GOVERNMENT OF INDIA

MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP

NATIONAL ENTREPRENEURSHIP AWARDS 2016

AWARDS WINNER
AWARD TRACKS
CATEGORY WINNER
1 Agri, Food & Forestry Wow Momo Foods
products Private Ltd
2 Chemical, Pharma, Bio & Saral Design Solutions
other processed material Pvt Ltd
3 E-commerce, Logistics, JETSETGO
Transport & other services Aviation Services
4 Engineering Services Swadha Energies
5 IT & ITES, Financial Lucideus Tech
6 SC/ST Jeev Anksh Eco
Products Pvt Ltd
7 Women SV Engineering &
consultancy services

RECOGNITION TRACK
1 Entrepreneurship Education RUDSETI, Karnataka
2 Incubation TREC-STEP, Trichy
3 Mentor (Private & Govt) Mr. Pradeep Gupta (Private)
Mr. Harkesh Mittal (Govt)
MEMBERS

Dr. MK Bhan Dr. Bindeshwar

JURY

Ms Naina Lal Kidwai Mr. T. V Mohandas Pai Dr. Raghunath

Retired chairman of Chairman of Anant Mashelkar Former Secretary, Pathak
HSBC Bank Manipal Global Former Director Dept. of Biotechnology, Founder of
Education Services General, CSIR Ministry of Science & Sublah
Technology, Govt. of India International

Implementing Partners
(Lead Partner 2016-17)
(Traval Partner)

IIT, Delhi IIM Ahmedabad IIT Kanpur Tata Institute of IIT Mumbai IIT Madras Xavier School of Air India
Social Science Management
Feel The Freedom
N
ot so long ago, in India,
entrepreneurship was
met with distrust.
Entrepreneurs in this
country were judged as jobless, good
for nothing and hopeless failures,
who could do nothing better in their
life. It is only within the last 10
years or so that entrepreneurship
has become the aspirational journey
and holy grail for the bright-eyed,
inspired and fearless youth.
And it is with that knowledge
that we celebrate our first Indian
class of 35 Under 35 (see page
33). These are the faces and the
inspiration of tomorrow. They are
our brightest young talents and
minds. Not only are they laying the
foundation for greatness in this
country for generations to come, but
they are also inspiring a movement
so important and widespread that it
has the power to change the cultural
fabric of our country forever and
in the process also transform our
country and make it a better place
to live. Its a movement of self-
reliance, equality and opportunity;
an ultimate freedom.
Today these 35 entrepreneurs
and many others like them are the
flag bearers of a life away from fear
because that is the only thing that
stands between you and greatness.
Our job as the edirotial desk
is not complete only with your
admiration of this list alone but it
would be a mission accomplished
only if it gives you the kick to
chase that dream, take that risk
and give yourself that opportunity
to see whats on the other side.
This issue celebrates young
people and their success --
and the opportunities they
create. It is about their math,
thought and passion -- and the
fire in the belly that lights the
two. We also look at how the
Ministry of Skill development
and Entrepreneurship has made
an effort to rewarding such
entrepreneurs, who dare to stand
out of the crowd. Challenging
convention and creating
something new, I also met one
such Indo US entrepreneur,
Vinod Gupta, recently, whose life
is a tale of pushing boundaries,
taking the dare and then giving it
back to his roots.
Ritu Marya
Editor in chief
E-mail me at:
rmarya@entrepreneurindia.com
FEBRUARY 2017 l ENTREPRENEUR 3
CONTENTS FEBRUARY 2017

35 35
UNDER

SPECIAL

P.33

4 ENTREPRENEUR FEBRUARY 2017

CONTENTS FEBRUARY 2017

EXPERT SPEAKS

20 22 24 25
IF YOU ARE PASSIONATE WE STAYED AWAY FROM WINTER IS HERE... VC INVESTMENTS IN INDIA AND
ABOUT SOLVING HYPER HIGH-TECH COMPANIES AND WILL CONTINUE THE US ARE DIFFERENT
PROBLEMS, YOU LIKE SNAPDEAL, OLA Vinod Murali, MD, Kartik Hosanagar, Professor,
CAN BECOME AN Kanwal Rekhi, the Indian- InnoVen Capital India The Wharton School, University
ENTREPRENEUR American venture capitalist, and highlights opportunities of Pennsylvania draws a parallel
between India and the US ecosystem
Sonam Wangchuk, Social MD, Inventus Partners, shares his for entrepreneurs.
and impact of demonetization on
Entrepreneur, talks about his experience as a VC investor. fundraising.
ice stupa invention.

Start-
up
26
OPPORTUNITY
Biotechnology, still seen among 30 54
Growth
the sunrise sectors in India, is
already the third largest market
in the Asia-Pacific region.

30
KICKOFF 53 54 58
Insights, information, and CHAT ON CHAAT WEALTH MANAGEMENT SELF IMPROVEMENT
inspiration reverberated at the Vinod Gupta, How family offices, a Still not happy with
Chandigarh edition of Start-up the famous concept popular in foreign what you have? Tim
Kickoff hosted by Entrepreneur Indo-American shores, have begun to show Ferriss has an answer.
Media in association with entrepreneur and shoots of growth in the
Franchise India. philanthropist Indian market. 66
underlines STORYBOARD
significance of 56 How Housing.com went
education in LEGACY down from being the
entrepreneurship The young generation at the next big thing to almost
with a piece of legacy personal care brands nothing in a sell out to
advice to start-ups. are gearing up for the next PropTiger.
big game.

72

Eco-system
AWARDS
Ministry of Skill
Development and
Entrepreneurship honours 11
companies and individuals
68 70 with National Awards.
POLICY POLICYMAKER
Will government Rajiv Pratap Rudy, Mnister 76

26
be able to execute of Skill Development TAX BURDEN
UPI-Aadhaar in the and Entrepreneurship Are start-ups really being
right way to make highlights significance of the made a scapegoat in
Cashless India vision ministrys National Awards governments decision to
a success. for entrepreneurship and tax foregin ad networks
innovation. with Google Tax?
6 ENTREPRENEUR FEBRUARY 2017
AUGUST 2016 ENTREPRENEUR 5
CONTENTS FEBRUARY 2017

80

Money
78 80 84
MONEY STATE FUNDS ECON
Some Most of the states in A quick
entrepreneurs India have policies for snapshot of the
open their books to start-ups but very few top deals of the
public. Hows that have dedicated start-up month.
going? funds.

Tech
90

86
ONLINE TREP
How KredX is
democratizing

98
invoice discounting
like never before.

88
Lifestyle

APPS 94
4 apps to maintain
WORK LIFE
a healthy mind.
BALANCE
How entrepreneurs
90 spend their early
ASK A GEEK morning everyday.
After apps winning
over websites,
the fight is now
96
BOOKS
between choosing
Harkirat Singh,
native and hybrid
Founder, Woodland,
apps.
talks about how
reading has changed
92 his perspective.
SHINY STUFF
Exploride - a unique 98
heads up display THE OTHER SIDE
that replaces your Nandit Pathak,
phone and turn Founder, Aermed,
your car into a reveals his other side.
smart car.

ON THE COVER: Photograph by Naveen Sharma

Cover design by Manish Raghav.
8 ENTREPRENEUR FEBRUARY 2017
AUGUST 2016 ENTREPRENEUR 7
 SMALL MEDIUM
EDITOR IN CHIEF Ritu Marya

EDITORIAL CORPORATE OFFICE

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Published by Franchise India under license from Entrepreneur Media, Inc., 18061 Fitch Avenue, Irvine, California
92614 USA. ENTREPRENEUR is a registered trademark of Entrepreneur Media, Inc. This publication is sold and
distributed with the understanding that Publisher is not warranting the accuracy of the contents herein nor is
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transmitted in any form and by any means without the prior written permission of Publisher.

10 ENTREPRENEUR l FEBRUARY 2017

 TM

AUGUST 2016 ENTREPRENEUR 9

DIGITAL FEBRUARY 2017

o st ed
Indian PM Narendra
M ent
ntrepren
eurs
Modis Top #6 Sops for

om m
Indian E
Plan B ig fo r 2017! Top
12
n
Small Business Owners
& Farmers for 2017 c
u tio ns t o Usher i 425
Resol Year
The New
980 Tips by
These 5 ican Top Non-Indian CEOs is the
-Amer
Indian ospel
new fad for India-based
VC is G Firms. These Company
rtups
Most for Sta
794
Heads Explain Why

read
544

ls
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Mosrted e kh s
dict al R ooli
rts Pre ting Kanw art a F vt Must
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Flip , Says G panies
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Trends Star ail Out res
B Sha
1.1k Sh
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are Not 11.4k

Whats on Entrepreneur.com?

UBERS TRAVIS KALANICK TOP #6 QUOTES BY SUNDAR 10 ENTREPRENEURIAL

SAYS YOU NEED BIZMANCE
NOT BROMANCE TO RUN A
PARTNERSHIP
In his latest trip to India Uber
Technologies Founder and CEO
Travis Kalanick said the worlds
biggest taxi aggregator started
with something he would like
to call Bizmance.
Aashika Jain, Assistant Editor
PICHAI THAT WILL CHANGE YOUR
PERSPECTIVE TOWARDS WORK
Sundar Pichai was at IIT KGP recently and addressed
around 3,500 students, professors and media in an
hour long talk. Saying that he felt great coming back
to his alma mater after 25 years, Sundar got nostalgic
about his years in the institution, where he not only
met his wife but closed down the hostel mess once for
unwittingly saying something in Hindi, a language he
was just learning then.
Baishali Mukherjee, Freelancer
LESSONS FROM AAMIR KHANS
FILM BASED ON WRESTLING
Dangal the wrestling biopic movie shows
inspiring story of Mahavir Singh Phogat
and his daughters Geeta and Babita, their
journey of overcoming multiple challenges
and becoming wrestling champions.
Similar to the challenges of Mahavir Singh,
Geeta and Babita, in the business world,
entrepreneurs face many challenges.
Harsh Pamnani, Marketer and Author

12 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 11
FEEDBACK WHAT READERS ARE SAYING
ALL A BOUT A HEA LT HY
RELATION S HIP
Franchising business comes
with its own challenge. Over
the years, the Indian market
has seen a change in terms
of consumer expectations. It
sometimes is quite challenging
to keep pace with the rapid
changes. If a store is faltering
and experiencing low traffic, it is
important for the company to try
and support it with the help of
customer engagement activities.
A healthy two-way relationship
is important to build a successful
franchise model.
Saurav Paul, Kolkata
T ECH N OLOGY D ISRUPTS
T ECH N OLOGY
As a child, I treasured my walkman. I took
it everywhere; for morning walks, tuitions,
sometimes even school. But, after I got
used to my mobile phone, sometime in
college, carrying music around became
much more convenient. But, I never
thought internet will see such a death and
that to so soon. I was amused to know
how blockchain will allows us to share and
store anything of value be it money, any
kind of intellectual property like a new
technology, work of art, research work and
even votes. The informative article was
well researched and well written.
Sanjay Patra, Bengaluru
JOIN US
Small Business Awards
Feb 08, J W Marriott, Aerocity,
Dear reader, got a thought, a question, an idea, a story or a comment? Write to us at editor@entrepreneurindia.org
In times of yore,
Calcutta was the
IN THIS capital of everything
commercial. But then it
ISSUE shifted. When it did, so
did brand talent
Harish Bijoor, Brand-guru and
Founder, Harish Bijoor Consults Inc
14 ENTREPRENEUR l FEBRUARY 2017
CHANG ING ECO-SYSTE M
India is slowly becoming an
entrepreneur-friendly nation. From
corporate funding to markdowns
and government-backed money, it
is interesting to see how multiple
investors came forward for a single
round in 2016, as Entrepreneur noted.
Such an event brings together different
power houses with a wide range of
knowledge under one roof. The industry
has seen an apparent shortfall of funds,
which led investors to flock together.
Its also a great way to get access to
validated deal flows.
Arvind Dubey, Mumbai
Entrepreneur Start-up Kick-off
Mar 10-11, Hyderabad International Convention
New Delhi
I think Indians start-ups
are as good as American
start-ups and the only
difference is that the
American market is much
bigger
Vinod Gupta,
Indo-American Entrepreneur
D I G I TA L M OV E M E N T
Ever since Narendra Modi
announced his plan to
demonetize high-value
currencies on November 8, the
Central government has been
pushing for digital payments.
It is encouraging people to use
electronic wallets, banking apps,
credit and debit cards. However,
what must be remembered is
that depending too much on
the internet for carrying out
economic transactions is not
safe. Furthermore, sluggish
internet speed hinders digital
payments. These problems make
cashless society an implausible
idea. Women and senior citizens
prefer to keep cash in the house
to deal with emergencies,
such as accidents and medical
exigencies. Citizens cannot be
forced to make payments entirely
through cashless means.
Mahesh Kumar, Via email
M A K I N G P E T-F R I E N DS
I have a pet dog and he is more
than a brother to me. But, there
are times when I am unable to
provide as much attention as
he deserves. I always crave for
community where we as a team
can find more friends. It was
good to know about Woofyz
the social petwork. Quite an
interesting read.
Tarun, Delhi
Centre , Hyderabad
People like Flipkart
founders just dont have
it. They were trying to do
something which was sort
of undoable and they were
throwing money at it
Kanwal Rekhi,
Indian-American venture capitalist
AUGUST 2016 ENTREPRENEUR 13
 TRENDS & UPDATES HAPPENINGS

AS THEY ENTREPRENEUR REWIND

SAID IT

The Wolf of Wall Street

developed a serious drug habit.
Further, he encouraged reckless
behaviour in his employees, as
well.
The Securities Exchange
Commission began efforts to
stop the companys errant ways
in 1992. In 1999, he was pleaded
I am positive guilty. In 2003, he was sentenced
that over next to four years imprisonment and
personally fined $110 million.
5-10 years you He served 22 months in jail,
will have more where he developed an interest
in writing. In 2008, he published
companies his memoir, The Wolf of Wall
from India Street. The following year,

N
which will be icknamed the Wolf of
Wall Street, he made
competitive on millions through his
global stage. investment company, Stratton
Oakmont, even before he reached
SUNDAR PICHAI, his thirties.
CEO, Google
Born to accountant parents in
New York, on July 9, 1962, he had
a natural talent of a salesman
at an early age, and started a
meat and seafood business in
the 1980s. After that company
went bust, he started working
for a brokerage firm, learning in
the ins and outs of being a stock
broker in 1987. Two years later,
he was operating his own trading
company, Stratton Oakmont
and made millions illegally,
defrauding its investors. Awash
with cash, he lived the high
life. He spent lavishly, buying
a mansion, sports cars and
other expensive toys. He also
Belfort released a second memoir,
Catching the Wolf of Wall Street,
which detailed his life after his
arrest.
He is Jordan Belfort and
these days he operates his own
company, which provides sales
training and markets training
programs aimed at building
wealth. Belfort claims to have
straightened up his act.

ITS PERSONAL
Demonetization,
while FAN-BOY MOMENT
immobilizing Girish Mathrubootham, CEO and Co-
black money founder of FreshDesk, had his fanboy
and fighting moment when he when he met superstar
Rajinikanth last month at his house.
corruption, Girish is a huge fan of Thalaivar. Step
may lead to into his office today and you can feel the
larger-than-life presence of the superstar,
temporary be it on the cafeteria wall or the huddle
slowdown of area. Before starting to the office he would
the economy. watch the song Vetri kodi kattu from the
movie Padaiyappa, one of the biggest hits
PRANAB MUKHERJEE,
President of India
of Rajinikanth, to draw inspiration.

16 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 15
 TRENDS & UPDATES HAPPENINGS

1ST INTERNATIONAL FINANCIAL SERVICES CENTRE

LAUNCHED AT VIBRANT GUJARAT
Declining interest rates will prove
to be a boon for the poor, neo
middle class and middle class
while providing a boost to our
economy.
Amit Shah, BJP President

The small and medium business

market in India should make
the most out of the initiatives
launched by the tech major!
Punit Goenka,
MD and CEO, Zee Entertainment

True. The best businesses are

P
built when you shut every exit
door. Simply one way to go
rime Minister, Narendra $120 billion by 2025. forward and upwards
Modi, is slowly inching With an ambition to win back market Vijay Shekhar Sharma, Founder,
towards making India a share from global financial hubs, One97/Paytm
global financial destination. Singapore and Hong Kong, by attracting
Aimed at making trading high-frequency traders, the exchange is In nations that dont prioritize
in India for players worldwide expected to be one of the fastest, if not innovation, helping non-innovative
easier, Modi launched Indias first the fastest, exchanges in the world. companies compete will always
international exchange India INX at PK Singhal, the President & Whole- create wealth
the Gujarat International Financial time Director of Multi Commodity Kunal Shaw, Founder, FreeCharge
Tech City during the eight edition of Exchange of India told Entrepreneur
investment summit, Vibrant Gujarat. that India should become a price setter Theres a lot to be optimistic
The exchange will trade equity, and whatever is required for India to about in 2017life is getting
currency, interest rate derivatives become a price setter must be inculcated better for more people on our
via an electronic trading platform in the financial system. He said the planet
formulated by the Bombay Stock launch of the exchange is a step in the Bill Gates, Founder, Microsoft
Exchange (BSE). Indian companies will right direction.
be assisted in raising capital by the
issuance of foreign currency dominated
bonds by the international exchange.
Upon the realization of a
Memorandum of Understanding
JUST LIKE THAT
(MoU) signed between the BSE and
the Gujarat government, the bourse
will invest Rs 500 crore for trading
and clearing at the international stock
exchange.
The exchange, which is a wholly-
owned subsidiary of BSE, will work
for 22 hours in a day and is expected
to become profitable in 2-3 years,
according to BSE Chief, Ashish Kumar
Chauhan.
Modi, at the inauguration of the
exchange, said the centre will work
starting when Japans markets open
and ending when US markets close.
Gift City is Indias first International
Financial Services Centre and is
targeting $48 billion in banking
activities that Indian companies
conduct in hubs like Singapore, Dubai
and Hong Kong, estimated to go up to

18 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 17
 EXPERT SPEAKS

If you are passionate about solving

problems, you can become an entrepreneur
By Sonam Wangchuk

Believe in the Power of Youth outcomes are. Intelligent risks not

I am a believer in the power of
youth. Youngsters are most of
the time very interested, they
may not have the wherewithal at
the beginning but as you groom
them and help them grow, they
are sincere. Especially in Ladakh,
people are fearless about extreme
conditions; they work through
out and take it as a challenge and
adventure, not just in physical
means but also in spirit.
The whole story about each of
my work is that I almost dont start
something unless I have some young
people to work with me. Because
very soon then they take over and I
can move to a fresh idea again with
a group of young people such that
they can take it forward. Drive your
venture with the desire to solve
problems.
My idea of building ice stupas
came from my drive to combat
the problem of water scarcity. The
region where I reside is a desert
anyway. Climate change and fast
melting glaciers means there is
erratic water supply. So using ideas,
science and other innovative ways
foolhardy mess that you might
make and deter other people also
from taking those risks. You need to
take risks very cleverly in a deeply-
engaged manner. The calculated
risk-taking ability and perseverance
to follow who says what and no
matter if it fails once or twice or
thrice as long as you believe it is
the answer is what will steer you
towards success.
Money Always Comes Second
I feel for an entrepreneur to fight
the tide and follow his dreams; they
have to be driven by their desire to
solve problems that people have.
Money is always secondary. I feel
you should not be an entrepreneur
just because it is fashion. You need
to have the burning fire to solve
some problem, something that
keeps you awake till late night. And
then you are ready to take risks
and not just risks, but calculated
The whole story about risks. I have been raising funds
for building ice stupas via crowd
each of my work is that funding initiatives.
I almost dont start Believe You Can Do It

something unless I have

to solve the problem was most
important for me.
With an aim to change the face
of higher education not only for
some young people to
Ladakh but the whole world, I
engage students to find solutions by
work with me.
working for real life problems like
climate change.
Ice stupas are about saving the water that is not used
in winter when there is no farming in the form of ice
mountains or cones that look like stupas to use them when
it is spring. That way you can solve the problem of spring
water shortage is when real glaciers dont melt.
Take Intelligent Risks
My advice for millennials is to minimize the risk as much
as you can by rehearsing in your mind what the likely
My project to make Ice stupas is
faced by many challenges. The
main challenge is that it is a new
field. There are no books we can
learn from, there are no people we
can learn from, it is an untrodden
path so therefore, you have to
make every component by yourself
with hammers in crude ways. Like it was challenging for us
to work in -20 to -30 degrees, at midnight or early in the
morning, but I still consider them smaller challenges.
But I believe, tomorrow when there is more focus and
more money in my field of work, there will be people who
will specialize in better things to solve the problem of water
scarcity in Ladakh.
Sonam Wangchuk, Social Entrepreneur.

20 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 19
 EXPERT SPEAKS
We stayed away from hyper high-tech
companies like Snapdeal, Ola
By Kanwal Rekhi
I
nvestment is a serious business
and I take it seriously. After
spending nearly 35 years being
an entrepreneur, an angel
investor, and a venture capitalist
(VC), I understand that all that
glitters is not gold. So, I prefer to stay
away from me-too Indian ventures
like Ola, Flipkart, and Snapdeal that
are more froth and less milk. As
early-stage investors we use the same
approach in the US and India. Though
there are no set rules for success but
few things are good to follow.
Read Your Market Correctly
I never invest in sectors, I invest
in entrepreneurs. I need to know
whether an entrepreneur understands
how to solve the given problem.
India has massive and unlimited
opportunities in different sectors
but it is a very unproductive society
compared to China and the US.
India needs start-ups everywhere
and need to do it in the right way.
Half of the start-ups do not have
technology components. However, the
entrepreneurs are good here and the
The best time to start
market is maturing. The only problem in a company is when
India is exits, we do not have too many
of them yet. everyone else is leaving
the marketplace.
Create Value
When you start a company, it has no
value, you only start with an idea. So Recessions are
you go to a VC or an angel investor and
you say hey, Ill sell you 20 per cent for absolutely required.
X million dollars. What you have sold to
him is a risk by diversifying 20 per cent
of your risk.
If you cant create value of more than two million
dollars then you have wasted that money. Now, when you
go back and raise more money, you are going to dilute it
even more. So what happens in this environment is that
capital efficiency, which is the heart of a successful start-
up, goes down. Your valuation goes up only when you can
make money and along with it chance of raising capital also
goes up. We stayed away from all those hyper high-tech
companies like Snapdeal, and Ola. We just did not believe
that their valuations were real. They are selling stuff below
22 ENTREPRENEUR l FEBRUARY 2017
cost, so we stay away from them. We
are very fundamental investors.
Learn Investment Discipline
The way these me-too e-commerce
companies are working is truly
bad; they have no cost margins like
Flipkart. Its founders were trying
to do something which was sort of
undoable and were throwing money in
it. They have wasted billions of dollars
and have failed in the marketplace.
Now they are looking for protection.
Thats not the right way to think.
It is very hard to imagine that these
guys can have discipline, the whole
organization is indisciplined. They
were not start-ups that started lean
and mean and now suddenly they have
become that. Start-ups have to be lean
and mean from the start, it is very
hard to transform later. It is like a big
fat and flabby person who needs to do
lot of exercise to actually become fit.
Be Accountable
Ownership stays with you only when you
dont waste capital and think of capital
as the life blood. When you start to raise
billions of dollars of venture capital,
you can burn that money in a wrong
way. In this case, tell me why should the
ownership stay with you. We are early
investors and we have small funds and
there is no need to invest in later rounds.
Accept Failures and Start When
Everyone Leaves
Failure of start-ups is absolutely
required. Companies see why they
failed as learning comes from failures. If everything works
well, there is no learning. The best time to start a company is
when everyone else is leaving the marketplace. Recessions are
absolutely required in a start-up ecosystem.
Never Regret
I never ever have any regrets; you miss opportunities all the
time and that is the nature.
Kanwal Rekhi, the Indian-American venture capitalist, Managing
Director at Inventus Capital Partners
AUGUST 2016 ENTREPRENEUR 21
 EXPERT SPEAKS
Winter is here and will continue
By Vinod Murali
I
t feels like we are awaiting the
next season of Games of Thrones
in the Indian start-up world as
well. It is quite clear that winter
is here from a funding perspective and
the question in most minds is how long
will it last? The last ten years have
seen three mini cycles of waxing and
waning of investor sentiment. This
has been surrounded by a constant
strengthening of the entrepreneurship
ecosystem where every time a bearish
run is encountered, the system resets
to a new normal.
The quality of businesses and the
level of competency, awareness and
maturity of entrepreneurs has been
trending upwards and to the right (like
all good projection charts!). It helps
to have numerous evangelists but the
surfeit of start-up networking events
at some level become a distraction.
However, the fact that this has become
a livelihood opportunity is also evident
of the underlying strength of our
fledgling start-up ecosystem.
Opportunities Come
From All Directions Education is still a
2016 was a year where large funding reasonably under penetrated
rounds vanished from the horizon
and valuations are clearly under segment while healthcare
pressure. This was also the year when
folks questioned why start-ups talk technology/services continues
more about their funding rounds than
anything else. I feel its important to
to be interesting, given the
raise good chunks of capital and ideally massive opportunity and
a little bit more than what the business
demands. Opportunities come from execution challenges.
all directions when founders execute
on hyper-growth pursuits so the least
desirable situation is to be constrained on capital. The
challenge is to find the balance between what is necessary and
giving away most part of your company to financial investors.
As to publicizing funding rounds, it helps in establishing some
brand credibility which could have a positive ripple effect
on hiring as well as comfort for clients especially for B2B
businesses.
More Capital in the Series C/D Threshold
2017 looks like it will be an investors market, for most part
of the year. It is hard to see a scenario where funding rounds
are consummated under six months, even when it is not a
24 ENTREPRENEUR l FEBRUARY 2017
cold start. The expansion of fund sizes
as witnessed recently with Sequoia,
Nexus, Accel, Matrix and Kalaari are
indicative of the reality that many
of these early stage investors see the
necessity to be able to fund through,
all the way to a successful outcome.
The best companies of their portfolio
should have constant access to
capital to ensure they are firing on all
cylinders.
Seed investors are stepping up all
the way to Series B rounds and the
VCs are gearing up for their growth
capital avatar. Hopefully, India will see
more supply of capital in the Series
C/D threshold where companies are
not yet profitable but have robust
unit economics and growth potential.
This is still not ready for PE interest
but astute founders have realized
that the path to long term growth is
to demonstrate a short term track
to profitability. As companies grow,
they need to ensure there is a tangible
profitable neighborhood whilst
investment into growth continues in
other segments.
AI/AR/VR Might Breakout in 2017
Lots of buzzwords like AI/AR/VR filter
through many discussions these days but
there have not been too many companies
with a strong value proposition but
hopefully 2017 is the breakout year
for these segments. Education is still a
reasonably under penetrated segment
while healthcare technology/services
continues to be interesting, given the
massive opportunity and execution
challenges.
There is a lot more love for SaaS wherein the gestation period
required to build good products is now being balanced with
the fact that revenues are more predictable and sustainable
with controllable burn. SME financing as well as aggregation or
buying clubs are also segments seeing more interest as there is a
large and fragmented market but the underwriting and working
capital challenges need to be managed to build out a long term
proposition.
It feels like we are at the end of the third day in a typical test
match where most of the spadework has been done.
Vinod Murali, Managing Director, InnoVen Capital India
EXPERT SPEAKS

VC investments in India and

the US are different

P
ost-demonetization, the behind US companies mainly because
ticket size of venture capital of the engineering teams which have
investment has shrinked, the jugaad mentality when it comes
however, investors are still to product building. Indian start-
optimistic and are largely betting upon ups have the potential and they are
the fintech start-ups as the consumer getting at the international level
base is shifting towards online slowly. It will then take at least five
payments. years to be there.

