Startup

Meet the 12 entrepreneurs who are leading by example

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3 days ago

November 4, 2024

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Visionary leadership isn’t exclusive to presidents and kings. Business leaders are often far-sighted leaders, forward thinkers who take a big-picture view of their business’s role in the world.

In the dynamic landscape of contemporary business, 12 leaders stand out for finding their own path to success. Leading by example, these business leaders help their organisation and clients see what lies ahead and pivot nimbly to counter any challenges along the way.

1. Gaurav Dubey, Founder & CEO, Home of Marketing

With more than nine years of professional experience, Gaurav Dubey is a highly accomplished marketer and business strategist. His company, Home of Marketing, provides innovative solutions and facilitates a barter system, allowing brands to exchange excess inventory for media ad space. Within 12 months, the business has achieved an ARR of Rs 100 crore. Home of Marketing is dedicated to fostering the growth and success of businesses in India with sustainability. It aims to reduce the environmental impact of excess inventory by trading surplus stock, cutting waste, and promoting sustainability. In addition to his professional achievements, Dubey is also a dedicated philanthropist and social entrepreneur.

2. Nitin Jain, CEO, India PR Distribution

Nitin Jain, CEO of India PR Distribution, leads the way in innovative press release distribution services. His team was among the first to offer organic distribution at reasonable prices, making press release publication accessible to businesses without significant costs. With over two decades of experience, Jain has transformed PR solutions for startups, small businesses, and large corporations. India PR Distribution integrates cutting-edge digital tools to keep clients ahead in the digital age, providing tailored strategies and quick turnaround times for maximum visibility. Committed to customer satisfaction and results, India PR Distribution remains a key player in the competitive PR landscape.

3. Harish Bisam, Founder, QuickVitals

A seasoned entrepreneur and business mentor, Harish Bisam is known for his exceptional ability to support startups and early-stage companies in their journey to success. He has developed a deep understanding of the entrepreneurial ecosystem, offering strategic guidance to innovative ventures as they navigate the complexities of securing funding, scaling operations, and driving growth. The founder of Bisam Pharmaceuticals spearheaded the development of QuickVitals, a state-of-the-art AI-powered health monitoring application. QuickVitals allows users to monitor vital health metrics directly through smartphones, reflecting Bisam’s dedication to leveraging technology for healthcare innovation.

4. Inderjeet Singh Banga and Jasmeet Banga, Founders, Pirates of Grill

The directors of Biggie Restaurants Private Limited embody the spirit of resilience and innovation in the restaurant industry. Their company launched the popular restaurant chain Pirates of Grill, which offers North Indian, continental, Asian and Mediterranean cuisines. Their commitment to quality has resonated with patrons, leading to an impressive expansion – the restaurant has now grown to 10 outlets. For Inderjeet, opening a restaurant was akin to realising a dream, especially after losing his father at a young age. “Good food, good experience has been our mantra,” says Jasmeet, revealing their recipe for success. With an insatiable desire for growth, the Banga brothers are poised to reach new heights in the culinary world.

5. Harry Bajaj, CEO, Mobec

Harry Bajaj is the CEO of Mobec, a pioneering Noida-based startup specialising in portable EV charging solutions. With a focus on hassle-free transition towards green energy, Mobec aims to transform the EV charging landscape. His leadership has been phenomenal in driving growth, and his vision, coupled with extensive industry experience, has enabled the company to navigate challenges and seize opportunities for expansion. Bajaj’s vision for Mobec is centred on creating a circular and green ecosystem. He aims to lead the company towards renewable energy solutions, mobile/portable technology, and e-waste recycling, fostering a sustainable future.

