, and inspire: your determination is why we do what we do. We are honored to walk alongside you in navigating the exhilarating journey of scale and impact. Here's to nurturing more stories of growth and innovation as we embark on this exciting chapter together. Venkat Vallabhaneni, Jatin Desai, Pratip Mazumdar, Murali Krishna Gunturu, Harsha Mundhada, Parmi Doshi, Aishwarya Kulkarni, Pratik Ahuja, Kirti Chaturvedi, Akhil Nehru, Minal Sequeira, CA Vijay Sundar A N https://lnkd.in/gJUHBZk6 #VentureCapital #Entrepreneurship #OpportunitiesFund #Innovation #Gratitude

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Unicommerce IPO/listing is being closely tracked by Indian SaaS founders and investors alike. It’s perhaps the only SaaS listing after Tracxn in 2022. There are tens of Indian SaaS companies which are already at 100 Cr in ARR or have clear visibility to get there in a few years but aren’t growing fast (> 100% YoY). Most of them have India as the primary market. They always face questions on market size/TAM from early and growth stage investors for their ability to deliver large outcomes ($100M in ARR or more) within 7-8 years In US, there is no “exit path” for such founders/companies except waiting and selling to a strategic. However, in India, you could list at 100-200 Cr in ARR at a good 8-10x or higher ARR multiple and do well post listing if the co. is growing steadily at 30%+ CAGR with consistent improvement in profitability. There is dearth of listed SaaS companies in India vs a market like US where the bar for listing is way higher What does it mean for founders? A) Don’t raise too much capital otherwise not all shareholders would be aligned to this outcome if you decide to pursue it B) For founders who are at a similar scale of ~100 Cr in ARR or will get there soon while being profitable or with low burn, there is a choice between raising growth capital in private market or listing C) Think carefully about domiciling outside of India as the cost and effort of reversing it is very high if eventually you want to list the company in India

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Thanks Bismah and Inc42 Media for the insightful coverage and deep dive into the vital role of operator VCs! Bismah's thoughtful analysis underscores the growing need for operator VCs in today's startup landscape. As an operator VC , I've witnessed firsthand how founders increasingly value more than just capital. They seek partners who bring operational expertise, strategic guidance, and an extensive network to the table. These elements are crucial for driving sustainable growth and navigating the complexities of scaling a business. At GrowthCap Ventures , we understand the unique challenges faced by early-stage startups, which is why we prioritize offering not just funding, but also hands-on support and access to our extensive network. Together, we're empowering founders to realize their vision and build transformative businesses. #OperatorVC #StartupEcosystem #Gratitude

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🌿✨ Embracing AYUSH: Empowering Health Naturally! 🌟 Did you know? Recent data from the survey on AYUSH conducted by National Sample Survey Office, India reveals that 50% of Indians used AYUSH healthcare system in the last year! 🔹 AYUSH system of medicines refers to the use of one or more of the system(s) of Ayurveda, Yoga, Unani, Siddha, Sowa-Rigpa and Homeopathy 🔹 95% of rural and 96% of urban folks are aware of AYUSH traditions. 🔹 85% of rural and 86% of urban households practice Medicinal Plants/Home Remedies/Local Health Traditions. 🔹 Nearly half of rural (46%) and over half of urban (53%) individuals used AYUSH in the last year for health benefits. We at SaveIN work with several leading alternate medicine providers like Dr Batra’s Healthcare Jiva Ayurveda Madhavbaug Homeocare International among others, and are witnessing tremendous demand for alternate therapies, especially for chronic diseases and lifestyle disorders. Let's continue to explore the power of traditional wisdom in promoting holistic wellness alongside adopting the latest in healthcare! 🌱💪 #AYUSH #HolisticHealth #WellnessJourney #TraditionalMedicine #Healthcare #Lifestyle

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The process of getting deeper into the Indian start-up ecosystem as an angel investor and limited partner (2 new hats of mine since 2023) is well on its way. Today spent the day attending Ivycap day 2024 as a special attendee. getting to understand the dynamics of investing, assessing business models and plans, valuation and most importantly founders. should have started a bit earlier but then no regrets. these new hats are part of a larger connecting the dots am attempting.