VCs Shift to Rupees Indian Exit Model is Different

With VC investors the cheque sizes In terms of exits, eight-year deal is
have got smaller so they are bit more the worst case scenario. Sometimes
nervous. The investors were planning VCs invest for three to seven or four
to invest in start-ups in dollars but to six years of period. With my fund,
now they are doing it in rupees. The we almost double the amount of
start-ups which were raising $15 time available to the entrepreneurs
million are now raising the funds in otherwise he or she has crazy
India currency. Earlier, the start-ups pressure to go for an IPO. And when
used to plan in dollars and paid their you are forced to sell you dont get
employees in dollars. However, since the best deal.
their customers transact in rupees, the US VCs are still learning about
VCs and the management in the board how things work in India, even in
all are shifting towards that. Investors terms of exits. In India, it takes way
decided not to spoil the entrepreneurs longer for a start-up to grow to the
with $15 million to $20 million right size. They have learnt that they
rounds at a young stage and they are have to be more patient, but they
all writing smaller cheque sizes. This is cant be because when they raise money
more of a cost control kind of mindset. Companies grow faster from their funds they have this same
old 8-10 year lifecycle that the US funds
Post Demonetization-Alls well? in the US. If you are doing have, so they are now looking to sell
I personally think, post-demonetization their investments to late stage investors.
economic growth will slow down. But the well you can launch an IPO According to the US standard, a VCs exit
question is, whether it will slow down is through an acquisition or an IPO. But
for one or two quarters or for a longer
in seven-eight years. But, in things work differently in India.
term. These are the overall concerns as
it will directly affect VCs ability to raise
India it takes longer for start- Here IPO is Bigger Than Sell Out
funds as they raise funds depending
upon the growth of the sector. On the
ups to grow in this size. When they go through series A, B,
and C, often new investors come into
flipside, all our portfolio companies are play. But often new investors are not
looking for more and more people to buying out from the existing investors
come online. Demonetization got more people on Paytm and and putting in new capital into the company. Companies grow
on other digital wallets, which opened up the market for them. faster in the US. If you are doing well, you can launch an IPO in
So from the perspective of the start-ups, its great but the seven-eight years despite thresholds. There the IPO is a bigger
fund raisers are still skeptical as they are worried about the bragging point for an investor than selling to another secondary
growth rate. I think fintech will certainly be an area of growth. transaction. The second point is when the company is on the
I dont know if demonetization alone is the driver for the acquisition, the strategic buyer pays the premium because there
sector or whether UID or UPI is helping it grow, as well. And are strategic benefits. A private equity player is not going to get
of course, the factor that it is hot in the US right now plays its the benefit.
own part.

Jugaad Mentality is Holding Them Back Kartik Hosanagar, Professor at The Wharton School of the
The Indian start-ups are not yet there. Indian products lack University of Pennsylvania

FEBRUARY 2017 l ENTREPRENEUR 25

START-UP OPPORTUNITY | KICK-OFF

30

S
R
Bioincubators
and Biotech

E
Parks established
between April
2014 to Sep 2016

L
2,000

B
Biotech start-

A
ups by 2020

`10cr. N
E

Biotech
Early stage fund
launched by
BIRAC
T

Bengaluru-Boston
N

Biotech Gateway
to India set up for
E

exchange of ideas

BEGINNING TO
and mentorship by

BREAKOUT
biotech institutes
M

5
N

New bio-clusters

50
R

New
E

Bioincubators

150
2016
V

was turbulent. While the dust is yet to settle down from the boom and Technology
O

bust of weak start-up economy structures, the year had its positives transfer offices
too. Among them and particularly in business and healthcare was
G

Bharat Biotech which became the first player globally to develop and file patent for vaccines for 20
Bio-connect offices
the epidemic outbreak of Zika virus. It has put the global biotechnology spotlight back on India. being set up in
While the company has acquired a decent size, there are some impressive biotech champs today research institutes
in India or shall we say the next Biocons and Wockhardts of India in the making. and universities

By Sandeep Soni

26 ENTREPRENEUR l FEBRUARY 2017

T
he current crop of biotech businesses
started in last decade or so, is turning
India into an intellectual property base
for innovative biotech manufacturing. The
sector, still seen among the sunrise sectors
in India, is third largest market in the Asia-Pacific
region and make up for two per cent of the global
market share. The Achievements Report published
on biotechnology sector, in January this year, by
Department of Industrial Policy and Promotion
and Department of Biotechnology, under the Make
in India program, is aiming at $100 billion market
size by 2025. For now, it is scaling up 20 per cent
annually and is expected to become $11.6 billion
market by year-end.
Biotech for All
Biopharma has been the biggest sub sector of the
biotech sector. In fact, it contributes around 64 per
cent of the total revenue followed by bioservices,
bioagri, bioindustry, and bioinformatics.
Biotech can heal the world, fuel the world, and
feed the world. Wherever there is life, biotech can
impact. Health and wellbeing is just one of them,
says Shrikumar Suryanarayan, Co-founder and
Chairman, Sea6 Energy. After quitting his job as
the chief scientific advisor at Biocon, Suryanarayan
was working for the Department of Biotechnology,
Government of Indian and a visiting faculty at IIT-
Madras. He teamed up with its alumni to launch
BRAVO, BIOTECH!
14%
1% belongs
shared by to bioagri
bioinformatics
3%
contributed by
bioindustry
64%
of the sector
size belongs
to Biopharma
$11.6b
market size by
end of 2017,
$100b by 2025
3rd
largest biotech of the global market
industry in share held by Indian
Asia-Pacific biotech sector
Source: Achievements Report Biotechnology
sector by DIPP and DBT and IBEF
biofuel company Sea6 Energy in 2010.
The company has been working on the next
frontier of agriculture - sea agriculture to create
large quantities of biomass for multiple applications
biggest of them being biofuel. Nobody in the
world is doing what we are doing developing a
comprehensive solution for cultivation and utilization
of marine biomass. India doesnt have enough land to
generate biomass, which can be converted into biofuel
and meet Indias energy and other requirements.
So we looked at sea for overcoming limitations of
land, irrigation water, and fertilizer requirements for
growing plants, adds Suryanarayan.
To generate biomass, the company developed
cultivation technology for mass scale cultivation of
seaweeds. Simultaneously, to facilitate the process
of scaling up, the company also developed a variety
of uses for the sea plant biomass which would
be economically viable even at a smaller scale as
biofuel needs very large quantities of biomass. The
first of these products from sea plant biomass is
a Biostimulant which can increase yield of land
based agriculture by 20 per cent. The marketing and
distribution of Biostimulant is done by Mahindra
Agri Business - the agri-solution arm of the Mahindra
Group under the brand name of Jingo in a profit
sharing agreement with Sea6 Energy. Future products
from the sea plant biomass include food and feed
ingredients, renewable chemicals and plastics and
eventually biofuel.
Capital Contrast
The sector hasnt been of angel and venture
capital investors interest; hence the number
of deals in biotech companies from private
investors is few and far between. $27.4 million
raised by personalized cancer care enabler,
Mitra Biotech, in August last year has been
18% probably the biggest biotech investment in last
comes from
bioservices year or so. Indian Angel Network, Tata Capital,
Accel Partners, and Aarin Capital are few
others backing biotech companies. The biggest
chunk of investment though has been through
Biotechnology Industry Research Assistance
Council (BIRAC).
The biggest challenge for biotech start-
ups is lack of availability of timely capital. It
is true that investors are looking for returns
in six-seven years and hence, havent shown
interest in biotech companies as they have high
gestation period of around seven to 10 years,
which can be fairly capital intensive. The aim
has to be about taking the business to a venture
20% capital investible stage, says Sanjay Jesrani,
growth Founder and CEO, Go North Ventures and
annually Member, Indian Angel Network Hyderabad
chapter. Jesrani led an undisclosed round in
2% Hyderabad-based Transcell Biologics a stem
cell banking services start-up.
A typical vaccine development cycle
goes through multiple stages including
discovery, pre-clinical, clinical development,
and regulatory approval before it goes for
FEBRUARY 2017 l ENTREPRENEUR 27
START-UP OPPORTUNITY | KICK-OFF
Prominent Biotech Deals Since 2013
Company Amount
Pandorum Technologies Undisclosed
Tergene Biotech Undisclosed strategic Aurobindo Pharma
investment
Mitra Biotech $27.4m
Concord Biotech $70.27m
Sea6 Energy $5.3m
Zumutor Biologics $4.4m, $6m
Mapmygenome $1.1m
Xcode Life Sciences $169k
Invictus Oncology Undisclosed
Vyome Biosciences $14m
MedGenome Labs $20m
manufacturing and quality control.
This requires around 15 years of patient
capital before seeking exits.
M Kuppusamy, founder of
Hyderabad-based Tergene Biotech has
developed a vaccine to combat Invasive
Pneumococcal Disease like pneumonia.
In 2015, Tergene entered into a joint
venture (JV) with pharmaceutical major,
Aurobindo Pharma, to take care of
product development cost of the vaccine.
For vaccine industry, particularly if
you are developing a new vaccine, the
challenge is lack of early stage capital as
investors seek returns in around three
years whereas a new vaccine takes around
eight years. This duration of sustenance is
tough unless you have a venture partner
or a joint partner says Kuppusamy.
Globally, according to him, around
one million children die of pneumonia
every year and India accounts for more
than one tenth of it. In 2010, when
Tergene launched its vaccine project,
the imported vaccines were available at
around Rs 4,000 per dose and each child
needed to have three-four doses. This
was a limiting factor for the vaccine even
as awareness about it was scanty. So it
appealed perfectly as a business model
to Kuppusamy to develop an indigenous
vaccine which could be more affordable.
According to him, the product would
28 ENTREPRENEUR l FEBRUARY 2017
Investor
Sachin and Binny Bansal
Sequoia India, Sands Capital
Ventures and others
Quadria Capital
Tata Capital
Aarin Capital, Accel Partners,
IDG Ventures, KITVEN
Angel investors
Shead Holdings
Ratan Tata
Perceptive Advisors, Romulus
Capital and others
Sequoia India
Source: online
enter the clinical trial stage in the next
three-four months and might hit the
market in two years.
The JV in case of Tergene Biotech
worked as it was a strategic investment,
however, that may not be the case if start-
ups choose to partner someone early on.
At an early stage, if you enter into a JV
then other corporates might not back you
because of conflict of their interests. In a
strategic investment, if a corporate lets
you to operate independently then it is
fine, adds Jesrani.
Nonetheless across biotech space,
Jesrani maintains, the opportunity
is vast but businesses must engage
in invention harvesting as that can
potentially multiply returns for investors.
Unlike online businesses and upcoming
technologies like artificial or virtual
technology, biotech can give very high
returns that can come from invention
harvesting, states Jesrani. If biotech
companies, adds Jesrani, can throw up
two-three inventions and protect them
via patents in five-seven years and if even
one of them scales up then it can give
returns anywhere between 30-200 times.
Pre Revenue Support
Since most of the companies started in
less than a decade have their products
at trial stages, they are still pre revenue
businesses. While Sea6 Energy will
hit break even next year, Pandorum
Technologies a tissue engineering and
regenerative medicine company, started
in 2011, raised funding from Flipkarts
Sachin and Binny Bansal in early 2016.
Bengaluru-based Pandorum Technologies,
founded by former PhD scholars Dr
Tuhin Bhowmick and Dr Arun Chandru,
at Indian Institute of Science is working
on developing organoids - functional
mini tissues of various body organs for
pre-clinical trials to expedite the drug
development process, which otherwise
takes six to 12 years for a single drug at
an average cost of $3-5 billion. Currently,
Pandorum has developed 3D printed
mini-liver tissues to discover and develop
better drugs at lower costs and is now
working on bio-engineered cornea in tie-
up with a leading eye hospital in India.
We are planning to do beta testing
with pharma companies for the mini-liver
tissues and pilot human trial for cornea
within the span of 2017-2018, says
Bhowmick, adding, Since animal testing
is getting banned in Europe and other
countries for FMCG/ Cosmetics products
testing, this lab-grown tissues generates
huge opportunity.
Coming to government support, as
per the DIPP report, tax incentives were
announced in last year budget including
expanding the businesss turnover limit to
avail the Presumptive Tax Scheme to Rs 2
crore from Rs 1 crore. Also manufacturing
businesses registered on or after March 1,
2016, now have an option to be taxed at
25 per cent in addition to surcharge and
cess on fulfillment of certain conditions.
Further there will be deduction of 100 per
cent profit for three years out of five years
for start-ups incorporated between April
2016 and March 2019 and exemption of
service tax on services provided by BIRAC
approved incubators.
But in all this, the financial support
offered during clinical trials is not
available. When the product goes for
commercial manufacturing or clinical
trials, there is no support. The cost of
that has gone several folds high for which
we need money, says Kuppusamy.
Largely, the support from the
government, at least in case of biotech,
is relatively better than other sectors,
however, India needs more private sector
participation as the ecosystem lacks not
just capital but also active mentoring and
infrastructure support for its start-ups to
break out in a decades time.
AUGUST 2016 ENTREPRENEUR 23
START-UP OPPORTUNITY | KICK-OFF

CHANDIGARH STAGE
PROVED SUPERB FOR
1
Providing a profound
understanding of
various businesses, the
start-up session at the
recently held Startup
Summit, organized by
Entrepreneur Media
in association with
Franchise India, at
Chandigarh, proved to
be an apt platform for
aspiring entrepreneurs.
By Beny Sachdeva

2
1: From L-R Amulya
Shukla, Chairman, Board of
Membership Engagement,
TiE Chandigarh
Hridesh Madan, Director, Bulls
Eye & Mind Tree School,
Munish Jauhar, Founder,
Graycell Technologies
& Co-founder, Chandigarh
Angel Network,
Paramjit Singh, Principal
Director, Regional Centre
of Entrepreneurship
Development, Chandigarh
2: Neeraj Sharma, Founder,
Mountain Fresh receives
accolades at Mega Start-up
session from Jitin Talwar
3: Asha Jaiswal,
Mayor, Chandigarh
4: Delegates at the
Mega Start-up session

30 ENTREPRENEUR l FEBRUARY 2017

 A
ll start-ups begin with a dream to grow

START-UPS
but breakthrough and breakdown are
a common phenomenon in every busi-
ness. But, how to work on the con-
ceived idea and get it validated further?
How to cope up with these situations? To find the
answers of these and to unlock new sources of busi-
ness growth, The Mega Session at the Hot start ups
101 in the Start-up Summit was organized by En-
trepreneur team in Chandigarh. Start-up founders
and entrepreneurs travelled from across the nation
to learn the tricks of the trade and finer nuances of
3
entrepreneurship at this session as a set of mentors
and leading angel investors guided them. The panel
of experts were Jitin Talwar, Advocate and Patent
Agent (India), Founder of TT Consultants, Angel
Investors, Vineet Khurana, Angel Investor, Chan-
digarh Angel Network, C.J. Singh, Vice President,
SACC India, Sunil Shekhawat, Startup Community
Manager-NCR, NASSCOM 10,000 Startups. These
start-ups rocked the boat with new ideas, new
products, new business models and got appreciated
and strong recommendation from investors. The
few start-ups which made noises are Watchout App,
Kingsideas & Imaginations and Morning Fresh, with
latter winning the contest.

1) Watchout App:
For Nitin Gupta, Founder, Watchout app, an
engineer-turned entrepreneur, it was his passion
to create a solution for black spots (accident
prone areas). This start-up has introduced the app
whose target audiences are the daily commuters,
cab drivers, navigation companies and insurance
companies. Through this app a voice prompt will
come within 500m radius of the accident prone area
alerting the driver of it.

2) Building At Its Best: The world of

architecture services in India is unorganized and
troublesome. Moreover, within its ambit, also comes
the hassle of sourcing materials. Looking at these
problems, an innovative platform called Kingsideas
& Imaginations was launched which offers online
and reasonable architectural services. Parthib Deb
from Tripura launched this start-up in 2014.

3) Mountain Fresh:
Its not that easy being green. You want to do
everything right for yourself, your family, and the
planet, but often it seems like for every green choice
you make you will have to pull more greenbacks
out of your wallet. With a belief that even hazard-
4 free food and vegetables can be obtained at a very
nominal price, Dr Neeraj Sharma and Navneet
Dogra launched Mountain Fresh. Scientist Dr
Neeraj believes it is not an innovation, but a
need not yet addressed.

FEBRUARY 2017 l ENTREPRENEUR 31

 /EntrepreneurInd
/entrepreneurind

B-school Special
COMING SOON

B -S CHO O L SU RVE Y 2 017

THE FIRST EVER

GLOBAL
BEST ENTREPRENEUR
B-SCHOOL

BUSINESS SURVEY

SCHOOLS

Some entrepreneurs follow their gut. Others follow their education -- and colleges and universities
across the nation are increasingly catering to the ambitions of future business leaders. Thats why
Entrepreneur Magazine partnered with IPSOS - Global Research Firm, to present the annual
ranking of B-Schools in India to determine which best serves the entrepreneurial spirit.

The results will be published in the Indian edition of Americas no. 1 magazine on entrepreneurship,
ENTREPRENEUR. The survey will capture how colleges/universities hone students game-changing
ideas, give them access to world-class mentors (i.e. professors and alumni), and perhaps provide
classmates turned co-founders. If your business school mentors young minds, promotes growth
thinking, problem solving, and innovation, we invite you to participate.

To fill the form visit: www.entrepreneurindia.com/bschool

or scan the QR code
To Advertise Call 9555714242

4 ENTREPRENEUR AUGUST 2016

 35 35 SPECIALUNDER

By Punita Sabharwal

The Game Changers of 2017

They are the 35 boldest entrepreneurs of India who are changing the game in
various industries and together they represent the optimism, inventiveness and
boldness of India's millennial entrepreneurs. They have not just questioned
the conventional wisdom but answered it with their fiery and risky business
undertakings. They have inspired every young Indian to not shy away from
breaking the status quo, rewriting the rules and transforming the world.
Entrepreneur Magazine is glad to present the Indian class of 35 Under 35.

TECHNOLOGY CREATIVE SOCIAL CONSUMER PRODUCTS

>> Kavin Mittal, Hike
>> Abhiraj Bahl, Urbanclap
>> Sachin Jaiswal, Niki.ai
>> Jaspreet Singh, Druva
>> Manan Khurma, Cuemath
>> Saket Modi, Lucideus
>> Arunabh Kumar, >> Anirudh Sharma, >> Kaushal Dugar, Teabox
The Viral Fever Graviky Labs >> Amruda Nair, Aaina Hospitality
>> Anisha Singh, >> Kalyani Khona, Inclov >> Sidharth Gupta, Treebo Hotels
Letternote >> Aditya Thackrey, Politician >> Rahul uppal, Woohoo Doodh
>> Srikant Bola, Bollant Industries >> Mihir Desai, Corum hospitality
>> Neha Juneja, Greenway >> Tarun Arora, IG International

CELEB FINANCE INDUSTRIAL

>> Virat Kohli, Sportsperson
>> Rana Daggubati, Actor
>> P V Sindhu, Sportsperson
>> Satnam Singh Bamara, Sportsperson
>> Ayan Mukherji, Director, Director
>> Neha Kakkar, Singer
>> Pai Brothers >> Jatin Ahuja, Big Boy Toyz
>> Nikhil Kamath, Zerodha >> Samar Singla, Jugnoo
>> Archit Gupta, Cleartax >> Ankit Mehta, Idea Forge
>> Ananya Birla, >> Greg Moran, Zoomcar
Svatantra Microfin >> Aronin P, Sastra robotics
>> Rajesh Yabajee, Blackbug

FEBRUARY 2017 l ENTREPRENEUR 33

12/12/12 Feb 2013 Apr 2013 Jun Feb Mar Jun Aug Aug Nov Jan
Hike Servers Within 4 2013 2014 2014 2014 2014 2014 2014 2015
Messenger Crashed. months Launched Hike Hike gets Hike Crosses Raises 65 Launches Acquires Y
was launched Stuff hit the of launch, Stickers. crosses $14M fresh crosses 35 mil Million led Regional Combinator
globally and roof. Hike crossed 15M funding 20 million users by Tiger Stickers company Zip
was available went down. 5M hikers! users. from BSB user mark Global Phone
in 100+ Got back into $7Million
countries. action pretty Funding from
quick though. BSB.

35 35

UNDER
KAVIN BHARTI
MITTAL
l 29 l
FOUNDER AND
CEO, HIKE
MESSENGER
BILL
34 ENTREPRENEUR l FEBRUARY 2017
Aug Aug 2015 Sep Oct 2015 Dec Jan 2016 April 2016 Aug 2016 Nov
2015 Crosses 2015 Launches Hike 2015 Hike Games on Hike Raises a Series 2016
Hike 20 Billion News on Direct. Allows Hike Messenger - Beta, Hits D Financing of Rolls
integrates messages Hike crosses users to chat reinvents for Crosses 100 Record 100 Over USD 175 out 3 Big
Hoppr and / month. 100M and share files Multilingual Million Users Million Game Million Led by Features
Tiny Mogul Launches stories a without the India and 40 Billion Plays Within Tencent and -- Stories,
under brand biggest ever week. Now internet and Messages 26 Days of Foxconn; valued Camera,
Hike update, Hike available in data charges. Per Month Launch close to USD 1.4 Live Filters
4.0 Hindi too. billion

2016 didnt mark the best year for start-ups. Funding was down
and valuations saw a nose dive. At that time four-year-old
startup Hike raised funding that too with a valuation of above
billion dollar. Hike made it to the unicorn list of Indian startups in
shortest span of time. Entrepreneur decodes Hike!

By Punita Sabharwal

THE ZEN
IONAIRE W hen you are the son of one of the countrys richest men, would
you go and work with him or would you find your own path and build something of your own
from the start. Kavin Bharti Mittal, son of Sunil Bharti Mittal, founder Bharti Airtel, grew
up in an environment where business was an everyday phenomenon. While senior Mittal
had to wait for the country regulations to open up to reforms and face lot of challenges as a
yesteryear entrepreneur, for Kavin, the resources were too many. The world was witnessing
technology 2.0. The internet had changed the way the world operated. This gen-next has
come with entrepreneurial ventures of a different kind. Its not into building something as
done in the manufacturing era. This world speaks of tech entrepreneurs with apps, which
were a newer wave with the iphone being launched in the US in mid 2000.
Kavin was fortunate to have a father who had built an empire and very naturally he
started picking up things very early. I guess a lot of stuff I have picked up naturally, which
I dont even know about, claims Kavin. Having an access to someone like him is wonderful.
In such cases, the father-son relationship becomes more of a mentor-mentee relationship.
Kavin agrees to have that focus clear owing to his father. He always said that you should be
focused. There is a large difference between knowledge and focus and I finally understood
what he meant by focus and discipline. At the end of the day, it always comes down to
where you spend your minutes and hours. We all spend our minutes and hours in building

FEBRUARY 2017 l ENTREPRENEUR 35

 35 35

UNDER
a business but a lot of entrepreneurs dont

THE WAY I
understand the value of time. I think that
was the realization I had., remembers

HIKED UP
Kavin.

Tryst with entrepreneurship

While studying in Imperial College, London, Stick to it: When you are building
Kavin witnessed the launch of apps like a company, you will have plenty of
Facebook. He had witnessed a different highs. Its funny, because when you
world there, which led to his first start-
up called Appspark. Talking about the look at the probability of success of
same, Kavin reminisces, I had a school a start-up it is 0.01 per cent. It is the
friend, who was doing pure science and I default mode of start-up. So the norm
engineering; both of us got together and of start-up is - nothing works. Its
thought of building something substantial,
always in a mode of fixing-fixing-fixing
till then we have been building small-small
things only for ourselves. That was Kavins and then something works. So, I really
first tryst with entrepreneurship. Exciting believe that if you really want to build
things happened when he was travelling something that works, then you must
to New York, for his summer internship in
have the patience and perseverance.
Google and there he saw a i-phone. Talking
about how it changed things, Kavin says, A Adapt to change: Everything was
lot of people I met in Google were building
difficult, when I started off and at 24
apps solely for i-phones. It was 2008 and
Apple had just launched its app store and you dont know much. I was fortunate
so I thought, why not? lets build a bunch of to have started something before.
stuff for this platform. I was good at building stuff but as
Very nave in his thought, Kavin with his
entrepreneurs your role changes every
friend aimed to launch one idea every month
and make it eight apps in eight months. six months. And, if you are not adapting
And, he took the most complicated idea or getting stronger in what you love
first and it took eight months for building doing then the company would collapse
that single app known as Movies Now. It
very fast.
was the first ever movie ticket reservation
app on the i-phone. Remembering how the Find founder-friendly investors: One
app came through in 2009, Kavin says, It
of the key things for me was getting
was absolutely a brilliantly designed app
and even today, it would work and function founder-friendly investors. They dont
really well. Few of the applications that think short term, they think two years
were launched during that time were for from now or four years from now and
3G and the Movies Now app could stream
that really give us space.
trailers in both HD and SD on the phone and
then actually buy tickets. At that point in
time, there were only three or four apps in
that zone. And after this, Kavin realized his
passion for building things. I understood
that I am really good at it and from then on
India Calling Internet on phone. And he questioned,
In 2011, Kavin moved back to India. how can these people come online?
my passion for building things got kindled.
One day, he was with his friends in Talking about his idea moment, Kavin
And, Movies Now was one of my best creation
Connaught Place, Delhi relishing some shares, I realized that messaging could
till date, claims Kavin. Later, he went on to
chaat. And, there, he realized all the be a game changer in this market. And
built a i-pad version of it, which was even
servers had one thing in common fast forward five years, and it is pretty
better. The movie posters here were bigger
and that was Nokia 1100, which was incredible to see the idea I had back then
and trailers could be seen on a bigger screen.
the phone that actually brought worked out so well.
When asked why he couldnt scale it up, Kavin
technology revolution in the country. The internet space is very-very
says, In the movie industry, if you are not a
But, all you could do, was make calls different. If you build one product, you
producer or a filmmaker, it is not worthwhile.
and send SMS. Kavin, who had a cant delay it for a very long time. It
The money you get is very small. We thought it
i-phone in his pocket and has been was very clear that if you want to build
through and came up with other plans but at
living on mobile internet for so many something in India, in the Internet
the end we realized it was not a great business.
years, realized India did not have space, then you need to have that kind
Then, we started working on our next plan.

