Manvendra S Saxena

It was truly a wonderful experience chatting with Shrishti Sahu, Managing Partner of Swadharma Source Ventures - SSV, on the SenseAI Ventures podcast show! I thoroughly enjoyed our conversation, delving into her first-hand experiences in private investing. Shrishti stands out as one of the most promising young tech investors in the ecosystem, and her insights were both inspiring and enlightening. If you haven't already, check out the full episode where we explore more about her journey and investing perspectives!

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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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Happy to share that I've been re-elected as a member of the Indian Venture and Alternate Capital Association (IVCA) Executive Committee alongside esteemed industry veterans. IVCA has been a pillar of support for the AIF industry, and I look forward to being part of its many initiatives. The PE-VC ecosystem has undergone a considerable revolution since I first joined it. AIFs, initially numbering in the tens and lower hundreds, have crossed 1000 in recent times. People’s appetite for supporting #startups has reached unprecedented peaks, while the alternate capital ecosystem has laid a strong foundation for India’s #Atmanirbhar ambitions. This wouldn't have been possible without the presence of IVCA, standing at the nexus of #policymakers, AIFs, and ecosystem stakeholders. Their efforts have facilitated ease of business and enhanced support from the government, allowing the space to better contribute to India’s long-term goals. https://lnkd.in/gjE_5nP7

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Observing this new trend amongst founders and funds where there is skepticism around syndicates participating in the early stage rounds. I've run my syndicate on AngelList India for the last 2 years (deployed over $1M across 12 companies) alongside my family office (SSV) and had some thoughts to share: > I run my syndicate to give access to other family offices, promoters and operators to Swadharma Source Ventures - SSV's deal-flow. These folks make a huge difference when they come onboard. Even though the cheque sizes may be smaller - the willingness to help a company is very present and I've personally seen many folks go above and beyond to help investee companies. There are many 2nd and 3rd generation entrepreneurs who actively want to invest in startups, and they can bring immense value by becoming customers for these companies sometimes and operators who can help with different functions of the business. > There were a lot of bad actors during the bull run, which has given syndication a bad name, where many folks raised funds for companies who didn't have potential from people who didn't understand the asset class - however there are still many operator led syndicates who have genuine access to high-quality deal-flow and a strong LP base. Thus, every syndicate is different and should be assessed by its deal quality. > Tier 1 funds want to wait longer for companies to derisk themselves before they participate - which is fair, but that's where syndicates can really help when founders are raising their 500K-1M USD rounds. Syndicate cheque sizes are meaningful enough usually 100-200K USD + 1 Micro VC fund + angels (usual contstruct of a round) > A big problem that these platforms are facing is the deal details getting leaked or shared broadly with folks outside the LP base - that is a genuine concern, even for me as a lead- but the truth is VC community is extremely small and deal news often leaks anyway across whatsapp. This is absolutely addressable: founders can choose to have different versions of their deck made available for these deals, where they do not share any confidential numbers or details. > Operator-led syndicates very often graduate into becoming funds so building a track record and brand in public should not be looked down upon. This is natural progression once an operator starts their investment journey. operator>angel>syndicate lead> GP > There are way too many angel networks now where the deal quality is questionable (mostly leftovers where they didn't find backers) but operator-led syndicates have access to high-quality talent who have higher chances of being able to raise follow-on rounds. Personal bias aside, I do think syndicates are here to stay. Rather than outright saying no to the idea of a syndicate, a founder and their investor should look at who the syndicate lead is and what LP base they come with. Read more here: https://lnkd.in/gED6GFh4

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I had a lot of fun recording a podcast episode with Shiva Singh Sangwan. We discussed the evolution of Humba Ventures & Susa Ventures; tips for raising and building a fund; how to improve investment sourcing & picking; the role of luck in investing, and so on. https://lnkd.in/eiqsStej

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All of us at BCV would like to congratulate Rubrik’s founding CEO Bipul Sinha, founding CTO Arvind Nithrakashyap, and their two other original co-founders, Arvind Jain and Soham Mazumdar, along with the rest of the Rubrik team on their initial public offering today. Rubrik has significantly transformed the landscape of digital resilience, expertly transitioning the concept of data protection into a broader, more critical framework of data security. This shift has not only captivated the interest of customers worldwide but has also positioned their solutions as indispensable tools for modern businesses. Transitions are never easy, but as a board member for the past five years, I have seen Rubrik seamlessly navigate this complex process under the visionary leadership of Bipul and Nitro. Today marks another milestone in Rubrik's journey, a testament to the team's hard work, innovation, and the strong direction provided by its leaders. The emphasis on securing data not just from loss, but as a proactive measure against threats, shows Rubrik's commitment to redefining the industry's standards for data security. cc: Bain Capital Ventures Rubrik

