Vipul Gupta

The VC Ecosystem is the boom of this decade. Many MBA grads & other students have been looking to build their career here. This post will help you analyze your strong corner & if you wish to get personalized help, do comment in the chat below. (I'll connect individually to you over DM) Divya Multani Jain | Bhupesh Kankariya | Sushil Sharma | Anil Chhikara | Nikhil Gupta | Anish Thomas | Rahul Prigawat 🌞📈 | Chirag Vaishnav 🇮🇳 | Shiwam Rai | Shivam Chhirolya #VCecosystem #founders #startups #learning

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Sujith Nair, Beckn's WhatsApp-averse, badminton-loving chief mover and shaker, gave us a peek into the world's first # e-commerce protocol. Imagine if Colgate wanted to sell a lot of toothpaste, would it open separate exclusive stores on every street? NO! Instead, it ensures its products are available in all stores where people come to shop, and not just toothpaste. Similarly, Beckn is a way for an online business to make its products and services available on other stores (popular daily-use consumer apps) instead of setting up its own store (its own consumer app) and waiting for customers to come in droves! The Beckn Protocol underpins Open Network For Digital Commerce (ONDC) and is a universal translator for e-commerce platforms. We would normally call it the Rosetta Stone for digital services, but now we have BHASHINI 😉 . It allows disparate systems to "speak" to each other seamlessly. The Beckn Protocol has become a verb in the tech world. "Just Beckn it!" has become a common phrase among developers when discussing open-source solutions for digital commerce. In fact, we like it so much that we are using Beckn use cases as our episode artwork (instead of our normal groovy cover art) to spread the word in our own little way. Some may even argue that the yellow and black in the artwork denote open mobility networks (read taxis) 😀. The even more nerdy might catch the movie reference in the title 🎬. So, is it an app? Is it an aggregator? Is it a platform? No. It is a Super Capability - #decentralised and #open. Listen, learn and use. sujith nair | Pramod Varma | Sanjay Purohit | Shankar Maruwada | Shireesh Joshi | T Koshy | Namma Yatri | FIDE | Antler | Bingepods (Ideabrew Studios) | OpenExO | Thinkers360 | IBM Alumni | Microsoft Alumni Network | The RSA (The royal society for arts, manufactures and commerce) | World Economic Forum | Digital India Corporation | nasscom | Abhishek Singh | Nilesh | Sheetal https://lnkd.in/dydrjnbU

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There's buzz across the market that HUL is looking to acquire Minimalist for ₹3,000 crores. While I personally feel the valuation is a bit nutso (new favourite word), it's heartening to see India Inc embrace new age companies who are creating differentiators and appealing to broader consumer bases than the traditional. Some great examples across the past decade include: 1. Dr. Vaidya's by RPSG Group: Built by the phenomenal Trisha Rajani Vaidya and Arjun Vaidya, in 2019. By no means the biggest exit, it was one of India's first D2C exits, opening up the pathway for other India Incs to follow suit. 2. Flipkart by Walmart: India's largest startup acquisition and the World's largest E-commerce acquisition at $16 billion, this deal was Walmart's commitment to what's expected to the biggest growth market for the next decade and a chance to incorporate a lot of Flipkart's processes and in-house technology into Walmart's global e-comm efforts 3. CaratLane - A TATA Product & Tata 1mg: Clubbing the two, since Tata has been an active player across M&A, the teams here beautifully showcased a synergistic (ONLY time this word should be used) acquisition as well as a market-entry one, with Tanishq's supply chain being leveraged in the jewellery space, while 1mg giving Tatas a foray into pharmaceutical retail. 4. Reliance Industries Limited and Haptik, Addverb, Fynd (Shopsense Retail Technologies Ltd.), Karkinos Healthcare, JioSaavn and more, Reliance has emerged the most supportive of corporates, acquiring startups to help expand their reach, services and bolster the ecosystem they are building. Kudos to Aakrit Vaish and the omnipresent Manoj Modi. Global companies have long had their eye on India, with the likes of Meta acquiring Little Eye Labs all the way back in 2014, with Google following suit in 2017 (acquiring Halli Labs) and 2018 (acquiring Where is my Train), Rephrase.ai being snapped up by Adobe and more #venturecapital #startups #acquisition #funding #sale

