Harsh Nigam

India’s Oyo, once valued at $10 billion, is finalizing new funding at a $2.5 billion valuation. This marks a steep decline from its $10 billion valuation in 2019. The startup, which has raised over $3 billion from backers like SoftBank, Peak XV Ventures, Lightspeed, Airbnb, and Microsoft, has struggled to attract institutional investors. In recent months, it has aggressively pitched to high-net-worth individuals after withdrawing its IPO application twice in the past four years. Once a red-hot Indian startup active in markets including the U.S. and Europe, Oyo has now scaled back its international presence. #venture #downround https://lnkd.in/gE2GjYnM

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Zepto announces its $ 665M Series F financing at a $3.6bn valuation yesterday. They started as KiranaKart (part of YC's W21 program) & re-branded to Zepto; the firm has defied all funding winters with crazy momentum ⤵️ June '20: $50K Contrary Capital fellowship Nov '20: $125K YC W21 program  Jan '21: $700K Seed round Oct '21: $60M Series A/B round Dec'21: $100M Series C round May '22: $200M Series D round Aug '23: $200M Series E round Zepto's investors include Y Combinator, Nexus Venture Partners, StepStone Group and even Glade Brook Capital (former investor in Zomato). 📈 And, their metrics in the last few months have been astounding: (1) ~4.5M (i.e. 45 Lakh) Zepto Pass subscribers in 3 months - Initially this was free, then they began charging > ₹99 per month (2) 75% of ~350 dark stores are EBITDA positive - Time to EBITDA breakeven per store is down from 23 months to 6 months (3) ~28% market share in Quick Comm - Impressive given they are an independent company (versus Instamart or Blinkit) ✅ And, Zepto is just getting started:  (a) Entry in non-metro cities next (b) Entry into private label (Zepto Cafe & Meats) (c) Going to x2 the number of dark stores ➡ What I've seen lately in the key metro cities: There is a shift from e-comm to QC. I think it is only going to accelerate as QC co's bring in more categories & tap into long tail SKUs via larger warehouses.. Product searches first moved from Google to Amazon, now they may move from Amazon to Zepto et al. incredible to see how the Power Law plays out - these folks are going to change Commerce in India. Congratulations Aadit, Kaivalya + team Zepto! #startups #india #venturecapital

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Building on Mrunal Jhaveri's insightful reflections, I am compelled to share some thoughts on the dynamic landscape of venture investment through family offices—a domain not many venture into but one that holds immense potential for long-term impact. The road to establishing Ice.vc, as Mrunal describes, is paved with practical lessons that resonate across investment strategies and personal experiences alike. The clarity in focusing on core competencies rather than getting sidetracked by trying to offer everything to portfolio companies is something that resonates deeply. In an ever-evolving market landscape, flexibility and adaptability remain crucial. Furthermore, maintaining structured policies and decision-making frameworks isn't just a best practice; it's imperative for avoiding unnecessary disruptions. Clearly defining roles within the family office setup, just as Mrunal does with his brother, ensures seamless operations and clarity in execution. The essence of this journey, however, transcends financial metrics. It is about aligning investments with personal values and the overarching vision one cherishes—creating a legacy that's more meaningful than mere numbers. These insights continue to shape the future of investments and offer a beacon for those brave enough to innovate and invest in line with their own values.

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There are two types of #startupfounders- 1. Extremely Foolish 2. Extremely Genius Ngl, this is what i used to think…however, lately i’ve realised that there’s actually only one type, the former. You have got to be extremely foolish (and borderline insane) to willingly let go of a much more comfortable and easier life in exchange for a decade of 24-hour work days and stress. If you do the math, it’s never a “smart” decision, considering how big a factor “luck” is, for any successful startup. So when an extremely foolish founder starts a company, which is statistically 90% likely to fail, there’s a small possibility that they could survive long enough to see it become successful and then be labelled as a “Genius”. Remember, “Genius” is only in hindsight, never in foresight. I guess this is why Steve Jobs said-