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Indian venture market has exploded. Someone reported that there are 800+ funds/networks/syndicates/ accelerators active in Indian venture market now. Not sure, if that number is correct but if you are an early stage tech founder on your fundraise journey, chances are, you would meet hundreds of people. While majority of the fund houses are doing incredible work and shaping the ecosystem. There are certain kinds of investors you need to identify & avoid to save time and stay focused: Sharing from my personal experience, top 5 such cohorts to avoid and the takeaways for the founders: 1. Data collectors: At early stage, you don't have historical data to present. Your projections are just that, Projections. I wasted one whole week discussing with a prospective angel investor on why the CLTV to CAC ratio is x, and not y. Takeaway: Discuss high level strategic numbers only without going into the details. None of the projections would be accurate anyway when rubber hits the road. 2. Document collectors: Met few folks, who would watch from the fences and ask for n number of documents, data rooms, statements without sharing the purpose of the ask or even revealing their investment intent. Takeaway: It is supposed to be a bi-directional conversation. Say 'no' often, till the time, an official relationship is established. 3. Valuer (! investor): At early stage, valuation is a function of multiple parameters, the opportunity itself, the team, or anything else except steady cash flows, because you don't have much. I wasted another week with a prospective investor trying to justify valuation, had to shut down that conversation, after both of us started quoting Aswath Damodaran and his valuation principles. Takeaway: Too much content on the internet for both parties anyway. Shouldn't be a bone of contention at early stages. 4. Facilitators posing as investors: Met numerous people, who would go to any lengths to pose themselves as serious investors, even buying paid media articles. Only to reveal at the last: The success fee. Takeaway: Avoid facilitators until Series A 5. Brokers posing as market makers: People posing as market makers sharing tons of gyaan on LinkedIn but are actually deal brokers looking to make quick %. Personal experience: Two rounds of conversation happened and then out of blue, they added a third party in the mail trail, someone who facilitates mergers & acquisitions. There wasn't even a single instance in the past conversations where we indicated any such intent. Takeaway: Avoid name & shame in public but at least share within founder communities. #venture #fundraise #startups #investing

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Q-Commerce overtaking traditional e-commerce? Currently we are seeing a big boom in terms of the different SKUs being sold in Quick commerce apps like Zepto, Blinkit, etc. - Atomberg Technologies 's fans - Sony's PS5 - Samosa, Chai and what not - Digital Gold from Jar! Zepto is in talks to raise $300m for its broader ecommerce play. While Swiggy is preparing to file for an IPO this year, incumbent Flipkart is readying its entry into quick commerce. Zomato has invested $240 million in Blinkit over the last one year. Taking a step back, the lines between quick commerce and traditional e commerce have started to become increasingly blurred with QCom pretty much catering to every needs! Also, multiple reports suggest that QCommerce can potentially become bigger than traditional e commerce in India!  Case in point : According to Goldman Sachs, the valuation of Blinkit is greater than Zomato's core food delivery biz! Non-grocery boom in Q-Commerce: Categories including beauty, toys, health and electronics are witnessing robust sales growth on quick-commerce platforms overall. While the overall base for the new categories is still small, aggressive expansion by these players is starting to ensure a dominant presence for these categories. Plus AOV is higher which also comes with better margins, making it a win-win! Case in point: Zepto - 2x sales MoM in segments such as toys and electronics accessories - Beauty category expanded 3x QoQ - ~15% of Zepto’s $1.2bn annualised gross sales currently comes from non-grocery products (Source: Goldman Sachs) For several D2C quick commerce has become the fastest growth channel as well as the platform with highest customer engagement This is definitely a positive for the consumers and the Q-Commerce players, but is everything on the up and up?   As the demand for space on quick-commerce platforms skyrockets, niche D2C cos in segments like FMCG, beauty and personal care, and health and fitness are agreeing to pay a 30-45% commission on sales, besides shelling out on advertising and discounting on these Q-Com platforms. On top of the commissions, brands are also regularly spending around 20% of their total sales on ads on the platforms, and discounting their products by about 20-25% (totaling 60-70% revenue!). This is in stark contrast to the 10-20% commission that large FMCG cos pay these platforms reflecting the intense competition for visibility. The brand's scale and comparison with competitors are crucial considerations when it comes to new listings. On the positive side, smaller D2C brands have seen 40-60% total revenue coming from Q-Commerce compared to ~10-20% from traditional ecommerce, which is surprising! Essentially, Q-com currently has a BIIIG Bargaining power against new D2C brands and can essentially make or break their businesses! Is this sustainable on the long run? #ecommerce #quickcommerce #india #zepto #businessmodel #d2c #startups #LIPostingChallenge