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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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There's an urgent need of M&A Deal Architects in India. Specializing in SMEs / Startups M&A. Well, do we not have enough 'investment bankers' ? Maybe - but traditional bankers are trained to work on large deals (min $25M+ types) - and their perspective is largely financial engineering / fitment with a lot of data available to form a basis for terms negotiation. But for (non-manufacturing) SMEs / Startups - one has to be a master of entrepreneurship - with deep understanding of the practical issues surrounding the business, from product to GTM, from team capabilities to financials. With a knack of valuing soft assets / intangibles. Plus, commercially, there may not be a big retainer, so one must have strong business acumen to be reasonably confident about closing the deal (since 99% money is success-based). Also, success of smaller deals with soft-assets will depend far more on relationship dynamics between promoters, so one must also be 'fair' to both sides, with an orientation of creating a win-win for both instead of playing hardball with the other party. There are enough deal opportunities in the system today for someone to make $100k-$500k a year. PS - If you know anyone with such skills & inclination, please ping me - would love to connect and share such opportunities.

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To VC or not I came across two separate notes yesterday. One where Zomato and PolicyBazaar (InfoEdge is the common and largest investor) topped the charts on the market cap of all the 20-30 tech IPOs in the last few years. And the second about 65% IRR growth of Rohit and Kunal's investment. It got me thinking of operating entrepreneurs are yielding impressive returns compared to regular VC's Most first time founders get lured into raising VC funding as they get instant recognition from their social circle. But they suffer unimaginably. 1. The day they raise VC funding they cease to be an entrepreneur but a glorified CEO/senior exec working over time and severely under compensated. 2. Most VC's don't like founders to take enough salary (barely to make ends meet) and they don't like them to sell shares till they get an exit. I meet so many first time founders who are proud of this act of sacrifice hoping for a glorious victory at the end of it all. Their first time romance of entrepreneurship and gullibility gets exploited by VC's who misguide them at times to go without salaries/comp leaving them torn between family care and business priorities. 3. VC's like to invest in high growth, strong businesses with low risk(ideally, showing signs of profitability already) but as soon as they invest, they want the company to grow 100X continuously citing examples from the silicon valley of that one company which did amazing. They only care about the "power law" which is even 2-3 of their 10 investments work, they make enough but in that process the poor first time founder gives the best years of his life to the startup in vain as unwinding from this mindless experimentation and growth is nearly impossible 4. VC's celebrate Job's brashness or Travis's aggression and calls you a weak or a soft founder if you grow and manage business sensibly without undue aggression. They steadily try to influence your character and personality through stories of inspiration of "aggressors" but the moment you get there, ditch you for your insolence. 5. VC's don't bring any operating experience but have high conviction coming from their gut experience and reading a book or two on silicon valley startups. The reality of India dawns on to them after 10-20 years of investing and by that time, several founders have wasted their most productive years getting misguided by the intuition and gut feelings of the inexperienced VC's What's the solution - 1. There are some ideas that need VC capital and some don't - anything that required deep tech, strong network effects (mobility), research need VC capital. 2. Good businesses (so already existing business models getting improved by tech/AI etc) should not need too much VC capital. They should treat VC capital as an expensive debt and don't get influenced by VC's too much (discipline is key here). Example - D2C, or SAAS, or Edtech or Traveltech or such.

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Infra.Market has emerged as one of the most profitable unicorns in India’s B2B e-commerce sector, achieving remarkable growth over the years. Its GMV has grown ~40x from ₹350 Cr in FY20 to ₹14,500 Cr in FY24, and it has managed to do this profitably, with PAT surging 47x from ₹8 Cr in FY20 to ₹378 Cr in FY24. As Infra.Market gears up for its IPO, here are three key takeaways for B2B e-commerce sector from the success of Infra.Market: Vertical Marketplaces for Focused Depth: Unlike B2C, cross-selling in B2B is limited—a chemical manufacturer won’t purchase textiles, and synergies in logistics or warehousing across diverse categories like electronics or fashion are negligible. Vertical marketplaces like Infra.Market have thrived by focusing on one category and going deep. By catering exclusively to the construction and building materials sector, Infra.Market has effectively matched demand with supply, creating value for its ecosystem. Private Labels for Higher Margins: Private labels are a proven strategy for margin expansion. As per Avendus report, globally, private labels contribute 15–35% of revenue in B2B commerce and typically deliver 10–15% higher gross margins. Infra.Market has leveraged this strategy exceptionally well—over 50% of its revenue in FY22 came from private labels, contributing significantly to profitability and creating a competitive edge. Managing Net Working Capital (NWC): In B2B, rapid growth can come at the cost of stretched working capital cycles due to extended credit offerings. As GMV and the proportion of large customers increase, so do credit requirements, potentially straining financial resources. For infra.market as well the working capital cycle was elongated to 134 days in FY20 due to rapid expansion, however management has since then controlled the credit offered to customers. Even top players like Pidilite Industries (72 days), Asian Paints (83 days), Kajaria Ceramics (87 days), and Prince Pipes (102 days) have their NWC cycles in the 70–100 day range for FY24. Given the high need of working capital, managing NWC cycles, raising funds at a lower cost, robust collection mechanism & Bank/NBFC partnerships can create potential moats for B2B commerce players. #B2BCommerce #ProfitableGrowth #IPOReady

