June 16, 2022
June 16, 2022
min Read

LetsRaise with Peyush: An event fit for the sharks, 7 startups raise follow on rounds

Team LetsVenture
“Just as LetsVenture took entrepreneurship to investors, Shark Tank took it to the kids in every household,”

Lenskart Founder and CEO Peyush Bansal said while opening LetsVenture’s LetsRaise with Peyush Bansal, in association with IDFC First Bank, in an exclusive event in Delhi on June 11, 2022.

The event was aimed at showcasing the progress of Shark Peyush Bansal’s portfolio companies from the popular television show Shark Tank. “Most of these companies have grown 30X to 100X. If you see the growth of these companies, even I get inspired. I wanted the partner VCs and investors who have come here to raise more money for them,” Peyush commented in his opening remarks. “Whenever I would meet these founders, I could empathize with their challenges. One of the big asks from them is how do we go to the next level,” he added.

When these founders came to Shark Tank they were different entrepreneurs, and today they have grown and become more confident. He added,

“They have evolved, and I feel their stories need to be told. Baki toh sab entrepreneur ke haath mein hai. And I thank LetsVenture for giving them this platform today.”
The Yarn Bazaar Founder Pratik Gadia making his pitch

Of the 14 startups from Shark Peyush’s portfolio, seven startups, which pitched at the event, raised further rounds from the attending investors. These were: 

  • Proxgy, an industrial IoT hardware + SaaS solutions to enable the work force of key industries. 
  • Sunfox, a healthtech startup that has developed an AI-based ECG monitoring device for healthcare professionals, called Spandan ECG. 
  • In a Can, a crafted cocktail brand that brings premium taste of restaurant style cocktails in the convenience of a can.
  • Revamp Moto, developing connected electric vehicles based on its modular utility platforms. 
  • The Yarn Bazaar, a B2B marketplace solving the problem of broken supply chain and working capital constraints in the textile industry.
  • HairOriginals, a one-stop solution for premium Indian remy hair (raw hair) products to global customers. 
  • Ariro Toys, a D2C brand of eco-friendly toys for kids from 0-3 years. 

Besides the pitches by these startups and others, Jugadu Kamlesh, who won everyone’s hearts, especially Peyush’s at Shark Tank India, also launched his pesticide machine prototype on the stage. Needless to say, he re-won the hearts of the audience with his story of passion and zeal.

Jugadu Kamlesh showcasing the prototype of his pesticide machine.

The packed day-long event also featured a scintillating panel discussion on the way forward for early-stage startups moderated by Peyush in his inimitable style. On the panel were some seasoned investors who shared their valuable insights. They included Shanti Mohan, Co-founder and CEO of LetsVenture, Vivek Khare, Lead Angel Investor and former business head of InfoEdge, Manu Chandra, Founder and Managing Partner at Sauce.vc, and Govind Shorewala, Founder & Managing Partner of Fairangels.VC

(From left to right) Govind Shorewala, Shanti Mohan, Peyush Bansal, Manu Chandra, and Vivek Khare

Here are some excerpts from the discussion.

Slowdown and its aftereffects

Shanti: Typically angel investment stays insulated from the vagaries of the market conditions. And this is probably the best time to start a company because you can’t go lower than where the market is going. As an investor, you start seeing a lot more high quality founders, because we know that they are not starting a business because capital is easily available. They know they will have to answer tough questions and be prepared for tougher times. The quality of entrepreneurship in those troughs has always proven to be the highest.

Learnings for early stage companies

Vivek: Every startup has to go through what is called product-market fit. At this early stage there is very little data available with the investor. One has to go by instincts mostly. The other important point for me while evaluating a startup is whether the founder is capable of growing a strong team around them.

Govind: Founder is the most important factor for me while decided on the deal. Founders who have a long-term vision, and have a solid, fundamental business model from day one. 

Best time to build a business

Manu: We invest for seven to eight years as private market investors. We know that everytime there is a boom, everything will be good. After Covid, we have not seen better numbers. Consumer confidence has gone through the roof. This is the best time to invest because the founders will be building for the long term. All the fluff needs to go.

The finale of the event was a cracking fireside chat between Peyush and CNBCTV18 YoungTurks journalist Aishwarya Anand.

The event was organised in association with CultureCap, the investment arm of Peyush Bansal, Sambhav Rakyan, and Amit Mittal.

(From left to right): Sambhav Rakyan and Amit Mittal with angel investor Uday Kumar BS.
Team LetsVenture
Angel Investors

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