Kallol Borah

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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"We bought a 13-acre piece of land in a village called Sikra in Kutch which is enough for us to reach a revenue of 500 crores." 🔥 Ep#08 of The India Opportunity Podcast with Aditya Aagare from Thermoflyde is out now! 🔥 Watch here: https://lnkd.in/g6JjrGq6 We talk about: > The market opportunity in the refractory space - north of $30 Billion USD globally > How Thermoflyde is aggressively growing its market share by taking on RHI Magnestia (a $3 Billion revenue-generating, publicly listed business) and has grown 100% year-on-year in terms of REVENUE > How starting up in college taught Aditya lessons about entrepreneurship the hard way > Focusing on customer service as a competitive advantage > Building an IPO-able, cash-flow-positive business > 500 Crores revenue in sight with current capacity and potential to grow much bigger > Aditya's goal of positively impacting 1000+ lives > How traditional manufacturing businesses can be multi-baggers over decades in the public markets > How kindness from angels helped them survive in the first 2 years Great episode for founders looking to build IPO-able businesses, with key insights into how to prepare your business at the earliest stages if IPO is an outcome you're working towards. Thermoflyde Industries Private Limited is destined to be a big success story emerging in the traditional manufacturing space and we're early backers via Swadharma Source Ventures - SSV. Thrilled to share Aditya's story with the world. #india #manufacturing #makeinindia #rhimagnestia #refractory #steelplants #ipo

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Link to 2Point2 Capital's Q1 FY25 Investor Update - https://lnkd.in/djb83-fD In this update, we talk about Base Rate Neglect and Absurd Valuations in the Indian stock market.

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Eternal source of confusion in India SaaS. Terms like SMB, mid-market and enterprise are used pretty casually. Putting out a version here and inviting opinions from founders & investors on how they see the breakpoints between segments. US: SMB (upto $250mm in annual revenue), mid-market/commercial ($250mm-$1B), enterprise ($1B+). India: S (upto 10cr), MB (upto 250cr/$30mm in annual revenue), mid-market (250cr-1000cr, upto $150mm), enterprise (1000cr+/$150mm+) (note the breakpoints between segments are much lower in India and not comparable to the US)

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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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A significant milestone for Venture Catalysts' latest fund, VC Grid. Our team at VC Grid is making waves in the startup ecosystem with its recent investment in Ideal Insurance, a leading insure tech platform. In  collaboration with family offices and high net-worth individuals, VC Grid has contributed to an impressive pre-series funding round of Rs 8 crore, totaling a $1 million investment. This funding round also saw participation from industry veterans such as Sagar Daryani of Wow! Momo and Artha Group, among others. Founded by Rahul Agarwal, CA Ravi Kothari, and Rahul Mohata, Ideal Insurance is poised to capitalize on India's burgeoning insurance market, expected to reach $1.3 trillion by 2030.With ambitious targets of achieving a premium collection surpassing Rs 1,100 crore and an EBITDA of Rs 33 crore within the next two years, Ideal Insurance is now gearing up for its next phase of growth. To support this expansion, Ideal Insurance is seeking to raise $10 million at a valuation ranging from $70-90 million. Exciting times lie ahead as we continue to champion innovation and growth in the startup landscape! Venture Catalysts++ | India's 1st Multi-Stage VC, 9Unicorns, Anuj Golecha, Anil G Jain, Gaurav Jain, Vansh Oberoi, Sidhi Dalmia, Shreeyesh Chandgothia, Anusha Bhat #VentureCatalysts #AngelInvestor #VC #IndianStartups #StartupInvesting #InsureTech #VCGrid #IdealInsurance #StartupFunding https://lnkd.in/dRThdKp2

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Yesterday, I had a chat with a MD at a VC Fund based out of Europe investing in India. One of best thing I learned from him is TO BE CLEAR Clear? But like what? How? 🤔 We often listen how important it is for a founder to have clear vision, mission, etc but what about VC? 🤷🏻‍♂️ He mentioned that it is important for a VC to have a clear investment thesis 📝 What does clear mean? A well defined thesis : sectors, cheque, time, stage, etc, basically how, where, when the fund would be allocated 📑 Suppose If you would have $10M, how would your thesis will look like? 🤑 Let me know in the comments 👇 #VC #startups

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After 4 pegs 🍻 every time, My IT friends discuss - "Bhai, Startup karna he". They stumble upon all sort of crazy ideas....From dairy to retail shop. Let me tell you - AI & IT products is biggest opportunity within this century in coming 7 years. Where they have biggest edge. $250B of new demand for IT products & AI enabled services from abroad is there till 2030. Domestic IT spend is to be $138B. Good thing for AI startups is that no definite solutions exist even from Salesforce, SAP, MSFT, Google. ACV is $20-$100m for large companies. that these giants are targeting. For startups $1-$3M is doable. Challenge for IT folks is 2 fold: All talent is absorbed in MNCs because IT jobs pay big amounts Lack of patient capital in India. You can't fight with MSFT/Salesforce without this. Still there are ways. Let's do it. #enterprise #ai