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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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HUL is in talks to acquire Minimalist for INR 3,000 crores. Valuation is 9x of revenue!!! Minimalist is a D2C brand in the beauty and personal care segment.  HUL itself has multiple products in the segment.  But it is not growing. Last quarter it declined by 5%. On the other hand, Minimalist is growing at jet speed. Minimalist Revenues: FY22 - INR 108 cr  FY23 - INR 184 cr (70% jump) FY24 - INR 350 cr (88% jump) HUL’s strategy is interesting to note here.  HUL via its investment arm Unilever Ventures has invested in Series A in 2021. Valuation in 2021 : ~INR 650 cr  Valuation in 2025 : ~INR 3,000 cr Minimalist is in the fast-growing active ingredients space where HUL is lacking. Snapping Minimalist gives them a massive advantage. Founders who hold ~60% will take a fat paycheck home (~INR 1,800 cr).  Will be a crazy outcome for a 6-year-old D2C brand. What Flipkart is to Tech startups,  Minimalist will be to D2C brands. M&A as an exit opportunity just got even more attractive. Follow Mahanth K | Revive Capital for more. Source : Tracxn

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Investment Wisdom from Blume Ventures: Decoding the Strategy 1. Market Size is Everything: Blume Ventures places a significant emphasis on the market opportunity. According to their investment framework, a sizable market is crucial. Take Ola and Uber, for instance. They aren't just ride-hailing apps; they redefine urban transportation, thereby expanding their market potential exponentially. 2. The Founding Team is the Holy Grail: The founding team is the linchpin of any startup. Blume's approach to evaluating teams focuses on their expertise, integrity, and unrelenting passion. A prime example is Unacademy, founded by Roman Saini, Gaurav Munjal, and Hemesh Singh, whose combined expertise and vision transformed the ed-tech landscape in India. 3. Next-Round Fundability: Blume Ventures also considers the startup's likelihood of securing future funding. This means they are pragmatic about the capital needs and the challenges of raising funds in India's burgeoning ecosystem. Their portfolio includes startups like Spinny, which have consistently raised subsequent rounds, reinforcing Blume's strategic foresight. Detailed blog coming out on Sunday :) #VentureCapital #VentureCapitalist #BlumeVentures #StartupInvestments #StartupInvestment #StartupIndia #StartupFunding #Fundraising

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The next decade is indeed the moment for ‘The Great Indian Consumer’. We at Fireside are amazed by the insights and learnings from the consumer behaviour of the new Indian consumer. Building Brands and proposition for the Micro segment will the big theme in the next decade …from teens to GenZ to Seniors to an aspiring consumer to an affluent consumer across the length and breadth of the country there are countless white spaces. JUST BUILD GREAT PRODUCTS !! Any founder building for the next decade should just worry about building a great product and brand for a micro segment of consumer who would love you !! Don’t worry about TAM …The TAM will find you !! Fireside Ventures #consumer #brands #startups #greatindianconsumer

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X - PM guides you from Crisis to Confidence.

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$3 Million Can Buy You… a 4BHK in Gurgaon or a Penthouse in NYC? Management consultant Gurjot Ahluwalia’s post is sparking debates on X (formerly Twitter): What does $3 million (around ₹25 crore) really get you in real estate? When you realize $3 million (about ₹25 crore) could get you either: ➡️ A spacious 4BHK in Gurgaon with premium amenities (pool, gym, green spaces) OR ➡️ A six-room penthouse in NYC with iconic Manhattan views ...you have to ask: Is Indian real estate in a league of its own, or just a league of its own kind? Gurgaon pricing almost feels like buying beachfront in Manhattan—minus the beach, and, well, minus Manhattan! One user joked, "For that budget, I could own a villa in Dubai or a bungalow in Washington D.C." It’s almost as if India’s real estate market is hinting, “Why pay for logical pricing when you can pay for luxury… and then some?” Thoughts? Would you put $3M into a penthouse in NYC or a luxury flat in Gurgaon? #RealEstate #GurgaonVsNYC #Investment