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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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Slowdown in VC funding could slow late-stage investment activity. In addition, the continued strength of public equity markets makes IPOs more attractive for profitable late-stage companies. Good to speak with Ayanti Bera at Financial Express (India) cc: QED Investors #startupfunding #startups #fintech #QEDInvestorsforfintech

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"possible nahi hai to mat karna, aur possible hai to tung mat karna" Over the past many years, we've seen founders face numerous struggles that should not have been in the first place - from the liquidation process to ODI transactions to KYC/FIRC of foreign inbound wires to demat documentation for foreign investors and much more. All of these were simple processes that instead led to long and painful journeys consuming 100s of hours - and several times holding up critical round closures and what not. After seeing these closely for a few years, we got involved and looked at the problems closely, identified relevant providers, and asked them to provide clarity on what is possible and what is not possible and how to avoid bureaucracy and get stuff one - we did it all constructively but since we had a large volume of cases across each category, we were in a position to show examples of what was going wrong and how resolutions can be achieved smoothly. Thanks to so many of our partners many of the above processes are now 10x smoother than before -- but we haven't been able to solve for everything yet and the work will continue. Our mantra with working with providers was simple -- we wanted clarity on how anything is to be done and if we did that it was upon them to get it done. If they themselves don't have clarity, then they should let us know ahead of time instead of misguiding us forever. Simply captured in this -- "possible nahi hai to mat kar, aur possible hai to tung mat kar". Grateful to all our PoC across providers who follow this to the t :)

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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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Thank you, Siddhartha Ahluwalia, for hosting me on The Neon Show India has 6000+ SaaS/ AI companies, 15 companies have crossed $100M in revenue. Key insight from building and exiting Eka Software Solutions, an enterprise focused vertical global SaaS company - for those looking to build and scale software products from India, remember that it's not just about the technology but also about Go to market, understanding the global customer, continuous product innovation, and staying adaptable. This podcast captures the essence of building a global company from India through some very good questions. 🎧 Listen here: https://lnkd.in/gvnZsvq8 #SaaS #B2BSaaS #Podcast #Entrepreneurship #India #Startup #Tech #Innovation SaaSBoomi Together

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We've been part of this journey with Vidur Kataria Sidhanth Madan & Radhika Mittal since the pre-seed round in 2020 (also closer to heart since this was the first deal from Fund II). The investment thesis for us was always very simple - we tried cooking Chinese food at home during Covid, and all that was available was "Ching's Secret Schezwan Fried Rice Masala" & it was surprising that the second most enjoyed cuisine in the country is Chinese & we have just one brand that catered to this audience. Then we ended tasting the Masterchow sauces & we were just floored to see the difference in quality and taste. Having said that, the thesis that we believed in, didn't ring a bell with a lot of folks that we spoke to in the last 4 years. These were the top reasons why VCs hesitated -> 1) Market size is not large enough - Our belief was that the market appeared to be small, because the only brand available thus far was Ching's. Then Ching's got sold to Tata for ~5500cr, then noone questioned the market size any more. 2) Products are too expensive - Their sauces which was the first category they got into - was priced at ~Rs.240. Lot of people thought that this was expensive for India. But that was just the first category, after that in just last 2 years the founders have innovated on the product (Cup Noodles, Ramen, Chilli oil) and made products cheaper (Masterchow Staples, Chowmein, Schezwan). But I'm glad we got some believers along the way in the form of Anicut Capital LLP & Surge. And now, Tanglin Venture Partners. The founders continue to surprise everyone & I believe they'll do so in the future as well! #startup #funding #fmcg https://lnkd.in/g2wdAvmx

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CredFlow founder Kunal Aggarwal achieved a major milestone by securing $3.7 million in pre-Series B funding from Inflexor Ventures. This strategic investment brings CredFlow’s total funding to over $13 million, following $9.2 million raised in earlier rounds. Read about how CredFlow is revolutionizing SME's finances: https://lnkd.in/ebv7N7m3 #CredFlow #Funding #Investment #EntrepreneurshipStudio

