Krishan Sharma

Who exactly is losing market share in the hotly contest grocery commerce? I thought it must be the now-not-so modern retail, but I'm not so sure. Zepto raised $665 Mn at a valuation of $3.6 Bn, and is in talks to raise $250 Mn more. And their cofounder and CEO Aadit Palicha recently commented that they can beat DMart - Avenue Supermarts Ltd on GMV in the next 12-18 months. Swiggy Instamart also is growing, and Blinkit is likely to be more valuable than their owner Zomato itself - so they are all doing well, even if Dunzo isn't. Sure, no idea what JioMart Digital is doing, but deep pockets. Same with Tata Digital and their weird assortment forced to converge on Neu. bigbasket.com is trying to unlearn and relearn, and it just might. And Flipkart Grocery and Amazon Fresh are also upping their game - launching faster deliveries, discounts, improved fill rates, and selection. So I wonder if it is the modern-trade players? The likes of More Retail Private Limited, Spencer's Retail, STAR BAZAR, and SPAR Retail that are suffering? The nearest Spencer's to me is definitely a sore sight, now reduced to a shell of it's former glory - I think they aren't even replenishing inventory now. And we all know what happened to Big Bazaar - Future Retail. But Dmart itself isn't doing half bad - with pareto presence in just 23 cities, and no presence in UP (except NCR), Bihar, and West Bengal, they have considerable headroom, still. And they haven't yet quite solved for ecommerce, so while The Ken says that they are lost, they may find their way, eventually? I also don't think that the real consumption is growing, if at all, it may even shrink with the K-growth. Thus, some one _is_ losing share. And if it is not modern trade, then is it the regional chains? The single kiranas? The corner-store? The hand-cart? I'm not entirely sure because this data is hard to organize, and get. Would you know? Image created by AI in Microsoft Bing Copilot.

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Sometimes, serendipity plays a crucial role in shaping what problems we pick to solve, especially at pre PMF startups. A few months ago, a friend building an RMG from India shared two challenges. One of them was in performance marketing that he was uploading a lot of creatives and wanted suggestions for new ones based on previous learnings. At the time, we were focused on something else and didn’t have time to dive in. Later, the idea we were pursuing didn’t work out, but another agency mentioned the same challenge. So, we decided to take a day to figure out a solution. I manually gathered data from videos, putting it into an Excel sheet to run a correlation analysis. At first, I didn’t realize Google AI Studio could read videos, so I used OpenAI to analyze the video frame by frame, and it worked surprisingly well. Through some YouTube tutorials, I discovered AI Studio could do it even better and with an API. That made everything fall into place smoothly. In the video below, you’ll see this analysis for Subway Arabia. We did this as a way to showcase our work via a friend who works at Subway MENA (Middle East and North Africa), hoping to present it to them. This wasn’t an official collaboration, but the data was publicly available, so we scraped and used it. If you’re interested in the data insights or prompts, feel free to comment with “data,” and I’ll gladly share them with you on DM.

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Credits to Shashank Mehta for putting this into words. <All founders are assholes. Must read for all working in startups. Here is a glimpse of it.> We see a vision. We want to create it. We have no idea what path shall take us there. But we know we ain’t getting there alone. We need a team that believes in the dream. So, once we are fully sold, we start selling everyone else. Of course, we don’t tell everyone that we have no clue how to get there. People need certainty. To varying degrees. And then one day, it stops. If you’ve already built something worthwhile, sell. Exit. Take the cash. Leave the game. Die a hero. This is a great option. Everyone makes decent money. Founder might even make generational wealth. But what if, by the time you hit this plateau, you’ve not built something worthwhile. Or you have, but you don’t wish to exit. In both cases, you want to continue building. You have to! Your vision is unfulfilled. You just can’t let the dream end! Unlike the case studies you debated retrospectively in B-School, the one single reason for your troubles isn’t clear at all. Everything seems to be falling apart at the same time. Demand, supply, systems, process, culture - everything is crumbling. This is the point where heroes tend to become assholes. So, before we proceed, let’s define asshole. In my conversations, I’ve found three traits that people identify as assholish behaviour. One, is integrity. Two, is when founders change. Three, is when founders deviate from the dream. A dream which was received as a promise. Of course, you may argue that over-communication is the answer. Tell your team everything that’s going on. Explain every action. Why you are doing what you’re doing. They’ll understand. If this is your argument, I bet you’ve never seen wartime. When you’re being shelled from all ends, there’s no time or energy for explanations. A good general takes the reins and leads. And changes tact and strategy to whatever keeps the dream, in some shape or form, alive (remember, Mr. General is winging it too). Some people, some culture, some promises get sacrificed in the bargain. We’ll heal those wounds once the shelling stops. But first, we live. https://lnkd.in/gpFmNqNu