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In 2018, SoftBank was searching for someone to launch their Indian operations. The $100B fund was impressive but for Sumer Juneja, there was more. He witnessed the mobile revolution in India firsthand. He was passionate about the potential of technology. This was a chance to be part of something bigger. At this point in his career, he may not have had the appetite to be a full-blown entrepreneur. But, craved to be alongside those who were changing the world. SoftBank Investment Advisers offered that. One more reason was SoftBank's founder. Masayoshi Son. Unlike most managing partners with finance backgrounds, Masa was an entrepreneur himself. He saw things differently, with the instincts of a builder, not just an investor. This resonated deeply with Sumer. Watch the full journey of Sumer on EUVC! #venturecapital #angelinvesting #startupfunding #europe

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When Jayant joined Dexter family, we had a set of insightful conversations. And while we were yet to decide what problems he would work on, he came up with an interesting proposal. .. His thesis was that the Indian private market is a small set of people, some collaborating, some competing, but all investing in the Indian story. Thus, there should be a community, which brings them all together and amplifies the insights and thoughts which bind us all into one secular force of India’s multipliers. .. This is how we came up with the idea of India Multipliers. A gated community for founders, angels, VCs and other private market participants and others who wish to be among these 🇮🇳🚀 .. Why join? We shall share fresh and detailed insights on the India Story to fuel intelligent and constructive discourse and strengthen the ecosystem as it grows bigger. And a promise- This shall only be the start of it. More offerings shall follow :) Looking forward to welcoming you in. .. Join here in less than 60secs: https://aa.openinapp.co/im Tags: #Startups #IndianStartups #VCs #VentureCapital | Devendra, Devendra

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"We bought a 13-acre piece of land in a village called Sikra in Kutch which is enough for us to reach a revenue of 500 crores." 🔥 Ep#08 of The India Opportunity Podcast with Aditya Aagare from Thermoflyde is out now! 🔥 Link in comments below 👇 We talk about: > The market opportunity in the refractory space - north of $30 Billion USD globally > How Thermoflyde is aggressively growing its market share by taking on RHI Magnestia (a $3 Billion revenue-generating, publicly listed business) and has grown 100% year-on-year in terms of REVENUE > How starting up in college taught Aditya lessons about entrepreneurship the hard way > Focusing on customer service as a competitive advantage > Building an IPO-able, cash-flow-positive business > 500 Crores revenue in sight with current capacity and potential to grow much bigger > Aditya's goal of positively impacting 1000+ lives > How traditional manufacturing businesses can be multi-baggers over decades in the public markets > How kindness from angels helped them survive in the first 2 years Great episode for founders looking to build IPO-able businesses, with key insights into how to prepare your business at the earliest stages if IPO is an outcome you're working towards. Thermoflyde Industries Private Limited is destined to be a big success story emerging in the traditional manufacturing space and we're early backers via Swadharma Source Ventures - SSV. Thrilled to share Aditya's story with the world. #india #manufacturing #makeinindia #rhimagnestia #refractory #steelplants #ipo

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Here's one more theme that has played out over the past decade in India SaaS: SaaS companies that sell into India/Asia (non-China/Japan). There's been a reasonably large set of investors in India who have been default no in this category, based on perception of limited TAM and GTM challenges. However, there is reason to be optimistic for this theme (we are!). A reasonable set of companies in the ecosystem have scaled, such as MoEngage, Darwinbox, Capillary Technologies, Yellow.ai, Unicommerce , Gupshup, CRMNEXT, LeadSquared. Companies like Salesforce, SAP etc have reached multi-hundred million ARR in India. As a result, the potential scale from sales in India has grown from the $15-20mm that people used to talk about 5 years back to perhaps $50mm in India, overall $100mm-150mm in Asia. I think we'll see more companies continue to get funded here as IT demand in India/SEA deepens and local requirements (mobile, India Stack, regulations, languages) get addressed. Founders and investors will need to tune into this being a solid path to go but will take longer to get to impact than US/EU-focused companies. Some characteristics we see at India/SEA-facing software companies: * Many start out in SMB but then find scale & success selling into enterprises. India market has a ton of SMBs (10mm+), a relatively light mid-market and a significant set of large enterprises. * Products tend to have feature sprawl and design-deficit but this can be fixed. * Some large sectors that are pulling at enterprise level e.g. BFSI, multi-sector conglomerates. Early traction from digital native companies (but naturally capped market). * Natural to go to SEA & Gulf countries. Product could remain fairly similar but sales & marketing motion can be quite different. To get really large, feels like will have to end up going to US/EU markets eventually. * ~10 years to $100mm ARR, with market leadership in Asia * Gross margins start out perhaps 10-15 points lower than corresponding companies in the US/EU but trend up over time. * Most India-facing SaaS companies are starting as India Pvt. Ltd. today, compared to 5 years ago (versus US C-corp), with a view to going public in India at $50-100mm revenue level.