36 ENTREPRENEUR l FEBRUARY 2017

 THE
NEW-AGE MESSENGER
Kavin is a thoughtful man, who has a keen sense of design, as
its visible from his one-year-old Aerocity office. The thought
is to have an open and creative space where the best of
products can be built up. The environment is easy going but
the boss keeps a check on where the company is heading.
Entrepreneur got to know more from this racing car lover,
and a fitness and meditation enthusiast on striking a balance
between speed and serenity. Heres the hiker himself.

Arent you facing the problem of
too many with Hike?
No, people love that part about
us. The youth has a propensity
of using too many things. They
have a lot of free time in their
hand, which we dont realize.
And, three things that we have
worked for in hike are on chat
and contents and the third
things is byte type contents like
quotes and news which the youth
consumes the most.
The stories feature seems to be
inspired by snapchat?
Yes, absolutely and we are
completely shameless about
that. We really believe every five
to 10 year a loop happens. And
when that happen people take
that loop in their network and
deploy that in a way that makes
sense and hats off to Snapchat
for building that loop. The loops
have been incorporated by
other companies that suit their
network.
How about making profits?
If you are running a business, it
is important that over a period
of time you make profit and big
profit. What we care about is
profits. If we are making tiny
profits right now and make big
profits later on, it doesnt matter.
I have set up this business in a
way that my burn is very low. The
risk factor in terms of capital is
as low as it can be. We are very
clear about what our business
model could be and where we
can get to a certain scale and say
ok. And, we believe by 2018 or
2019, we will be there.

of a perspective. For that, I flew down to
Tokyo to build a partnership so that we
could have some kind of a vehicle and I
was only 23. Softbanks understanding of
internet space was the key; in the internet
space you can build a product and delay
revenue, shares Kavin.
The Bharti Softbank partnership was
set up to incubate ideas like Hike. The
BSB set up was key for Kavin to come
back to India and it was the incubation
cell through which Hike came. The
platform was used by Kavin to do his
R&D. Talking about the initial days,
he says, We had hyperlocal coupons,
messaging and the goal for us was to
collaborate all of them in one good idea.
But, then we spun them into different
ideas as we never knew which one would
be the core.
Four years down the line, the company
went on to raise, $175 billion in the worst
of time from investors like Tencent, taking
learning from chat businesses in China.
In this journey what stayed through
with Kavin was not only his passion for
the product but founders who believed
in him, co-founders who stuck by and a
belief in Buddhism which brings sanity in
his thoughts.
Three-and-a-half-years ago, Kavin
was introduced to Buddhism, which
he believes is a practical way of life. As
per him, Events in your life takes you
through certain journey. The effect it had
on him was either you can be crumbled
by the fear of the company shutting down
or you can rise above it and think about
what you can do next.
Hike was close to shutting down
twice but Kavins belief in the idea, the
investors patience made him bounce back.

FEBRUARY 2017 l ENTREPRENEUR 37


PAI BROTHERS: KEEPING AGE BIASES AT BAY
PRANAV PAI & SIDDARTH PAI l 27, 24 l FOUNDERS, 3ONE4 CAPITAL
P ranav (27) and Siddarth (24), son of
T.V.Mohandas Pai, prominent thought
leader and investor, Chairman of Aarian
Capitals, has joined him to take the legacy
of venture building forward with their
fund 3one4 Capital. Having honed their
skills under Pai, better known as MDP,
the duo strongly believes that they are
here to add their personal touch to their
fundamental learnings. 3one4 Capital
is a venture capital fund that invests
in technology, product, and platform
companies that drives the expansion of
markets and the creation of new verticals.
Young VCs are more of friends.
Pranav, a Stanford graduate, said
that both of them are the youngest in
the industry and that gives them two
advantages apart from having the zeal
to work really hard, their companies
function very differently from other
VCs. If you talk to any of the founders,
38 ENTREPRENEUR l FEBRUARY 2017
we work with, and ask them, you have
six funds, who have invested in you,
and 3one4 is one of them, how are they
different? They would list down at least
23 ways we are different..., Pranav said.
On a more fundamental level, we
are closer to the age of most of these
entrepreneurs. The things they tell us, the
way they talk to us, the way we engage
with them is very different. We almost
consider them as our friends now and
they do as well, Pranav adds.
Siddarth further went on to add that
two of them painstakingly explain the
entire thought process that went behind
a decision to entrepreneurs, unlike senior
VC or any executives who would give their
decision without explaining the reason
behind it. The entire trust deficit in the
system comes down because of our age
and approach to situations, he adds.
Legacy is to be embraced, not mocked
35 35
UNDER
at! When a generation steps into a
business aced by its predecessor, there
constantly exists the fear of being
compared and getting over shadowed.
However, the brothers deny a glorious
legacy of being any sort of a burden to
them.
Pranav pointed out the baseless age-
based biases people have in the country,
wherein old companies and people are
termed stupid and archaic! There is a
very dual nature of legacy, which I dont
think people think deeply enough, he
adds. Pranav said that they continuously
learn and understand what it takes to
build companies that have long-lasting
value in India. All we do is learn from
him (MDP) everyday. We take every
opportunity we can to argue with him, at
times he is shocked by the debates and
arguments we have with him.
 ENTREPRENEUR TURNED ACTOR
RANA DAGGUBATI l 32 l ACTOR & PRODUCER

N ot being the typical story of an actor

becoming a producer, Rana started
as a producer and then took to acting.
Talking about the change in path, Rana
says, This was a decision which I made
eight years ago, at that time I was doing
a lot of things but cinema was where my
most of the interest was. In 2004, Rana
set up Spirit Media and in 2010, Ranas
acting career started with Leader a
political drama in Telugu. Soon after his
first film, he starred in a Hindi film called
Dum Maaro Dum. It was a fair debut
but the country finally took notice of him
with Baahubali. The 2015 historical fiction
became the highest grossing Indian film.
The film took four years to be made but
it was worth all the time and became the
third highest grossing Indian film globally.
As per Rana, each film comes across as a
new learning. He says, Every film has its
own challenge. While shooting for The
Ghazi Attack, a war based film, we shot it
under water, in a submarine. With each
film we come across new challenges and
learn from them. The actor is also the
brand ambassador for the Pro Kabaddi
League.
Talking about his mantra for bouncing
back, he adds, If you really enjoy doing
something, you should stick to your path
whether it is good or bad. If your films
succeed then its good but if it fails then
you learn from it and move forward.
Besides his production company, he has
partnered with a Bombay-based company
to help actors, directors and technicians
to bring their best. Apart from gaming,
reading is the other passion for Rana.
When asked if he still plays, Rana says,
I have stopped playing because I dont
find time anymore. He has also invested
in a company, called Gameszop, which is
an offline gaming company. When asked
whether he would make any further
investments, he says, Media offcourse.
I always found it interesting, and so, it
would be content and media, if I make
any further investments. Rana has four
films lined up this year, Ghazi in February,
Baahubali 2 in April and a political drama
in Telugu, which will come in end of June
and another in September, which is also a
war based film.

FEBRUARY 2017 l ENTREPRENEUR 39

 35 35

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THE RISE OF P V SINDHU
P V SINDHU l 21 l SPORTS PERSONALITY

B orn to parents who were

professional volleyball players, PV
Sindhu went on to choose badminton as
lost a match. But, over the years she
improved her game and also learnt to
handle failure. After passion, Sindhu
says, Sometimes, we might be really
very tired, during those hours you need
focus on the game and plan accordingly.
a career. Sindhu started playing at the counts hard work as the ultimate recipe Like if you are tired today, we change
age of eight-and-a-half with her interest for success. Sharing her aim, Sindhu the schedule, it depends on my coach so,
driven towards badminton. says, I definitely want to he decides what it is.
Talking about her WELL, WINNING see myself at the top of the Currently, Sindhu is the brand
inclination Sindhu says, I AND LOSING ARE A world. ambassador for APIS India honey, Moov,
used to play for fun initially PART OF LIFE. UPS P V Sindhu went on to Bank of Baroda and Ojasvita MALT.
but slowly the number of AND DOWNS ARE win the silver medal at the Sharing her take on winning and
hours increased. I used to ALWAYS THERE IF Olympics becoming the only losing, Sindhu says, Well, winning and
love playing badminton and YOU WIN THATS Indian woman to achieve losing are a part of life. Ups and downs
thats how my parents came REALLY NICE AND this feat. One week before are always there if you win thats really
forward to support me. IF YOU LOSE YOU the Olympics, she went to nice and if you lose you will learn a lot
Speaking about Pullela WILL LEARN A LOT Rio and practiced for hours more, its not just that you will keep
Gopichand, her coach and MORE there. So, everything was winning and keep losing but definitely
inspiration himself, Sindhu really important from the if you keep working hard on your
says, I would watch him (Gopichand) diet, practice, rest and sleep, each of mistakes and rectify them then
play and later shifted to his academy these things played a pivotal role in her definitely in the next round you will
to get further training. As a child, success. On how she continues on days rectify when they come up.
Sindhu ended up crying every time she when she is short of energy, Sindhu

40 ENTREPRENEUR l FEBRUARY 2017

 THE MOBILE SERVICE MARKETPLACE
ABHIRAJ BHAL l 30 l CO-FOUNDER, URBANCLAP.COM

U rbanClap was started 2.5 years back with

the vision to organize the local services
market in India. The idea was to create a
large tech business which primarily caters to
customers need. The local services industry is
very fragmented and unorganized. Sharing his
start-ups story, Abhiraj says, When we started
UrbanClap, hiring a plumber, beautician, yoga
trainer, math tutor etc. was a painful process.
There were no standards, no concept of trust,
pricing inefficiencies, and the industry was
shackled in the yellow pages era. We saw
this as a large opportunity. By leveraging
technology, and a set of simple yet powerful
processes, the company has been able to build
a fairly disruptive platform, which is now the
default way to hire these services in India.
Equally important is the massive impact we
have created for 50,000+ service professionals
and small businesses, for most of whom,
UrbanClap is the dominant, if not the only way
to grow their business, he adds. The company
generated business of more than 60 crores in
last one year. Beauticians working at salons,
who earn Rs.15,000 a month now earn upto
Rs.45,000, through the leads Urbanclap sends
them.
When not busy at UrbanClap, Abhiraj enjoys
immersing himself in interesting experiences,
be it running a marathon, sky-diving, scuba
diving or cooking his wife Urvis favourite dish.
Talking about the hardest decision he
made in his business, Abhiraj says, One such
decision was when we took a call to monetize
the platform. While we were confident about
our product and service delivery, the thought
of going from a free to a paid platform was a
slightly intimidating from the partner side
perspective.
We are hopeful to become profitable by
2018, adds Bhal. The company has raised
36.5 million dollars so far. With series A fund
of $10 milion, Delhi based, UrbanClap, is
carving a niche in mobile local services and it
has managed to raise $ 25 million funds from
Bessemer, Saif and Accel Partners. Moreover,
Ratan Tata invested in UrbanClap in December
2015. However, the value of the investment
was not disclosed. One year down the line,
Urbanclap sees itself serving 100,000 requests
a day. Currently, Urbanclap is available in eight
cities and is exploring launching one or two
or more cities, with international operations
starting by early 2018.

FEBRUARY 2017 l ENTREPRENEUR 41

 35 35

UNDER
LEADER BY COMPULSION W hen politics is a serious business,
being the grandson of an enigmatic

AND CHOICE
leader is not an easy task.
When grandfather, Balasaheb Thackeray,
and father, Uddhav Thackeray, conquered
ADITYA THACKERAY l 26 l POLITICIAN the stage with speeches, young Aditya,
now the chief of Yuva Sena, the youth wing
of Shiv Sena, would enter the crowd and
communicate with people. This would
make them feel that I am one of them,
Aditya says.
He further adds, I dont prefer speaking
big words from the stage. Rather I go to
people, talk to them, listen to their problem
and tweet about those. This is how I have
developed my own identity along with being
tech savvy.
When teachers in his college called a
strike, Aditya looked into the concerns of
the students and the issues pertaining to
the teachers and solved those issues and
immediately emerged as a youth leader.
In 2010, when the Yuva Sena was
launched, Aditya was made the head of
the youth wing as his father felt that he
represents the language of the youth. And,
as Aditya started growing as a politician,
the responsibility of Bhartiya Vidyarthi
Sena and Bhartiya Vidyarthi Seva was
also handed over to him under the aegis
of Yuva Sena. Today, it has units across
Maharashtra, Rajasthan, Madhya Pradesh,
Kerala, Bihar and Jammu and Kashmir.
The legacy of the family is in my blood
and I dont take it as pressure rather, I
work for the party tirelessly. As politics
today has become more target oriented and
commercialized, I set a target and work
towards that. It has become more popular
due to social networking sites, he further
says.
Aditya single-handedly worked on Senate
elections, and went on to win 8 out of 10
seats for Yuva Sena. Speaking about his
vision, Aditya says, Making Yuva Sena the
strongest branch of Shiv Sena, taking Shiv
Sena to the top level, electing CM of Shiv
Sena in Maharashtra, sending maximum
number of elected MPs of Shiv Sena to
centre, furling Bhagva flag in Maharashtra
and Delhi and leaving alternate for Shiv
Sena in Maharashtra.
Speaking about his other two passions,
poetry and photography, he said, I love
poetry since childhood, I have launched
my poetry book. Photography is the hobby,
which has come to me from my father. I
have pursued his passion for photography.
Many a times I photograph my father during
his rallies and speeches.

42 ENTREPRENEUR l FEBRUARY 2017

 MOVING FROM MICROFINANCE TO MUSIC
ANANYA BIRLA l 23 l FOUNDER, SVATANTRA MICROFIN

F or Ananya, setting up things on her own

has been the call. Putting behind her
surname, she is the daughter of Indias leading
industrialist, Kumar Mangalam Birla, she set
out on her own. Entrepreneurship runs in her
blood, owing to this, Ananya couldnt resist
and started out at the age of 17. Even while
studying at Oxford, she dabbled in a venture
to teach kids how to code. From coding, Anaya
went on to start Svatantra in 2012.
Svatantra is a new age microfinance, which
leverages technology to make 100 per cent
cashless disbursements, enabling rural women
to join the financial mainstream. In the last
three years, Svatantra has grown from six
branches to 82 branches, from 8,000 clients
to 1.60 lakh clients, from Rs 8 crore to Rs 230
crore of a loan portfolio. In human capital,
it grew from 30 employees in 2012 to 700+
employees at present.
Talking about the culture at Svatantra,
Ananya shares, Although, we are officially a
medium sized MFI; we will always be a start-
up, at heart. Svatantra leveraged the business
adequately to an extent of close to Rs. 200
crore through a mix of public and private sector
banks, NBFCs etc.
It is currently evaluating on bringing social
impact investors on board. Delving on the
difficult times she faced as a start-up, Ananya
says, I would have to say that my belief and
call to go cashless and provide one of the
lowest interest rates in the network at a time
when everyone else was charging a drastically
higher one, was a hard decision to convince
the naysayers and decision makers at the
start. The company has achieved break-even
in its operations on monthly basis; however,
on annual basis the company will achieve the
PBT positive in FY18. Eventually the aim is to
transform into a small financial bank.
One might not confine the young girls
achievement with just Svatantra. As the
business progressed, and functioned
autonomously, Ananya moved ahead from
overseeing the day-to-day management and
delegation to concentrate on her new ventures
that now needed her complete attention like
music and CuroCarte. With CuroCarte, Ananya
ventured into luxury e-commerce providing
rare, handmade, high quality, high end,
luxury products, curated currently from nine
countries. On music front, Anaya recently went
on to launch her own album with Universal.

FEBRUARY 2017 l ENTREPRENEUR 43

 DOING IT THE
VIRAT WAY
VIRAT KOHLI l 28 l CAPTAIN,
INDIAN CRICKET TEAM

F rom being seen as a brash, aggressive,

and outspoken member of the Indian
cricket team to captaining India in all
three formats of the game, Virat Kohli
in a very less time has given the perfect
direction to his never-say-die attitude to
get on top of his career, the way he guides
the ball to the stands. But as they say with
great power comes great responsibility,
Kohli has from time to time been
dismissed by his sceptics but the 28-year-
old Delhi boy has showed his other side
of self-belief, persistence, and having long
term vision till he comes back in the game.
This speaks volume about his maturity
over the time not just only as a player.
Drawing a parallel to his business
interests, one can read between the lines
of how his personality and maturity
is visible off the field as well. As a
sportsperson and a fitness freak, Kohli has
obvious interest in ventures in sports, and
fitness apart from fashion that defines his
attitude and loved by millions of his fans.
These include Chisel (chain of gyms and
fitness centres), Wrogn (youth fashion
brand), Stepathlon (corporate wellness
platform), SportConvo (sport social media
network), FC Goa (Goa franchise for
Indian Super League), IPTL- UAE Royals
(UAE franchise for International Premier
Tennis League), and the newest venture to
the list - MuveAcoustics (audio solution
company).
Among the highest paid and richest
cricketers in the world, Kohlis brand
endorsements were reportedly valued at
around Rs 130 crore last year. Currently
the brands sitting on his shoulders
include MRF, Tissot, Pepsi, Herbalife,
Boost, Smaaash, Colgate, Nitesh Estates,
Valvoline, Manyawar, Shyam Steel, PNB,
Samsonite, Gionee, USL, Vicks, and Audi.
In January this year, government of
India honored Kohli with Padma Shri
the fourth highest civilian award for his
dedication and contribution to cricket.
It's a privilege to be awarded with
Padmashree and to announce it on the
68th Republic Day made it even more
special, tweeted Kohli.
44 ENTREPRENEUR l FEBRUARY 2017
 35 35
UNDER

FIRST INDIAN WHO

CRACKED THE NBA
SATNAM SINGH BHAMARA l 21 l SPORTSPERSON

S tanding tall at 72, Satnam became the first

Indian to be drafted into NBA after he was picked
up by the Dallas Mavericks in the NBA drafts in June
2015. Born in a village called Ballo Ke in Barnala
district of Punjab, he got the opportunity to train at
the prestigious Bradenton based IMG Academy that
has previously produced players like Kobe Bryant,
Vince Carter, Joakim Noah and Chauncey Billups.
Bhamara is currently tackling it out in the NBA
Development League (D-League) for Texas Legends
and has played in five out of 14 games so far, scoring
six points in all.
In 2010, Reliance Industries partnered with the
global sports marketing company, IMG, to sign a
30-year contract with Basketball Federation of India
(BFI) to improve the facilities and help organize
leagues to improve the standard of the game in
India. In 2010, Satnam led the Punjab team to
national victory and was chosen by BFI to
play in NBA Basketball Without Borders in
Singapore. BFIs head coach, Harish Sharma,
later recommended Satnam for a scholarship
by IMG Reliance to train at IMG Bradenton.
Satnam tells us, After that, I came here
(Florida, US) in 2010 and I just kept playing.
If you have an opportunity, you need to play
really hard and well.
Satnam has many admirers in Canada and
Indians in America love him, but he reveals that
financially, he didnt get any support from the Indian
government. Back in India, Balbir Singh is a proud
father who has enthusiastically supported his son,
Satnam, towards aiming to become a basketball star
despite having very limited means. He says, When I
was a child, my dad told me that I need to work hard
on myself. He made me do only two things - study and
play basketball and said, You dont need more than
that. Interestingly, Satnams mother is 69 tall and
his father at 73 is the tallest man in his village. In
his own youth, he had been advised to play basketball,
but Satnams grand-father restrained him from getting
into sports and rather wanted him to be a farmer
like everyone else. This led Balbir not suppress the
capabilities he saw in Satnam and help him enroll in
the Ludhiana Basketball Academy to hone his skills at
a very young age.
As Satnam awaits better opportunities in NBA
matches, he is challenging himself everyday to
continuously improve his game. Hes also hoping for
his next chance to travel to India very soon. Apart
from improving his performance, Satnams next goal
is to play for the Indian basketball team.
FEBRUARY 2017 l ENTREPRENEUR 45
 35 35

THE INDIAN SHAKIRA
NEHA KAKKAR l 28 l SINGER
UNDER
F rom a contestant on a
reality television show
to now being a judge for
future singers, life has come
full circle for this vivacious
singer. 2016 was a year that
belonged to Neha Kakkar
with some chartbuster hits
like Kala Chashma and Kar
gayi chull. 2017 looks much
more promising for this
young talent. Neha Kakkar
started singing at the tender
age of four. Being a sibling
to Sonu Kakkar and Tony
Kakkar, music was an everyday
phenomenon at home. She
grew up with a dream to
sing someday like her sister.
Having such talent at home,
she never felt the need to get
any formal training in singing.
This further led to her aim to
participate in Indian Idol 2. I
started with Bhajan-Sandhyas,
Mata-ki-Chowki from the
age of four until 16 when I
auditioned for Indian Idol 2,
shares Neha. Not making it to
the finals left her devastated.
People appreciated my voice
saying that you sing well but
nobody ever told me that I am
a great singer and I wanted
to prove that. So I polished
my voice a lot from that
time onwards so that people
actually appreciate my voice,
says Neha. Talking about life
afterwards, Neha says, I got
my first blockbuster break for
the movie Cocktail, where I
sang Second Hand Jawani.
She went on to deliver hits
like Dhating-Naach, Sunny-
Sunny, Aao Raja, Manali
Trance and many more. On
judging the reality show, Sa
Re Ga Ma Pa Little Champs,
she says, Having shot three
episodes till now, every time I
audition somebody, I actually
feel their emotions. I go into
the flashback when I was a
contestant myself. When
asked if she would get into
business anytime soon, she
shares, If ever, it has to be a
clothing line.

46 ENTREPRENEUR l FEBRUARY 2017

MAKING LUXURY
ACCESIBLE
AMRUDA NAIR l 33 l JOINT MANAGING
DIRECTOR AND CEO, AIANA

H ailing from the legacy of The Leela Group, the

grand-daughter of Capt.Nair, Amruda Nair has set
out to create a brand of her own and establish it in the
hospitality sector as a favoured destination for Indians
travelling abroad. She realized that annually only five
million travelers are entering India whereas more than 18
million Indians are travelling abroad. So, Aiana wants
to be where the Indian traveler is, tells Amruda. Aiana
has a joint venture with a Qatar based investor and has
already acquired eight properties across the middle-east
apart from six in Kerala and Karnataka. Currently, Aiana
is on an expansion spree.
Talking about her entrepreneurial venture, she tells
us, One thing I have learnt from him (Capt. Nair) is
- take risk. To create something from scratch, having
a clear vision of where you want to be is important.
Aiana is projected to fill the gap of affordable luxury in
the market, which is very different from Leela brands
in all aspects of design and service delivery. Amruda is
a sports enthusiast who has run the half-marathon in
Mumbai seven times. She tells us that the pivot for her
successful entrepreneurial venture remains her business
partner Sheikh Faisal Bin Qassim Al Thani, who shares
her passion for Indian hospitality and supports the idea
of creating an India inspired brand on a global scale.

TRADE ON BOOZE AT TBSE SUCCESS FRUCTIFIED

MIHIR DESAI l 33 l CO-OWNER, TARUN ARORA l 31 l DIRECTOR, FINANCE AND
THE BAR STOCK EXCHANGE OPERATIONS, IG INTERNATIONAL PVT. LTD.

I t was during Mihir Desais visit to New York in 2014 where

he came across a brewery trading in beer like a stock
exchange trades in stocks, and he was fascinated by the
concept. It was there and then, that he planned to open one
in Mumbai with more categories of spirits, beers and wines.
Weve been in the bar business for over a decade now, and
our desire to try something out of the box led to planning
such a concept in India, shares Mihir, who has now
expanded in other cities and in global market by setting up
first outlet in Dubai. TBSE trades in alcohol whilst making
sure the customer has a great
exchange. The group has heavily
invested in the development of this
software and in creating adequate
back-end support. Hence, there
is no need to do any calculations
as everything is managed by
software. The algorithm is fairly
simple all spirits starts at MRP
and is governed by the basic laws
of demand and supply.
T arun has been instrumental at enabling IG to emerge as the
leader in fresh fruit imports to India. Having completed his
diploma in private equity from the Harvard Business School, he
then completed an MBA from MIT School of Business. Groomed
in business fundamentals by his father, Tarun identified the
need to establish an end-to-end cold supply chain for fresh
produce. The immense business potential of the idea led to
the incorporation of IG Supply Chain Pvt. Ltd, which currently
comprises temperature-controlled warehouses holding a
capacity of 20,000 pallets across nine facilities. In addition
to the cold stores, IG Supply Chain
operates a fleet of 70 trucks. We are
expanding our temperature controlled
warehousing business to 50,000
pallets and fleet of refrigerated trucks/
trailers from 70 to 120 in the near
future, claims Arora. For fruit supply
and storage it has been the fastest
growing company achieving revenue of
INR 100 crores to INR 400 crores in
four years.

FEBRUARY 2017 l ENTREPRENEUR 47

 35 35

UNDER

IN THE DRIVERS SEAT

GREG MORAN l 31 l CEO AND
CO- FOUNDER, ZOOMCAR

G reg has dedicated his entire career to

sustainable development across the globe.
Zoomcar is Indias first and largest self-drive rental
player. Remembering his early days, Greg says,
Getting to the start line was very challenging due
to the ambiguity around government regulations.
Even today, it is a challenge since it also constrains
our supply growth. Zoomcar is yet to break at the
corporate level. Thats what Greg plans to achieve
in 2017. He is building Zoomcar, into a large scale,
by becoming a hyper local transport business in
India with ZAP marketplace.