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📊 SME IPOs in India are booming, with over 100 SME listings expected this year alone, raising more than ₹1,900 crore already in 2024. While these numbers seem promising, retail investors must exercise caution. > Reality Check: In the last three years, several SME IPOs have posted mixed performances post-listing, with many companies struggling to sustain early market enthusiasm. A few have even seen their share prices decline by over 30% within months after debut. Some Important Takeaways 1. High Risk: Many SMEs are in their early stages, lacking strong financial histories or tested business models. As of 2023, nearly 40% of SME IPOs failed to meet their growth targets within the first year. 2. Liquidity Concerns: Trading volumes can be thin. Shares in smaller companies often face liquidity issues, making it harder to exit during market corrections. 3. Valuation Volatility: According to recent data, some SMEs have been listed at P/E ratios that far exceed industry norms—indicative of overvaluation. Before getting caught up in the excitement, do your homework: - Revenue, profitability, and cash flow trends matter more than hype. - Check the credibility: Ensure the promoters have a track record of success. - Evaluate the industry: Is the sector growing, or is it subject to high competition or regulatory hurdles? Investors who take the long-term view and prioritize stability tend to come out ahead. Remember, preserving capital is just as important as growing it. #SMEIPO #InvestSmart #RetailInvestors #FinancialCaution #LongTermGrowth

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Hello fellow VCs! A connection of mine has created an amazing community for people in the Indian Venture Capital & Private Equity space. Check out his post and comment “YES” if you want to become a part of the community.

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

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💲💲 If you are a D2C Consumer Brand Startup you should know this VC that invests in pre-revenue stage Startups! 💰 VC Background: Meet Sauce VC a Cat II VC that launched their first fund in 2019 with a modest corpus of INR 60 Cr and since then launched 3 more funds and made 33 investments. Their recent INR 365 cr Fund launched in Aug'24 plans to invest in 20-25 consumer brands. They pick 6-7 selective investments annually out of 3000+ deck they get. However, their Fund I has a success rate of 50% (not a bad idea to invest in the fund if you are a UHNI). Infact their Fund IV was oversubscribed 3 times. 💰Notable Investments: Mokobora, Hocco Ice cream, Supertails, Innovist, The Whole Truth etc 💰Stage at which they invest: They invest even at pre-revenue stage to early traction stages. Ideally this VC invests at pre-seed to Series A. 💰What do they look for: Taking call at pre-revenue stage is really tough, especially in Consumer Brand segment. Hence, they look for founders who have deep experience in the segment either by the family background or by the founder's professional background. However, if the founder is not well-versed with the D2C game, they are cool with it. But the founder should know the segment, scope for new brands and plan to differentiate the brand. 💰Ideal cheque size: $ 1 Mn. But can go up to $ 5 Mn. 💰Investment Style: Sauce VC prefers working along with the founders to ensure the success of the Startup. They lead the rounds at pre-seed and Series A stages. Once the Startup is into Series B, they take a back seat and only participate in the following rounds. 💡 Hope this helps. Share it with some great founder of a consumer brand who is at early stages and needs to know this. If you want a warm-introduction, DM me or let me know in the comments. Bhavesh K Jatania Raunaq JaisinghaniAshish SharmaMohit Kanjwani

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HUL is in talks to acquire Minimalist for INR 3,000 crores. Valuation is 9x of revenue!!! Minimalist is a D2C brand in the beauty and personal care segment.  HUL itself has multiple products in the segment.  But it is not growing. Last quarter it declined by 5%. On the other hand, Minimalist is growing at jet speed. Minimalist Revenues: FY22 - INR 108 cr  FY23 - INR 184 cr (70% jump) FY24 - INR 350 cr (88% jump) HUL’s strategy is interesting to note here.  HUL via its investment arm Unilever Ventures has invested in Series A in 2021. Valuation in 2021 : ~INR 650 cr  Valuation in 2025 : ~INR 3,000 cr Minimalist is in the fast-growing active ingredients space where HUL is lacking. Snapping Minimalist gives them a massive advantage. What Flipkart is to Tech startups,  Minimalist will be to D2C brands. M&A as an exit opportunity just got even more attractive. Credits: Inc.42.com, Mahanth K

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