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You'll always question if the market is overvalued. And that's okay. Let me explain. I felt this deeply when analyzing the Indian markets recently. The numbers were clear, but doubts lingered. I started to think: - Are investors paying too much? - What does this mean for future growth? - Should I be cautious or optimistic? I wish I could tell every investor; It's a complex picture. I took a deep dive into the data and found some insights. Often, markets are a mix of signals. Not always clear, but often. These are the steps I took to understand the valuation: → I looked at the P/E ratio. The SENSEX's P/E ratio of 23.88 is high. Investors are paying a premium compared to historical levels. → I checked the Buffett Indicator. India's market cap to GDP ratio is 102.75%. This is above the 10-year average, suggesting overvaluation. → I analyzed foreign investor activity. In October 2024, foreign investors sold $8 billion in Indian stocks. This was the largest outflow since March 2020. → I reviewed expert opinions. Some experts, like Mark Matthews, express caution. Others point to strong GDP growth as a justification for high valuations. So, while some indicators suggest overvaluation, the economic fundamentals offer a different story. On one hand: - NIFTY trades at ~20x forward earnings vs historical average of ~17x - Small/mid-cap valuations are significantly stretched - FII ownership remains high, risking potential outflows - GDP numbers warrant scrutiny given base effects However: - Corporate earnings growth remains robust (15%+ YoY) - Banking sector NPAs at decadal lows - Domestic retail participation provides valuation support - India's consumption story and demographic dividend remain intact According to me, the key is bottom-up stock selection rather than index-level calls.

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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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Announcing: Antler Fastrack to Residency - MUMBAI Edition (for founders in Mumbai / Pune / Ahmedabad / Surat) 2 weeks back we announced the first version of Fastrack to Residency through a warm intro to stay true to our promise on delivering faster to the most exceptional founders in Bangalore! We had an overwhelming response of 250+ warm referrals from other VCs, operators, serial founders and were introduced to a vibrant bunch of founders building across bath fittings, offline senior care clubs to CBDCs powered international payments. Of this, we met with 22 founders (and have 30+ we are speaking to virtually given limitation of slots) and offered the residency to 5 teams and individuals within 48 hours! Seeing such a promising response from the ecosystem, we are now coming to Mumbai and hope to see an even bigger outcome! If you are an exceptional founder (individual or team) that’s just starting up, Nitin Sharma & I will spend a full day in Bombay on the 27th of August to talk to you! The only twist - you need to reach us through someone who knows you - and knows us too! Why are we doing this - we announced last month that we are investing $500k in 20 companies (amounting to $10Mn). This is our endeavor to deliver faster and bigger on this promise! What we promise - is a decision into the Residency within 24 hours of us meeting you. Here’s how it will work - (1) Find someone in our networks (cue: some of them would have shared this post on their LinkedIn / Twitter) or would have engaged with us in the past. (2) Show us you are super resourceful :) Ask them to email us / tweet to us / message us on LI / Whatsapp us - any of the Antler team members that they know (there’s 18 of us!) - to give a warm intro to you. Convince them to write a good line or two :)  (3) All shortlisted individuals and teams will get a direct slot with Antler India on Aug 27th meet us IRL in Mumbai. (If you are not shortlisted post the above process, you will hear from us by Aug 24th) (4) You will get a decision to get into the Antler India Residency by Aug 28th Please note that the last date for being referred to this is 21st of August. Do refer great folks our way! Next on the list - NCR in September!

