Tanmay Parasramka

One non-glamourous KPI for D2C brand founders/investors to watchout is 🛠️Working Capital-to-Revenue ratio (or inversely WC turnover) Recent acquisition of Asian food brand Omsom by NYSE listed DayDayCook (DDC Enterprise Limited) - a content-driven food brand seemed small but boldly spiked DDC shares by 300% last week. Deal structure with mix of cash+stock paid out in 4 years offers an interesting "Working Capital peg" that provides incremental equity infusion for continued scaling of Omsom's revenue. Expectations for @Omsom is to deliver Net Working Capital to Revenue ratio of 20% and even less in coming years. (see Drew F.'s post in link for calculation) This is a vital input for D2C brand founders/investors looking to raise/exit. 🇮🇳 Best of FMCG brands in India have Working Capital-Rev% in 10-20% range. Pick any household names say P&G, Gillette, Dabur, Colgate etc. Surprised to see recent spike for Mamaearth to ~40%. Only few outliers like HUL, Nestle have consistently maintained mid-to-low single digit WC-Rev%. If you're a consumer brand founder, your WC management (incl AP/AR cycle) can be critical for your scaling/fund raise/exit plans. Leverage fintech offerings to simplify and automate cashflows in every business engagement (vendors, billers, suppliers, etc) P.S. Mind you DDC with $27M mcap itself has lost >70% value since its listing last Nov, but continues its "Asian brand" themed M&A with 4 similar acquisitions before. Good exit playbook for VCs in the space. #d2c #consumer #fmcg #cpg #acquisition #valuation #fintech

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Thrilled to announce our 2nd investment from SMBC Asia Rising Fund in India. We invested in Drip Capital - a leading cross-border trade finance platform, which supports Indian SMEs go global. The presence of Indian SMEs in global supply-chain will continue growing and financing is one of the key success factors for them. Drip Capital will play a pivotal role in it and SMBC as a global bank can collaborate with them in many ways. We are very excited to partner with Pushkar Mukewar and the entire Drip Capital team! Onwards and upwards! SMBCさんと進めているAsia Rising Fund*からインド第2号案件としてDrip Capitalへ投資しました。今回はRyu Muramatsuさん率いるGMOさんとご一緒させて頂いています。昨今の国際情勢の中、グローバルサプライチェーンにおけるインド、特にその中小企業が担う役割は日を追うごとに大きくなってきており、今後それは加速していくと考えられます。一方で、貿易に関わる彼らにとってはワーキングキャピタルの手当ては常に頭を悩ます問題で、大手銀行などの既存の金融機関がカバーしきれていない当該分野にDrip Capitalはソリューション提供しており、今後も大きく成長していくと見込んでいます。世界に展開する金融機関としてのSMBCグループとの協業ポイントも多く、こちらでも期待大です。 Incubate Fund Asia Incubate Fund Rajeev Ranka Masahiko Homma Alok Anand Patra Surbhi Bhatia Dave Kwong Xiang Darren Jawara Jasmin Y. Keiji Matsunaga Masaki Adachi Yusuke "Shuku" Shukuzawa KIMIE SUENAGA Mayoran Rajendra

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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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🎙️ The First Episode of Venture Vibes is here! 🎙️ Excited to share my conversation with Amay Solanki as we deep dive into how leading Indian startups have navigated changing consumer trends. 🔊 Tune in for the full breakdown on how these startups transformed challenges into opportunities in a post-COVID world! ⚡ Bonus: I’ll be sharing cuts of the episode soon for quick, digestible learnings. 🎧 Watch on YouTube: https://lnkd.in/dhB52eya (Chapters available for easy viewing) 🎯 Stay tuned for the next episode—we're diving into the big question: What game-changing opportunities lie ahead for the next decade? #VentureVibes #StartupStories #ConsumerTrends #COVID #Zomato #Nykaa #Purplle #Mamaearth #BiryaniByKilo #VentureCapital #IndianStartups #Innovation #Podcast #ISB