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Founders like D2C. It’s just not a VC favourite. While D2C continues to be wildly popular among consumers, as is also clear from the number of D2C IPOs in India, there are mainly two friction points for VCs when investing in them. First, it’s tough to scale brands beyond INR 100 Cr ARR, especially given the poor brand loyalty and fierce competition in the space. These challenges eventually dilute the ROI and prolong exits for VCs. Second, the more the brands raise initially, the more they’re forced to grow later at any cost. This can result in distraction from the main business, severe cash burn, and funding issues. All in all, it is a good business for founders who don’t raise too much money and for folks with self-employment ambitions. Expecting a lot more consolidation in the space going forward - brands that do it well will scale.

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🚀 Swiggy Set to Make Waves with ₹11,300 Crore IPO: Key Details and Market Implications 🌐 Swiggy, India's food delivery giant, is set to go public with an IPO launching on November 6, 2024, aiming to raise around ₹11,327 crore (~$1.35B). Shares will be priced at ₹371-₹390 each (around $4.64), with trading expected to start on November 13, 2024. IPO Highlights: Price Range: ₹371-₹390 per share Funds Allocation: Expanding logistics and quick commerce operations This IPO is launching amidst rising tech-driven competition in India’s market. By securing capital, Swiggy plans to advance its quick commerce capabilities, aiming to gain a strategic edge over competitors like Zomato. Market Impact: Swiggy’s IPO offers a unique investment opportunity with strong growth potential, balancing between established dominance in food delivery and quick commerce expansion. Investor Insight: With a grey market premium around ₹25, sentiment is optimistic. As Swiggy steps into the public sphere, it's poised to redefine India's fast-paced delivery ecosystem. #IPO #SwiggyIPO #Investment https://lnkd.in/eyHRRPXh

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India's deeptech landscape is at a crucial point. Nasscom’s latest report shows that 70% of deeptech startups are worried about not having enough capital for computing operations. On the flip side, over 70% of investment firms are hesitant because these high-potential ventures need patient capital due to their long gestation periods. It's a bit of a chicken-and-egg situation! To really support our deeptech startups and their groundbreaking innovations, we need to rethink our funding approach. This is where we hope the government can step in with some help. Co-investment programs, grants, and tax credits for R&D could make a huge difference. By working together, we can ensure our deeptech startups have the support they need to push boundaries and lead the way in technological innovation. #Deeptech #StartupEcosystem #Innovation #Funding #VentureCapital #GovernmentSupport #IndiaTech #RnD

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📣Lessons from Koo's Shutdown: Navigating Acquisition and Sustainability in Startups 📣 Koo, India's microblogging platform and an alternative to X (formerly Twitter), has announced its shutdown after failed acquisition talks with Dailyhunt. This closure offers several crucial lessons for startup founders: 1. Strategic Partnerships and Acquisition Talks: Koo's prolonged acquisition discussions with major internet companies and media houses did not yield the desired outcome. Founders Aprameya Radhakrishna and Mayank Bidawatka stated, "Our partnership talks fell through, and we will be discontinuing our service to the public." It's essential for startups to: - Diversify Partnership Options: Relying on a single or few potential partners can be risky. Always have a backup plan. - Understand Partner Priorities: Ensure alignment in goals and priorities early in the discussion to avoid last-minute changes. 2. Financial Sustainability: Despite raising over $50 million from prominent investors like Tiger Global, Accel, 3one4 Capital, Kalaari Capital, and Blume Ventures, Koo struggled with financial sustainability. Key points include: - Revenue Model Viability: Koo's reliance on burning cash to acquire users without establishing a viable revenue model proved unsustainable. - Cost Management: High costs of maintaining a social media platform were a significant challenge. Efficient cost management is crucial. 3. User Base and Customer Acquisition: Koo halted customer acquisition campaigns from June 2022, leading to a sharp decline in active users from 7.2 million in June 2023 to 2.7 million in nine months. This highlights: - Consistent User Growth: Continuous efforts in user acquisition and retention are vital. - Market Adaptation: Stay adaptable and responsive to market changes to maintain user engagement. 4. Employee Management and Financial Constraints: In April 2024, Koo ceased salary payments to all employees due to financial constraints. For startup founders: - Transparency and Communication: Be transparent with your team about financial health and future plans. - Financial Buffer: Maintain a financial buffer to manage unforeseen challenges. ---->Conclusion: Koo's journey underscores the importance of strategic partnerships, financial sustainability, consistent user growth, and transparent employee management. Learn from their experience to navigate your startup journey more effectively. #startupLessons #businessstrategy #financialsustainability #usergrowth #partnerships #entrepreneurship #kooapp #startupmentor ---