MILKING THE COW,

LITERALLY!
RAHUL UPPAL l 33 l FOUNDER AND

THE NEXT GENERATION

DIRECTOR, WOOHOODOODH (HAPPY
BEVERAGES AND FOODS PVT. LTD.)
STORY TELLER
W hile consulting a client on the dairy business,
Rahul himself started researching to understand
the model. He says, I was motivated due to the
ARUNABH KUMAR l 33 l FOUNDER AND
CEO, THE VIRAL FEVER
advanced stage of the White Revolution, which
although generated quantity, but utterly left quality
go down the drain. Today, Uppals
WooHooDoodh is selling almost
T VF caused disruption in the content business by making
the Internet a mainstream medium for original content
consumption. From leading the revolution of web series in
700 litres of unadulterated the country, it has changed the branding and advertising
milk to about a 1,000 families business too. Though TVF went on to raise $10mn from
in Pune. Talking about Tiger Global, the company has been profitable from the
the best moment in this start. Talking about managing money, Arunabh says, For
entrepreneurial journey, Rahul us everything is cash flow management. We have been
says, When I saw somebody just profitable since our inception.
bought and started drinking
milk from the carton itself.

48 ENTREPRENEUR l FEBRUARY 2017

THE PARCEL FROM
MATCHMAKER THE SKY
KALYANI KHONA l 24 l ANKIT MEHTA l 33 l CO-FOUNDER
INCLOV, FOUNDER AND CEO, IDEAFORGE

T he worlds first matchmaking

app that focuses on people
with disability and with health
disorders is Made in India. The
24-year-old founder, Kalyani
Khona, believes that no one
should be alone. With an aim to
serve the society, a non-techie,
Khona, launched the app-
based platform in January 2016
with her co-founder, Shankar
Srinivisan. Amongst the seven
investors and advisors on board
for Inclov are Raghav Bahl,
Quintillion Medias owner, along
with an advisor from global
matchmaking website, Match.
com. 80-90 per cent of the stake
is still with the founders.
F or a kid who says it was in his
DNA and that he graduated from
IIT Bombay, Robotics seems pretty
much a natural thing for him to
happen. Back in college, Ankit and
his team realized that a helicopter
was one of the most complex
devices ever engineered and set
out to independently discover the
Quadroter configuration that laid
the platform for their highly sought
after UAVs. Ideaforges UAVs were
deployed during Pathankot incident
and Uttaranchal natural disaster that
came to be of immense help for the
agencies, but Ankit tells us, Our
biggest PR achievement came when
our idea was used in the movie 3
idiots.
ON AUTO MODE
SAMAR SINGLA l 32 l
CEO, FOUNDER, JUGNOO
S amar Singlas third startup, Jugnoo, was
tough to get off the ground again but it took
him six months to reach 1,000 daily transactions
and in next six months, it touched 20k daily.
Talking about the hardest decision Samar made,
he says,To say no to Flipkart and Naspers for
Jugnoo funding. Jugnoo went on to raise USD 16
million in three funding rounds. Starting from
being an auto-rickshaw aggregator, it has now
evolved into a go-to platform for all the hyper-
local needs. Profitability is the target for Jugnoo
by this year-end.

O n a fine sunny day on a dusty

road in Mumbai, when a
truck passed by leaving clouds
F inancial brokerage company,
Zerodha, which was launched
in 2010, have been providing
of black fumes and pigments services at as low as Rs 20. Since
on his white shirt, rather than 2010, weve continued to disrupt
washing it off, Anirudh thought this industry by bringing in new
of extracting ink out it. Thats technology initiatives and still
practically how Graviky Labs managed to keep the cost low, says
seem to have come about to life. Kamath. The company which was
He and his team have developed funded by their own trading income
Kaalink, a retrofit to the exhaust and friends at the beginning
of engines that captures around managed to break even within
95 per cent of particulate an year. The hardest decision
matter pollution to turn it into was to move to a brokerage free
recyclable products like ink, environment on equity investments
carbon nano tubes and even last year. Investing in stocks is now
future wearables. absolutely free at Zerodha, he says.

FROM POLLUTION DISCOUNT BROKERS

TO PRINTER NIKHIL KAMATH l 33 l
FOUNDER, ZERODHA
ANIRUDH SHARMA l 29 l FOUNDER AND
DIRECTOR, GRAVIKY LABS

FEBRUARY 2017 l ENTREPRENEUR 49

 35 35

UNDER
THE CYBER THE CHATTER BOX THE SUPERCAR
SECURITY SACHIN JAISWAL l 28 l FOUNDER,
NIKI.AI RESELLER
SAVIOR JATIN AHUJA l 32 l MANAGING
JASPREET SINGH l 34 l
FOUNDER AND CEO, DRUVA
S achin Jaiswal founded, Niki, an
AI aided chat bot, in 2015 to get
DIRECTOR, BIG BOY TOYZ

rid of traditional offline method which

allows customers to get suggestions T here are very few people who are
able to pursue their passions and
A ccording to Jaspreet, When
the whole world was still
building solutions by support of
and is more instinctive, but very slow
and inconvenient. It is the best of both
indeed fewer parents who let their
children turn their passions into
worlds. It enables the user to converse profession. Jatin Ahuja is the lucky
hardware and software (DVDs),
with Niki to explore options, which is boy who got his passion of exotic
and no one was thinking of cloud
as natural as chatting with a friend. cars transformed into a venture and
centric solutions, Druva found
It also provides a fast and convenient got his father, a CA on board to look
the gap in the market and emerged
experience to the customer to simplify over the finance department. Big Boys
as a big product centric company
their life he says. The journey so far Toyz, a division of Magus Cars, sells
in the space of enterprise data
has had many ups and lows. Having pre-owned high end exotic beauties to
and cyber security of endpoint
investors like Ratan Tata and Unilazer other enthusiasts who may afford it,
mobility devices like smart
Ventures on board, the company is at a price they never bargain. Asked
phones, laptops and tablets.
seeing 35 per cent growth in revenues about what are his interests apart from
After initial hiccups, Druva found
month on month. Talking on further cars, he says, Unfortunately, I have
NASA approaching for their
expansion, Sachin says, Keeping our no other interests. Back in school,
security products and that led to
expansion plans in mind, we aim to Jatin used to tell the brand of a car
a freefall of investors including
achieve break-even by early 2018. blindfolded by the noise it made, and
Nexus Venture Partners, Tenaya
We also plan to integrate many more in college, he successfully revamped
Capital, and Sequoia, which has
services on Nikis platform. and sold a damaged maroon S Class at
participated in all the five rounds
a profit of 25 lakhs. That, he calls as
of funding.
his biggest turning point in life.

SILIGURI STARTUP BUILDING A

GLOBAL TEA BRAND
KAUSHAL DUGAR l 33 l FOUNDER & CEO, TEABOX

S iliguri is a laid-back town and e-commerce and start-ups are not a regular
feature, thats where Kaushal Dugar made the dent. Teabox is delivering
freshness by reducing production to consumer time, which is typically three to
-six months to a week or even lesser. In the past four years, it has shipped over 40
million cups worth of teas to customers in over 100 countries. Teabox went on to
raise over seven million from investors like JAFCO Asia, Accel Partners, Keystone
Group LP and Dragoneer Investment Group, Ratan Tata, Cameron Jones. Kaushal
proudly shares, We are highly profitable on units economy basis.
50 ENTREPRENEUR l FEBRUARY 2017
 THE EVERYDAY
DESIGNERS
ANISHA SINGH l 34 l CO-
FOUNDER, LETTERNOTE, 2012
T o fill the gap with a range
of everyday objects with
a simple, minimalist design
aesthetic, Anisha Singh with her husband, Gurpreet
Singh, founded LetterNote in 2012. Before Gurpreet
and Anisha founded LetterNote, they were running a
creative agency. It was a big pivot for them to start a
product design brand. We started LetterNote with
our savings and havent taken any external funds. We
have focused on a steady, self-sustainable growth path
for LetterNote, said Anisha. They have remained true
to their design philosophy, created an unique design
brand, found acceptance and appreciation, and have a
profitable, growing business now. Their big high is when
they see someone using a LetterNote product.
THE COOL
MATHEMATICIAN
MANAN KHURMA l 31 l FOUNDER
AND CEO, CUEMATH
Y ou are above all if you know
maths, if not then you are
just another one among all. Thats
precisely how most students feel in learning numbers.
But what makes them hate maths is lack of clarity on
basics right from lower grade and style of teaching math
that seems inherently boring. Launched in December
2013 Cuemath unlike other e-learning platforms is
focused on helping kids understand maths right from
kindergarten till 8th grade through a technology-
enabled offline learning mechanism. I realized that
maths is a way of thinking and if you can build a strong
maths foundation at a very young age then students
can excel in it, says Khurma, a maths lover who have
been teaching maths to students even before graduating
from IIT Delhi in 2007. Cuemath partners with teachers
who are given two-week training on Cuemath teaching
module that consists of books, tablets, and puzzle cards
that is personalized and calibrated based on students
understanding and expose them to the speed and
accuracy of problem solving. The Sequoia-backed start-
up in January this year closed its Series B round of $15
million led by from CapitalG. The start-up grew 10x last
year and currently has 2,000 centres or teacher partners
and more than 10,000 students across six cities including
Delhi NCR, Mumbai, and Bengaluru. By year-end,
Khurma is aiming for 5,000 centres and 40,000 students
along with adding four new cities.
EASING THE
TAXING JOB
ARCHIT GUPTA l 32 l CLEARTAX FOUNDER
C learTax solves two key problems for a
consumer namely tax filing and tax savings.
In order to address the painful need to solve
the tax payers headache, this great software
was created which was very easy to use. For businesses, the ClearTax
platform helps businesses get incorporated, do their business and tax
filings. Sharing his lows from his journey Archit says, Three years of
bootstrapping was incredibly challenging. Maintaining cash flow to
stay alive was painful on many days. ClearTax went on became the
first Indian company to raise investments from PayPal co-founder,
Max Levchin and Founders Fund.
THE CHANGING FACE
OF CINEMA
AYAN MUKHERJEE l 33 l FILM DIRECTOR
W ith two all-out hits, Wake Up Sid and
Yeh Jawaani Hai Deewani, even before
he turned 30, Ayan Mukherji fits perfect the
bracket of new age directors and undoubtedly
no one does young love better. Grandson of
S Mukherji, who founded the famous Mumbai studio (Filmalaya),
son of not-so-well-known actor Deb and cousin of screen goddesses
Kajol and Rani Mukherji, Ayan grew up binging on Hindi movies.
Though he started studying engineering but left it after a year to
assist Ashutosh Gowarikers movie Swades. Later, he also assisted
Karan Johar. Currently, Ayan is directing Ranbir Kapoor and Alia
Bhatt for his superhero film, Dragon.
A VISION BEYOND
SIGHT
SRIKANTH BOLLA l 24 l FOUNDER AND
CEO, BOLLANT INDUSTRIES
W hen he met former President APJ Abdul
Kalam, he told him he wishes to be the
first blind President of India. He is also the
first Indian blind student to secure an admission in MIT. Today, he
is running his 4-year-old company, started with a total investment
of Rs. 8 crore, including that of Ratan Tata, to churn out annual
revenue of Rs. 20 crore, selling earth-friendly products and helping
cottage industries grow with the technical know-how of modern
machinery and financial inclusion. Incidentally, over half of Bollant
Industries workforce is differently-abled. Srikanth tells us, I
wanted to provide employment opportunities for people whom
nobody wants to employ. That is my social mission and I combine it
my commercial mission, because charities are not sustainable. We
want to create something that people would be of proud of using
and that should not disturb the ecology and the environment.
FEBRUARY 2017 l ENTREPRENEUR 51
 35 35

UNDER
THE MOVER AND SHAKER THE CREATOR
RAJESH YABAJI l 28 l CEO AND CO-FOUNDER,
BLACKBUCK
TURNING SCI-FI REAL
ARONIN P l 27 l CO-FOUNDER AND CEO, SASTRA ROBOTICS

W ithin around 10 months of launching operations

in April 2015, Bengaluru-based BlackBuck became
Indias biggest logistics company in business-to-business
F ascinated by electronics while growing up, Aronin P.
gradually realized how future belongs to a marriage between
machines and humans that can bring characters from the science
full truck load (FTL) freight transportation category. The
fiction movies to reality. Started in 2012, his robotics start-up,
inter-city logistics start-up works on a marketplace model
Sastra Robotics, has built an industrial robotic arm for small
by aggregating truck fleet owners and improving their
scale manufacturing and research and a touch screen testing
utilization time by 30 per cent with
robotic arm to save time and cost. In fact,
real time visibility of the demand and
the latter is the worlds fastest touch screen
movement of trucks across India. We
testing robotic arm. But the most exciting
have 100,000 trucks aggregated on our
first of its kind in India product Aronin and
platform but that is not even close to
his team developing is a prosthetic robotic
probably one per cent of the total trucks
arm (like seen in I, Robot movie) to do much
in India which is about 10 million out
more than what a human hand can do. It will
of which five million trucks operates on
be controlled by human brain signals, says
inter-city routes, says Yabaji.
Aronin about its application.

FUELLING A A PASSWORD TO TAPPING THE

REVOLUTION SECURITY BUDGET SEGMENT
NEHA JUNEJA l 32 l CO-FOUNDER, SAKET MODI l 26 l FOUNDER, SIDHARTH GUPTA l 32 l FOUNDER,
GREENWAY LUCIDEUS TECH TREEBO HOTELS

P rior to Greenway Neha Juneja had

two other start-ups which did not
take off. In 2011, she partnered with Ankit
Mathur and co-founded Greenway. She
went on to raise USD 2.5 Million from
Acumen Fund, Vikram Gandhi and Pramod
Bhasin. Sharing her biggest achievement,
Neha says, Our biggest achievement has
been able to build a credible distribution
network and to fully backward integrate
i.e. set up a manufacturing unit from
scratch. Glad to share that today,
Greenway is Indias largest manufacturer
of clean cookstoves. Greenway is one of
the few enterprises that sees a lucrative
business opportunity in developing
specialized everyday products for
developing world consumers. Its flagship
product the Greenway Smart Stove aims
to serve over 3 billion people globally who
continue to rely on traditional fuels and
cooking methods.of the
hospitality industry by
empowering millions
to travel without
having to worry about
finding a quality
accommodation in
affordable price range.
T he founder of Lucideus Tech,
a four-year-old cyber security
start-up with a 700% turnover
since inception, helps some of the
largest banks, FMCG & aviation
companies, among many others,
that assess and manage cyber risk. A
majority shareholder in the company,
Modi has no institutional investor
on board to maintain autonomy
in decision making. The company
has successfully bagged security
assessment projects of some of the
most critical projects launched by the
Government of India recently. It now
envisions itself as the salesforce of
cyber security. Lucideus Tech boasts
of a 100-member team that Modi
calls the sharpest minds in cyber
security from around the world.
S tarted at a time when the nearest
competitor was demonstrating
gravity defying growth and seemed
to have found a business model that
was unstoppable, unbeatable, says
Sidharth Gupta. Treebo had a tough
time in the initial phase to validate
its model of business that did not rely
on unrealistic discounts and freebies
to the customers. What differentiates
Treebo from hotel aggregators is the
fact that the in-room inventory is
completely owned by the company,
giving them larger control on the
properties. Today, Treebo has become
the third largest hotel chain and the
largest budget hotel brand in India
with 230+ properties and an inventory
of 5600+ rooms in 45+ cities, getting
a total of $ 23 million as investments,
which is just a fraction of what the
nearest competition
has raised and
spent. Also, it enjoys
a rate of 75-80 per
cent occupancy that
is above the market
average by 20-30
per cent.

52 ENTREPRENEUR l FEBRUARY 2017

CHAT ON CHAAT

Vinod Gupta, Founder,

InfoGROUP and
DatabaseUSA.com

Ritu Marya,
Editor in Chief,
Entrepreneur
India Media

I think Indian start-ups are as

good as American start-ups
Born in a village near Saharanpur, Vinod Gupta, IIT graduate and an Indo-American entrepreneur, are not cut for it. But, I learnt
started his business by borrowing $100 in 1972 and won over America with his commendable not to give up.
research on data science. He later went on to be hired as a consultant by 42nd American President
Do you follow the start-up
Bill Clinton, after he left his office, a relationship that has continued. He has a history of giving and
investment cycle in India? Are
raising funds for Bill and Hillary Clinton during their campaign and has also got mentioned on latters they doing it right?
autobiography. A staunch believer in quality education, Gupta, has made several benevolent donations I think Indian start-ups are
to help advance education penetration in India and recently Akhilesh Yadav, Chief Minister of Uttar as good as American start-
Pradesh (UP) awarded him with UP Pravasi Bhartiya Sammaan 2017 for his contribution in the field. ups but the only difference is
Entrepreneurs Editor in chief, Ritu Marya, caught up with Gupta, for a Chat on Chaat. that the American market is
much bigger. And today, most
of the products and services
are global. So you can start
From Saharanpur to White Today, we have polytechnic name; I saw he was selling something in India and then
House and back, tell us about school, nursing school and vegetables. I asked him how he grow that somewhere else.
Vinod Gupta, the entrepreneur, also high school. knew me and he told me, he
the philanthropist? went to school with me. Later Some advice to Indian
I had a job but I realized early In entrepreneurial journey, he asked me, how you got out students who are passionate
that if you want to be happy how important is education? of here? I told him it was the about entrepreneurship.
then you need to run your own My father was a doctor education. You should get a good
show. I started my own venture and valued the importance education and then grab a job.
with only $100; failed twice of good education above People from India would Work for a couple of years and
and became successful only everything else. Post my rather think of working in learn how the business works
the third time. My companies, school education, I went to a big corporation in USA. and then think of something
which conventionally dealt IIT and then to the US, where So, why did you choose that has a demand. After five
with big data, became big and I I pursued my career. I look entrepreneurship? years in the field, you can
got familiar with people in the back and realize that it was In US, I first joined a job and easily find your partners and
White House. Following this, I my education ,that changed realized, if I wanted to be in finances.
realized I could do much to help my life. In 2001, I was in India control, I have got be taking
improve quality of education and we began our education the decisions. One advice to your
in India and, we started our foundation. So one day, I was In those days, if you failed younger self
education foundation and I had taking a walk down the village at something, people would (Laughs out loud). Why mess
Bill Clinton to inaugurate it. and somebody called out my mock at you saying that you with the winning formula?

FEBRUARY 2017 l ENTREPRENEUR 53

 GROWTH CHAT ON CHAAT | WEALTH MANAGEMENT | LEGACY | SELF IMPROVEMENT | STORY BOARD

Can Impatient Indian Entrepreneurs

Find Patient Capital in Family Offices?
ltra big Indian family businesses appear to be finally transitioning
from their traditional munimjis only to a slightly closer but highly
professional form when it comes to managing their massive wealth.
Family offices, a concept popular on foreign shores, are basically
private wealth management advisories that have begun to show
shoots of growth in the Indian market too. Radically distinct from
the traditional wealth management shops, family offices devise
a methodology to manage investments of a wealthy individual or family via an
outsourced solution. However, the concept, being at a nascent stage in India, has not
been fully comprehended. Often misunderstood as investment offices, family offices in
India are undergoing widespread experimentation. By Aashika Jain & Sneha Banerjee

capital operations, investments and so on.

WHAT ARE FAMILY OFFICES? Nitin Shakder, the Founder and CEO of Green Capital, a multi-
Family offices are an ideal forum for an open and candid
family office says, they look at long term opportunities vis--vis
discussion among family members on their expectations,
all asset classes and study them over a period of 10 years to
needs, aspirations, fears and much more, according to Aditya
provide services. Some of the key metrics we employ are risk
Gadge, Founder and Chief Executive Officer of Association of
reward calculators, money flow, dynamic and passive asset
International Wealth Management of India (AIWMI). From
allocation tools, says Shakder.
the most conservative of investment mandates that invest all
money in Government bonds and deposit the rest in banks, to
the most aggressive mandates pushing investments into early
INDIAN FAMILY OFFICES VS SILICON
stage unlisted ventures, the family offices tend to operate in very
VALLEY FAMILY OFFICES
The biggest difference between the two is the extent of
idiosyncratic manner. Family offices are typically expected to
sophistication in terms of the approach towards carrying out its
provide an all-round solution to the needs of the family, both in
activities. Right from setting up processes and systems to guide
terms of execution as well as strategic direction to manage their
the way an office operates, to the people, software,
wealth. Therefore, to run a family office successfully,
and tools used, the Silicon Valley family offices have
one needs to have two distinct teams for execution
a reasonable head start, says Utkarsh. He adds that
and strategy respectively, says Nitai Utkarsh, the
in terms of investment, the Indian family offices are
Chief Investment Officer of SAR Groups Family Office.
still very conservative, focusing mostly around safer
Rajmohan Krishnan, Principal Founder and
and more familiar avenues such as the principals
Managing Director of Entrust family office investment
own businesses, popular financial instruments
advisors says over a period of time, one starts
predominantly in the listed space with high liquidity
developing a warm relationship with the client.
and low risk profiles. However, for a Silicon Valley
One learns about their family, personality, dreams
family office, the focus is clearly on exploring
and aspirations. And so many clients trust
SOME OF KEY new and untapped opportunities such as venture
wealth managers such as me implicitly. One feels
investments and other alternative assets that can
responsible, answerable. It was killing my conscience METRICS WE EMPLOY
ARE RISK REWARD generate higher returns than the traditional assets in
that I wasnt acting in the best interests of my
CALCULATORS, the US cannot provide.
client, he adds.
The execution team generally have professionals MONEY FLOW,
in accounting, MIS, taxation, legal, and in some DYNAMIC AND WHY SHOULD UHNIs OPT
cases even concierge. On the other hand, the strategy PASSIVE ASSET FOR FAMILY OFFICES
The key ingredient for the success of a family office
team members are from the fields of portfolio ALLOCATION TOOLS.
management, investment research, banking, venture Nitin Shakder, Founder and is the trust between the promoter family and the
CEO, Green Capital management. In light of the recent Tata Sons versus

54 ENTREPRENEUR l FEBRUARY 2017

 Family offices, a concept
popular on foreign shores,
are basically private wealth
management advisories
that have also begun to
show shoots of growth in
the Indian market.

Cyrus Mistry controversy, a lot of family businesses can try HNI business families in India. Utkarsh says, family offices in
imbibing this through their family offices, believes Gadge. India are being set up by the class of rich who are either self-
Shakder says, Most Ultra-high-net-worth-individual made or have progressive second generation taking over the
(UHNI) investors link investments with an understanding of reins (in case of inherited wealth). The greater focus of these
business sectors or more clearly identifying opportunities Family Offices is to have at least some (and in many cases,
linked to core businesses or asset classes. Compounding of significant) allocation to unlisted ventures of different sizes.
investments is emerging as a key trend rather than following It can be said that many of the promoters and principals
any short term indicators. Trends and wealth creation happens of these family offices like to work with entrepreneurs and
over time and takes an effort to building yield, therefore invest time and money in their ventures
portfolio and strong assets. There are no defined to whatever extent is allowed by their long terms
sectors that are preferred by family offices and wealth management objectives.
the investments really depend upon the objectives
of each individual, who has set up a family office HEADWINDS FACED BY FAMILY
according to Utkarsh. OFFICES IN INDIA
Gadge says, a peculiar trait in a lot of Tier-II
HOW CAN FAMILY OFFICES BENEFIT? family businesses is that a miniscule separation
Family offices are usually designed to serve on between the company and promoter wealth exists.
long term basis at least for three generations This is not only risky but may also lead to issues
including the current one. Family businesses will FAMILY OFFICES ARE AN of governance and family disputes. Setting up
do well if they are willing to adopt this long term IDEAL FORUM FOR OPEN a family office can help such families separate
approach, according to Gadge. AND CANDID DISCUSSION the management of companys wealth from
In families business, that are in to third or AMONG THE FAMILY the promoters wealth. This also has another
fourth generation, wherein family members MEMBERS ABOUT THEIR connotation - in such cases family culture becomes
have gone separate ways with their careers EXPECTATIONS, NEEDS, the business culture. A family office should not
and interests, the cohesiveness of the earlier ASPIRATIONS, FEARS over-protect or coddle the family members at the
generations could be missing and hence setting up AND MUCH MORE. cost of financial prudence, cautions Gadge. He says
a family office could be a good way to get it back. Aditya Gadge, Founder and technology should be used to manage promoter
Chief Executive Officer of
Aditya Gadge believes, the bigger requirement for Association of International wealth and should do with minimum number of
family office kind of structure is among the Tier-II Wealth Management of India advisors on board.