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Trifecta Capital has launched its largest venture debt fund yet, totaling a whopping ₹2,000 crore, with an additional ₹500 crore greenshoe option. This fund is sector-agnostic, targeting: ✅ Electric mobility ✅ SaaS ✅ Fintech ✅ Enterprise tech Founded in 2015 by Rahul Khanna and Nilesh Kothari, the firm has already invested in over 30 unicorns and numerous high-value companies like Zepto, Meesho, BlueStone, and Urban Company. While staying clear of riskier sectors such as cryptocurrencies, gaming, and P2P lending, Trifecta Capital has successfully deployed ₹6,000 crore from its three funds, including recycled capital. For enquiries, drop an email to [email protected] #VentureCapital #Investment #ElectricMobility #SaaS #Fintech #EnterpriseTech #Startups #Unicorns #TrifectaCapital #Funding #BusinessGrowth

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I’ve always been skeptical about D2C brands for a few reasons. With today's democratization of the internet and knowledge, anyone with enough distribution power can create a D2C brand. We’re seeing this trend with social media influencers launching their own brands and generating massive revenue simply by leveraging their following. It’s no longer just about the product; it's about distribution power, which can make the market feel unfair. Most D2C brands in India rely heavily on digital channels like e-commerce and quick commerce, believing that’s enough to drive significant revenue—and for many, it has been. Digital sales have allowed some brands to scale quickly, but that’s not the whole game. The real challenge, and where most D2C brands struggle, is offline distribution, which is a complex maze. The few brands that figure this out, like Mamaearth, go on to win big. After interacting with Abhishek kaushik and learning about MITRA's journey, I realized they’re doing something completely different. While most brands are focused on going online, MITRA is building a strong offline presence in Tier 2 and Tier 3 cities, where their semi-premium, high-quality products have a real edge. Despite competing with giants like ITC, MITRA's key advantage is offering the same premium experience that people in Tier 1 cities enjoy but at an affordable price—and in stores that are easily accessible to Tier 2 and 3 consumers. These consumers watch the same content and aspire for the same products but often lack access to the D2C brands popular in metro cities. MITRA bridges that gap, offering a unique value proposition in these underserved markets. I’m highly optimistic about MITRA’s future and excited to see their expansion into international markets. At Beej Network, our goal is simple: we invest in companies that have the potential to go global, and MITRA is definitely one of those companies. #angelinvestment #indianstartups #FMCG #D2C #D2Cstartups #foodstartups #startupinvestment #indianinvestment #startupfunding #fundingalert #venturecapital #VCworld #venture

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We recently brought together our Merak Ventures & growX Ventures portfolio founders for an evening of connection & inspiration in Bangalore. It was amazing to finally meet some of them in person. A quick summary of the evening - rich conversations, real stories & palpable passion to build (and scale) something new. Feels good to have front row seats to witnessing these innovators as they create game-changing technologies. A huge thank you to our Founders for making it a special evening, I'm excited to see what's next for our portfolio companies as they continue to innovate & make their mark! #Bangalore #VentureCapital #Investments #Founders #LIPostingChallengeIndia

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Super stoked to announce the close of our third fund! Grateful to have been a part of the journey thus far. 🚀 🚀 If you are building in the consumer brand space, please reach out to us- we would love to have a chat. We invest in businesses at a pre-seed, pre-revenue stage with the ability to support our portfolio companies until growth/ late stages. #Fund3 #ConsumerBrands #EarlyStageInvesting #SauceVC #Startups  #Entrepreneurship #IndiaGrowthStory #PreseedInvestment #VentureCapital #Consumer

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Seed Stage VC Titan closes ₹200-cr fund to step up play In portfolio Cos Venture Capital Fund: Titan Capital, co-founded by Snapdeal cofounders Kunal Bahl and Rohit Bansal, has raised ₹200 crore for a new fund. Fund's Purpose: The fund will support portfolio companies in their subsequent rounds of capital raises. Significance: This is the first time Titan Capital has raised external capital. Investments will focus on startups backed by Bahl and Bansal. Investors: The fund is backed by family offices, chief executives, and founders of top companies, along with people from the venture capital industry. Investment History: Since 2011, Titan Capital has invested in over 250 companies, including well-known startups like Urban Company, MamaEarth, and Ola Cabs. Stock Name: Titan Company LTD Sector: E-commerce/Technology Current Market Price: 3,560 Nifty Current Price: 3,559.00 Rishabh Kale