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Different Pre-Seed VC Fund Models Part I: Afore Capital – A Focused Pre-Seed Fund Model In the evolving landscape of Indian startups, structuring pre-seed VC funds effectively is very important for nurturing early-stage innovation. There are two main ways to approach this: a dedicated strategy like Afore Capital or a cohort and index strategy like Y Combinator. In this two-part post, let's explore both the models and their potential benefits for the Indian startup ecosystem. Afore Capital’s approach is a prime example of a focused pre-seed fund. With three funds, over $300M dedicated to pre-seed startups, and $11 billion in market cap, Afore’s strategy involves an exclusive focus on the earliest-stage companies. This model ensures that startups receive the attention, resources, and mentorship they need right from the start. By committing solely to pre-seed investments, Afore has created a playbook to identify and support pre-product, pre-revenue start-ups, providing a solid foundation for future growth. In India, while some are adopting the Y Combinator strategy, there’s a clear opportunity for a model like Afore. A focused pre-seed fund could fill the gap, offering targeted support and funding to help startups thrive from day one. Stay tuned for Part II, where we’ll delve into the Y Combinator model and how its cohort and index strategy can benefit the Indian startup ecosystem.

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I’m not a VC but keen to transition due to my past few years of adventure in the investment landscape as angel {with 2 exits} , venture scout { exit fund, US}, member of VC labs {cohort 12} & most importantly lessons picked up from being a part of Shark tank india team {season 2&3} last two years, Last night triggered building a community for VCs focussing on India & got 50 enquiries within an hour- keen to involve as many interested to come on board so that everyone benefits from the exchange with the sole aim of building a thriving ecosystem, As my profile pic says-“VC as a force for good” 🙌🏼🙂 Simply comment yes on this post if keen to join the free community & will share the access post screening, .............................................. update post 24 hours several angel investors (with solid portfolio) who are investing as side gig also approached for community invite, which have been accepted. Thought of updating here as perhaps my initial post was skewed towards VC community alone, this is not the case & we are happy to include all (active) Investors focussing on India~ named the community~ "IFI~India focussed Investors" 🙂 #VC #venture #startup #founders #investment #capital #india

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🚀 Breaking Ground with VC Grid: India's Venture Odyssey! 🚀 Thrilled to unveil VC Grid, a paradigm shift in venture syndication crafted exclusively for the visionary minds of family offices & UHNIs. With a formidable war chest of Rs 900 crore, VC Grid embarks on a mission to empower 100-120 startups over the next triennium, spanning diverse realms from agritech to financial frontiers, seeding each venture with an infusion ranging from INR 4-16 crore. Powered by the backing of esteemed Indian family offices, entrepreneurs, and UHNIs, VC Grid's helm is steered by Vansh Oberoi, a dynamic VC professional in early-stage investments with an illustrious six-year journey at Venture Catalysts alongside Sidhi Dalmia, former Goldman Sachs executive, captaining our venture towards new horizons. Already carving its mark, VC Grid has infused INR 40 crore into five trailblazing ventures, catalyzing an unprecedented INR 100 crore in follow-on funding. Notable among these are Autocracy Machinery Pvt Ltd, KisanKonnect Safe Foods and Ideal Insurance. But VC Grid isn't just about capital infusion; it's a beacon of collaborative innovation, fostering a nexus of expertise and domestic capital. Our mandate? Backing ventures grounded in research, profitability, and ESG principles, with an eye on delivering over 30% IRR. Join us on this exhilarating venture odyssey as we redefine the contours of India's startup landscape, one disruptive idea at a time! Venture Catalysts++ | India's 1st Multi-Stage VC, 9Unicorns, Anuj Golecha, Anil G Jain, Gaurav Jain, Vansh Oberoi, Sidhi Dalmia, Shreeyesh Chandgothia #VentureCatalysts #AngelInvestor #VC #IndianStartups #StartupFunding #SyndicateFund #FamilyOffices #IndianStartups #ESGInvesting https://lnkd.in/de65Wk9p

