Startup
15 entrepreneurs to keep an eye on in 2024
Innovation, motivation, curiosity, creativity, passion, vision, adaptability, leadership, willingness to take risks….all this and more make an entrepreneur.
Entrepreneurship Essentials, from Harvard Business School, defines entrepreneurship as “the pursuit of opportunity beyond the resources currently controlled.” It notes that entrepreneurs—either individuals or teams—actively scan the environment “for opportunities, or discover them as they live and work. They form hypotheses about what customers want or need and how they can deliver value to the customer”.
India seems to be winning the startup game with its entrepreneurs. The country is home to the third largest startup ecosystem in the world, with thousands of startups emerging every year. With the country set on an exponential growth trajectory, here are the 15 entrepreneurs set to make a mark in 2024:
Jayant & Akanksha, Ala Mode
Akanksha and Jayant Sethi are the dynamic siblings behind Alamode By Akanksha, a trailblazing fast fashion brand in India. Since its inception in 2016, Alamode has blended innovative designs with affordability. Akanksha’s creative genius and Jayant’s business acumen have helped create a brand that resonates with the modern woman. Their unwavering dedication to quality and style has made Alamode a household name. As visionary entrepreneurs to watch in 2024, Akanksha and Jayant continue to redefine the fashion landscape with their passion and ingenuity.
Gopesh Khandelwal, Founder & CEO,Grocket
Gopesh Khandelwal is a seasoned entrepreneur, fractional CMO, and marketing strategist at Grocket with more than eight years of experience. Launching his first venture at 17, Khandelwal has since collaborated with over 200 companies worldwide, transforming diverse industries with bespoke strategies. Specialising in personal branding, content marketing, and performance marketing, his strategic acumen has helped him excel in D2C branding. Khandelwal’s unique blend of brand vision, creative thinking, and digital expertise has enabled him to build high-performing teams, develop scalable strategies, and drive constant growth.
Vikas Sharma, Founder, MyPerfectPack
In the dynamic world of entrepreneurship, Vikas Sharma, the trailblazing founder of MyPerfectPack, a brand under Ekennis Software Service Limited, stands out. In under three years, he established and listed MyPerfectPack, achieving remarkable global growth. MyPerfectPack revolutionises the printing and packaging industry with No MOQ (Minimum Order Quantity) solutions, serving clients in 190 countries. This groundbreaking approach makes high-quality, customisable printing accessible to businesses of all sizes, from startups to enterprises, enabling efficient, cost-effective scaling. Sharma’s visionary leadership and relentless innovation have positioned MyPerfectPack as a pivotal player in the global market, addressing unique needs with comprehensive services.
Sanjeev Kathuria, Founder & CEO, Torbit Consulting
Sanjeev Kathuria, Founder and CEO of Torbit Consulting, is a renowned entrepreneur with over three decades of experience in the real estate sector. Under his leadership, Torbit Consulting’s marketing, sales, and construction verticals have achieved inventory sales exceeding Rs 15,000 crore, including the successful completion and sale of stalled premium housing project, ‘The Grande Meerut’. Kathuria has significantly contributed to industry knowledge through Torbit Realty, Torbit Property, the Torbit Consulting website, and the Torbit YearBook, establishing a strong presence in the industry and solidifying his reputation as a visionary leader.
Kapil Vaishnani, Founder, Litmus Branding
Established in 2001, Litmus is an Ahmedabad-based core designing, branding and digital marketing agency. It stands on a foundation of strategic thinking and creative excellence, having built a diversified portfolio of solutions in brand strategy, asset development, and marketing. Under Vaishnani, the agency blends traditional values and modern perspectives, reflecting its strong, long-term partnerships with SMEs & large corporate clients across sectors such as education, technology, building & construction, FMCG, etc. Litmus aims to be an intellectually-driven and continually-growing organisation.