6. Shaan Gidwani, Founder & Managing Director, Acapella Hospitality

Shaan Gidwani, the man behind Acapella Hospitality, isn’t just a restaurateur; he’s a dreamer, a doer, and a culinary artist. His journey began with a passion for food ignited by his global travels and life experiences. Today, that spark has transformed into a culinary empire, serving over 2,000 people daily. From corporate events to cosy casual dining and quick, satisfying bites, Acapella has something for everyone. Behind Acapella’s success lies a dedicated team, nurtured through rigorous training and supportive HR policies. This harmonious blend of talent and structure has not only boosted productivity but has also earned Acapella well-deserved recognition.

7. Amit Bagga, Co-founder, CEO & CMO, Daryaganj Hospitality

Amit Bagga is a visionary leader in India’s food industry. He co-founded Daryaganj with childhood friend Raghav Jaggi, to celebrate the culinary legacy of Kundan Lal Jaggi and the resilience and innovation of the Punjabi refugees who migrated to Delhi after the Partition. The restaurant blends old-world flavours and closely guarded recipes from the “inventors of Butter Chicken and Dal Makhani”. Under Bagga’s leadership, all 13 Daryaganj outlets have remained profitable, and even thrived during the pandemic. The brand has won 48 awards since 2019, transforming perceptions of North Indian cuisine. With plans to open its first international outlet in Bangkok, Bagga advocates for technology in hospitality, inspiring entrepreneurs with his innovative and authentic approach.

8. Arun Karthik Nagappan , Founder, Workfolio

Arun Karthik is a dynamic entrepreneur with extensive experience building and scaling tech ventures. As the Founder of Workfolio, a bootstrapped SaaS company, he has proved his expertise in developing products that address genuine market needs. With a deep understanding of technology and a focus on delivering innovative solutions, Karthik has successfully guided Workfolio to become a trusted name in the productivity software industry. Workfolio empowers businesses to optimise workforce efficiency through real-time tracking, performance analytics, and automated reporting. The company has more than 150,000 users across 50+ countries.

9. Mudit Kumar, Active Angel Investor and Senior Private Banker

With nearly 20 years of private banking experience, Mudit Kumar excels in managing diverse asset classes, including equities, debt, and emerging sectors. Now focused on startups, he invests in sectors like healthtech, legal tech, space tech, and climate tech, contributing strategic advice to scale businesses. Kumar’s investment philosophy goes beyond capital, emphasising hands-on collaboration with founders to drive growth. He takes a sector-agnostic approach, with a strong focus on startups that drive societal impact, especially in space tech and climate tech. As both a mentor and investor, his vision emphasises fostering innovation, creating long-term value, and advancing a more sustainable future.

10. Siva Balakrishnan, Founder & CEO, Vserve

Siva Balakrishnan, the Founder and CEO of Vserve, is a seasoned professional with a strong academic background and a decade of hands-on experience in launching and scaling technology outsourcing businesses. Vserve is an innovative and forward-thinking company that offers ecommerce services to clients all over the world. The company is headquartered in New York, has established operations in Tamil Nadu, and has significant operations in the Philippines. Under Balakrishnan’s visionary leadership, Vserve has become a reliable partner for companies seeking to enhance their ecommerce capabilities.

11. Deepak Syal, Co-founder & Director, GreyB

Deepak Syal is setting a benchmark in the patent and analytics sector. He’s not just the Co-founder and Director of GreyB, but is a thought leader in the corporate patent strategy. With more than a decade of experience in consulting, GreyB is working to enable every company to come up with innovative solutions. The company aims to develop technology solutions that assist companies to tackle industry challenges. It performs custom analysis on patents, research papers, and market reports to drive insights. The innovation consulting firm’s strength lies in the methodologies it has derived over the years to help dig out hidden information to fast-forward innovation.

12. Sidhavelayutham Mohan, Founder & CEO, Alice Blue

Alice Blue is an online discount broking firm that provides trading and investment services in India. Founded by Sidhavelayutham Mohan, the company began with a small team and has expanded to over 1,000 employees across 20 cities. As CEO, Mohan focuses on risk management, product development, and fostering a work culture that encourages innovation. His commitment to leveraging technology to meet the needs of modern investors helped Alice Blue earn the title of Leading Client Participant Member – ADT by MCX in 2024. Looking ahead, he and his team aim to establish Alice Blue as one of India’s top brokerage firms.