FEBRUARY 2017 l ENTREPRENEUR 55

GROWTH CHAT ON CHAAT | WEALTH MANAGEMENT | LEGACY | SELF IMPROVEMENT | STORY BOARD
LEGACY OF THE EAST
Exactly 110 years before Prime Minister Modis Make-in-India was
launched, a pre-Gandhian Swadeshi movement gripped the nation in
the wake of partition of Bengal. People gathered at the cross roads
and burnt imported clothes and picketed shops selling foreign goods.
Country-men resolved to use things that were made only in India and
many came forward to build a self-reliant nation.
By Sanchari Ghosh
O
ne of the first
soldiers of the
movement, Acharya
P C Ray, the
father of Indian chemistry,
started his business from
a rented house in Calcutta
with a meager capital of Rs
700 to produce medicines
of British pharmacopoeia
standards. As doctors voicing
pro-nationalistic concerns
came forward to patronize
its products, the company
grew rapidly. In 1901, it
became a private limited
company as Bengal Chemical
and Pharmaceutical Works
Ltd. to produce medicine
in large scale. Its talcum
powder, tooth paste, glycerin
soap, carbolic soap became
a household name across
the country, says Biplab
Dasgupta, marketing head of
BCPW, which was acquired by
the central government in 70s.
However, the products which
were popular during this
movement phased out with
time as they were not actually
cost-effective.
The Swadeshi thrust gave
birth to three prominent
pharmaceutical companies
from Calcutta, which
includes BCPW, Indias first
pharmaceutical company, GD
pharmaceutical and Deys
Medical. But sadly, the only
company which could survive
56 ENTREPRENEUR l FEBRUARY 2017
the test of times is G.D.
pharmaceutical with its sole
product, Boroline.
In times of yore, Calcutta
was the capital of everything
commercial for a while.
But then that capital status
shifted. When it did, so
did brand talent. And that
has been a challenge for
brands from the East, says
Harish Bijoor, Brand-guru
and Founder, Harish Bijoor
Consults Inc.
Gourmohan Dutta,
the founder of G.D.
pharmaceutical, was already
an established businessman
when he decided to join the
movement. He realized it
was essential to manufacture
indigenous products instead of
importing. Defying the critics,
he setup GD pharmaceuticals
to manufacture medicines
as an alternative to the
imported ones. And, in 1929,
the legendary green tube was
born. Boroline is a simple
combination of boric powder
and zinc oxide, essential
oils and waxes but it has
remarkable healing properties.
Its formula is no secret but
several attempt to copy it
has failed, said 44-year-old
Debashis Dutta, Managing
Director and also the grandson
of the founder.
Today, with a user base of
over five million, Boroline
is available through 300,000 retail
outlets across India. Detractors say
Boroline is a sticky ointment. We agree
Boroline is ultra rich and will always
be so. And because of its thick texture,
it is so effective in treating dry skin,
Dutta confirms.
In 2002, while shifting homes, an
user discovered a tube of Boroline that
was manufactured in 1976. He found
that the cream had the same texture,
efficacy and smelt the same as a new
tube would. Surprisingly, from the
4 THINGS TO
LEARN FROM THE product to packaging, Boroline cream
BOROLINE PEOPLE remained unchanged for 88 years. We
have made sure that our successful
1. Stick to the basics
products are consistentthey dont
2. Product is always change, he further said.
more important than
the brand Not exactly a Swadeshi-motivated
3. To think out-of-
company, but Deys medical, another
the-box be original pre-independence pharmaceutical
4. In terms of company, became relevant during
promotions think the World War II. In 1941, B.N. Dey
ahead of times started a small retail medical store
M AT T E R O F FA C T : T H E J O U R N E Y
BENGAL CHEMICALS G.D. PHARMACEUTICALS
AND PHARMACEUTI-
CALS LTD 1929- Gour Mohan Dutta
setup G.D. Pharmaceuticals
1901: Bengal in his house
Chemicals &
>> GD has two production units.
Pharmaceuticals Works
One in Chakbagi, West Bengal,
Ltd. was established by
16 kms from Kolkata. It has
eminent scientist and
existing floor area of 48000 sq.
entrepreneur Acharya
ft on a 20 acre plot.
Prafulla Chandra Ray
>> The other unit is in Mohun
1938: Mumbai factory Nagar Industrial area, Gaziabad,
was established five Kms from Delhi, measuring
about 8000 sq. ft.
1949: Kanpur factory
was established >> Today, the Company caters to
the vast Indian market through
1977: Management over 650 distribution channels
of Bengal Chemical situated throughout the country.
was taken over by the POPULAR PRODUCTS:
Government of India Boroline, Eleen, Suthol, Penorub
POPULAR
PRODUCTS: Aqua
Ptychotis, Cantharidine
 (Left to right) Old posters of Boroline in newspapers and
magazines. (Below): A pre-Gandhian Swadeshi movement
gripped the nation in the wake of partition of Bengal.
in Calcutta. During the
In times of yore, Calcutta
global war, when the supply
was the capital of everything of essential drugs became
commercial for a while. But uncertain, Dey came forward
to ensure a steady supply of
then that capital status shifted.
life-saving drugs. In 1957, they
When it did, so did brand talent. established a unit in Calcutta
And that has been a challenge to manufacture indigenous
products. The company
for brands from the East,
did moderate business for
Harish Bijoor, Brand-guru and Founder, the next 20 years despite
Harish Bijoor Consults Inc. several political uprising.
But, in 1977, as drug price
control notice of 1970 was
introduced they had to cut
THROUGH DECADES down prices like every other
pharma companies. Deys
DEYS MEDICAL 2008-2016: Today, faced challenges financially
Deys Medical is a traditional and further planned to bring
1941: Bhupendranath Dey yet modern and profitable forward the cosmetic goods to
hired a small space at New institution. The old machines enhance profit. Keo Karpin
are being replaced constantly was brought to the forefront.
Market area and established
The sell increased by 30
Deys Medical Stores. by new machineries.
to 40 per cent in a year. In
1989, its sales reached 20
1946: The entire Calcutta POPULAR PRODUCTS: crore from two crore, says
was facing riot, scarcity of Keo karpin hair oil, Keo karpin Gautam Dey, the Managing
food, diseases due to the massage oil and Keo karpin Director. Although Keo-
diplomacy of the British. But body oil Karpin increased the profits
still, in the days of crisis, but the company failed to gain
momentum.
Deys Medical Stores
On the other hand, Boroline
never remained closed for a has defied the long held belief
single day. that a brand must re-engineer
itself to stay in sync with the
1950: The factories were times. After independence,
eshtablished Murari Mohan Dutta, son of
Gourmohan Dutta, pioneered
1977: The drug price control ahead-of-times ideas to take
the business forward. In
notice of 1970 became
1950s, when brand image,
affected and prices of
rural marketing and event
medicines had to be cut down sponsorships were unheard
of, Boroline took to the streets
1979: Keo Karpin was during festivals, cheered
brought in forefront players in the grounds.
The advertisements in
newspapers, magazines, radio
and outdoor promotions were
so massive that the popular
Khusbudar antiseptic cream
Boroline is relevant even after
five decades.
In the second half of the
1990s, Boroline launched
its hair care products with
Eleen. In 2007, it started
manufacturing antiseptic skin
liquid, Suthol. Around 2001,
my mother was bed-ridden.
One of our directors suggested
that we develop an antiseptic
liquid for her. What he came
up with turned out to be very
effective. So we decided to
launch it commercially, Dutta
adds.
Bijoor said, Boroline is
the mother brand of the East.
This brand has represented
to the world at large, that
if your product is great,
consistent and totally wedded
to values that are basic to
the consumer, you will win.
Boroline, Jabaskusum hair oil
and Keo Karpin are gems from
the East.
Looking forward, G.D.
pharmaceuticals are
planning to expand their
retail penetration. Dattu
says,Market dynamics
are changing. And, we are
trying increase our presence
further. Alongside, they are
also looking at the export
market to open up and launch
new products. Homoeopathy
may turn out to be an
interesting opportunity in the
future.
FEBRUARY 2017 l ENTREPRENEUR 57
 Self-improvement master Tim Ferriss
has a surprising message for those
who keep searching for something better:
You have to know when to stop.
By Aaron Gell
Photographs by Robert Maxwell

58 ENTREPRENEUR
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 HAS PLENTY OF SOUND ADVICE FOR SOMEONE UNDERTAKING
the grueling physical and psychological endurance test that is the mira-
cle of modern air travel.
To avoid jet lag, book your flight on a Dreamliner if at all possible.
Newer aircraft have improved pressure systems, which means the alti-
tude takes less of a toll. Use TSA Precheck and Global Entry to evade the
sock-footed Forced March of Doom, but arrive ludicrously early anyway
and spend a few hours working in the airport lounge to avoid unnecessary
stress. Hydrate. Use a zinc spray to bolster your immune system. Squirt
saline into your nostrils. Pop one gram of vitamin C every hour and lysine
every few hours for the duration of your trip. If you must check baggage
containing expensive equipment, consider packing a starter pistol as well
and register it at check-in so the airline authorities are extra attentive to
your stuff and wont misplace it. Hydrate some more. And at your soonest
opportunity after arriving on terra firma, hop on a stationary bike for 10
minutes of vigorous pedaling.
I have followed approximately zero percent of this program when I
60
56 ENTREPRENEUR l FEBRUARY
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| JANUARY/FEBRUARY 2017
arrive bleary-eyed and a few minutes late at a Santa Monica steakhouse
for an audience with the superman of self-improvement. Fortunately, as
he rises to greet meclad in a reddish V-neck T-shirt and blue sweatpants
by Rhone (a sponsor of his podcast) and a pair of flip-flops by Havaianas
(not a sponsor)its clear hes in good enough shape for both of us. Fer-
riss, 39, is the picture of vitality, a walking, talking, admirably cut adver-
tisement for the outer limits of human potential. The wildly successful
author, podcaster, blogger, tango master, and angel investor offers me a
firm handshake and a ready smile. Having just come from a photo shoot,
hes lugging a giant gym bag and a backpack, which he admits make him
PHOTOGRAPH BY ANDREW KELLY
PHOTOGRAPH BY ANDREW KELLY
feel a little like Bruce Bannerbetter known as the Incredible Hulk, one
of his preschool idols.
Ferriss, who lives in San Francisco, is in Los Angeles for the week to
tape a new TV series, Fear(less) with Tim Ferriss, essentially a televised
version of his popular podcast. It will premiere on DirecTV sometime
in 2017. This will be Ferriss second run at television. His first, The Tim
Ferriss Experiment, featured the host striving to master a new field every
week (parkour, tactical shooting, rally car driving, speaking Tagalog,
drumming, etc.). Turner Broadcasting shot 13 episodes only to shelve
the series before it aired following a back-office shakeup. Ferriss even-
tually got the digital rights and put the show on iTunes, where it topped
the nonfiction series charts for weeks.
Meanwhile, he has also begun the laborious process of promoting a
book, Tools of Titans, a 704-page bid to extend the streak of best-sellers
that began with The 4-Hour Workweek, the 2007 publishing supernova
that collected 26 rejections before finally finding its way to bookshelves.
He followed it up with The 4-Hour Body and The 4-Hour Chef. This new
book is a toolkit for changing your life. Its a compendium of action-
able wisdomfield-tested beliefs and habitsmost of them gleaned
from more than 200 interviews he conducted for the podcast, featuring
everyone from Gen. Stanley McChrystal to actor-musician Jamie Foxx.
The book is, frankly, a firehose of advice. So much advice that no one
person could possibly find it all manageable, let alone useful. But Ferriss
doesnt expect it to be used as a bible, with every word followed. Thats
not the way self-improvement works, he says. And he should know: He
has achieved guru status not by adopting every idea that comes his way
but by leading a life of trial and error, and being willing to try new things
and embrace only what suits his particular circumstances and ambitions.
The critical element isnt the improvementits the openness to improve-
ment, and the self-awareness to know whats working.
My goal is for each reader to like 50 percent, love 25 percent, and
never forget 10 percent, he writes. As for the rest of the massive volume?
Maybe use it as a kettlebell. Seriously. This is a big book.
FERRISS GREW UP IN EAST HAMPTON, N.Y., the fabulously
wealthy oceanside enclave on the southern fork of Long Island, famous
for its graceful shingled cottages nestled behind towering hedge-
rows and its Veuve-soaked summertime social scene. That wasnt the
Ferrisses world; they were townies. Tims father was a real estate
agent; his mother, a physical therapist. And he was a runt, he says. I got
my ass kicked constantly. When kids went out to recess, that was not a
safe zone for me.
Eventually, the Hulk fan had a button-popping growth spurt of his
own: five inches and 60 pounds of muscle. His tormentors were con-
fused. They were like, This is the guy we always beat up. No, this is
the guy that throws you over a desk and smashes your head into the floor.
Ferriss sips his iced tea, clearly relishing the memory. He took up wres-
tling, mastering the elemental combination of strength and strategy,
and the benefits of working harder than the other guy. I learned to
associate discomfort with getting better, he says. And that tran-
scended wrestling and applied to a lot of other things in life.
But rather than being the end of Ferriss adolescent struggles, it was
only the beginning of a repeating pattern: He would experience a set-
back, find a solution, and incorporate the lesson into his life. During high
school, a newly jacked Ferriss took a series of service industry jobs that put
him in direct contact with the towns moneyed elite. There were people
who would verbally berate you and treat you like you were at the bottom
of the caste system, he says. And here, growing up in the Hamptons
with his face pressed against the glass, is where he suspects he learned to
overvalue money for a time, fueling his intense drive for success. (Ferriss
admits he now has more in common with those one-percenters he once
despised than the salt-of-the-earth types he grew up with. When I go
back, he says, I dont know which world I belong to.)
Eventually, this intensity and focus brought him to Princeton Uni-
versity, where he began working on a degree in neuroscience, a field he
remains obsessed with despite switching majors to East Asian studies.
During his senior year, in 1999, things started to go south. His thesis
wasnt coming together. He failed to get a second interview at McKinsey
& Company, the management consulting powerhouse. A longtime girl-
friend broke up with him. Reeling, Ferriss decided to take a year off, but
he soon found that being disconnected from school made things worse.
As his feelings of anxiety and depression grew, he began to seriously con-
template suicidea period in his life he spoke about publicly for the first
time in a 2015 Reddit Ask Me Anything. It was really just a matter of
luck that I didnt wind up erasing myself, he says now. In typical style,
he approached the idea with voluminous research, carefully consider-
ing the various methods and weighing the pros and cons of each. One of
the many books on suicide he requested from the Princeton library was
unavailable, so he placed a hold on it, forgetting that he had requested
that mail be sent to his parents address during his leave. When the
library sent a notice informing him of the books availability, his mother
opened it and called him in a panic.
Hearing my moms voice waver and kind of break snapped me out of
my self-absorbed delusion, he says. I still battle my demons and have
ups and downs. But Ive become better at managing them. I think, This
is just the changing of the seasons. Youve been richly rewarded for your up
periods when you have these floods of ideas and endurance and you can get
five weeks worth of stuff done in five days. This is the tax you pay.
He also found a lifeline in extreme physical activity: He and a friend
from his wrestling days resolved to win a Chinese kickboxing national
competition. He went to a boxing gym, took many beatings, made a careful
study of the sports rule book, and developed a strategy designed to win.
For example, fights took place on an elevated mat, and a participant who
fell off more than three times automatically forfeited the match, so Ferriss
focused on ways to shove his opponent off the platform. I thought, If I can
focus on my strengths and cover my weaknesses enough to not get knocked out,
maybe I could actually do something, he says. He was right: He won the
national title. And perhaps more important, he regained his confidence
and learned how to use a physical goal to keep the rest of his life on track.
You learn to manage fear, he says. And that doesnt mean getting rid of
it. It means you are learning to take action despite fear, and that is a very
useful inoculation for everything you do later.
After graduating, Ferriss moved to Silicon Valley and wound up in a
dead-end sales job with a data storage company. He resolved to start a
business of his own. First, I asked myself: What do I know really well?
he recalls. He realized that he was already something of an expert in the
supplements industry, having put his neuroscience knowledge to use
in college, making home-brew smart drugs in his dorm bathroom. He
found, for instance, that after a few hits of a diuretic nasal spray typi-
cally prescribed for adolescent bedwetting, he could cram for his Chi-
nese character quizzes and flip the pages like Rain Man.
He asked himself another question: Where am I absurdly price-insen-
sitive? Looking at his credit card statements, the answer was obvious. At
the time, I was spending probably $500 a month on sports supplements,
and back then I made probably $40,000 pretax in the Bay Area.
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 can materially affect the outcome, he says. And he stuck mostly to angel
investing, because he preferred long-term commitment over the unend-
ing stress of the stock market.
The results have been impressive. His portfolio has included such jug-
gernauts as Facebook, Uber, Alibaba, Wealthfront, and Duolingo. Ive
had multiple investments at $25,000 that have become worth more than
a million dollars, he reports, reaching for a forkful of spinach.
With many of his startups, Ferriss role goes well beyond writing a
check and later cashing a bigger one. He can now offer the sum of his
partsthe personal knowledge, tested and retested through his own life,
FERRISS SEVEN STEPS TO OVERCOMING FEAR of how to learn from adversity and find untapped strength.
Most people will choose unhappiness over uncertainty, Ferriss writes in
Tools of Titans. But thats no way to live. Here, he offers a questionnaire
designed to shake you free of fear. Spend a few minutes answering each
question, he instructs, and keep in mind that thinking a lot will not prove as
fruitful or as prolific as simply brain vomiting on the page. AFTER LUNCH, FERRISS DROPS by the nearby office of one of
1. 3. 5.
his portfolio companies, Tradesy, a peer-to-peer digital consignment
Define your night- What are the out- What are you putting shop for womens fashion, where users buy and sell their stylish castoffs.
mare, the absolute comes or benefits, off out of fear? Tracy DiNunzio, the companys thirtysomething founder and CEO,
worst that could hap- both temporary and 6. who launched the business in 2014, had no shortage of eager investors
pen if you did what permanent, of more What is it costing when she went out to do her Series B fund-raising round. She passed
you are considering. probable scenarios? youfinancially, on several extremely well-regarded Silicon Valley figures in favor of
2. 4. emotionally, and Ferriss. He was our most value-added investor, she tells me, sitting in
What steps could If you were fired from physicallyto post-
you take to repair the your job today, what pone action? a small conference room just off the spacious main workspace. I knew
damage or get things would you do to he had already built a great brand for himself and that he had an uncanny
7.
back on the upswing, get things under What are you waiting knack for communications, but he delivered far more than he prom-
even if temporarily? financial control? for? ised. We started with a brainstorming warmup conversation, and he had
more ideas than wed heard in a year. He also knew a lot more about tech
Done? Measure the cost of inaction, Ferriss writes, realize the unlike- investing than I expected. I dont know how he learned it so quickly.
lihood and reparability of mostmissteps,and develop the most important
Buy lots of booze for people who like to talk, Ferriss says with a smile.
habit of those who excel and enjoy doing so: action.
Like just about everyone who is lucky enough to get an audience with
Ferriss, DiNunzio starts with a few health concerns. Running a startup
takes a toll. The company she started in her kitchen now employs 110
Then, a final question: What do I think I can market effectively? people. And DiNunzio recently embarked on a challenging shift in
Ferriss had been a student of marketing since he was a kid. He often emphasis: Rather than exclusively chasing growth, the companys north
stayed up well past bedtime, immersed in late-night infomercials. I was star for years, she is now aiming for profitable growth. The operating
curious to find out how the mind works and how we navigate our deci- gymnastics have become more intense, she says. The days are longer.
sions, he says. Hed study the scripts, taking notes. On occasion, hed You signed up for the majors, Ferriss sympathizes.
place an order just to see what arrived, then return it for a refund. He And were in a late quarter! DiNunzio replies. How do I get my
even kept a binder filled with ads that had worked on him. energy up so I can keep doing these 16-hour days, six days a week?
He combined all this insight into a supplements company, Brain- Ferriss offers a flood of fixes: Go on a ketogenic diet, or try synthetic
Quicken, that launched in 2000. Sales were sluggish, but he noticed ketones. Meditate more. Get comprehensive bloodwork. Then the con-
users raving about the physical results they derived from the product versation turns to another new challenge. Tradesy is seeing increasing
even though it was designed to enhance their minds. I was hearing from competition from other websites that are essentially copying its central
PHOTOGRAPH BY GETTY IMAGES/JEROD HARRIS/STRINGER
PHOTOGRAPH BY GETTY IMAGES/JEROD HARRIS/STRINGER

high-level NCAA athletes: Im jumping higher! My time off the blocks
is faster! The problem wasnt the product, he realized, but the position-
ing. I thought people wanted to be smarter, he says, and they do. They
just wont spend $50 on it. He kept the formula the same but changed the
name to BodyQuick and targeted athletes. Soon, he had a hit.
Ferriss efforts to run the company without letting it consume his life
are at the heart of The 4-Hour Workweek. The books breakaway success
(there are two million in print in the U.S. alone) eventually led him to
cash out and plunge into investing. His large fan base in the tech world
meant he had tons of relationships, which gave him a huge leg up. He
learned to focus on consumer-oriented companies, where his promo-
tional mojo could be put to good effect. I say yes only to deals where I
concept. Some of DiNunzios core marketing messages are being lifted
verbatim by rivals. Nothing weve said in the past is still unique to us,
she says. They need a new approach.
Imitation, Ferriss says with a grin. The sincerest form of driving
your cost per acquisition through the roof. He asks if the companys
slogansfor instance, Cash in your closetare legally defensible. No,
DiNunzio replies. They didnt get all of them trademarked.
Next, Ferriss suggests a different focus. Ask yourself: Whats quan-
tifiable that other people cant duplicate? Number of years in business,
number of customers, units shipped? Come up with something thats
empirically difficult for someone else to mimic.
Another thought: customer testimonials. Its something I ask myself

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and a lot of startups, he says. How do you utilize your customers? How
can you get them to do the marketing for you?
All the ideas make good sense to DiNunzio. Then, a bolt of lightning.
DiNunzio mentions that Tradesys big advantage is its dominance in
whats called organic search. Due to a lot of back-end effort early on, post-
ings on the site rank high in Googles search algorithm. In fact, 70 percent
of the sites traffic comes in through that route, so Tradesy has been able
to pull back on pricey Facebook adswhich is great because such users
who arrive via search come in at no cost and often wind up making a pur-
chase. Meanwhile, the other primary method for attracting e-commerce
customers, through Facebook ads, usually captures people who may be
valuable over time but often dont buy anything right away.
This gives Ferriss an idea. How could you take away this crutch that
your competitors are usinggiven that they are far more dependent on
that paid media? he asks. He suggests a plan that many businesses would
consider unthinkable: take Tradesys well-developed playbook for paid
acquisition and share it with the world. Just hand some of the compa-
nys most hard-won trade secrets, free of charge, to the many deep-pock-
eted retailers, the Nordstroms of the world, who are relatively new to the
social marketing game. Given Tradesys advantage in organic search,
Ferriss explains, this sacrifice is actually going to hurt your competitors
more than its going to hurt you. Thats because the resulting increase in
competition for Facebook ads would force Tradesys rival consignment
websites to pay more to find their customers.
So maybe guest-author a post in an industry journal? he suggests.
DiNunzio has a better idea. I just got invited to speak at a major
e-commerce conference, she says, eyes twinkling.
She turns to me. I mean, whats up with him, right? she asks incred-
ulously of Ferriss. This is a more in-depth conversation about digital
paid-marketing strategy than I can usually have with other e-commerce
CEOs who do this for a living. And then layer on top of it the fucking
Jedi strategy of making retailers crush the margins of our competitors.
Ferriss smiles.
Now you get why hes so good, she says.
FERRISS WASNT PLANNING ON writing another book, not yet
anyway. Tools of Titans began as a private project, an attempt, after creat-
ing hundreds of hours worth of podcasts, to simply catalog the wisdom
his guests had imparted and mine it for takeaways he might apply to his
own life. At the time, he was living in Paris, where hed gone to take a
class in fiction writinga plan that soon found its way to the back burner
IVE
HAD MULTIPLE INVESTMENTS
AT $25,000 THAT HAVE
BECOME WORTH MORE THAN A
MILLION DOLLARS, SAYS FERRISS.
when he realized what gold he was turning up in those mp3s.
When I started the book, I thought it would be a cakewalk, he admits.
It wasnt. He began, as he always does, by studying the marketpurchas-
ing six to 12 successful books in the genre he is entering. As it turns
out, he says bluntly, most books of interviews are fucking terrible.
Theyre not actionable. Determined to publish something authenti-
cally results-driven, he read through his transcripts, filled in gaps by
conducting additional interviews, and wrote a number of original chap-
ters himself. (Despite his faith in outsourcing, Ferriss shuns ghostwrit-
ers because theyre not able to capture his voice.)
Some 700 pages of actionable advice poses several challenges for the
reader, foremost among them: How do we decide whose advice to take?
For instance, the chapter featuring Seth Rogen and his producing part-
ner, Evan Goldberg, includes the oft-repeated writers workshop admo-
nition to write what you know, a platitude Freakonomics author Steven
J. Dubner categorically denounces some 50 pages later. Of course, Rogen
and Goldberg make Hollywood blockbusters, while Dubner comes out of
journalism. And thats partly the point: Meaningful nitty-gritty advice
tends to be situational. What works wonders for one person might be
disastrous for another.
Ferriss urges readers to subject ideas to rigorous testing. Its only
good advice if it lends itself to a good experiment, he says. And a good
experiment is measurable and replicable. Thats the opposite, he says, of
what fills most business-oriented books. Its like, active integrity he
says. What does that mean? Its like a cheesy motivational poster. Ninety
percent of the business-book content out there consists of meaningless
platitudes like that. But once you define good advice as something you
can test, it takes care of itself. And he adds, readers who achieve genu-
ine results become the best evangelists. If I win over 1,000 true fans, I
dont need a marketing budget, he saysan idea popularized by Wired
cofounding editor Kevin Kelly, and, naturally, featured in Tools of Titans.
At this point, clearly, hes got many more than 1,000 devotees. For
instance, his podcast, The Tim Ferriss Show, has been downloaded more
than 100 million times. In part, thats because Ferriss is a good host. But
theres more to it than that. As with everything else, Ferriss approach
to the genre has been extraordinarily methodical, data-driven, and
results-oriented. He decided to start with just six episodes, the amount,
he reasoned, that would maximize lessons learned: getting better at con-
ducting interviews, getting rid of verbal tics, learning to secure guests
even if he decided to bail. That is a constant question in my mind for
almost every single decision I make, he says. Even if this fails, what
other benefits can I derive from it?
The podcasting industry, Ferriss goes on, is rife with assumptions.
FEBRUARY
JANUARY/FEBRUARY 2017 | ENTREPRENEUR.COM 63
2017 l ENTREPRENEUR 59
 For instance, where in the Ten The burger, definitely, the
Commandments is it written that waiter puts in quickly.
you have to charge $10 to $12 CPM? Good man! Ferriss exclaims,
(the price for 1,000 impressions). ordering the burger, no bun, with
Instead, he worked backward, avocado and bacon piled on top,
asking, What financial proposi- brussels sprouts instead of fries,
tion would make this exciting for and oysters to start.
me? He settled on an astronomical Back on the subject of his imper-
$60 CPM and then set about creat- fection, he readily admits to more
ing a product that would be worth than a touch of OCD-like behav-
the money. That means that when ior. Ill have books or stacks of
a sponsor signs with me, I want things on a desk, and if the spaces
to ensure they win. He does it by between them are not parallel,
enlisting a team of people to make it drives me crazy, he says. Im
sure a sponsors e-commerce game very obsessed with symmetry and
is optimized to convert traffic into clean lines. But frankly, I dont
paying customers. Meanwhile, know anyone whos really good at
although many episodes of his what they do who doesnt have a bit
show generate more than a million of that. You have to give a shit to a
downloads, he sets prices around level that is a bit pathological.
a guarantee of just 450,000. Its Given his intensity, I cant help
massive underselling, he says. wondering if he might have one
Why? Because I want my sponsors to fucking love me. Although he more vice: an addiction to continuous self-improvement. Will you ever
puts minimal effort into sales and typically insists on payment up front, experiment with the idea of just chilling out? I ask him. Maybe write
the shows ad space is booked up several quarters in advance. a book about, say, kicking back on the sofa, eating ginger cookies, and
If I had followed the playbook that other successful podcasters are becoming a slob? Some experiments are not very interesting to me, he
using, I would have quit, he says. It would not have been worth my time. replies with a laugh. Its a matter of incentives. Why would you do it?
It would be stressful. And I would not have the space to focus on the cre- I press him. Isnt it possible, I ask, to basically optimize yourself so
ative aspects, which are what I enjoy. compulsively you forget to actually live your life? Sure, and Ive been
there, he says. Because the study and pursuit of achievement is neces-
sarily very future-tense. If you cant be happy with what you have in the
present, then you can never be happy. A sole focus on productivity, cali-
BY THIS POINT, THE 4-HOUR MAN is on track to give me a brated and measured based on some future outcome? Oh, youre fucked,
9-hour interview. In fact, he seems so relaxed that Im convinced (haters pal. Youre going to psychological hell in a handbasket if you dont have
to the contrary) he really has organized his life to give himself all the free some kind of counterbalancing practice.
time he can handle. But were on a roll. Im sure any one of these places That helps explain why despite his success as an investor, Ferriss
would be more than happy to sell us some alcohol, he says cheerfully as hasnt made an investment in a startup in a year and a half. The research
we stroll through downtown Santa Monica. required too much mental energy. Lots of tech investors participate in
Is Tim Ferriss perfect? Hes certainly working on it. But after close popular deals out of FOMO or social obligation, he says. I manage my
examination, I can confirm that he is in fact still a human with vices. own money, so if I take a break for a few years, who gives a shit?
Ginger cookies are one. Wine is another, which becomes apparent as Instead, he is applying his freed-up cognitive capacity to new chal-
we settle into a cavernous gastropub and Ferriss pores over the list. If lenges: Hes tooling around with a screenplay based on The 4-Hour
I have a waiter whom I ask about an expensive glass of winemeaning, Workweek, a project he thinks of as Dodgeball meets Fight Club. Mean-
like, $5 more than a cheap oneand hes like, Nah, go with that bottle, while, in order to learn the movie business, hes planning on directing a
like, you just got an extra tip, Ferriss says. Have an opinion. Do not just series of short filmsa project he admits may be a take my money and
tell me everythings good. set it on fire in the middle of the street sort of venture.
He orders a Malbec. So why do it? Because I want to, and I think it will be fun.
Its important to know where you have the ability to moderate and The last glass of Malbec is almost gone. Ferriss leans back from the
where you dont, Ferriss says. In the case of alcohol, I dont do moder- table. Mostly, I just really want to insert more absurdity into my life, he
ation very well. If I have one glass, Im like, Im not properly buzzed. I says. I think this is a very therapeutic and joy-inducing thingto have,
might as well have two or three. Thats why two to four times a year, he along with the productivity, a very large dose of absurdity. Its a really
turns teetotaler for a month. good and healthy thing for me to do. E
Soon our waiter arrives to take our food order, and Ferriss puts him to
the test. If you had to name your first and second choice, Ferriss asks Aaron Gell is a writer and an editorial consultant. Read a longer version
him, among the hangar steak, the burger of this story, with more on Ferriss background, at entm.ag/ferrissprofile.