Aman Chainani, Founder & MD, Pacific Hospitality
Aman Chainani is changing things up in Hyderabad with his brands, showcasing excellence in the hospitality industry through NOHO and AIDU. A dynamic entrepreneur and F&B business leader, he began his culinary journey with a vision to redefine dining experiences in his city. After extensive research and a stint at Zomato, Chainani introduced a new brand in Hyderabad when he was 23 years old. Despite pandemic challenges, he launched three new brands, including RAAHI in Bangalore and Proxy in Hyderabad. Chainani aims for global recognition with curated cuisine and craft cocktails, and is eyeing substantial business growth.
Dr Vassundara Nattes, Co-founder & MD, Aeliuscity HR Solutions
Vassundara Nattes sees every single day as a learning opportunity. As Co-founder and MD of Aeliuscity HR Solutions, she has transformed the company into a significant player in India’s HR outsourcing and upskilling sectors since 2018. Beyond Aeliuscity, Nattesserves as an independent business consultant and a proactive social activist. She excels in various domains, including technical recruitment, market strategy, and performance marketing. Recognised in Forbes’ 40 under 40 and chosen as Times of India’s 15 Promising Entrepreneurs of 2023, Nattes’s journey is a testament to her entrepreneurial spirit.
Ravi Prakash Gupta, Chief Product Officer, Uppwise
With more than two decades of experience, Ravi Prakash Gupta, Chief Product Officer at Uppwise and Co-founder of Tritv65, is a visionary leader in IT and SaaS innovation. His expertise in cloud-based products, particularly in project and portfolio management, has driven substantial growth and innovation at Uppwise. As a co-founder of Tritv65, Gupta is dedicated to developing cutting-edge B2B solutions that address modern business challenges. Beyond product development, he mentors tech professionals, fostering a culture of continuous learning and innovation.
Ankur Chawla, Co-Founder, Responsible Whatr
Ankur Chawla dons many hats with elan: passionate entrepreneur, award-winning sommelier, author, and speaker. He is the co-founder of Responsible Whatr, India’s first company that packages natural spring water from the Himalayas in recyclable aluminium cans with the intention of reducing the single-use plastic problem. He is also the founder of ScopeBev, a leading F&B consulting company.
Kamalkar Devaki, Co-founder & CEO, SandLogic
Kamalakar Devaki is the Co-founder and CEO of Bangalore-based SandLogic, a full-stack AI company offering an advanced LLM Studio platform offering role-based data access for secure enterprise AI deployment. Under his leadership, SandLogic developed the ExSLerate AI co-processor chip, achieving scalable performance up to 10 TOPS for robust on-device intelligence. These innovations significantly advance the AI landscape by ensuring security, efficiency, and power in AI applications, positioning Kamalakar Devaki as a pivotal figure in AI technology in 2024.
Manisha Chaudhary, Managing Partner, UKCA and Partners
Manisha Chaudhary, Managing Partner at UKCA and Partners, holds the principles of the law in the highest regard, while also believing that justice must have a deeper significance. “I believe in anticipating potential challenges and providing legal assistance that aligns with business strategies and commercial insight,” Chaudhary says. She has diligently built a firm where client interests are central, upholding a commitment to quality and integrity. Her firm emphasises innovation, efficiency, and expertise to deliver outstanding results. Recognised across various niche practice areas, UKCA and Partners has earned numerous accolades and awards.
Abhinav Mathur, CEO & Managing Director, Kaapi Machines
A visionary leader with over 20 years of experience, Abhinav Mathur transformed Kaapi Machines into a trailblazing coffee consulting and innovation powerhouse. Since joining Kaapi Machines in November 2017, he has introduced cutting-edge equipment and comprehensive services, and been the driving force behind the company’s remarkable growth trajectory. Mathur’s passion for coffee drives innovation, making Kaapi Machines a one-stop solution for top coffee businesses nationwide.