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Story of apna :Job Platform. There is financial engineering, bad idea and senseless funding. What's the worse? After knocking on Hundreds of Investors doors I have realised that our VC ecosystem is dangerous to the Indian Start up bubble. Imagine how the conversation of Apna founder must have gone. Apna: I have this crazy idea. Apna toh life ban Jaayega. VC: Hmm. Tell me. Apna: I want to build LI for blue collar jobs. VC: Okay. But that's not what I wanted to know. What's your background? Studied from where? Where did you work? Apna: I worked at Apple & Intel, completed MBA from Stanford, previously founded Cruxbot (acquired by Kno Inc, Intel) and Incone Technologies (hydropower automation co). VC: That's marvelous. What's market size? Apna: LI has abt 500 million, now considering a world with population of 6 billion 4 billion + are working. So at the very least 2 billion. VC: Oh that sounds nice. Even if you make 1 dollar on every person, you will end up with 2 billion. I like how green you are 💚 Apna: Does that mean you will invest? VC: Ofcourse. It helps that I know your friend who worked with you. Apna: Let the Games begin Then comes financial engineering. I wont accuse Apna because as long as law allows it, they are free to show their finances in whatever way they want. If Investors didn't know this, I would be surprised. When these "Blue chip" founders (Great college, great companies) as one investor told me fails, people dismiss it as these guys start with ideas which are based on solid ground research & Initial feedback. That's how investing is & thus the tradition of loss making yet highly valued companies persist. On the flip side, Imagine how Apna could have worked. * Create a network of all small retail local HR placement agencies. There are multiple of those across India. City by city onboard these guys on your platform and provide tools to upskill this force. * Online you will start marketing like apna has marketed so far and could have got another set of people ready. * Next, you go to corporates and tell them we will upgrade local candidates. You build a virtuous cycle as well as on ground presence. And the best part is doing all this wouldn't need 900 crores but just 90 crores. HR agencies want to make money, Corporates want easy access to resources, candidates want job and Apna wants reach. But Alas; Nirmit Parikh, founder and CEO of Apna, the blue-collared jobs platform India's youngest billion-dollar startup amid Covid-19. A elite heavy, elite favoring VC ecosystem that operates like a Frat Club will ultimately take it's toll on the health of Indian Startup Ecosystem with mediocrity emboldened and talent ignored. Investors do not care, founders can't do much & markets continuing to celebrate money no matter how many fall by the wayside. #investors #indianfoundertales

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At Rio we are building a credit card but building any product requires deep user understanding. So who really are the existing credit card users in India? We break it down into four cohorts, The Convenience Users, Short Term Limit Users, The EMI Converter and The Revolver. The Convenience Seekers are consumers who prioritize convenience and often use their credit card for large purchases, and always paying their balances in full each month to avoid interest charges. Cashback or rewards cards are what attracts them towards choice of cards. They may never need anything related to “credit” in the card.  The Short term limit users need the credit card for paying their non discretionary/everyday purchases for managing their cash flows effectively. They mostly pay their balances full in each month, but depend on the Credit limit to ease out monthly payments. They may occasionally not be able to pay their balances fully. This forms the largest part of the “Transactors” Base (i.e - Those who repay Credit Card bills on time).  The EMI Converters are consumers who want to have an affordability for bigger-ticket purchases. For them, splitting their purchases into manageable monthly instalments, and credit cards with low or no-cost EMI options become their go-to choice. Finally, the Revolvers are consumers who tend to carry a balance on their credit card quite often, and depend on cards which may have lower fees or charges. For credit cards, a one-size-fits-all approach rarely exists. So which credit card consumer do you see most around you?    www.rio.money #creditcards

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🔥 Ep07 out now with Piyush Goenka from Prath Ventures! We talk about building great consumer brands in India 🔥 Watch here: https://lnkd.in/gaPcCTqF We talk about: > Piyush's journey across all stages of investing > How he and Harmanpreet Singh defined Prath's sector and stage focus > The journey of Safari from a 200 Crore company to a 10,000+ Crore company > Prath's recent investments in Jimmy's Cocktails, Assembly and Aukera > Consumer trends in India and opportunities in the Indian market > His experience of fundraising for Prath (not something you get to hear very often and that too so candidly and vulnerably!) > How Vipassana changed his life   Prath ideally wants to be the first institutional investor when founders are raising their seed or series A rounds and the first cheque for them is usually between 3-15 Crores which is roughly 500K-2M USD. Excited to deep dive with Piyush into the consumer landscape in India today, and his plans for Prath in the future. Founders who are building consumer businesses, you will gain a lot of rich insights from Piyush’s experience about business building as well as fundraising.