64
60 ENTREPRENEUR l FEBRUARY
ENTREPRENEUR.COM 2017
| JANUARY/FEBRUARY 2017
AUGUST 2016 ENTREPRENEUR 31
66
PropTiger
JU L Y 2 0 1 5
Housing.com The board fired Rahul
Yadav after going over
the top with investors
and media.
ENTREPRENEUR l FEBRUARY 2017
J U NE 20 1 5
News Corp raised its stake in
PropTiger to 30 per cent with
an undisclosed investment.
M A Y 2 0 15
Prashan Agarwal quit PropTiger
with no immediate reason.
Launched used car marketplace
19miles.com in June 2015.
A P R I L 20 15
Acquired property listing and
classifieds platform, Makaan.com.
In the same month it acquired
Bengaluru-based Out of Box
Interaction a digital interaction
design start-up.
NO V E M BE R 20 1 4
Raised $37 million led by News Corp
and existing investors including Accel
Partners and SAIF Partners. In the
same month, SoftBank led a $100
million round in Housing.com acquiring
30 per cent stake.
J UL Y 2 0 1 4
Rishab Agrawal was third exit from
Housing.com co-founders list.
N OV E M BE R 201 5
The board elevated Jason Kothari,
chief business officer, appointed
in August 2015 as its CEO.
N OV E M BE R 201 5
The news of Housing.com up for
GROWTH
sale was already doing the rounds
with Quikr and Snapdeal. Also
announced layoffs and shutting of
listing and rental business.
J A N U A R Y 201 6
Managed to get $15 million
from SoftBank.
HOW HOUSING.COM
SOMEHOW DID BETTER
M A Y 201 6
After heroic return with its second
THAN BEING DEAD start-up in September 2015,
Jason Kothari the mason that was hired by Housing. Intelligent Interfaces, Yadav admitted
coms board last year to renovate, plaster, and of finding no headway with it.
repaint the crumbling dream house of 12 youths from
IIT-Bombay finally paid off. The distressed sale of
SE PTE M BE R 201 6
what was once the blue-eyed start-up for investors
Partnered with Housing.com to sell
and valued as much as $250 million was sold at a
selected projects using PropTigers offline
throwaway price of around $70 million to PropTiger services like such as site visits, loan
which was once not even considered as a competitor. assistance, paperwork, etc., on
Housing.com will go into the history books of Indian revenue-sharing basis.
start-up ecosystem as the great product ruined away
by thickheaded brashness of its team.
N OV E M BE R 201 6
Raised another small round of $5
CHAT ON CHAAT | WEALTH MANAGEMENT | LEGACY | SELF IMPROVEMENT | STORY BOARD
By Sandeep Soni million from SoftBank amidst buyout
speculations.
 JU N E 20 14
Helion Venture Partners and
Qualcomm Ventures along
with existing investor puts
$19 million in Series B.
DE CE M BE R 201 6
Announced bringing back the home rental
business after Kothari claimed of bringing
back Housing.com on growth track. In a
way he made it ready for sale with only
three of its co-founders left.

S E P T E M B ER 20 13
Spent $1 million to acquire the
premium Housing.com domain and a
premium national number
333-333-3333 for around $1 million.
SOLD
JU L Y 20 1 3
Second exit came within a year of JANUARY 2017
first co-founder, Vaibhav Tolia. Housing.com ultimately found its suitor in
PropTiger with an all-stock merger deal with
a commitment of $50 million in funding from
J UN E 2 0 13 News Corp-backed Australias REA Group
Raised $2.5 million in Series A from and another $5 million from SoftBank. The
Nexus Venture Partners. deal valued Housing.com at $70 million.

20 12
Saw first exit of its founders.
Saurabh Goyal quit to join TinyOwl.
JU NE 2 0 12
12 students from IIT-Bombay
come together including Advitiya
Sharma, Rahul Yadav to launch
real estate portal Housing.co.in.
J A N U A R Y 201 7
Like Makaan, Housing too will continue to
exist. Later however, along with PropTiger,
the three businesses will be brought under
a common entity to take on the likes of
99acres, MagicBricks, QuikrHomes etc.
valued at around $250 million.

F E BR U A RY 2 0 11
J A N U A R Y 201 7
Serial entrepreneurs, Dhruv
Kothari immediately stepped down
Agarwala, Kartik Varma and Prashan
post merger to join Snapdeal as its
Agarwal, launched PropTiger.
chief strategy and investment officer.

FEBRUARY 2017 l ENTREPRENEUR

67
Infographics: Manish Raghav
ECO-SYSTEM POLICY | POLICYMAKER | AWARDS | TAX BURDEN
Why UPI-Aadhaars
Execution Brings
Government to the Test
After many things that India innovated for the world, though not in modern times,
comes Unified Payments Interface (UPI), a made-in-India technology, that stands
to disrupt the financial services globally. A technology that India will be exporting
and not vice versa - UPI along with Aadhaar could very well destroy business models
of how peer-to-peer and peer-to-merchant payments work but with a caveat. The
execution, if not seamless, will render it just a poor distant cousin of wallets and
legacy system of plastic money. By Sandeep Soni
W
hat UPI apps, launched by
banks, third party fintech
companies like Trupay and
BHIM the evolved version
of the UPI app, started by the government
last year, will do for payments is akin to
what Android did for applications and
telecommunications. It aims to further
simplify merchant payment system by
integrating users Aadhaar card details to
their bank accounts and using fingerprint
that makes smartphone redundant. The
increased clamour, hence emerging out
of this bold move by the government, has
created war hysteria between UPI and
existing modes of payments.
This will impact wallet businesses
tremendously. With offers like direct
transfer of funds across different bank
accounts and no hassles of loading wallets
for payments, UPI has potential to be the
go-to-interface for cashless payments.
Also, it scores over wallets in terms of
convenience, reach, and transaction
capabilities, says Harshil Mathur,
Co-founder and CEO of Razorpay the
online payment platform for e-commerce
businesses to accept payments pay via
cards, net banking, wallets and UPI as
well. YCombinator-backed Razorpay
will also be building solutions around
Aadhaar-based payments, similar to UPI.
SPOTLIGHTING GOVERNMENT
Wallet players, however, believe that
the user experience they offer and
the investment required in educating
merchants on UPI and Aadhaar, and costs
related to acquiring customers for its
adoption, fingerprint devices and their
distribution will keep wallets ahead of
68 ENTREPRENEUR l FEBRUARY 2017
them and banks-led wallets.
UPI is essentially a backend switch
which connects multiple banks and
allows funds transfer. It doesnt solve
things like how you acquire customers
and merchants for UPI and Aadhaar
payments and provide best user
experience which is more critical for
digital payments, says Bipin Preet
Singh, Founder and CEO, Mobikwik. If
banks could have provided all that then
wallets were not needed, claims Singh.
Jitendra Gupta, Managing Director
of Naspers-backed payment gateway
company, PayUmoney, and former
founder of Citrus Pay (acquired by
PayU for $130 million in September
2016) hints towards the structural
Any new You call wallets as
technology that
All channels of
comes up replaces digital payments
the old one not competitors
The CEO of governments because they are
ambitious Unique
Identification Authority of
India (UIDAI) project -
Dr Ajay Bhushan Pandey
hints towards the dead end
in sight for wallets and card
businesses even as talking of
level playing field for all.
BHIM
TOTAL DOWNL OADS : up to 10m
TRANS ACTI ON L I MI TS :
Up to Rs 10,000 per transaction: up
to Rs 20,000 in 24 hours
L ANGUAGE S UPPOR T: Hindi and
English currently
AADHAAR PAY
Source - online
TOTAL MERCHANTS :
800 across 16 states
B ANKS ONB OAR DED: 14 :
issue in the way banks operates. Banks
outsource every technology. They hire
vendors for the development work
who are least bothered to develop a
solution, says Gupta.
Importantly, there are doubts
about the governments execution
in investing capital in on-boarding
millions of merchants and going to
each one of them to educate them
about UPI and Aadhaar, thanks to
their inherent lackadaisical nature
of work. For good, public or private
companies, banks etc., participating
in the payment ecosystem are best
suited to do the task. There has to
be incentives for private parties to
build this infrastructure and education
But, dont you think
collaborators not the impact on wallets
competitors. Why? seems certain?
Definitely because for
certain section of users
are collaborators who are comfortable
using a smartphone
and an app, UPI
complimentary to each would be much
other. Some people more convenient.
may find cards to be So they may choose
convenient, some to use BHIM app as
may find wallets compared to wallets
to be useful, some and cards. The burden
may switch to UPI, of loading wallets with
and others may find cash from their bank
fingerprint to be accounts and then
convenient. We need doing the transactions
to push all these forms is no more there. In the
of digital payment. long run wallets have
 otherwise who will invest money
into this? Sure government can
get few million users by making
grand announcements but after
that it has to keep improving for
users to adopt it, asserts Singh.
MobiKwik last year in October
integrated UPI in its platform for
users to load MobiKwik wallet.
Unless leading merchants
adopt UPI, it will be a slow
adoption process even though
the popularity of UPI is
increasing. BHIMs adoption
will depend on merchants
awareness about it. The adoption
of aadhar payments will be
heavily dependent on biometric
readers distribution, availability
and related cost, adds Mathur.
INNOVATING FOR SURVIVAL
To acquire more merchants in
Bharat, MobiKwik is reaching
out to them with a lighter
version of its app of less than 1
mb size in multiple languages
that works without Internet.
On the other hand,
PayUmoney is adding UPI as an
option of payments and is in
talks with the government for
allowing it to use fingerprinting
mechanism for Aadhaar-based
payments in the merchants
smartphones. It is likely to roll
the service out by March this
year. Smartphones costing
above Rs 10,000 have fingerprint
reading capability. Attaching
another device for fingerprint
reading is very cumbersome and
costly, adds Gupta.
PayUmoney wallet unlike
other wallets offer users choice
to do so in addition to traditional
options of making payment like
cards, and net banking.
The call, still by wallet
and PoS companies is that
government must promote a level
playing field for all. Consumers
like choices. What if they want to
pay via wallets, or debit card or
credit card or net banking, etc?
Let the market decide who wins,
says Abhijit Bose, Co-founder
and CEO, Ezetap PoS solution
provider through app and device.
The start-up will be launching
UPI option for payments. It
will also integrate fingerprint
biometric payments.
For Aadhaar and UPI to be
the de facto way of payments, it
is a long way to go even as the
early adoption is impressive
by looking at BHIMs android
downloads. So far there have
been mixed responses towards
the apps responsiveness
while for merchants to accept
Aadhaar-based payments, it is
yet to actually kick off. It would
be more apt if we set a timeline
to it for next six months and see
if government is really putting
money where its mouth is.

to stand on their own merit
without discounts as people
then might move to more
convenient options.
What about PoS and card
businesses?
I believe any new technology
that comes up replaces the
old one. UPI and Aadhaar are
technologies that will cause
disruption in the ecosystem.
So any competing
infrastructure which is less
Dr Ajay efficient, more burdensome,
Bhushan costlier, and riskier will soon
Pandey, CEO, begin to disappear until they
UIDAI
continue to innovate.
How do you weigh BHIM
against existing UPI apps?
BHIM app is one generation
ahead of them. The
earlier version of the UPI
technology was actually led
by banks which were trying
to add specific features of
UPI whereas UPI in itself is
an umbrella system. Now
this banks-led UPI model has
been replaced by a common
app BHIM. Users dont
need to use a specific banks
app to get on to the UPI.
What possibilities you are
looking for Aadhaar Pay?
Once Aadhaar Pay comes
on to the BHIM app, the
sender wouldnt even need
an app. He/she can use the
fingerprint on the receivers
app to make payment.
This will be a major
breakthrough particularly
for those who dont have
a smartphone or initially
arent conversant with it.
But it will be important to
see if the merchant is at
least digitally and financially
literate to offer the facility
to those who cannot install
app or dont have access
to debit/credit cards etc.
There are around 20 crore
people without smartphones
but given that they have
Aadhaar, they can use their
fingerprints for payments.

FEBRUARY 2017 l ENTREPRENEUR 69

ECO-SYSTEM POLICY | POLICYMAKER | AWARDS | TAX BURDEN

NATIONAL
ENTREPRENEURSHIP THE OBJECTIVE OF
THIS AWARD IS TO
AWARDS IS A BOOST CATALYZE A CULTURAL
SHIFT IN YOUTH

FOR THE WHOLE ENTREPRENEURSHIP

BY PROVIDING MODELS
OF EXCELLENCE IN THE
ECO-SYSTEM ENTREPRENEURSHIP
ECOSYSTEM THAT
To encourage entrepreneurship in the country, the
Ministry of Skill Development and Entrepreneurship
WOULD INSPIRE THE
YOUTH
(MSDE) presented first ever National Awards to Rajiv Pratap Rudy, Mnister of Skill
individuals and institutions who are key to improve Development and Entrepreneurship

the ecosystem. Rajiv Pratap Rudy, Minister of Skill

Development and Entrepreneurship, spoke more and scaling up the ecosystem for
harnessing the entrepreneurial
about the awards. energies of the youth.

How will the awards benefit
the entrepreneurs and
also help them raise the
bar for better growth and
innovation?
The National Awards is a boost
for the whole ecosystem of
entrepreneurship as it rewards
not only the young entrepreneurs
who take immense risks to change
the business landscape with bold
and innovative ideas. But, it also
recognizes the institutions and
individuals that support them
in early stages and equip them
with the skills and resources to
enhance the value of their offering
to their customers and the society.
The entrepreneurs would benefit
as the prestigious award would
make it easier for them to access
opportunities both in the public and
private sector and take their growth
trajectory on to a higher plane.
How many entries you
received in the nomination
process?
In this first year of the awards, more
than 200 entries were received
in Awards Track and close to 300
nominations were received in the
Recognition Track.
Who all are jury members and
how the jury shortlisted the
right candidates?
The national level jury comprised
of eminent personalities from
academia, technical field, finance,
social entrepreneurship, and
entrepreneurship were represented
by Dr M K Bhan, Dr R A Mashelkar,
Naina Lal Kidwai, Dr Bindeshwar
Pathak, and Mohan Das Pai. The
national jury of eminent experts
deliberated on the shortlisted
applications on the basis of several
criteria including the impact,
competitiveness and leadership to
ensure that the winning entries in
each category had the most potential
to grow and lead industry in their
category. As for the recognition of
ecosystem builders, the criteria
included impact and leadership
and past performance in developing
What is the MSDEs objective
for doing the awards?
The objective of this award is to
catalyze a cultural shift in youth
entrepreneurship by providing
models of excellence in the
entrepreneurial ecosystem that
would inspire the youth, specially
the first generation entrepreneurs,
to improve and excel in their
entrepreneurial pursuits. At the
same time, it focuses on encouraging
and inspiring the ecosystem builders
in excelling in their commitment
towards entrepreneurship education
and capacity building for youth
that includes teaching, training,
practice, hand-holding, mentoring,
networking, funding, and scholarly
and/or creative activities.
What would be the immediate
and long term benefits that
entrepreneurs can look from
these awards?
The entrepreneurs selected for the
awards would be able to leverage
the prestige of the rigorous selection

70 ENTREPRENEUR l FEBRUARY 2017

process followed both in their markets as
well as funding requirements. The publicity
and the awareness generated in the
network of investors, customers, and other
stakeholders will provide both immediate
and long term benefits to the awardees.
A longer term impact would be from the
recognition of the ecosystem builders - the
institutions and mentors, who would be
encouraged to support and nurture more
entrepreneurs for the future.

What make the awards more

start-up centric?
There are three features of the National
Entrepreneurship Awards that ensures that
start-ups are targeted. The entrepreneurs
should be below 30 and first generation
entrepreneurs, who are not in the same
line of business as their family. Then, their
enterprise has to be less than five years old.
These features tend to make the awards
start-up centric.
Start-ups are the key to economic
development and efficient utilization of the
resources of a country. Start-ups that grow
up to become successful enterprises usually
challenge and disrupt the old and inefficient
incumbents to deliver additional value
to the consumers in a more efficient and
innovative manner. This leads to creative
destruction that reconfigures the value
chain for delivery of goods and services in a
simpler and more efficient manner.
The creation of new jobs by start-
ups also helps improve the employment
prospects for the young. This would go
a long way in realizing the demographic
dividend of the country.
An award to identify and reward
start-ups by young entrepreneurs with
the potential to thus boldly transform the
business ecosystem and prime it for scaling
greater heights was found to be the need of
the day.
The Ministry of Skill Development
and Entrepreneurship took the initiative
to institute such an award scheme
and partnered with seven prestigious
institutions across India as implementation
partners. These institutions having been
active in the ecosystem for over a couple of
decades were well equipped to identify and
shortlist the applicants for selection by the
eminent jury

FEBRUARY 2017 l ENTREPRENEUR 71

ECO-SYSTEM POLICY | POLICYMAKER | AWARDS | TAX BURDEN

NATIONAL The winners were selected by a national

ENTREPRENEURSHIP jury of eminent personalities

AWARDS 2016 NAINA LAL KIDWAI retired as

the Chairman of HSBC Bank in

FOR THE FIRST TIME

2015. She is the first woman to
guide the functioning of a foreign
bank in India and the first Indian

TO ENCOURAGE
woman to have graduated from
Harvard Business School. Her
commendable work has been given

ENTREPRENEURIAL
due recognition by honouring her
with the Padma Shri award.

CULTURE IN INDIA
T.V. MOHANDAS PAI is the
Chairman of Manipal Global
Education Services and
Aarin Capital. He used to
The award was promoted through national be a member of the board of
and regional newspapers, online country- directors at Infosys and Head
wide press releases, social media and mailers Administration, Education and
Research, Financial, HR and
to network leaders across the country. Infosys Leadership Institute.

E
DR. RAGHUNATH ANANT
ach partner was allocated an area in MASHELKAR is a former Director
their constituency to promote the General of the Council of Scientific
award and receive the applications till & Industrial Research (CSIR).
December 28, 2016. The website portal He chaired twelve committees
www.neas.in was created to enable established to examine a variety
on-line applications, eligibility check, of issues including higher
sorting and preliminary evaluation. education, national fuel policy, the
drug regulatory system and the
Evaluation Process agriculture research system.
Implementing partners ascertained the validity
and reliability of information including verification DR. MK BHAN is the former
of the credentials of the applicants and nominee. Secretary to the Government
Subsequently, after the initial screening and verification, of India, Department of
a common pool of shortlisted candidates was created. Biotechnology, Ministry of Science
In the second level of screening, the eligible & Technology. He conceived the
applications were evaluated by the implementing newly formed BIRAC which is
partners with the help of expert reviewers on a mix of expected to result in product
quantitative parameters (70 per cent) for e.g., financial development by industry in
metrics, and qualitative parameters (30 per cent) for collaboration with academia.
e.g., innovation and social impact. Thus the total number
of shortlisted applications collated at the Lead Institute DR. BINDESHWAR PATHAK
were 111 (Award track: 63 and Recognition Track: 48) is Social Entrepreneur and
The Lead Institute constituted an expert selection founder of Sublah International
committee comprising experts from industry, academia, that promotes human rights,
government and Investment or banking. The expert environmental sanitation,
committee deliberated in detail over the shortlisted non-conventional energy
applications and largely recommended up to three and social reforms through
entries per category as per their evaluation on education. He is the Brand
parameters like founding team, scalability, and quality. Ambassador for Swachh Rail
Mission of Indian Railways.

72 ENTREPRENEUR l FEBRUARY 2017

11
HONOURED
WITH NATIONAL
ENTREPRENEURSHIP
AWARDS
The Ministry of Skill Development and Entrepreneurship (MSDE) has
honoured seven winners who are first generation entrepreneurs below
the age of 30 years and given recognition to four ecosystem builders
with National Entrepreneurship Awards to encourage a culture of youth
entrepreneurship across the country.

Sector: Agri-food
Winner: Wow Momo Foods Private Ltd

Branding the Road-Side Delicacy

After completing his graduation from St
Xaviers college, Sagar Jagdish Daryani invested
Rs 35,000 to start Wow Momos in March
2015, which bootstrapped profits to scale up to
43 stores within few days. We faced immense Kanika Tekriwal (27 years)
challenges in getting store locations in good
malls and prominent places. This was because
Sector: E-commerce
international brands like Dominos Pizza, Winner: JetSetGo
KFC, McDonalds, etc., found preference over
Shah Miftaur Rahman (29 years), Sagar Daryani (29 years) any Indian start up. However we managed to
& Binod Kumar (30 years) somehow grow and enter the malls via shop-
Reaching For the Sky
Kanika Tekriwals JetSetGo
in-shop formats through Spencers and Big Bazaar, says Daryani. According to him, an
was started with the mission
entrepreneur should have perseverance, consistency, and dedication at all times.
to redefine private aviation
as a transparent, ease, and
economical business. Initially
the world laughed at us and
Sector: Chemicals, Pharma, Bio and other processed material said who is going to book a Rs 5
Winner: Saral Design Solutions Private Limited lakh private jet on a phone? Not
ready to give up, we moved on
and got our first customer at a
In a Swachh Mission loss of a few lakhs and no money
Saral has developed Indias first and only indigenously designed
in the bank, says Tekriwal.
automatic machine for producing ultra-thin sanitary napkins.
From there, she built the
They have sold more than 1 million of the affordable pads produced
business step by step into the
through their machine in less than a years time. Their work was
largest private jet company in
awarded by the Department of Science & Technology with a sum of
India today. There were months
Rs 10 lakh in 2016.
when on 28th of every month,
88 per cent of women in India currently do not use sanitary
we would think how we would
napkins. Seeing this gap, Sarals founders designed an automatic
pay the salaries. And, suddenly
machine which could make premium pads at a small scale, enabling
some debtor would make their
reduction in distribution costs by 30 per cent.
payments, she adds. Now,
The founders developed machine prototypes using their own
JetSetGo is planning to launch
capital, and borrowed furniture and interns for a while.
in Middle East and Africa.
Suhani Mohan (26 years) &
Kartik Mehta (26 years)
FEBRUARY 2017 l ENTREPRENEUR 73
ECO-SYSTEM POLICY | POLICYMAKER | AWARDS | TAX BURDEN

Sector: Engineering Services

Winner: Swadha Energies
Designing for a Better India
Chennai-based Swadha Energies
is a Rural Technology and
Business Incubator (IIT-Madras)
incubated company. It mainly
aims at developing products and
services which ensures a power
saving technology. It clenches the
Ankit Poddar (29 years), industrial, residential, commercial
Sreejith (26 years)
& Dinesh Natarajan
and agricultural sectors, accelerating
(27 years) the conservation of energy through
their products.
We have now walked
through a long path developing
a wide range of energy efficient
products, ensuring lesser power
consumption and hence, reduced
bills, says the three founders.
The entire journey of R&D
and product development was
not easy. There were lots of
failure during this stage, but
perseverance, and positive
thinking made us cross all our
hurdles and made all its system
working perfectly fine, the trio
adds.

Sector: IT and ITes Clockwise: Saket Modi

Winner: Lucideus Tech Private Limited (26 years), Rahul Tyagi
(28 years) & Vidit Baxi

A Password to Security
Incubated out of IIT-Bombay, Saket Modi, Vidit Baxi and Rahul Tyagi started
cyber security training company, Lucideus Tech Private Limited, in 2012.
In 2013, they started their services business with the objective to quantify
digital risk such that a risk becomes an informed decision leading to minimal
disruptions to businesses and lives. Since then, we have served more than
a hundred of the Fortune 500 companies in India and abroad. In 2016, in
support of Digital India, we started a campaign called Secure Digital India,
where we yearn to train more than 10,000 students across more than 50
colleges spanning in more than 30 cities, says Modi.