Vikram Goel, MD, UNOX India
With over 25 years of experience, Vikram Goel excels in setting up organisations from scratch and defining sales, marketing, and service structures. As MD, he develops proactive sales networks and client retention programmes, and adapts to market dynamics. Goel’s expertise lies in creating brands using cost-effective yet efficient offline and online marketing tools. He drives results while fostering personal and professional development, connecting individual drivers with business objectives to cultivate an entrepreneurial mindset among employees.
Aarushi Singhal, Founder, Blend it Raw Apothecary
Blend It Raw Apothecary was launched in 2017 with the goal of becoming India’s leading zero-waste store for pure, raw ingredients that catered to natural beauty, herbalism, aromatherapy, and wellness enthusiasts. Aarushi Singhal, the Founder of Blend It Raw believes in the power of nature to heal everything. “Blend It Raw Apothecary began with the goal of unearthing the power of nature to help with self-care. Starting with just a DIY Hair Mask kit, we gradually expanded into the diverse product range you see today,” she says.
Sunita Lad Bhamray, author and playwright
Sunita Lad Bhamray, a former educator, is a prolific author, playwright, and screenwriter. She has five books to her credit, including the recent bestseller Kalee and the Mysterious Twins. Bhamray has captivated young audiences through her YouTube channel featuring enchanting children’s short stories like Foodle’s café and Ah Chang the Trishaw Man. Her well-received plays have complemented her successful short films, Nirjhari and Sahaasi; Dateline Singapore. An ardent environmentalist and nature enthusiast, her work intertwines elements of nature, animals, plants, and people, leaving a lasting impact on readers and viewers alike.
Startup
From IT engineer to health food innovator: Fit & Flex founder’s journey to building a sustainable brand
As India’s health food market continues to evolve, entrepreneurs face the dual challenge of creating nutritious and appealing products for the Indian palate. Understanding this delicate balance and the complexities of building a sustainable food brand in today’s competitive market requires more than just a good product; it demands mindful entrepreneurship. This was the focus of a recent webinar in the iStart Inspire series, where Parthik Patel, Founder of Fit & Flex, revealed how his journey from IT engineering to revolutionising the health food market exemplifies mindful entrepreneurship.
The webinar, presented by iStart Rajasthan—one of India’s largest startup initiatives—in partnership with YourStory, offered valuable insights into building a sustainable health food brand.
Finding the right market gap
Patel’s entrepreneurial journey began unconventionally in the cotton and chemical industries. His passion for fitness and healthy eating, combined with identifying a gap in the Indian market for better-tasting, nutritious cereals and snacks, led him to establish Fit & Flex in 2019.
“Indian consumers are ready to compromise on health, but they are not ready to compromise on taste,” Patel emphasised, highlighting the importance of understanding market dynamics.
The company faced significant hurdles early on, with COVID-19 hitting just months after launch. Despite having to shut down their factory for four months and managing a team of 60-70 people during the pandemic, Fit & Flex demonstrated remarkable resilience. It expanded to 12 cities and 22,000 stores within three months post-lockdown, showing impressive adaptability in crisis.
Innovation at the core
What sets Fit & Flex apart is its commitment to innovation. The company utilises proprietary baking technology that ensures products remain crunchy longer than conventional alternatives. “We are known for innovation,” said Patel, mentioning unique variants like mango and coconut flavours not commonly found in the Indian market.
Despite facing pressure to reduce costs, Patel maintained his commitment to quality ingredients. He shared how the company continues to use premium components like freeze-dried fruits, which cost ten times more than conventional alternatives, to maintain product integrity. This dedication to quality has helped build a loyal customer base, with retention rates of 33% in general trade and modern trade channels.
Appearing on Shark Tank India proved transformative for the brand, resulting in an 11x increase in sales for several weeks. “Being on national television is massive,” said Patel, explaining how the exposure helped increase brand visibility not just in India but internationally.
Keys to success for aspiring entrepreneurs
During the Q&A session, Patel offered valuable advice for aspiring entrepreneurs in the health food space. He emphasised three critical factors: product-market fit, pricing strategy, and patience. “You need to have uniqueness in your product,” he advised, stressing that entrepreneurs should focus on the basics rather than trying to do everything at once. He cautioned against the common mindset of expecting quick success, noting that “branding takes 10-15 years”.