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There’s definitely a bigger picture at play here, where the broader ecosystem—whether it’s the companies themselves or the enablers and investors—often focus on short-term targets, sometimes at the cost of long-term strategic thinking. This is especially true when the pressures of scaling quickly or meeting quarterly results are intense. However, it’s encouraging to see the shift happening in the Indian startup ecosystem, especially with the recent government initiatives that aim to foster innovation and create a strong product-driven economy. The goal of making India a “true product nation” is crucial because, ultimately, it’s the companies that innovate and create valuable products, rather than just services, that can lead to sustainable growth and global recognition. With more long-term focus, the mindset towards “product-first” thinking will definitely start to evolve. It’s exciting to see this transition, but as mentioned by Harish Wadhwa sir, patience and boldness are key. We need stakeholders—both within companies and in the supporting ecosystem—to embrace that change, support innovation, and allow space for those long-term bets to materialize. It might take time, but the direction is promising. We at Reslink are grateful to partner with partner like EPIC Foundation, India who share the same Vision. Harish Wadhwa Ajai Chowdhry

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Exciting Developments in the Indian Budget 2024 for the Startup Ecosystem! 🚀 The Indian Budget 2024 has unveiled several groundbreaking measures that reflect a strong commitment to economic stability, growth, and innovation. Here’s a quick overview of the key highlights: ✅️ ₹5000 Crore Innovation Fund: A substantial new fund has been introduced to support innovative startups and extend tax benefits, providing a significant boost to the entrepreneurial ecosystem. ✅️ ₹1000 Crore Venture Capital Fund for Space Economy: The establishment of this fund demonstrates India’s forward-looking vision and positions the country as a leader in the emerging space sector. ✅️ Angel Tax Abolished: The removal of angel tax is a major step forward, eliminating a significant barrier for startups and investors. ✅️ Long-Term Capital Gains Tax Reduced to 12.5%: The new rate of 12.5% on long-term capital gains will enhance investment attractiveness and encourage more funding into startups. These measures are set to invigorate the startup landscape, drive innovation, and support long-term growth. As an entrepreneur and angel investor, I’m excited about the opportunities these initiatives will unlock for the startup ecosystem! For a deeper dive into these developments and their implications, check out my views in a detailed article in the Economic Times https://lnkd.in/g_znAT9r #IndianBudget2024 #StartupEcosystem #Innovation #EconomicGrowth #SpaceEconomy #VentureCapital #AngelTax #CapitalGains #Faad Aditya Arora Dr.Dinesh Singh Harshika Paliwal Shivani Khare Neha Mourya Vatsal Lunawat Abhilash Gupta Samarth Gupta Sanyam Jain

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How do people see founders from IIT? 1. Raises investment People: "It's easy to raise money when you are from IIT" 2. Burns money People: "Investors should look beyond IIT's founders. Founders from non-IIT/IIM backgrounds would better utilise the money." 3. Build a successful company/unicorn People: "Valuation is still high. It won't sustain and will fail" 4. Shuts down after raising money People: "I told you it won't work" Meanwhile, Founders, the real ones, don't care whether they are from IIT/IIM. They keep building, keep pushing, and keep changing the world. ******* Follow Shubham Bansal for unfiltered life stories and learnings.

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💡 Curious about the latest #fundedstartups in India? We've compiled a detailed resource featuring startup names, websites, investors, and more! Access it anytime: https://lnkd.in/d7Zf5kff #startup #startups #venturecapital #funding #vc #managementconsulting