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Startup

Swiggy IPO: Retail portion subscribed 84%, overall 35% shares allotted

Published

27 mins ago

November 7, 2024

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Food delivery and quick commerce platform Swiggy’s Initial Public Offering (IPO) was subscribed only 35% on the second day of bidding as broader market indices slipped in red.

Sriharsha Majety-led Swiggy witnessed the quota reserved for employees being subscribed 1.15 times by the end of bidding on the second day. Retail investors subscribed to 84% of the shares.

According to data from the Bombay Stock Exchange (BSE), non-institutional investors purchased 14% of their allocated shares, and qualified institutional buyers’ (QIBs) part was booked at 28%.

As of the second day, Swiggy’s IPO received bids for 5.57 crore shares, amounting to 35% of the total issue size. The issue was subscribed 12% on day one.

Swiggy, which is set to list on Indian stock markets on November 13, initially aimed for a valuation of approximately $15 billion, but later updated its RHP to seek a valuation of around Rs 87,000 crore or about $11.3 billion at the upper price band.

“Swiggy’s decision to lower its valuation leaves some upside room for the investors, we still recommend an AVOID recommendation to this issue due to the “reported negative” cash flows and ongoing losses, alongside a slightly high valuation of 7.7x FY24 price-to-sales,” noted Aditya Birla Money in a research report dated Nov 4.

It raised nearly Rs 5,085 crore (about $605 million) from anchor investors, which included life insurance and mutual fund arms of HDFC, ICICI, and SBI. The anchor book, which witnessed participation from over 75 key domestic mutual funds, also saw bids from global mutual fund investors like Astrone Capital, Fidelity, and Blackrock.

Swiggy plans to raise close to Rs 11,700 crore in its IPO which will include fresh issue of 11.54 crore equity shares along with an offer for sale (OFS) of 17.51 crore equity share by existing stakeholders. It has set IPO price band at Rs 371- Rs 390.

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Startup

Northern Arc secures $65M debt commitment for maiden climate fund

Published

1 hour ago

November 7, 2024

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Northern Arc has raised $65 million in debt commitments for its maiden Climate Fund, through its fund management arm, Northern Arc Investments IFSC Trust.

The debt commitments include $50 million from the United States International Development Finance Corp (DFC) and $15 million from the official Development Bank of the Republic of Austria, OeEB, it said in a statement on Thursday.

The non-banking financial institution’s (NBFC) fund aims to address critical funding gaps of growth stage startups in the solar energy, e-mobility, sustainable agriculture, and circular economy spaces.

“The significant investment from DFC and OeEB reinforces our ongoing commitment to revolutionise climate finance and transform the financial landscape for all households and businesses in India. By channelling these funds into green projects across our focus sectors of MSME, affordable housing, vehicle finance, agriculture finance, microfinance, and consumer finance, we aim to create a cascading effect that promotes sustainable development,” said Ashish Mehrotra, Managing Director and CEO, Northern Arc.

In October, the company launched its performing credit AIF fund (Category II), ‘Finserv Fund’, through its subsidiary Northern Arc Investment Managers (NAIM).

The fund aims to raise a target corpus of Rs 1,500 crore, including a greenshoe option of Rs 500 crore.

Northern Arc has assets under management (AUM) worth Rs 15,121 crore through its balance sheets and active AIF funds, as of September 30. It is backed by investors such as Sumitomo Mitsui Banking Corporation, LeapFrog, and 360 ONE, among others.

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Startup

PhysicsWallah’s losses widen FY24 as rising expenses overshadow 2.6X revenue growth

Published

2 hours ago

November 7, 2024

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Edtech unicorn PhysicsWallah (PW) saw its losses widen significantly in FY 2023-24, fueled by a sharp rise in employee benefit costs and other expenditures, casting a shadow over a 2.6-fold increase in operating revenue.