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Santosh Sharan famously said, “Gains from the best (GTM) practices decay over time” After experiencing this firsthand over the last year, I completely second this. We've seen various go-to-market motions adopted by different companies. In my first journey at Innovaccer, we used an outbound email go-to-market motion, which was successful back then. However, even after knowing this method worked in the past, trying it for six months at kim.cc proved it wasn’t the right fit, and we had to stop. This reinforced my belief in the importance of finding your mojo - a GTM motion that aligns perfectly with your current market conditions. For example, Adam Robinson successfully used LinkedIn as a go-to-market motion. Others have leveraged SEO for inbound, while some have used Shopify. The key is understanding where your customers are and ensuring your positioning or pitch resonates with them. What GTM strategy has worked for your startup, and how did you discover it? #gtm #businesslessons #startups #dtcbrands #entrepreneurship

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There's a lot of content related to startups but the high quality ones are rare. Here's my small list that I personally found to be on-point and useful. 1. Path to PMF Series by First Round Capital : https://lnkd.in/gtTCHJua Short crisp stories of their early journey from successful founders, very less opinionated and purely factual. 2. Modern GTM for early stage founders by Unusual Ventures: https://lnkd.in/gZA3nsJN I haven't really consumed any piece of content that comes close to explaining GTM the way this resource does. Let me know if you know of any other such gold mines.

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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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Great to have a mention of #TechXpedite backed by Games24x7 in this article by the Mint talking about “in-house incubators and accelerators” set up by India Inc. As Startup Réseau, we’ve set up over 50 corporate backed accelerators, innovation programs and startup engagement initiatives; and we’ve seen the trend shift massively over the past few years. In the earliest years, it was largely the BFSI companies taking the lead on such engagements, and that has changed to almost every other industry. We’re been fortunate to work across healthcare, energy, real estate, logistics, telcos, media, consumer goods to name a few. In the past few years, we have seen another trend emerge where we’ve seen #unicorns or #scaleup companies engaging on their own version of startup programs for a variety of reasons - giving back to the ecosystem, investments, strategics, acquisition etc. We’ve been fortunate to work with Delhivery LenDenClub on accelerator programs, and with Perfios Open Financial Technologies Signzy on startup engagement programs. Currently we are in the midst of accepting applications for #TechXpedite as an accelerator program implementation partner for Games24x7. Look up our page to apply now, if you are building in #gaming, #AI or #InclusiveTech categories. Jagruti Bista Gaurav Kulkarni Kanish Goratela Vedant M. Anshul Ajay Vansh B. Sonia Claire Awino Emmanuel Akandwanaho #CorporateInnovation #StartupEngagementPrograms #CorporateAccelerators https://lnkd.in/dFCYm7Sz

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GM GM my #LinkedIn Fam!! I'm thrilled to announce that I've joined Push Protocol | Previously EPNS India as an #Ambassador! I'm incredibly excited to be a part of Push Protocol | Previously EPNS's mission to build a #decentralized notification infrastructure for #Web3. Web3 has the potential to revolutionize the way we interact with the internet, and Push Protocol is playing a vital role in making that happen. In my role as #PushAmbassadorIndia, I look forward to: 👉 Contributing to the growth of the Web3 ecosystem in India. 👨‍🏫 Educating and empowering the Indian community about the potential of Web3. 🤝 Collaborating with Push Protocol to build a more robust and accessible notification system for dApps. I'm confident that together, we can make a significant impact on the future of Web3. #Web3 #PushProtocolIndia #Ambassador #Decentralization #Blockchain #PushAmbassadorIndia

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I have seen this play out a lot - Investors evaluating D2C brands take feedback from friends and family which might not be the right thing to do because of 2 reasons -- 1. Negative bias kicks in. When you ask someone close how this product is, they aren’t thinking, “What’s good?” Instead their immediate thought is, “What’s bad?” This is a natural tendency—people tend to focus on what could be wrong instead of highlighting the positives. 2. The Target audience isn’t the same. Your friends and family probably aren’t the target customers of the startup. Real feedback comes from people who actually use the product and experience the problem it solves. Here is what you should do instead: ask the founder who their target customers are and talk to them for real feedback. Feedback from friends and family can create bias, as they’re not the real customers.

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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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💡 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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