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Founders focusing on category-specific Quick-Commerce (QC) should note: when Myntra/Nykaa launched, Flipkart/Amazon weren't operating in those categories. Also, e-commerce players are now venturing into quick commerce. They already know which individuals in which locations order what products and at what frequencies! I see no chance for category-specific QCs. I've noticed many VCs lamenting that 70% of new founders are pitching category-focused QC ventures. These founders seem inspired by broad-QC successes (Zepto/Blinkit/Instamart) and draw parallels to e-commerce, where broad players (Flipkart/Amazon) coexist with category specialists (Myntra/Nykaa). The VCs' concerns are valid, and many founders are missing the crucial point. When Myntra/Nykaa launched, they faced no competition from major e-commerce players. These category specialists captured significant market share before broader players entered. By then, they had built unique user experiences and strong brand recall. This helped them survive and thrive. Today, every broad QC (Zepto/Blinkit/Instamart) is raising crazy capital to expand. It's unlikely they'll leave room for category-focused players to establish themselves. Unless the broad QC players mess it up big time, I fail to see how category-focused QC players will make a dent. Additionally, the entry of established e-commerce players into quick commerce (like Flipkart with Minutes) complicates things. These players have years of data on which pincodes order what products, and at what frequencies. They are aware that you place an order for Vim liquid every month and a laptop every three years. You can also be confident that they will aggressively defend their key categories, such as electronics. New category-focused QC ventures will face significant challenges in competing with them. D2Cs (Mamaearth/Licious/Akshayakalpa) may succeed by targeting specific market segments that value unique attributes (organic, premium, etc.). However, they'll find it difficult to expand beyond their niche. Mass-market capture will remain a broad QC play. Thoughts?

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🎥 Startup Spotlight by Unwiring Studios: RodBez – A Revolution in Bihar’s Travel Ecosystem 🚖✨ Our Startup Spotlight journey continues to amaze us! After featuring startups like LittleMove, Sniff and MadMantra Games, this week’s spotlight shines on a game-changing platform from Bihar—RodBez Choosing this week’s startup wasn’t easy—our team debated a lot over which inspiring story to feature next. But when we looked at RodBez, its mission to transform local travel and empower communities made the decision clear.   🌟 𝐖𝐡𝐲 RodBez ? RodBez is solving a massive pain point for travelers in Bihar by offering affordable and efficient solutions for local commutes. While exploring their story, we realized their website didn’t do justice to their incredible vision and impact. So, we went beyond just creating a video. We redesigned their website, making it sleek, user-friendly, and aligned with their purpose.   ✨ 𝐖𝐡𝐚𝐭 𝐖𝐞 𝐂𝐫𝐞𝐚𝐭𝐞𝐝 ✅ 𝐖𝐞𝐛𝐬𝐢𝐭𝐞: A brand-new platform that reflects RodBez’s innovation and makes their services accessible to everyone. Check it out here: 👉 https://lnkd.in/gEFQxeEN ✅ 𝐕𝐢𝐝𝐞𝐨: A short and impactful video showcasing RodBez’s journey and mission. The best part? RodBez owns these creations completely. They can use the video and website anywhere, anytime for free, without worrying about any watermarks or copyright restrictions. Just dm us, we will share the video and website code for free :) 💡 Note: If you notice an overlay text like "Unwiring Studios powered by Unwiring Tech" on the video attached on website while previewing, that's just due to the hosting service's GUMLET title overlay. This text will not appear in the actual video file, ensuring a clean and professional look for all platforms. 🎥 𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐭𝐡𝐞 𝐚𝐭𝐭𝐚𝐜𝐡𝐞𝐝 𝐬𝐜𝐫𝐞𝐞𝐧 𝐫𝐞𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚 𝐜𝐥𝐨𝐬𝐞𝐫 𝐥𝐨𝐨𝐤 𝐚𝐭 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐰𝐞𝐛𝐬𝐢𝐭𝐞 𝐚𝐧𝐝 𝐯𝐢𝐝𝐞𝐨!   🚀 RodBez’s Vision Founded by Dilkhush Kumar and Siddharth Jha, RodBez is on a mission to make local travel affordable and accessible for everyone in Bihar. Their efforts to bring innovation to rural and urban mobility are truly inspiring, and we’re proud to support them through this initiative.   💬 Know a Startup That Inspires? RodBez is the fourth chapter in our Startup Spotlight series, and we’re just getting started! Do you know a startup solving real-world problems? Tag them below or share their story—we’d love to amplify their journey. Here’s to celebrating ideas that make a difference! 💪 #StartupSpotlight #UnwiringStudios #RodBez #CreativeStudio #Startups #unwiringtech PS: Dilkhush Kumar, your work with RodBez is paving the way for a brighter, more connected Bihar. It’s a privilege to contribute to your journey! 🚖✨ And oh, please accept my connection request—been waiting for 3 weeks now. Lol! 😜