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Venture capital exists to capitalize and create hallmark entrepreneurial business building stories, and this one, from Eric Tarczynski, Founder of Contrary, one of the earliest investors in Indian commerce start-up Zepto, is one of those outstanding stories and a must-read below! The growth and progress of this Indian start-up are truly remarkable, especially given it was only founded in 2021! Zepto recently raised $665 million in a new round of funding, more than doubling its valuation to $3.6 billion from $1.4 billion in less than a year, as the #Mumbai-based startup doubles down on its efforts to capture the contested quick commerce market in #India. US-based Glade Brook Capital Partners LLC, Nexus Venture Partners and StepStone Group co-led the “highly-oversubscribed” Series F round. Avenir, Lightspeed India and Avra (former Y Combinator Continuity exec Anu Hariharan’s new fund) as well as existing backers Goodwater, Lachy Groom and Contrary followed. It is clear that US investors are still active and keen on the India start-up market. The startup said its revenue has risen 140% from a year earlier, and its annualized gross merchandise value (GMV) is on track to exceed $1 billion. It works with more than 50,000 delivery partners and is adding over 5,000 delivery partners each month. The company said about 75% of its dark stores were EBITDA positive as of last month. Congratulations Eric Tarczynski and the Zepto Team! #fundraising #indianmarket #venturecapital #earlystage #indianentrepreneeurs #capitalmarkets #highgrowth #unicorns #seed

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#NetZero? Acha Hai, It’s Not That Farfetched, Yaar! #Climate change ki baat hai, toh tension lena is what we instinctively think. We all know it’s a big deal, but what if getting to net-zero #emissions wasn’t some far-off dream? Experts say we gotta slash those emissions soon, but reaching this target might be more “arre yeh toh ho sakta hai!” (doable!). The #Green Revolution is Already Happening, Boss! Think things are stuck in neutral? Nah, the eco-friendly train is chugging along! Check out these 5 signs that we’re closer to net zero than you think: 1. It’s Getting Hot in Here! We’re all feeling the heat, literally! From crazy weather to rising #sea levels, the effects of #climatechange are hard to miss. Thankfully, this “yeh toh bawasir ho gaya” (getting serious) feeling is pushing us to act. 2. Jugaad for the win! We #Indians are famous for jugaad, and guess what? Now it’s for saving the planet! #Electric vehicles are cheaper, better, faster than #petrol vehicles, and #solar panels that give you more light than a #Diwali night – these zero-carbon desi innovations are making #sustainability the coolest thing since sliced mangoes! 3. Bacchon Ki Baat Maano! (Listen to the kids!) Young people (#Greta) are like the energizer bunny of climate action! They’re changing the game, and the #government is saying, “Theek hai baba, hum karenge!” (Alright, alright, we’ll do something!). 4. Sarkar Bhi Sun Rahi Hai! (The Government is listening!) Remember all that “#carbon #tax” talk? Turns out, even #America’s got 30 states with #renewable #energy goals! India toh definitely is on the case. India has gone ahead and boldly declared stuff in #COP26, Glasgow, with the panchamrit program. 5. Bade Business Wale Bhi Saath Hain! (Big Businesses are on Board Too!) Business giants like #Amazon, and our very own #Jindal are aiming for net zero. When the big boys get in the water, you know the eco-friendly wave is here to stay! Sure, #Investment Zaroori Hai (Investment is Needed), But Remember... Investing in a greener future is like that shaadi ka loan (wedding #loan) – it might seem scary, but imagine the #cost of ignoring it! The sooner we bend that emissions curve, the easier it’ll be on our wallets (and the planet!). So, Kya Karte Hain Hum? (What Do We Do?) Join the party! Support businesses that care about the environment, raise your voice for climate action, and make eco-friendly choices. Small steps, big impact, hai na? (Right?) Net Zero isn’t some pipe dream, it’s a biryani plate away! Let’s build a sustainable India that’s so green, ki sab kuch hara bhara kabab lage. Now that’s a future worth fighting for!