The Noida-based company also revised its FY 2022-23 figures, now reporting a loss of Rs 84.1 crore, in contrast to the Rs 8.9 crore profit previously stated in its earlier consolidated financial statements.

The heavy losses come on the back of the edtech company’s rapid expansion over the past couple of years. PW, which initially focused on the test-prep segment, has rapidly diversified its educational offerings over the past few years to encompass everything—from school education to skills training—casting its learning net over a wide base of learners.

PW’s rapid expansion comes amid a turbulent period for BYJU’S, once the leading edtech platform and the poster child of the Indian startup ecosystem.

The Alakh Pandey-led firm reported a consolidated loss of Rs 1,131.3 crore in FY24, up 13.5X from Rs 84.1 crore recorded in the earlier fiscal period.

The reported losses were impacted by non-cash adjustments, such as Compulsorily Convertible Preference Shares (CCPS) amounting to Rs 756 crore, according to the company. This CCPS expense is recorded in relation to the buyback clause provided in the issued CCPS, based on the conversion of accounting standards from IGAAP to INDAS, it added.

After excluding the non-cash adjustment, the company’s actual cash losses come to approximately Rs 375 crore, up 4.4X.

The company had remained the only profitable edtech firm until FY22, while steadily growing its top line.

Its operating revenue surged 160.7%, touching Rs 1,940.4 crore in FY24 compared to Rs 744.3 crore in FY23, as per its recent consolidated financial statements.

The startup’s total income reached Rs 2,015.1 crore, up 160.8% increase year-on-year (YoY).

For context, BYJU’S surpassed the Rs 2,000 crore revenue mark in FY20 and Eruditus in FY23, while PW achieved this milestone in its fourth year of operations. BYJU’S was incorporated in 2011, Eruditus in 2010, and PW in 2020.

Meanwhile, the company’s expenses surged by 280.4% to Rs 3,279.1 crore in FY24 compared with Rs 862 crore in FY23.

The sharp rise in expenses was driven by employee benefits, the firm’s second-largest cost centre, which jumped to Rs 1,159 crore—a 180.9% YoY.

Its other expenses surged by 442.4% YoY to Rs 1,660 crore, including a significant increase in miscellaneous expenses, which rose by 755.9% to Rs 1,452.7 crore.

Interestingly, PW also reduced its advertising and promotional expenses by 39.9%, although these still accounted for the company’s second-largest expense, totalling Rs 37.3 crore in FY24 compared with Rs 62.1 crore in FY23.

PW has experienced impressive growth, however, sustainable growth and profitability are essential, and it must navigate its own challenges as it expands.

Earlier this year, PW Co-founder Prateek Maheshwari told YourStory that FY24 was the year of “growth,” while FY25 is the year of “sustainable growth,” as PW aims to return to a profitable path.

“We have bounced back this year, with the first two quarters being EBITDA profitable for the first time in our company’s history,” he added. EBITDA, or earnings before interest, taxes, depreciation and amortisation, is a measure of core operational efficiency.

While the profitability metric for FY25 cannot be determined due to the transition from I-GAAP to Ind-AS, this fiscal year is expected to be the highest in absolute EBITDA profitability since inception, according to Maheshwari.

I-GAAP (Indian Generally Accepted Accounting Principles) refers to the traditional accounting standards used in the country, while Ind-AS (Indian Accounting Standards) is a set of accounting standards aligned with IFRS (International Financial Reporting Standards) for greater transparency and consistency.

In September, PW raised $210 million in a Series B funding round led by investment firm Hornbill Capital, with a sizable participation from venture capital firm Lightspeed Venture Partners. This was a significant milestone given the scarcity of substantial deals in India’s edtech sector lately.

With the latest funding round, PW’s post-money valuation has soared to $2.8 billion, making it the third-most valued edtech firm, trailing only Unacademy ($3.4 billion) and Eruditus ($3.2 billion), based on their last valuations.

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