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HIRING! Know someone with the drive to make things happen? Helping my founder friends (IIT Delhi, 2xfounders), who are building in the lifestyle celebration space — all in stealth mode. They're early-stage, so there’s ZERO glamour—but massive potential for growth (0-100) and a chance to gain hands-on experience from the the 0-1 journey with serial entrepreneurs. If you're ready to hustle and get your hands dirty (pure smart execution), this might be for you. Expect fast learning, late nights, constant growth, and strong networking opportunities. Expectations: - Ambition and commitment to the journey - Builder’s mindset—no egos, all action - Openness to feedback and always ready to learn - A knack for problem-solving and staying curious Think you're game? Fill out the form, and let’s see if you’ve got what it takes to build big: https://lnkd.in/g7RE_uKe #Startup #Hiring #Entrepreneurship PS: Weekend dinners and activities are on my friend’s tab! (And yes, I’m inviting myself too!)

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Fundraising challenges in India - an India story that's not that promising VC Firms - need startups to dematerialise shares before wiring funds NSDL office - we haven't processed applications of Aug yet. We also have a priority list to process for larger companies first. Irony - Younger stage companies can't wait for such bottlenecks while raising small, early rounds but are being made to wait the most, thanks to the system. I can't believe an org like NSDL can't have separate teams looking at applications for startups of different market cap ranges. While every policy rolled out comes with a mandatory ask, our govt org systems should work more towards making bureaucracy more startup friendly. As of now, as I speak with founders, raising small rounds is becoming a herculean task.

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For all potential founders building consumer brands - come join the 430-530 pm session on Monday (Nov 11) as I jam on D2C ideas / spaces / brand building with an awesome founder turned investor Mohit Sadaani from The Moms Co. | Good Glamm Group and DeVC We plan to talk about how to choose the right category, customer segment, research vs. intuition on a gap, building content / community / digital marketing chops etc. as you take your brand idea from 0 to 1. Regn. link in the first comment.

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Today, Startup Réseau turns 5! This post is a shoutout to partners, with who's support we have been building a bootstrapped, "made in India" brand catering to emerging markets, and at the intersection of startups + technology + innovation. Yes, we do operate startup accelerators and #Startups are our core; but then, we have been fortunate to work with Fortune 500 companies + home grown large corporations across diverse industries, unicorns, fast growing tech companies, international universities, governments, development agencies and try creating value for them by keeping entrepreneurship and innovation at the heart of it. We have impacted 1,000+ startups through our programs, worked with 50+ institutional partners and operated programs across 20 countries; in addition to expanding to Nepal, and successfully launching extensive operations across multiple countries in Africa under the Hindsight Ventures brand. Jagruti Bista Gaurav Kulkarni and Kanish Goratela have been with me on this journey all through the 5 years, so a big thank you to 3 as well :) I'd also like to thank each individual who worked with us at some point in time during these 5 years, and just put it out there that your contribution has played its part in getting us here. Hitting refresh and reset, as we dive into the next 5 years and beyond. Anshul Ajay Vansh B. Aman Aragonda Claire Sonia Rose Urassa Vedant M. Yogesh Bista Adithya Binoy #Turning5 #5thAnniversary #Bootstrapping #Startup #Partnerships