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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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Meet Dr Mansi Aggarwal, Partner at Alkemi Growth Capital! I had an incredible opportunity to spend over an hour with her for a podcast, and wow, what a journey she's had! Dr. Mansi's story is nothing short of inspirational. Imagine transitioning from a successful career as a surgeon to becoming a trailblazing venture capitalist funding and helping startups scale in healthcare and wellness space. From managing a neighborhood library to revolutionizing healthcare investments, Dr. Mansi's journey is a testament to the power of seizing opportunities and following your passion. In our conversation, Dr. Mansi candidly shared: →  Her transition from being a doctor to entrepreneurship and VC →  The importance of industry exposure in idea validation →  How she's addressing the gap in Medtech's understanding among investors →  The shift towards patient-centric healthcare models → Building a culture at office for team, portfolio founders and ecosystem →  VC-Startup Symbiotic Relationship I also got to know a little bit about her methodology in discovering, nurturing and support great founders. & The most exciting part where I made her do an Elevator Pitch 😁 of her Book  "The Serious (Comic) Side of Start-up Investing" - a unique take on the startup ecosystem! Which she co-authored with Alka Goel, the founding partner at Alkemi. Despite her success, Dr. Mansi remains humble and focused on creating value. Her passion for improving healthcare through strategic investments is truly inspiring. Thank you, Dr. Mansi, for sharing your insights and satiating my curiosity! P.S. -- Don't miss their recently launched comic book on investments in startup ecosystem. -- Sharing the link to the full conversation in the comments. Don't miss it ! #Tribex #VentureCapital #Entrepreneurship #WomenIninvesting #ecosystem

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The BPC industry’s growth rate in India > the growth rate in the UK + USA + Germany combined!! It’s a massive segment but, it’s getting nuanced and competitive…. 6-7 years ago, if you told me that a customer in a tier 3 city of India would know what niacinamide or hyaluronic acid is - I’d be shocked. That’s the reality today. This industry has matured more in the last decade than in the previous 60 years since independence!  With a higher degree of consumer awareness than ever and 3000+ brands, India’s BPC market will be worth over $30 Bn by 2027! 💄 This is greater than the GDP of the entire country of Mauritius 🔥 In this market - E-commerce has been the driver of growth. It has worked because of the nature of the product - low volume, high value and strong gross margin (>80%). Sales via online will dominate growth and account 1/3rd of the entire segment. I’ve said this 10s of time now - market is getting more and more competitive. A cookie cutter approach and creating something for ‘everyone’ won’t work. Winner products will now be built in niches and micro markets. Think about this: 🛒 Gen Z face acne issues & prefer affordable & result-driven products 🛒 Millennials want products with long-term efficiency 🛒 Gen X and Boomers with wrinkles & fine lines look for simpler solutions This diversity opens doors for brands to innovate and disrupt by offering specialized value! As disruptive digital native brands have emerged we’ve seen the traditional BPC players also evolve. They’ve become savvy with social media, have in-house D2C teams and even develop e-commerce marketplace exclusive SKUs! As with most spaces in India - the growth will be driven from Bharat going forward. Last year during Nykaa’s Pink Friday Sale, 57% of sales were generated from tier 2 and 3 cities! What does the future look like? My predictions: ✅Growth will continue to be rapid  ✅Winner products will be more ‘Indianized’ in terms of size, pricing and offering as Bharat will dominate growth  ✅100 Cr+ brands will be built in micro niches that you haven’t even heard of yet  ✅Customers will become more fussy  What still remains a question for me is, will Indian brands go global? 🌍 What do you think? Any other BPC trends I’ve missed? #india #beautyandpersonalcare #fmcg #brands #startup

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Being a venture capitalist means being constantly on the move — whether it’s meeting founders in Bangalore, catching up with peers in Mumbai, or exploring new opportunities in Delhi or Varanasi. This week has been one of back-to-back travels, but it’s the kind of busy that feels deeply rewarding at the end. Travel, for me, is more than just logistics and commute; it’s about connecting with leaders shaping businesses for today and tomorrow. From uncovering trends and insights to meeting people whose stories inspire, being on the road keeps me tuned into the pulse of real innovation. Here's looking ahead to more journeys and the adventures they bring forth.