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Discretionary consumer spending in India will continue to rise with time. We believe several new consumer brands & businesses will be built in India. We look forward to partnering with teams looking to capitalize on these tailwinds! Sorin Investments #sorin #d2c #consumer

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Many VCs have written about eldercare as an exciting market opportunity in India. And indeed it is. India’s greying population will have a series of new unmet needs and therefore new TAMs will get created. However, the mistake that many are likely to make is to think of the silver years only from the lens of decline and disability. Think adult diapers and senior living. Like with everything else in India, it would be a fatal mistake to paint all the silvers with the same brush. Think the actors Rekha, Kirron Kher, Anil Kapoor and Anupam Kher. Rekha and Kirron Kher haven’t traded their lush Banarasis and Kanjeevarams with suti, neutral coloured cottons. The adornments too are celebratory and not subtle. Anupam Kher has built his body in his advancing years. Anil Kapoor is of course a case study of keeping himself current and relevant. Each of them continue to look at their careers from the lens not only of age but their abilities as actors. The much trolled Malaika Arora, though not yet in her silver years is refusing to allow her fifth decade to change her to a more matronly appearance. These though in the glamour business aren’t anamolies but rather an embodiment of how Indians are thinking about life post-sixty. Income, affluence is allowing Indians to redefine how life should be post 60. Founders looking for ideas to build for this burgeoning cohort should study this segment carefully for possilities of building large, venture fund able businesses. As I have said before on this platform, the best bussineses get built when you spot an unique opportunity early enough. #rukamfounders #ageingwell #newideas

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#VC vs. Traditional Companies In the bustling streets of #Mumbai, where chaiwalas and techies coexist, two classes of titans engage in an epic battle: VC #companies and Traditional companies. Picture this: a crowded local train, and our contenders are elbowing their way to the front. Let’s break down their strategies, quirks, and secret weapons. VC Companies: The #Power #Law Warriors The Power Law: it's like the #Bollywood masala of #investment #returns. A handful of #investments drive the bulk of #profits. Imagine #ShahRukhKhan —DDLJ, Dil To Pagal Hai, and Kabhi Khushi Kabhie Gham—boom! Box office #gold. Similarly, VC #funds bet on #unicorns (think #Flipkart, #Ola, and #Paytm). Micro Funds (<$250 #million): These smaller-sized players swing for the fences. One unicorn #exits, and they’re dancing like Hrithik Roshan in “Ek Pal Ka Jeena.” A single billion-dollar deal can turn their fund into a Diwali firecracker—300% returns! Larger Funds (>$250 million): They’re like #AmitabhBachchan — spread across more startups, but they need multiple #blockbusters just to break even. Imagine a $500 million fund. It invests in a winning startup, but it’s like a multi-starrer movie—everyone wants screen time. To return #capital, they need a unicorn exit at ₹2.5 billion. Traditional Companies: The #Gaussian Law Gang The Gaussian Law: These folks follow a predictable script. Imagine a classic Raj #Kapoor film—steady, melodious, and slightly self-deprecatory. Returns are distributed like a comforting bowl of pav bhaji—smooth and consistent. Steady Eddie Enterprises: Traditional companies chug along, selling flats, soap, #steel, and samosas. No overnight stardom here. Their returns resemble a gentle #curve, like Lata Mangeshkar’s voice hitting all the right notes. #Risk-averse Rajus: Gaussian law fans play it safe. They #diversify, diversify, and diversify some more. No high-octane drama; just a soothing cup of masala chai. But hey, they sleep well at night. VC Mantra: “Find the next big thing!” They’re like detectives chasing a mysterious item. They spot unicorns in crowded bazaars, hidden behind chai stalls. VC Lingo: “Exit #strategy,” “#valuation,” and “#dilution.” It’s like deciphering a cryptic Bollywood script. But hey, they’re fluent in this language. Traditional Companies: The Family Saga Legacy and Lineage: These companies pass the baton from one generation to the next. It’s like “Kabhi Khushi Kabhie Gham”—minus the designer sarees but plus the amazing songs. #Annual Reports: Their version of a blockbuster movie. #Investors eagerly await the climax: “Will #profits rise? Will #dividends flow?” Cue the suspenseful music. In this cinematic battle, both sides have their charm. Remember, dear reader, whether you’re a startup #founder or an investor, choose your dance partner wisely. And as they say in Bollywood, “Picture abhi baaki hai, mere dost!” No unicorns were harmed during the writing process :)

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