For customer retention, he recommended a multi-channel approach combining WhatsApp marketing, email campaigns, and telemarketing, achieving a 22% retention rate online and 33% in offline channels.
Looking ahead, Patel sees enormous potential in India’s packaged food industry, particularly with the increasing workforce participation of women. Fit & Flex continues to innovate, recently launching ready-to-eat oats and protein puffs, while maintaining monthly growth rates of 20-30%.
This webinar was part of iStart Rajasthan’s comprehensive startup support programme, which has registered over 5,100 startups, including more than 1,700 women-led ventures, and sanctioned over Rs 35 crore in investments since its launch in 2017. Through initiatives like these, iStart continues to provide valuable mentorship, access to market and procurement opportunities up to Rs 25 lakhs to entrepreneurs across India.
Startup
Workplace solutions provider IndiQube files DRHP, eyes Rs 850 Cr IPO
Workplace solutions company IndiQube has filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise funds through an initial public offering (IPO).
The company’s IPO consists of a fresh issue of equity shares of up to Rs 750 crore and an offer for sale of equity shares of up to Rs 100 crore by the promoter-selling shareholders, Rishi Das and Meghna Agarwal.
IndiQube intends to use Rs 462.6 crore of the raised proceeds towards funding capital expenditures related to establishing new centres and Rs 100 crore towards the repayment of certain borrowings availed by the company.
Founded in 2015, the company currently manages around 103 centres across 13 cities and has a clientele roster ranging from Indian corporates as well as startups such as NoBroker, Redbus, upGrad.
The company reported a total income of Rs 867.6 crore in FY24 compared to Rs 601.2 crore in FY23.
Interestingly, for the three months ended June 30, 2024, the company derived 91.59% of its revenue from operations from centers in Bengaluru, Pune, and Chennai collectively. This trend was observed in FY24, FY23, and FY22.
IndiQube has become the latest company to file for an IPO after several startups such as EV-maker Ola Electric and food delivery platform Swiggy went public in 2024. Several companies including Ather Energy and omnichannel jewellery brand Bluestone has also filed draft papers to go public.
The company’s DRHP also comes at a time when flexible workspaces are becoming a rising trend in the commercial office market as hybrid working models become more common.
The Book Running Lead Managers to the offer are ICICI Securities Limited and JM Financial Limited and the equity shares are proposed to be listed on BSE and NSE.
Startup
Aurionpro Solutions acquires Paris-based Fenixys for about Rs 90 Cr
Aurionpro Solutions on Tuesday said it has acquired Paris-based consultancy firm Fenixys in an all cash deal of about Rs 90 crore (10 million euros).
Fenixys provides capital markets services to leading banks and financial institutions across Europe and the Middle East.
The acquisition strengthens Mumbai-based Aurionpro’s banking and fintech strategy to expand its footprint in Europe and the Middle East, a company statement said.
“This acquisition is not just about expanding our offering portfolio and reach, but rather it is about synergistically merging our strengths—Fenixys’ extensive and deep domain expertise with Aurionpro’s strong IP-led offering—to offer a unique, global portfolio of solutions for the banking and capital markets industry,” Aurionpro CEO Ashish Rai said.
Headquartered in Paris, Fenixys has offices in the United Kingdom, Denmark, and the Middle East, providing expertise in advisory, project management, enterprise architecture, and MUREX services.
“Aurionpro and Fenixys share a common vision towards becoming a partner of choice for global banks and financial institutions through our focus on innovation, excellence, and client success,” Rai added.
Aurinpro Solutions provides advanced technology solutions, focusing on banking, mobility, payments, insurance, data centre services and government sectors.
Shares of Aurionpro settled at Rs 1,750 apiece on the BSE on Tuesday, 1.06% higher than the previous close.
(With inputs from PTI.)
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