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In my 18 months at Prime, I've been a part of countless pitch meetings. Through these, I've identified certain patterns that pique my interest in a company and its founder(s) enough to move to the next level of discussion. Many founders express frustration with the pitching process due to a lack of actionable advice on how to prepare. In this fireside chat with Jerome Manuel, I share my approach to running a first pitch meeting and what I look for when considering a second meeting. I hope this proves helpful to those navigating the startup pitch and fundraising process. Please feel free to share your comments and feedback! #startuppitch #fundraising Check out the full video here: https://lnkd.in/gg2FK5qF

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It’s critical to determine the right product pricing strategy from the get-go by keeping in mind the eventual unit profitability! 🙌 Shoutout to Sajith Pai and Madhav Chanchani for highlighting this important pitfall for startups. Setting initial product pricing too low for consumers, may result in a *perceived* PMF, but it can lead to trouble down the road. If you are forced to increase your product’s pricing to achieve unit profitability, it could result in the entire customer segment itself changing! This becomes a massive problem since you would need to start your PMF journey for this higher segment all over again! We are seeing this in late stage venture companies all the time. This issue is particularly challenging in emerging economies like India, where lower GDP per capita makes consumers much more price sensitive than places like the US, China etc. We need to coin a new term PMUEF (Product-Market-Unit Enomics Fit) instead of just PMF for India! 🙏

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Shashank Bijapur co-founder and CEO of SpotDraft, our portfolio company, ran a terrific panel at the Arkam Innovation Summit. He covered a lot of ground with Manish Jethani Co-founder and CEO of Hevo Data Data, and Gaurav Sharma Founder, and CEO of SaaSLabs .    Here are some key takeaways that stayed with me: Initial journey of identifying the problem statement and figuring out the solution during the early days at SaaS Labs and Hevo Data After selling his first company in the US, Gaurav returned to India. All he wanted to do was make $4-5 K living in India, so he started out by building tools for Shopify users. But when those tools rapidly grew to half a million in recurring revenue, Gaurav realized that he could build anything, be anywhere in the world, and sell it worldwide. Manish believes that your product has to solve a personal problem in addition to an industrial one. Once you start the journey as an entrepreneur, financial success will not satisfy you. “What one problem can you solve even if the financial outcome is not that great?” Deciding whether to validate the product in India and move to the US versus taking a US market-first approach Selling in India is hard, especially in the early days. As Gaurav said, "if you sell a $10 product, you must create an invoice, and then they’ll make the payment in 60 days. So, it became very hard to make a profit. From this, I realized that India is not ready to buy software yet, so the best model would be to build it in India and sell it across the world" Manish believes customer needs and expectations are completely different across India and the US. It's quite challenging to build a product for India and expect it to succeed in the US. So, from day one, he focused on the US market-first approach. Establishing product differentiation during the early days of growing in the US market? Initially, the number one challenge for Manish was to sell a product that their target audience could build themselves. Hevo Data needed needed financial and operational data from companies, which nobody shares easily. Most companies prefer to build a product in-house and work with that tool. So, Manish decided to find initial customers who meet three criteria: they should not want to build a product in-house, they should be fine with sharing the data, and they should be from the US. Aspects of the business that changed from 0-1 to 1-10 journey and beyond To get initial customers, Gaurav decided to integrate his product into larger companies to get more eyes on it. To sustain this growth, Gaurav bet on excellent customer service, which is “an unfair advantage for Indian SaaS,” as he says. His customer service and fast responses became the talk of the town amongst his customers. Here’s the full video video. Well worth your time to listen to three $10M+ ARR SaaS founders at the top of their game.   Arkam Ventures https://lnkd.in/gP_YT-gV

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A series where we highlight one of Gemba Capital's Portfolio companies' every week. Simple post - no gyaan and no bakwaas :) This week meet Raghu Sankar M P and Shankara K S from HighXP Kamini Shivalkar Aditya Vargante Govind Lohia Vipul Rawal ↗️Anupreet Singh 📈 Sujoy Chakravarty #meetourportfolio #earlystage #venturecapital #startups #tech #india #portfolio