Ashwini Manoj Kadam (29

years) & Manoj Kadam
Sector: SC/ST (34 years)

Winner: Jeev Anksh Eco Products Private Limited

Serving Organic on the Table
Gunajit Brahma and Rohit Bajaj, two
IIM-Indore graduates, launched their
Sector: Woman
e-commerce marketplace, Jeev Winner: S V Engineering and
Anksh, in 2012 and from our office
in Mumbai. In 2014, we shifted Consultancy Services
our focus to organic food, as our
customers were enquiring about it, Designing a Perfect Home
the duo says. Most of the B2B organic Ashwini Kadam with the help of her husband, Manoj
food customers wanted to source food Kadam, chemical engineer by profession, started
from the Northeast, following this, they their design and consultancy company with an aim to
have been extensively working with over contribute to the society.
200 trained tribal farmers, working Manoj already had a job and it was a hard decision
on about 200 hectares of certified to make, says Ashwini. Ignoring such facts, the couple
organic farmland that they have started their own venture, with the concept of one point
leased out from the state government. solution for all design need, with Manoj looking after the
I want to see my company as one design side and Ashwini taking care of the management
of the major organic brands of India in side. Within three years, the company has completed
the next five years, says Brahma. more than 20 projects and seven are still ongoing.
Rohit Bajaj (31 years) &
Gunajit Brahma (34 years)
74 ENTREPRENEUR l FEBRUARY 2017
 Sector: Entrepreneurship Education
Winner: National Centre for Excellence of RUDSETI

Going Beyond Education

The Rural Development & Self Employment Training Institute (RUDSETI) under Ministry of Rural
Development has given entrepreneurship training by working to identify, orient, train, and assist
rural youth to take up self-employment. The impact has been immense due to multiplier effect
of trainees giving jobs to others with over 21 lakh youth trained and 13 lakh successfully settled.
Highest settlement is the hallmark of this Institute. The award is presented to Sri. K N Janardhana,
National Director of RUDSETI.

K.N Janardhana

Sector: Institutes/ Organizations providing incubation

Winner: TREC-STEP
Creativity Requires Incubation
TREC-STEP, in recognition of its incubation excellence, had won the International
Champion for Business Incubation Award from UK Business Incubation in 2006. Its
spectrum of incubation services address every phase of start-ups, from idea to global
performance. A 75-member strong international mentor network is maintained to
support ventures. TREC-STEP has mentored many incubators in the country and
abroad. TREC-STEP has promoted 214 innovative, high growth and hi-tech ventures
so far. Most of them are exemplary success stories of inspiration. They have won 20
start-up awards till now.
R.M.P Jawahar

Individual: Mentor (Private) Individual: Mentor (Govt)

Winner: Pradeep Gupta Winner: Harkesh Kumar Mittal

Going Beyond Mentoring Guarantees

Mentorship
Educationist, mentor,
and consultant, Pradeep
Gupta, have rendered
significant services
in entrepreneurial
development in India.
The Chairman of
CyberMedia Group,
Gupta has media brands
including Dataquest,
PCQuest, Voice&Data,
Pradeep Gupta and DARE. CyberMedia
is executing Indias first
electropreneur park, an incubation centre for electronics
start-ups funded by the government of India. Gupta, who
chairs the alumni trust, sponsor of IvyCap Ventures with
a corpus of $140 million for Series A, has mentored over
150 start-ups till now. He has received Distinguished
Alumni Award, IIT Delhi and Helen Keller Award for
working in disability sector.
Someone Cares
Harkesh Kumar Mittal, an
alumni of IIM-Ahmedabad,
has been instrumental in
giving a new vibrancy to
promoting the innovation
and entrepreneurial acumen
among a wide section of
Indian entrepreneurs ranging
from simple rural industries
to high end technological
enterprises.
His two-and-a-half
decades long association
Harkesh Kumar Mittal with the government has
coincided with the beginning
of Indias economic liberalization initiatives. With his untiring
efforts and personal initiative, he has not only mentored and
guided over 2,000 start-ups but has also helped create an
ecosystem for promoting entrepreneurship.

FEBRUARY 2017 l ENTREPRENEUR 75

ECO-SYSTEM POLICY | POLICYMAKER | AWARDS | TAX BURDEN

$1.6b - Indias
Looking factually among the next breakout digital ad
market size,

- eMarketer
economies, India is the largest pie of the $3.4b by 2018
future bread and butter to several large $9.5b - total ad
market size in
digital ad networks the Googles and
India by 2019

ce
Facebooks of the world thanks to its
Digital ad

ur
more than 277 million Internet users, spending to

So
surpass $1b
second only to China and ahead of the US.
IS GOO in 2017
In fact, it already is to a large extent albeit
without any credit given to it in the form Around
462m
of taxes. Google tax, the name given to
G L E TA X M A K I N G

Indias
6% current Internet
the equalization levy, was introduced in equalization user

, IAMAI
last years budget to therefore tax foreign levy may Rs 5,904 cr.
be raised Google India Around
ad networks earning revenues from digital to 8% with revenue 371m
more digital for FY16, mobile

line
advertisers in India, which unfortunately Internet
services up from Rs
users
Source:

on
backfired with controversy of being ill-fated coming under 4,108 cr. in
it preceding

e:
for start-ups.

rc
year.

ou
S
on

G
lin

By Sandeep Soni Rs 177 cr.

S TA

e,

Facebook India
IA

M revenue for
oogle tax brings under A
I
RT

ambit all the companies FY16, up from

which dont have a Rs 132 cr. in
-U

permanent base in preceding year.

Ps

India and offers online

advertising services to
A

Indian businesses (B2B transactions) and

TA

hence, avoid payment of taxes on income

X

accrued via such services in the absence

SC

of any law for it. The government hence

AP

levied six per cent Google tax on payment

of Rs 1 lakh or more by customers in a GO
E

financial year but since these are foreign

AT
entities, the onus to deduct the tax
amount and file to the government fell
?
back on the customers, Indian businesses,
the benevolence of bigger companies
of these large technology companies.
like Google and Facebook, says Subho
Ray, President, Internet and Mobile
At Google/Facebook Mercy? Association of India (IAMAI).
As presumed, the biggest impact will
A typical online start-up in India
be on start-ups and small businesses
spends upwards of 70 per cent of its
that might have to deposit that amount
marketing budget on digital means to
from their own pocket and penalty too in
acquire customers, on which depends
case of delay or failure to pay, if service
their growth rate, volume, valuation,
providers pull themselves back from
funding etc. This directly pushes up their
paying this amount. For e.g., for every
cost of acquiring customers and quite
payment of Rs 100, start-ups will have to
possibly hit their growth metrics.
pay Rs 106 instead of Rs 94.
When the equalization levy was
This is a direct tax collected in an
introduced, the foreign companies
indirect manner. It is like I have to pay
refused to pay the six per cent and
someone elses income tax. This makes
instead asked business to shell
businesses completely dependent on

76 ENTREPRENEUR l FEBRUARY 2017

out the extra from their own pocket. This additional
six per cent cash flow will be the burden for start-ups, Indias Architect for
says Rakesh Nangia, Managing Partner, Nangia & Co. a
premier tax advisory firm based in Noida.
Equalization Levy
This is amid reports of hike from six to eight per cent that compensate for the tax
tax and a proposed imposition of it on related services payments. We are now looking
like cloud computing, website designing and hosting, at ways to ensure that these
etc, as per the February 2016 report by committee enterprises pay the levy not
formed under Central Board of Direct Taxes for taxation their customers.
on e-commerce. Already there is lot of paperwork. For
every payment made, particularly to Facebook outside Do you think the tax rate
India, there is a significant paperwork involved over and could have been lower?
above the service tax that we have to take care off. So it We think six per cent is not a
is further difficult for us to work with any digital foreign very large amount and hence,
firms, says Sujayath Ali, CEO and Co-founder, Voonik we wanted to experiment
Bengaluru-based online fashion store for women. as to how it works out
administratively without
No State of Panic impacting businesses. But
However, when it comes to paying that extra six per these are issues which the
cent, passed on from their technology vendors, start- market has to solve. It is
ups doesnt seem to be panicking. Among the few essentially about the bargaining
start-ups that raised funding in the drought since last power between the start-up
year, Furlenco a furniture rental platform had initial and the foreign company as
hiccups with Google tax, however, there hasnt been any Akhilesh Ranjan, Chief to who will bear how much
visible impact. There was some confusion initially when Commissioner of Income- amount.
Facebook asked us why there was deficit in payment. So tax at Central Board of
we explained them and filled a form that they asked for Direct Taxes, Ministry Isnt this an additional
and that was it, says Ajith Mohan Karimpana, Founder, of Finance, headed the burden with existing service
Furlenco. The start-up in October last year raised an committee on taxation tax or upcoming GST?
impressive $30 million. Service tax is an indirect tax.
for e-commerce last year. The principle that an enterprise
Ali too is confident of these service providers
remaining unfazed with any impact on their margins. must pay tax in the place where
Cant this levy be replaced
They are running a very high gross margin business. For value is generated doesnt
with foreign firms sharing
them, it is not an increase in raw material cost that will fructify in the form of indirect
part of their revenue?
be passed on to their customers, adds Ali. taxation because in an indirect
These companies dont
Akhil Gupta, who co-founded broker-less real estate tax like service tax there are
offer their revenues to the
platform, NoBroker, in 2014, however, had to pay initially ways by which the producer
government otherwise we
the levy until they could convince the technology or the service renderer doesnt
would have no problem with
companies to accept payments at a discount as per the really bear the burden. Direct
this. Since these companies
law. Around 75 per cent of our marketing spend goes tax is the only way in which
have managed to avoid paying
on digital medium and most of these companies are that principle can be served. Of
taxes by saying that they dont
registered outside India. So we paid the equalization levy course, when it comes to GST,
have permanent establishment
as well. However, we got into the agreement that we will it translates into a fairly high
in India, the levy is coming into
deduct the levy on their behalf, says Gupta. figure but that it is for the GST
being. Apart from levy, there is
Google tax is also seen by many as a burden in council to decide.
no other corporate taxation on
addition to the new 15 per cent service tax. And, if Goods
their income.
and Services tax become effective in April this year, then It seems to be an added
it can take the combined tax to either 25 or 38 per cent compliance for businesses to
Is there a possibility of
including the Google tax, as per IAMAI. Here double tax adhere.
foreign firms dictating terms
law comes into the picture, says Gupta. No. In fact there is hardly
for payment?
IAMAI as the industry voice has even called the six any compliance required in
We understand that it is a
per cent rate irrational drawing comparison with other this. There is an amount to
difficult levy to administer for
countries. Globally it is not more than two per cent. be deducted and paid and an
start-ups and small businesses
There is no objection in paying the tax even as companies annual statement has to be
because foreign enterprises
have been appealing to make it rational, says Ray. submitted for that. Nothing
having the muscle power might
The other alternative to the levy can be a part of else like filing for returns,
pass on the burden to them
revenues to be offered by the foreign companies to the assessment procedures,
by not accepting the payment
government which they have so far rejected to comply penalties etc., is there. It is a
after tax deduction or enhance
with. However it will be worth noting how start-ups and straight forward simple levy.
the charges for their services
service providers behave once GST kicks in.

FEBRUARY 2017 l ENTREPRENEUR 77

 BUSINESS UNUSUAL BIG IDEA

Would You Open Your Books?

Some companies are taking transparency to the extreme and showing the world their cash flow.
Its scary, but maybe not crazy. BY CLINT CARTER

LAST SPRING, JOEL GASCOIGNE realized hed made a big mistake. Hes the CEO of Baring it all leader of any company commits to putting its
can be good
Buffer, a social media management company, and business was doing so well that he for business, intimate financial details right out in the open,
aggressively staffed upgoing from 34 to 94 employees in just more than a year. But but its not so nothing about its health is hidden.
without risk.
although Buffer was still bringing in $875,000 a month, the increased salary burden The philosophy takes cues from a more
was eating up all that money and more. reserved style of open-book management
We didnt get the productivity impact or growth we thought we might get from championed by iconic strategist Jack Stack,
hiring that many people, says Gascoigne. Buffer was likely to be broke in five months. outlined in his 1992 book, The Great Game of
So in June 2016, he laid off 10 recent hires. Then the 29-year-old CEO faced an even Business. Stack wrote that sharing sensitive
more daunting challenge: Hed have to explain all thishow he failed, how the compa- data with employees helps them do their jobs
nys finances suffered, and how hed fix itto his customers, employees, and investors. more effectively and with a greater sense of
Thats because Gascoigne had previously committed to running a totally transparent ownership and loyalty. And today, many entre-
company, which meant revealing everything at all times. He couldnt back down now. preneurs believe theres an increased need for
Business transparency usually falls into two categories: At a publicly traded com- openness. People see situations like the Wells
pany, finances are revealed quarterly and the CEO answers a barrage of questions from Fargo thing that happened, and now the busi-
analysts and shareholders. At a private company, the CEO is accountable to a select few ness pendulum is swinging toward transpar-
people and can otherwise often hoard information. But transparent companies, some- ency, says Danny Fiorentini, founder of the
times called the open-books movement, create a third, somewhat radical way: The live-music company Muzeek, who has opened

78 ENTREPRENEUR
20 l FEBRUARY
ENTREPRENEUR.COM 2017
| JANUARY/FEBRUARY 2017 PHOTOGRAPHS BY CHRIS DELORENZO
its books to the public. Its really important for industries and market leaders to say,
Were here to provide ultimate value. Period. We want to be held accountable for the
When youre willing
stuff we build. to disclose everything,
The proposition isnt easy. And for many companiesparticularly those still estab-
lishing their names and credibilityit may be downright reckless. But for those that
it makes people feel
can stomach the risk, the rewards can be surprising. We know from years of research confident.
that people are willing to pay more to do business with a company they trust, says
Martha Rogers, Ph.D., a business-management consultant and coauthor of Extreme
Trust: Honesty as a Competitive Advantage. Most people just feel weary and wary of
the companies they do business with. his own explanations. That was particularly
So how much does a company have to share? Thats up to its leader. You have to ask important last July, when BugMunchers
yourself
y what it is you think you have to hide, says Rogers. The TransparentStartups monthly number of new paying customers
.com site lists 42 companies that take the most extreme form of openness, posting fell by more than 80 percent. But Bearman
their vitals online for literally anybody to see. But thousands of other open-book com- wrote a post explaining why the dip was a blip:
panies keep their data slightly more closely held. I still like my privacy. It can be dicey The energy usually put toward sales had been
to put all that information online, says Andy Drish, cofounder of The Foundation, an briefly diverted to building a new app. His mes-
entrepreneurial education program. So at an off-site last year, he went as far as he felt sage was clear. BugMuncher, which helps web-
comfortable: He gave access to his nine-person team. sites diagnose usability problems, had a plan
Entrepreneurs whove gone transparent say theyve seen many benefits: It made and was in control.
them more attentive to their companys needs, gave employees a renewed sense of pur- A blog is also how Gascoigne, the CEO of
pose, and made their clients trust them more. But, of course, open books also carry Buffer who hired too quickly, aired his mistakes.
plenty of risk. A bad month could spook investors. A good month might alert competi- This wasnt the result of a market change, he
tors to what a company is doing right, effectively giving up any competitive advantage. wrote on his companys site. It was entirely
The companies committed to transparency say that to succeed with open books, self-inflicted. He blamed his ego and pride,
leaders have to do more than just accept those risks. They have to become better story- along with his blunders in self-management. He
tellers, vigilantly explaining how their raw figures fit into a companys long-term called it the biggest mistake of his career. Then
strategy. Data can be agnostic, says Josh Pigford, founder of Baremetrics, a trans- he and his partner agreed to each grant the com-
parent company that helps businesses organize and share critical metrics. But the pany a $100,000 personal loan and take a 40 per-
way
w you package it up and present itthats where it becomes important. If you dont cent pay cut for the remainder of the year. (Since
actively use the numbers to tell a story, then you allow people to make assumptions. that point, Buffer has become profitable again.)
Storytelling, of course, is a good skill for any leader to have. But this kind of story- But as entrepreneurs like these spill their
telling can be draining. Thats what Tim Sae Koo learned when he made his marketing guts to the world, they often wonder, Whos
software company Tint transparent. He posted Tints revenue and cash flow numbers actually reading this? Despite how juicy a com-
on the internet in 2014, and clients quickly called him with nervous questions. How Radical panys vitals can seem, the audience may be low.
transparency
are you funded? one suddenly wanted to know. Are you worried youre not growing hurt, then
Clients are busy. Employees may want to know
fast enough? asked another. helped only when things are especially good or bad.
Buffer
At the time, Tint was pulling in about $200,000 a montha healthy amount, to CEO Joel
People on the internet surely have better things
be sure, but Tint was courting clients that were operating on a bigger scale. They Gascoigne. to do than monitor a random companys finan-
didnt want to work with a company that might shut cials. Dave Nevogt, cofounder of
down in a few months, says Koo. But if those people Hubstaff, a transparent software
had more context, theyd realize our business fun- startup, estimates that only 15 or
damentals were really strong. We didnt take exter- 20 percent of his customers pay
nal funding like our competitors, so our growth was attention to the numbers he posts.
organic. He tried explaining all that, but it took far too But that doesnt matter, trans-
much time and energy. His team got distracted from its parency advocates say: The very
product, and sales slowed. So two months after going fact that a company is revealing
open-book, Tint closed the books right back up. so much informationthat its
Koo says he may try again. If he does, hell want to there if a client wants itbreeds
have a communication plan in place. Many transpar- overall trust. When youre will-
ent companies keep blogsa place where clients and ing to disclose everything, says
others know they can go to get updates and explana- Rogers, the management consul-
tions for the companys financials. That way, nervous tant, it makes people feel confi-
observers arent calling a CEO all day. dent in a way that they might not
Matt Bearman, founder of BugMuncher, always even check. Which might be just
reveals new data on his companys blog, along with fine for everyone involved.

FEBRUARY
JANUARY/FEBRUARY 2017 | ENTREPRENEUR.COM 79
2017 l ENTREPRENEUR 21
MONEY STATE FUNDS | ECON

THE UN-
STATES OF

K A R N ATA K A
BIHAR
`200 crore Fund
`500 crore Venture G U J A R AT
of Funds
Capital Fund NORTHEAST `250 crore GVFL
Start-up Fund `100 crore
Up to `10 lakh for `100 crore Venture KARSEMVEN
support at idea stage Fund for local start-ups `200 crore fund for Semiconductor
student-led start-ups and ESDM Fund
2 incubators set up `25 lakh to Rs 10
Venture Park and crore ticket size across Close to 60 `15 crore Grand
Enterprising Zone growth stages companies exited Challenges
by GVFL Funds for win-
25-30 start-ups to be ners of start-up
funded over four years challenges

80 ENTREPRENEUR l FEBRUARY 2017

-UNITED
START-UPS

TELANGANA
C H H AT T I S G A R H `250 crore T-SEED
`100+ crore Venture Fund for seed stage
Capital Fund start-ups
JHARKHAND
`250-crore Fund `50 lakh interest free `2,000 crore T-Fund
of Funds loan under Leap of or Telangana In-
Faith Revolving Fund novation Fund
`50 lakh per
year for private 140 seating capacity Up to 15% equity
incubators for first incubator with stake in start-ups
25-30 incubatees by
500 start-ups to around March 2016
be supported in
five years

By Sandeep Soni

FEBRUARY 2017 l ENTREPRENEUR 81

MONEY STATE FUNDS | ECON
India is a beast, of altogether different size, among the emerging
start-up ecosystems globally which currently has seemingly unending capital
requirements. Even as the domestic limited Partners (LPs) wake up to the enormous
opportunity as the capital source remains dominated by foreign LPs, state governments too
are realizing the effort on their part to make up for the existing gap. Entrepreneur shuffles through the
plans of various states that have announced dedicated funds for start-ups over last year but the number
of such states coming in unison is only handful.
JHARKHAND *RAN K-7 l SCORE-9 6. 57
Banking on Incubators
J
harkhand government that had announced its start-up policy in April last year
will be establishing a central innovation centre and under its aegis; incubation
centres will be launched at government institutions and universities. The
private incubators are also eligible to partner with the government for launching
its services in the state.
If any private incubator is interested, then government is ready to provide Rs
50 lakh per year in its support and in turn the incubator will have to incubate
at least 20 start-ups in a year. For this, the government has already signed a
memorandum of understanding (MoU) with the Indian Institute of Management
Ahmedabad, says Umesh Prasad Sah, Director, IT, Department of IT and
E-governance, Government of Jharkhand. The central innovation centre will begin
its operations by end of March this year, having a 10,000 sq. ft built up area.
Apart from this, there is a provision for Rs 5,000 stipend towards support
extended to aspiring entrepreneurs with their idea development for over six-
month period. The government has set aside Rs 10 crore for that purpose. Once
the entrepreneur graduates from the incubator, with the idea developed as a
company, he/she can apply for Rs 250-crore Fund of Funds (to be raised over five
years). The fund will be sector agnostic for which the government will be hiring
the fund manager by end of this financial year. In five years, we are aiming to
support 500 start-ups, adds Sahu. The government will be providing additional
Rs 2,000 in stipend for support to the ideas by women entrepreneurs.
C H H AT T I S G A R H *RAN K-4 l SCORE-9 7. 32
Replicating Inspiration from Big Start-ups
T
he state, which was ranked fourth in last years ease of doing business report
by Department of Industrial Policy and Promotion, is interestingly promoting
start-ups that work on similar business lines of some of the successful and
emerging start-ups in India like Zomato, 1mg, Netmeds, however, focused on
the state only. Large start-ups do not focus on state like ours because of low
population, says Alex Paul Menon, Joint Secretary Department of Electronics
and Information Technology, Government of Chhattisgarh and CEO, Chhattisgarh
Infotech Promotion Society.
The government, last year, in its start-up policy launched multiple funds
including an innovation fund for supporting incubators and accelerators, an idea-
stage fund called Leap of Faith Revolving (LoFR) fund offering up to Rs 50 lakh
interest-free loan to be returned in three years. Another is a venture fund of more
than Rs 100 crore, a part of which may be set aside for impact investments and
women entrepreneurs. Both will be sector agnostic funds.
Government and private fund managers will operate the VC fund on public-
private partnership model. The fund will start investing in around seven months
in exchange for around 7-15 per cent equity. LoFR is for those start-ups which
82 ENTREPRENEUR l FEBRUARY 2017
dont have a product market fit, adds Menon.
The states first incubator will be ready by
around April this year with a seating capacity
of 140 people. It is like a mini T-Hub. We are
simultaneously working on launching a start-up
competition which will filter out businesses for
first batch of 25-30 incubatees within next two
months, explains Menon.
The government is also working on incubators
for tribal entrepreneurs, where the focus will be
on providing marketing and packaging support to
their small businesses.
BIHAR *R A N K - 1 6 l S COR E- 7 5 .8 2
Potential Future Start-up Hub
T
he state which was criticized for being
among the least developed states by 2013
panel report by former Reserve Bank of India
governor, Raghuram Rajan, in a complete role
reversal, in terms of business regulations, stunned
the nation by topping DIPPs real time ease of
doing business ranking in June last year.
Laying the foundation stone for that, the state
government launched Bihar Startup Yatra in
October 2014 to encourage students in colleges
and universities for entrepreneurship. Later, the
government also set up two incubation centres
first, Venture Park, set up by Bihar Industries
Association and supported by Indian Angel
Network and second, Enterprising Zone, set up by
Bihar Entrepreneur Association, both of which are
operational since last year. Each incubator has at
least 12 incubatees.
Chief Minister, Nitish Kumar, had last year
announced Rs 500 crore venture capital fund as
part of his seven resolves commitment. Various
provisions have been made in the Bihar Start-up
Policy for funding support like seed grant of up
to Rs 10 Lakhs, free of cost business valuation,
and zero cost for filing domestic and foreign
patents, says Dr S. Siddharth, Principal Secretary,
Department of Industries, Government of Bihar.
As of now, the fund will be focusing only on
Bihar-based start-ups but going ahead it might
look at start-ups outside the state, however, having
business interest related to Bihar in some way.
G U J A R AT * R AN K-3 l SCORE-9 8. 21
Maintaining the Momentum
W
ith a successful industrial growth story, Gujarat has somehow been
unable to pass it on to its start-up ecosystem even though it has been
taking steps at regular intervals to promote itself. State government
supported GVFL, probably the oldest venture capital fund in the country,
last year launched a dedicated start-up fund of Rs 250 crore with Rs 75 crore
of contribution from Government of Gujarat to back early-to-growth stage
businesses across sectors. We launched the start-up fund looking at the
excitement in the start-up space. While we invest in companies across India
but there is a natural bias for Gujarat-based businesses. The new fund will
look at businesses which are tested in the market and wants to scale up, says
Sanjay Randhar, Managing Director, GVFL.
Around December last year, it raised first close of Rs 100 crore and have
so far closed few deals, however, havent announced them yet. Founded in
1990, GVFL has so far launched eight funds and has invested in over 80
companies and exited from close to 60 companies. There is no target for total
investments to be made from the start-up fund but GVFL is looking to deploy
the total corpus of Rs 250 crore in next three-four years.
The government in January at the Vibrant Gujarat Summit announced
its student start-up and innovation policy to offer Rs 200 crore in grant to
student-led ideas and support around 1,000 such ideas in a year time frame.
For VCs like us, we need to have large pipeline of ideas that we can invest in
and this fund will help us get the large pipeline from Gujarat, opines Randhar.
TELANGANA *RA N K-2 l SCORE-9 8. 78
The Dark Horse
I
ndias youngest state is also the most business friendly in India. It might
emerge strongly against Karnataka, Delhi, and Maharashtra, as the next
big start-up hub. Telangana, along with Andhra Pradesh, last year jointly
topped the ease of doing business ranking by DIPP. The government in its
start-up policy last year had announced multiple fund types. First, Fund of
Funds wherein government will select venture capital investors and invest in
them. Second, Rs 2,000 crore (initial target) T-Fund or Telangana Innovation
Fund in collaboration with T-Hub, that will act as a master fund investing in
venture funds. Third, Rs 250 crore T-SEED fund to invest in seed stage start-
ups. Fourth, a unique fund for serial entrepreneurs called Phoenix Fund with
at least one venture launched previously with some scale. There were also
reports of government launching Rs 600 crore start-up funds in August last
year but there has been no update on that.
The innovation fund is initially launched at Rs 100 crore, wherein the
government has contributed 20 per cent and the rest is coming from HNIs and
other investors. It will be ramped up to Rs 2,000 crore over the years. The
focus is eight priority verticals including agritech, transportation, gaming,
aerospace, social innovation, etc., says Jayesh Ranjan, Secretary, Information
Technology, Electronics and Communications Department, Government of
Telangana. The target for investments from the fund will be demand driven
and will seek equity of up to 15 per cent in start-ups.
Moreover, government is also in the process of recognizing existing
technology business incubators in the state for required standards, in order to
provide support to its incubatees with services at par with T-Hub.
K A R N ATA K A *RAN K-13 l SCORE-88. 39
All Hail the King
B
engaluru the king of start-up ecosystem houses maximum number of
start-up related funds supported by the government. The funds caters
to all start-ups that are registered with Karnataka Startup Cell launched
last year and offer services as part of its start-up booster kit that include
Internet, cloud, software tools, payment, funding, incubation, marketing,
tax, patents, mentorship, and other allied services. The government has
adopted sector specific approach to back businesses including technology,
biotechnology, semiconductor, agriculture, tourism, animation/gaming
apart from two sector agnostic funds called Karnataka Fund of Funds and
Channelizing Innovation for Social Impact Fund with a corpus size ranging
*DIPP Ease of Doing Business 2016 ranking and score
between as low as Rs 2.5 crore up to Rs 200 crore.
Among all the funds, Karnataka Information
Technology Venture Capital (KITVEN) Fund backed
by state and central government holds portfolio
for two funds - Karnataka Semiconductor Venture
Capital (KARSEMVEN) Fund of Rs 100 crore
and KITVEN 3 (Bio Venture) Fund of Rs 50
crore. KARSEMVEN was launched last year for
investments in semiconductor and electronics system
design and manufacturing (ESDM) businesses.
We have already invested in five companies from
the fund. From the bio venture fund we will start
investing from around February this year, says A
R Jayakumar, Chief Executive Officer, KITVEN. The
Start-up Cell reportedly see registration of 20 start-
ups on a daily basis and has set up Rs 15 crore Grand
Challenges Funds to host five challenges every year
and identify innovative businesses.
Dont Forget Northeast
G
uwahati-based public financial institution,
North Eastern Development Finance
Corporation (NEDFi), and Ministry of
Development of North Eastern Region (DoNER) in
August last year announced Rs 100 crore venture
fund for start-ups and entrepreneurs based in North
East.
The entrepreneurial ecosystem has been weak
here. While we do business meets all over the region
to encourage people for entrepreneurship and help
them in various activities, we thought that there is
also a need for equity investments, says Bulu Paul
Mukteih, Chairman and Managing Director, NEDFi.
DoNER-NEDF, in January this year, signed a MoU
with Ahmedabad-based venture capital fund, GVFL,
for help in setting up process and roadmap for roll
out of the start-up fund. It will start looking to
invest in up to three start-ups by end of March this
year. The fund will invest anywhere between Rs 25
lakh to Rs 10 crore across growth stages and sectors
though food processing, tourism, IT, and ITeS are
targeted areas. The government is looking to have
up to 25-30 start-ups in its portfolio over four years
of investment period. However, this wouldnt be the
only fund.
Next year, probably there can be more funds
dedicated to sectors like social ventures. If start-
ups are based outside Northeast but have business
focused on the region then we will look into it, adds
Mukteih. NEDFi and DoNER have also been meeting
with incubator at IIT-Guwahati and Guwahati
Biotech Park for their funding requirements.
Among other states that have launched start-up
dedicated funds since last year includes Madhya
Pradeshs Rs 100 crore Venture Capital Fund, Uttar
Pradeshs Rs 100 Fund of Funds and Rs 50 crore
Innovation Fund, Tamil Nadus Amma Venture
Capital Fund of Rs 200 crore, and Odishaa Startup
Capital Infrastructure Fund of up to Rs 25 crore.
Punjab announced Rs 100 crore fund in 2015 but
there is no update available. Other states dont
have dedicated start-up funds launched by their
respective governments.
FEBRUARY 2017 l ENTREPRENEUR 83
 MONEY STATE FUNDS | ECON