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Quick commerce in India is the biggest consumption story in the world right now. Billions of 💰 are being invested by US and other VCs to change the way how millions of Indians shop 🇮🇳 . It is SUPER INTERESTING to see how this market is evolving literally under our eyes daily. The Morning Context has an excellent piece on it today. It got me thinking of 5 things. But first, the article makes the point that QC works in India because of high population densities, an unorganised and inefficient legacy supply chain and low rider cost 🏍 to average order value. Their article is posted in the comments section. Here's what came to my mind: 1. Viruses can permanently change consumer behaviour: Would the acceleration in QC adoption have happened if rapid digitisation hadn't been driven by the pandemic. High population densities, legacy supply chains and cheap labour existed pre-covid as well. 2. Did your family astrologer predict the QC future we are building: Predicting the future is always hard. More square footage was being built for malls under the hypothesis that India will transition from unorganised retail to a formal retail format. While for some formats this will continue, think white goods, for soft categories it looks like brick and mortar might be the most expensive and risky way to start. Wonder if in a country so into astrology any astrologers predicted the rise of QC because.... 3. Consultants and analysts were clueless: Entrepreneurs build the future, and consultants at best are slow followers. Go back and look at their reports from 10 years ago, no one was talking about the rise of QC. Everyone was on and on about how underpenetrated organised retail is and writing bullish stories on listed brick and mortar retail companies. 4. Will the marriage of fast fashion and quick commerce be all song and dance: What's in store here? Shorter supply chains like Shein, cheaper products like Primark, and quicker inventory turns via QC or risk of higher returns and inventory bloat. Time will tell. 5. FMCG companies should hire tutors to study disruption theory, but not from Byju's: Many of the MNC's don't have a playbook they can get from their global parent companies - QC is a uniquely Indian phenomenon. If their Indian listed businesses trade at 50-70x PE multiples, their future is pricing in so much growth and stability. "All of the future is in the price" as one of India's leading equity investors responded to my chat message. What will crack first, FMCG multiples or QC momentum? Last week I wrote about Zomato and Zepto, two leading QC companies in India and their world class execution even if they copied this model from abroad. The link to that post is also in the comments.

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"Great things are not done by impulse, but by a series of small things brought together" GalaxEye announced investment by MountTech Growth Fund - Kavachh, a $60 million Category-II AIF, has made its inaugural investment in GalaxEye’s $10 million Series A fundraising round. GalaxEye, founded by a dynamic and skilled team from IIT-M, is on a mission to revolutionize space-based surveillance with cutting-edge, multi-sensor (SAR and MSI) fusion technology. With the first LEO satellite launch slated for mid-2025, GalaxEye aims to meet critical security and commercial needs, showcasing the power of innovation driven by purpose and precision. This partnership exemplifies our commitment to supporting trailblazing solutions that address pressing challenges in surveillance and security. GalaxEye’s ambition to leverage SAR (Synthetic Aperture Radar) and MSI (Multispectral Imaging) fusion for space-based surveillance aligns well with the evolving demands of both defence and commercial sectors. Their innovative approach with LEO #satellite constellations promises to address critical security and monitoring needs with unmatched precision and real-time insights. Backing a driven and skilled team like GalaxEye, rooted in a legacy of innovation like Avishkar Hyperloop, speaks volumes about the fund's dedication to fostering groundbreaking technology. This partnership not only reflects the fund's commitment to advancing national security infrastructure but also highlights a forward-looking vision that appreciates the convergence of innovation and practical impact. The anticipated satellite launch in mid-2025 is set to be a milestone in this collaborative journey, and it will be exciting to witness the tangible outcomes of this strategic alliance! #space #venturecapital #investment #india #strategic https://lnkd.in/ggZuW2xs

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Continued: Lessons From the Trenches for Startup Founders: Flip It!   Over the past two years, I’ve spoken with several growth and late-stage startups that are legally domiciled outside India (e.g., in the U.S. or Singapore) but maintain significant operations in India. Many of these companies were drawn to the high valuations of U.S. tech firms in 2021, leading them to set up outside India. For those seeking my advice, I’ve consistently recommended flipping their domicile to India. Indian equity capital markets are well-developed, with mutual fund inflows steadily rising— October 2024 marked the 44th consecutive month of net inflows, totaling around $5.5 billion in that month. With abundant capital and a shortage of quality companies, Indian markets offer a valuation premium compared to other global markets. While tax implications are a primary concern, the valuation differential often makes the flip worthwhile. Indian markets will of course not sustain 2024’s high valuations indefinitely, but given India’s demographics, mutual fund inflows will continue increasing over the next 20 years, with some evident corrections along the way. There will be no shortage of capital for quality companies. On Nasdaq, companies with market cap of under $5-7 billion often struggle for attention from analysts and institutional investors; in India such companies get all the attention they deserve. So, work with your investors and make the flip.

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