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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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🔥🔥 Issue 150 is out 🇮🇳 India will be the next large luxury market 💄 McKinsey & Company: Key imperatives for CPG companies to succeed ⚽ Will Mas+ by Messi stand the test of time? 🏃🏽 Sales of 𝐛𝐞𝐭𝐭𝐞𝐫-𝐟𝐨𝐫-𝐲𝐨𝐮 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 have risen in the last five years, with urban India leading the shift 🎦 Portfolio Spotlight: EazyDiner X PVRINOX PICTURES 🥜 Portfolio Snapshot: The Farmley Case Study ☕ Did you know that in the US, 67% of adults drank coffee in the past day - more than any other beverage, including water? 👜 Bain & Company: 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐋𝐮𝐱𝐮𝐫𝐲 𝐆𝐨𝐨𝐝𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 to Slow in 2024 🍦 Go Zero closes new funding round 🍾 India is a key lever in the growth of the 𝐠𝐥𝐨𝐛𝐚𝐥 𝐚𝐥𝐜𝐨𝐡𝐨𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 🌶️ 𝐄𝐭𝐡𝐧𝐢𝐜 𝐟𝐨𝐨𝐝 𝐛𝐫𝐚𝐧𝐝𝐬 are booming in the USA 📰 Select funding & deal news Subscribe to get the newsletter: https://lnkd.in/gYfRKVsd #cpg #startups #consumer #brands #insurgentbrands #india #southeastasia #brickbybrick #wswod Hariharan Premkumar Sameer Mehta Pooja Shirali Leong Hein Hun DSG Consumer Partners Everiday Foods

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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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All of us at Norwest Venture Partners have been bullish on India since 2005 – and we’re more bullish now than ever before! Thanks Hamsini Karthik for speaking with me about our latest global US$3 billion fund and our plans to double down on growth equity and late-stage venture investments in India. Our chat in the businessline

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This by Niren Shah of Norwest Venture Partners in his interview with Madhav Chanchani on The Arc is a point i deeply resonate with. Because we have a very thin (~30m households, ~120m people) consuming class (India1) for most products, if you are looking to expand outside this segment, then your pricing changes, and that impacts your cac, and unit econ and you have to reconfigure the biz model all over again, and then you have to rework PMF for this audience. My 2 caveats for early stage founders 1) monetise early, even if it is a 2-stage biz model where you get audience first, and then think of monetising. Do not keep it unmonetised for too long. It is only when the customer faces some economic cost, or you know someone is paying for the product (advertiser), that you know it is working, and can pour on the customer acquisition fuel 2) if you believe you are largely an India1 product - and there is no shame in it (for this 120m people would be the 13th most populated nation in the world if it were seen as a separate country) - then be careful about how much capital you raise. The biggest mistake happens when you raise a lot of capital - typically at Series B,C thinking the growth will continue, and you get tapped out, but to satisfy the madates of growth investors you still end up spending for customers, but a lot of your original biz model and pricing has to change to cater to this lower income set, and the unit econ goes awry. TLDR: Monetize early. And if you are going to remain India1, raise only the capital you can absorb, get profitable and list early. Link to the arc piece: https://lnkd.in/g7zsRE3F

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Disruption: The Key to Building Consumer Brands in India A founder's journey is akin to navigating uncharted waters, where every decision is a delicate balance between probabilities and possibilities. Sometimes, the founders are at the right place at the right time when disruptive waves are manifesting primarily in three formidable forms: regulatory, technological, and demographic. 1. Regulatory Disruption: Regulatory changes often appear as a vast blue ocean, promising untapped opportunities. Yet, one must tread carefully. The very nature of regulation implies that what is granted can be swiftly taken away. And many times, what is generally not specified also treads towards an eventual "No." 2. Technological Disruption: Technological advancements offer a compass for our voyage. Leveraging emerging technology platforms to create breakthroughs can unlock tremendous growth. 3. Demographic Disruption: India, a nation teeming with youth, stands at the precipice of never before seen disposable income that can be monetised digitally at scale. By meticulously segmenting markets, one can craft products and services that not only sell but seamlessly integrate into the lifestyle narratives of the emerging consuming class. At Endurance Capital, we work with early stage founders to be leaders in India's consumer revolution. As founders, the opportunity is immense. It's time to disrupt the old guard and innovate with an India-first approach. Let's craft consumer brands that aren't just loved but become a legacy for the generations to come. 🚀🇮🇳

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