WHERE IS
THE MONEY?
The year began with a decent mix of deal sizes at both
$4.5m
E-learning start-
early and mid stages including investments raised by
up Unacademy
raised $4.5m led
Unacademy, Lenskart, LEAP India and Byjus. Small by Nexus Venture
ticket acquisitions also kept the M&A vertical active. Partners.
E-wallets continued to ride on the digital wave with
FreeCharge and Ola Money acquiring more merchants.
The biggest action, however, was among the new funds
$15m
Ed-tech company
launched including Gujarat governments Rs 200 crore Byjus secured $15m
student start-ups fund and realty major Lodha Groups from International
maiden start-up fund. The launch of Indias first Finance Corporation. FUNDING
international stock exchange India INX by PM Modi
at Gandhinagar, Gujarat was another major highlight of
the month. $10m
SaaS company
Zoho invested
around $10m in
five start-ups
including Zentron
Labs and vTitan.

$13m
M&A Supply chain
solutions company
LEAP India
secured $13m in
Series B round
from IndiaNivesh
E-fruits and Growth Fund,
Sixth Sense, and
vegetables seller TCI Ventures; and
Freshboxx.in acquired existing investors.
last-mile logistics
startup UrMajesty for $5m
undisclosed sum. E-commerce start-up
10i Commerce Services
mopped up $5m from
Infosys co-founder
Nandan Nilekani.

$10m
Hyperlocal logistics
start-up ShadowFax
Global CRM got $10m in Series
solutions company B funding round
Arvato CRM Solutions led by Eight Roads
Ventures. Self-drive car
bought Bengaluru-
rental start-up
based analytics Pre-owned Zoomcar raised
company Ramyam
Intelligence Lab.
fashion seller
CoutLoot acquired
$3.5m undisclosed
funding from
Unilazer Ventures led Chinese venture
Bengaluru-based by Ronnie Screwvala fund Cyber
competitor Once put $3.5m in eyewear Carrier CL.
solutions company
Again Store.
Lenskart.
84 ENTREPRENEUR l FEBRUARY 2017
 PM Modi inaugurated Indias first international
exchange-India INX in Gandhinagar, Gujarat. It will
initially trade in equity derivatives, currency derivatives,
commodity derivatives including Index and Stocks.
FreeCharge
partnered with eBay
India and online food
ordering start-up
Faasos for digital
wallet payment
solution.
Hindustan
Coca-Cola Beverages -
largest bottling partner
for Coca-Cola India tied
up with State Bank of
India for its retailers and
distributors to perform
e-payments.
TIE-UP
Used automobile
marketplace Droom
tied up with Axis Bank
for customers to avail
loan for buying cars
and bikes.
Bharat Petroleum
Corporation Limited
and Ola tie up for
payment at fuel pumps
and LPG stations from
Ola Money wallet.
National Stock
Exchange filed draft
papers with Securities
and Exchange Board
of India.
IPO
FUND
LAUNCH
$2.2m
Bengaluru-based fund CoCreate
Ventures raised around $2.2m
to invest in struggling start-ups
for turn around.
$54m
Lightbox Ventures
secured $54m to add to
its existing fund to back
start-ups.
$100m
IDFC Alternatives raised first
close of $100m of its fourth
fund. Final close of $300m is
expected by end of 2017.
$7.5m
2016 - 15 January 2017.)
prominent deals between 16 December
Source: Online (recent and most
$30m Real estate player Lodha Group
forayed into start-up investment
Gujarat
government with the launch of its fund for
launched $30m start-up focused on real estate
fund for student sector and smart city solutions
start-ups under particularly with initial investment
corpus of around $7.5m.
Student Start-up
Policy.
Infographics: Manish Raghav
FEBRUARY 2017 l ENTREPRENEUR 85
TECH ONLINE TREP | APPS | ASK A GEEK | SHINY STUFF

DEMOCRATIZING INVOICE
DISCOUNTING LIKE NEVER BEFORE
By Sandeep Soni

W
hile Anurag Jain was
working for his family
run real estate company,
he often felt his business
crippled because of delayed payments
from large companies, hence stressing
its working capital. Burning a hole in
the businesss cash flow, Jain along
with his IIT Kanpur batchmate Manish
Kumar, launched KredX - Indias first
marketplace for invoice discounting
connecting SMEs and investors to
unlock the value of blue chip invoices.
The duo got so obsessed with the
idea that Jain left his family business
in Kolkata and relocated to Bengaluru
and Kumar, former HSBC executive,
ditched his corporate cushion to
start from the scratch. I was settled
L to R: Anurag Jain and Manish Kumar, Co-founders, KredX
in Kolkata with my family for 10
years before feeling uprooted from
In fact there are employee stock ownership plans
that place. But I understand what it takes to build
(ESOP) given to all the members to instill a sense
a business. So I knew that it will be a temporary
of ownership in the company, including its office
thing, says Jain. KredX wherein Kred signifies Small boy. Even our office boy has ESOP, though I had to
credibility and credit availability and X represents business explain him what it is for half-an-hour, smiles Jain.
the marketplace connecting two parties was
launched in early 2015.
enabler Though KredX has a tier one investor like Sequoia
on board but funding wasnt on the radar for Kumar
Kumar too shared the same feeling except the YEAR OF LAUNCH:
and Jain. We never intended to raise funds neither
fact the he was already based in Bengaluru. But even 2015, Bengaluru
we created any pitch decks for investors. Few venture
during all this enthusiasm of starting up, Kumar had
FUNDING: $6.25 Series funds showed interest in us but we are lucky to have
an extra baggage of bad health to carry. The slipped
A round led by Sequoia Sequoia wanting to invest in us, adds Jain.
disc problem for Kumar from last six years restricted Capital in Oct. 2016, Despite early success, Kumar and Jain have stood
his travel, which Jain mostly takes care of.
their ground instead of being swayed away or being
During the initial three months of starting up, GROWTH RATE : 20-30%
I wasnt quite able to walk and sit. We were in the month-on-month aggressive in any manner, particularly when you are
doing a start-up. Start-up teaches you to accept
process of raising our seed round, so I had to be in AVERAGE BILL AMOUNT : failures and move ahead with learnings. So you
all the meetings with investors, customers, etc., Rs 10-25 lacs cannot be aggressive but I believe that when you
while bearing the back pain, often acute. So, I used
HEADCOUNT: ~30
graduate from prestigious institutes, like IITs, is that
to stand up after a while, recalls Kumar.
you get used to success and it becomes very tough to
The duo operated from their respective homes in
swallow the failure, asserts Kumar.
the beginning but switched to a vacant flat that Jain
Nonetheless, KredX has a clear goal in sight. We want to be a
owned in the city as their start-up office. They even pulled out
billion dollar company for which persistence is required because
some furniture from their homes and later bought few tables,
there is already lot of negativity in the ecosystem because of high
bean bags and chairs from their own pocket.
start-up failure rate, claims Jain who has a very unique way of
unwinding himself from work real estate. Jain love learning
For IITians its Tough to Swallow Failure
about new properties, investments, talking to industry people,
Currently, KredX has no hierarchy structure. As a company
doing industry research, and honestly sounding little weird,
culture, Kumar and Jain want everybody treated as an individual
hanging out with brokers on weekends. KredX is amongst the
contributor and with no reporting mechanism. Everybody just
very few start-ups in India that raised funding amidst the severe
have to update their work in the weekly team meeting.
funding drought.

86 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 27
TECH ONLINE TREP | APPS | ASK A GEEK | SHINY STUFF

4 APPS TO MAINTAIN A
SOUND MENTAL HEALTH
Cool, but ahead-of-times! Skeptical investors refused to fund Anishs molec-
ular gastronomy restaurant. He pawned his grandmothers jewellery to start
on his own venture but nobody understood his food. Depression, anger, frus-
tration took over. He stopped communicating with friends and family. But,
soon he realized it was time to take charge of his own life. Instead of visiting
a therapist, he opted for online help. I attend a session every evening and
found myself relaxed and calmer. Here, are the four best apps, he adds.

1
CALM - MEDITATE, SLEEP, RELAX
Start your day to a calmer mind with the app thats trusted by
millions. It is the perfect meditation app for beginners, but also
includes hundreds of programs for intermediate and advanced
meditators. Guided meditation sessions are available in lengths of
three, five, 10, 15, 20 or 25 minutes, so you can choose the perfect
length to fit with your schedule.
RATING: 4.5, INSTALLS: 1,000,000 - 5,000,000

2
7 CUPS: ANXIETY & STRESS CHAT
Feeling worried, sad, stressed or lonely? Need to talk to someone?
Download 7 Cups, an anonymous emotional support and counseling
centre, and that helps you to speak to trained counselors.
RATING: 4.3, INSTALLS: 100,000 - 500,000

3
DEPRESSION CBT SELF-HELP GUIDE
This depression management app helps you understand the disease
and factors that trigger it. It helps you to manage stress and pushes
you to adopt self-care behaviors to control mood swings.
This app contains a depression severity test, audios, articles, a
cognitive diary, and a motivational point system to help you learn how
to help yourself.
RATING: 4.2, INSTALLS: 100,000 - 500,000

4
STAY ALIVE
This app is a pocket suicide prevention resource, packed with useful
information to help you stay safe. You can use it if you are having
suicidal thoughts or if you are concerned about someone else who
might be under suicidal influence.
RATING: 4.2, INSTALLS: 10,000 - 50,000

By Sanchari Ghosh

Ratings and Instalss in Google Play Store

88 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 29
TECH ONLINE TREP | APPS | ASK A GEEK | SHINY STUFF
Choosing Between Native App and
Hybrid App? Heres Some Help
Whats the basic
different between the
two app models?
To create hybrid apps,
you dont need to code it
differently for different mobile
operating systems (OS)
Android, iOS, and Windows.
With common coding and
universal design, it can be
deployed to all the three OS.
However, when it comes to
building native apps, exclusive
coding is necessary for each of
the OS, because every OS has
its own programming language
and usually they follow native
design guidelines. All large
enterprises or emerging ones
uses native apps like Flipkart,
Facebook, and Swiggy.
So which is the ideal
one to use including the
cost factor?
Native apps are costlier to
build than hybrid apps. There
is a 30 per cent deviation both
in terms of time and cost
if we develop all platforms
in parallel when it comes to
hybrid apps. For e.g., if
you are spending Rs 1
lakh on building native
app, then hybrid app will
cost Rs 70,000 because
it requires coding once
for all platform. Hybrid
apps are ideal in cases
when a start-up is only
testing its model and the
idea but is not sure about
it. For businesses who
understand their market,
business model and
customers well and are
confident about scaling it
up, can go for native apps.
So, is India a hybrid
app market?
What about the
vulnerability factor?
90 ENTREPRENEUR l FEBRUARY 2017
Yes, in India, the usage is
First there were websites; largely of hybrid apps because
then came mobile apps and they are cheaper, unlike the
with that there was great US and other evolved markets.
Because native apps use local
dilemma whether to use OS resources they are more
mobile websites or apps, secure and performs better
where the latter gained than hybrid apps. It is like
transplanting an actual organ
ground because it provided versus an artificial organ into
a better user experience. your body, which is the OS,
Now, the dilemma is when it comes to apps. The
body will respond to the actual
between choosing native organ better than the artificial
app and hybrid app models one, though artificial one will
for start-ups, at least in be cheaper. The security also
depends on how strong your
India, where hybrid apps backend is which means how
dominate. Jayavardhan
B N, former engineer
at technology giant,
Huawei, and co-founder
of Bengaluru-based HYBRID APPS ARE
mobile app development IDEAL IN CASES
start-up, Hashtaag, with WHEN A START-UP
offices in the US and the
IS ONLY TESTING
Netherlands, puts the two ITS MODEL AND THE
app models in perspective. IDEA BUT IS NOT
By Sandeep Soni
SURE ABOUT IT.
Jayavardhan B N,
Co-founder, Hashtaag
secure is your server, how
many layers of security has
been added to it, whether
you are using encryption
methods while storing and use
tokenisation, SSL certificate
when transmitting information
and other measures. Hybrid
Apps are less secure when
compared to Native since it
does not use local resources to
its potential.
Any particular
growth stage when
start-ups should switch
to native apps?
There is no stage for start-
ups to switch from hybrid to
native apps. However, once the
testing of the product is over
and there is traction coming
to the app and there is a need
for optimising the performance
and user experience , you
can switch to native apps to
enhance that. But thats not
mandatory; you can begin with
hybrid apps as well. It is like
you have money to buy both
Nano and Mercedes, but to get
great comfort and ride quality
you can straight away buy
Mercedes. There are some
inherent flaws in hybrid apps
which dont go away even if
you think of revamping the
user interface of the app. But
there is lot of advancements
going on with respect to
Hybrid and we hope these
platforms can overcome
the limitations in the near
futurequality you can straight
away buy Mercedes. There
are some inherent flaws in
hybrid apps which dont go
away even if you think of
revamping the user interface
of the app.
AUGUST 2016 ENTREPRENEUR 25
TECH ONLINE TREP | APPS | ASK A GEEK | SHINY STUFF

This can change the way you drive

Exploride is the hot new heads up display for automobiles that promises a lot more than
anything yet in the market today. It aims to replace your phone rather than integrate
your phone and vehicle while driving.

Technical sight, eliminating distrac- OBD adaptor Connectivity

specifications
Developed by Exploride, a
start-up incubated at the
Kochi Startup Village, the
heads-up display comes with
a quad-core processor, 16GB
internal storage, two GB
RAM and an additional five
GB cloud storage with ample
space for downloading apps,
music and offline maps for
seamless navigation on the
go.
The screen
The six-inch transparent
display has been optically
engineered to enable the
projection of the image at a
virtual distance of 2.5 me-
ters for the information to
fall in the line of the drivers
tion. With its unique design,
the device screen seemingly
blends with the windshield
of the car.
Voice and gesture
controls
While driving, the device
can be controlled through
simple hand gestures to
accept/decline an incoming
call or increase/decrease the
volume. The device can also
be controlled through voice
and is capable of reading out
news items, email notifica-
tions and stock updates
apart from giving voice
directions for navigation
with its dual, high output
mini speakers.
insurance claims.
The display can be con-
nected directly to your cars
on-board diagnostics to
optimize and display critical
information like vehicle
speed, tyre pressure, fuel,
mileage, trip meter, and
battery charge on the device
screen. It can also provide
weekly or monthly data for
insightful metrics on driving
patterns and fuel consump-
tion.
Dashboard camera
Exploride has a dual-use
front-facing infrared camera
to capture hand gestures
and record the street
video that comes useful in
claiming accidental
The device comes with an
internal battery backup,
dedicated power input mode,
internal storage and an inde-
pendent slot for 4G LTE SIM
for better Internet connectiv-
ity. It also has an android/
iOS compatible application
that also helps connect with
other Exploride users.
Cost and competition
Exploride is currently
available for pre-order at
a special price of $299
through its website and
the closest competitor is
priced at $749 (Navdy). It
has already received orders
above $50,000 from cus-
tomers from more than 50
countries.

92 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 33
LIFESTYLE WORK LIFE BALANCE | BOOKS | THE OTHER SIDE

MORNING SHOWS THE DAY

Every morning we have two choices; continue to sleep and dream or wake up and chase that dream.
Those who work towards making things happen actually become successful. So, what do the successful
entrepreneurs do first thing in the morning? Entrepreneur digs out.
By Nishi Kumari

I start my day at 7.15 I AM A DOTING and calendar check. Depending

on what meetings are lined up for
and play at least for 30 MOTHER AND A the day, I draw up my schedule
HARDWORKING
minutes with my kids. ENTREPRENEUR, WHO
with adequate time chalked out for
team meetings and pep talks for
Then I quickly catch up on the emails through the
night. Thereafter, I do yoga or go for a walk in the park. APPRECIATES HER my key employees.
Before heading for work, I also sit with the newspaper PERSONAL TIME. Radhika Aggarwal,
and a cup of tea for about half-an-hour. I carry my WHILE RUNNING A Co-founder and Chief Business
breakfast with me, which I eat in the car.
BUSINESS AND BEING Officer, ShopClues
Prashant Tandon, Founder and CEO, 1 MG A MOTHER TAKES THE
LARGER PART OF MY
TIME, I AM THE FIRST
TO WAKE UP IN MY
HOME AND START MY
DAY BY 6 AM.
Before the clock strikes 7, I
make sure my kids are up and then
help them to get ready for school.
Once the kids are away, I prepare
myself a cup of tea and the time
spent sipping it is purely my own.
These are the few minutes I
get to collect my thoughts. This
is followed by a quick email, SMS

I WAKE UP EVERY MORNING WITH POSITIVE THOUGHTS. I AM AN EARLY

RISER AND IT GIVES ME TIME TO PLAN MY DAY WELL. In the modern rush of things
our physical and spiritual wellness is often neglected and I feel it is important to address this as
one of the primary tasks in our daily lives. I am very fond of jogging and that is integral to my early
morning schedule. When time permits, especially on weekends, I go for golf.

Pradeep Koneru, Managing Director, Trimex Group, India

My mornings play an extremely important role in my

daily routine. The first 30 minutes of my morning
goes into planning my whole day. My breakfast is the source of my
energy which keeps me going the whole day; fresh fruits and milk have to be on my menu
for my breakfast. After which I start checking my e-mails, messages and plan my day
accordingly so that I dont miss out on any immediate deadlines.

Azhar Iqubal, Co founder and CEO, Inshorts

94 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 35
LIFESTYLE WORK LIFE BALANCE | BOOKS | THE OTHER SIDE

HOW I REALIZED LIFE GAVE ME A NEW TAUGHT ME TO HOLD ON

READING
ABOVE SUCCESS PERSPECTIVE TO MY BELIEF : The chapter
AND ACHIEVEMENT : TOWARDS LIFE : When to fight and When to

CHANGED Few years ago, I read The self-help Fold from the book

ME
The Road to Character book, Thinking, Straight from the Gut by Jack
by David Brooks. The Fast and Slow by Welch left a deep impact on
book teaches you that Daniel Kahneman, me. It shows on how to play
it is not only important gives you an idea the game subtly. This book
to do good things about how human is definitely worth reading.
Harkirat Singh but you also need to
be good in general.
mind works. It is
basically a book on
It gives you an insight of the
corporate world from a CEOs
Managing Director of Woodland Blending spirituality, psychology which point of view. Deep Dives is one
Worldwide, took over the psychology and tells us about how of the chapters that a CEO or
politics, the humans think. a manager should never miss.
companys responsibility at book provides an After reading it The best thing about this book is
a very young age. His love opportunity to rethink you will realize that it lays a lot of emphasis on
for shoes led him to the start our priorities, and that your thought holding on to your beliefs and
strive to build rich process has not trying to be someone else.
his own adventure footwear inner lives marked by become better and It persuades you to live with
line, first time for the Indian humility and moral positive. It gave me integrity and dignity.
depth. The book a new perspective
market, which was earlier an
teaches you on how to towards life.
unorganized sector. live a life of depth.

Take charge of your own narrative -

Your story is a powerful tool
ANKUR WANKOO,
FOUNDER, NEARBUY
NURTURE
RELATIONSHIPS
We live in a social economy,
which is very different from
industrial economy that
preceded it. The key to social
economy is relationship.
Value gets created through
the connections you make.
And, it is suicidal for
entrepreneurs to ignore this.
BE COMMUNICATIVE
I try to find time to write
emails to people of my
company at least twice a
week. I reply to every single
question, good or bad, that
is asked on Quora. I am
answerable to all customers.
I thank them for their
feedbacks, apologize for
unexpected experiences,
acknowledge what we
messed up and learn through
the process.
MAKE A POINT
I maintain a blog about
my experiences as an
entrepreneur my anxieties,
my insecurities, how I am
a great example of self-
doubt that drives, and how
I often think of myself as an
imposter.
USE SOCIAL MEDIA
I share those blogs on
mediums such as LinkedIn,
Facebook, and Twitter
because that is how I learnt. I
read, observed, and listened
to others.
And in all of this, the
common theme is We
are solving a really tough
problem. I will make
mistakes. But I know we
will make the world move
ahead.

96 ENTREPRENEUR l FEBRUARY 2017

AUGUST 2016 ENTREPRENEUR 37
 LIFESTYLE WORK LIFE BALANCE | BOOKS | THE OTHER SIDE

Beat the Streak

A healthcare entrepreneur at 28, Nandit Pathak, Founder, Aermed, is a passionate musician. He has
studied Indian classical music throughout his school years. At IIT-BHU, he was introduced to a vibrant
rock music environment by his college seniors and few of his good friends. The first time, he played
drums in his music club room, he knew this was going to be a life-long relationship. Pathak plays drums
in a classic rock cover band called Rewind. By Nishi Kumari

STARTED PLAYING DRUMS: FAVORITE MOVIE: CUISINE YOU LOVE:

At the age of 17.
DRUMMING FOR YOU
IS: A spiritual exercise
disguised as physical
exercise and as recreation.
MUSIC FOR YOU IS: Too
profound to put in words.
FAVORITE SONG: Rock and
roll (Led Zeppelin), Yellow
Submarine (The Beatles),
anything by Kishore
Kumar.
FAVORITE SINGER:
Freddie Mercury.
THE WAY I UNWIND:
Listening to full albums
from start to finish.
Pulp Fiction, Interstellar,
Annie Hall, I am Sam,
Woody Allen is my
favorite director.
FAVORITE GADGET:
Recently bought a
Macbook Air. Besides
this, Roland TD-11KV
Electronic drum kit.
YOU LIKE WATCHING: Dark,
irreverent comedy - South
Park, Rick and Morty, The
Simpsons, Last Week
Tonight with John Oliver.
DRINK YOU LIKE TO BE
SERVED: Belgian Wheat
beer.
Mughlai.
THINGS YOU NEVER FORGET
TO CARRY WITH YOU:
Phone, laptop, earphones,
and chargers for all of the
above; my wallet which
always has a pen drive.
BRAND YOU PREFER:
Pearl is a brand that has
always been my first
choice when it comes to
drum equipment.
PLACE WHICH GIVES YOU
PEACE: My home state of
Uttarakhand, or anywhere
my close friends get
together.

VOLUME 06, NO. 2, February 2017 issue, and it contains 100 pages including cover.
98 ENTREPRENEUR l FEBRUARY 2017
 Postal Registration No: Faridabad/286/2015-17.

Get a
Posting Date: 5/6/7-2-2017, Date of Publication: 1-2-2017.

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