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{New pod 🎤} "𝐆𝐓𝐌 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐟𝐨𝐫 𝐔𝐒-𝐈𝐧𝐝𝐢𝐚 𝐁2𝐁 𝐒𝐚𝐚𝐒 𝐒𝐭𝐚𝐫𝐭𝐮𝐩𝐬" This episode explores GTM strategies and learnings for US-India B2B SaaS startups. We cover everything from finding design partners in the US, scoping MVPs, figuring out what ICP to focus on, navigating the unique challenges of early PMF, GTM hiring in the US, and finally, working towards creating M&A exit options. Joining me for this discussion is Satya Ganni, an experienced SaaS founder and operator who has successfully built and sold five companies and led two acquisitions as a buyer. He is currently serving as CEO of Beamer and Userflow. Beamer is developing a cutting-edge product-led growth toolkit tailored to product leaders at SaaS and digital-first companies. They recently acquired Userflow to augment the business. TIME STAMPS: (01:15) Satya’s journey as a repeat US-India SaaS founder and operator (04:38) [Case Study: 0-to-1] Finding US design partners (11:09) Scoping B2B SaaS MVPs (15:42) [Case Study: $10k-100k ARR] Identifying which ICP to focus on - SMB vs mid-market vs enterprise (22:23) [Case Study: $100k-$1Mn ARR] Navigating the unique challenges of early PMF (27:18) [Case Study: $1-5Mn ARR] Building a US leadership team post-PMF (34:33) [Case Study: $5-20Mn ARR] Working towards creating M&A exit options  (38:46) Learning to become a proactive relationship builder YouTube - https://lnkd.in/guGQeBwA Spotify - https://lnkd.in/gAg7XeF4 Apple Podcasts - https://lnkd.in/gkYEDpED An Operator's Blog - https://lnkd.in/ggGbzSKY

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Never work in Stealth Mode for a Startup Idea. Very risky. This is the time that the idea needs a lot of Validation, Understanding Use Cases, Market Insights, Understanding Competition, Adoption challenges, Market Sizing. More prospects/customers in this phase needs to be met. Asking all the right & tough questions. The Foundations of Problem Validation & Value Proposition needs to be clear here. Working in Stealth Mode cuts you off from these inputs. We have worked with 100+ MedTech/Healthcare startups over the last 3 years. Impact : ✅ Some startups pivoted after they worked with us in GTM Readiness. ✅ Few founders even went back to their Corporate jobs realising the problem they were solving was wrong & didn't see a path to PMF. ✅ Few changed their Pricing and Business Model and entered the Market. Explore GTM Readiness Services. Enter the form in the comments section for a discussion.

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My new piece is up on The Story Board!! This is the 1st segment of a two-part essay diving into Account Aggregators— the new addition to the Indian fintech landscape. Account Aggregators have been discussed with much fervour in the past 3 years, and have been heavily touted as “the next UPI”. To find out if that is truly so, give this essay a read as I explore: 1️⃣ What Account Aggregators even mean 2️⃣ The AA workflow breakdown through the life story of Saha, an average Indian resident 3️⃣ Existing and possible use cases of the AA infrastructure Let me know your thoughts/questions and stay tuned for part 2, where I lay out the traction and adoption of the AA technology, existing and potential revenue models for monetization, and the actual incentives for financial institutions to join this ecosystem. 

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𝐒𝐢𝐥𝐢𝐜𝐨𝐧 𝐕𝐚𝐥𝐥𝐞𝐲 𝐜𝐚𝐧 𝐥𝐞𝐚𝐫𝐧 𝐟𝐫𝐨𝐦 🇮🇳'𝐬 𝐩𝐥𝐚𝐲𝐛𝐨𝐨𝐤 𝐨𝐟 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐥𝐲-𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 - 𝐐𝐮𝐢𝐜𝐤 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞 / 𝐙𝐞𝐩𝐭𝐨 / 𝐔𝐏𝐈 Suhas Motwani and I turned the common question of "What can India learn from Silicon Valley?" on its head in an episode of An Operator's Blog. (Full AOB episode link in comments)

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