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#India 🇮🇳 is playing an increasingly significant role in #AsiaPacific #PE-#VC activity, accounting for ~20% of all PE-VC #investments in 2023, up from ~15% in 2018. #Resilience amid #turmoil: Multiple bright spots emerged in India amidst a globally challenging year for the PE-VC ecosystem. India #PrivateEquity Report 2024 | Bain & Company

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🚀 Exciting Times for Co-Branded Credit Cards in India! 🌟Here are a few key insights about the booming Co-Branded Credit Card (CBCC) market: 💳 Higher Spending: On average, spending on co-branded credit cards is 1.2x more than traditional cards. With targeted rewards and exclusive benefits, it’s no wonder consumers are making the most out of these cards. 🔥 Impressive Activation Rates: Co-branded cards have a 70% activation rate, compared to just 50% for traditional credit cards. The allure of instant brand benefits and tailored rewards clearly resonates with customers. 🎁 Direct Brand Perks: With co-branded cards, consumers enjoy benefits they’d typically only get on higher-tier traditional cards—like discounts, cashback, and loyalty points—without the extra fees. 🏆 Top Players: India’s favorites? The Amazon ICICI Credit Card and Flipkart Axis Credit Card are leading the charge, offering unbeatable value for online shoppers. 📈 The Future is Bright: The CBCC market is set to grow at a staggering 30% annual rate by 2028! As more companies collaborate with banks, co-branded cards will continue to reshape the consumer experience. What’s particularly exciting is how CBCCs are turning consumer companies into fintech —allowing them to offer financial products that deepen customer loyalty and create new revenue streams. 💡 Personally, I can’t wait to see when fast movers like Zepto and Blinkit will join the game with their own co-branded cards. With the rise of quick commerce, the potential is huge! #Fintech #CreditCards #CoBrandedCards #BankingInnovation #CustomerLoyalty #EaseMyTrip #BankofBaroda #Zepto #Blinkit #Payments #DigitalTransformation

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Co-lead a workshop (with Sumathi my business partner and Komal lath of Tute Consult) on branding and communication and why/how its' strategic & important for the portfolio companies of an early stage growth focused PE fund in Mumbai this noon. very interactive session. lots of takeaways. one of the biggest benefits of doing such workshops with founders and CXOs of growth companies is that you get to first hand understand their pain points and priorities. which makes you realize there is a long road ahead laden with great opportunity for those in PR & comms if we take off our hats and look at it from their perspective.

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The industry is growing nearly 2x faster than the overall beauty and personal care market. It’s the next big thing in D2C… It’s all set to become a ₹20,000 crore opportunity by 2027. A quick generational snapshot sets the stage for this growth: My grandfather had 1 ittar he bought from a local shop. My father had 2 products – 1 Deo and 1 perfume. I have 5 products – 1 deo, 3 different perfumes, and 1 roll-on. Something for each occasion. I can’t even begin to think how many Gen Z owns 😂. I’ve heard they’re creating something called a “Fragrance Wardrobe.” Here’s what’s happening in the olfactory industry: 1️⃣ Massive change in product perception: Earlier, sales were driven by basic benefits – freshness and appeal to the opposite sex. Those days are passé. Today, it’s for self-expression, social status, and gifting. 2️⃣ Change in consumer TG: Historically male-dominated (60%), the tide is turning as female consumers embrace fragrances. I think this is the biggest white space, and I’m actively looking for brands building here. 3️⃣ The India-Specific Opportunity: India’s tropical climate creates a “need” for fragrances as a personal hygiene product. There’s increased demand for traditional, natural, clean, and indigenous scents (something that falls in India’s historic legacy!). Amid a booming wellness interest, scents are being marketed as wellness items with essential oils and more. I’d say there’s a gap in the market when it comes to the price point. One extreme – indigenous brands < ₹1000. The other extreme – premium, imported items > ₹3000, but no affordability. The sweet spot between ₹1000 to ₹3000 lies relatively empty. And I see an opportunity to build aspirational brands here. When e-commerce exploded, skeptics still asked: “Who’d buy a perfume they can’t smell online?” And they have a fair point. But content has changed the game. Creators tout their favorite scents, painting a picture of what they smell like. I saw a reel in which the creator said: "This is the fragrance you need to impress your first date!” And people are buying. Brands like BellaVita and Adil Qadri have made tidal waves. But I think the story’s just beginning. I believe the next big consumer story will come from this space. Can you ‘smell’ the opportunity? :) How many perfumes do you own? PS: This is my current collection of Indian fragrances. Recognize the brands? #india #market #ecommerce #opportunity #fragrance

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