Deepak Garg

Thanks Bismah and Inc42 Media for the insightful coverage and deep dive into the vital role of operator VCs! Bismah's thoughtful analysis underscores the growing need for operator VCs in today's startup landscape. As an operator VC , I've witnessed firsthand how founders increasingly value more than just capital. They seek partners who bring operational expertise, strategic guidance, and an extensive network to the table. These elements are crucial for driving sustainable growth and navigating the complexities of scaling a business. At GrowthCap Ventures , we understand the unique challenges faced by early-stage startups, which is why we prioritize offering not just funding, but also hands-on support and access to our extensive network. Together, we're empowering founders to realize their vision and build transformative businesses. #OperatorVC #StartupEcosystem #Gratitude

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"We bought a 13-acre piece of land in a village called Sikra in Kutch which is enough for us to reach a revenue of 500 crores." 🔥 Ep#08 of The India Opportunity Podcast with Aditya Aagare from Thermoflyde is out now! 🔥 Watch here: https://lnkd.in/g6JjrGq6 We talk about: > The market opportunity in the refractory space - north of $30 Billion USD globally > How Thermoflyde is aggressively growing its market share by taking on RHI Magnestia (a $3 Billion revenue-generating, publicly listed business) and has grown 100% year-on-year in terms of REVENUE > How starting up in college taught Aditya lessons about entrepreneurship the hard way > Focusing on customer service as a competitive advantage > Building an IPO-able, cash-flow-positive business > 500 Crores revenue in sight with current capacity and potential to grow much bigger > Aditya's goal of positively impacting 1000+ lives > How traditional manufacturing businesses can be multi-baggers over decades in the public markets > How kindness from angels helped them survive in the first 2 years Great episode for founders looking to build IPO-able businesses, with key insights into how to prepare your business at the earliest stages if IPO is an outcome you're working towards. Thermoflyde Industries Private Limited is destined to be a big success story emerging in the traditional manufacturing space and we're early backers via Swadharma Source Ventures - SSV. Thrilled to share Aditya's story with the world. #india #manufacturing #makeinindia #rhimagnestia #refractory #steelplants #ipo

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2024 in Review - My Experiences in the Indian Early-stage VC Ecosystem... Boxing 2024... 1) On Start-up and VC Trends 2) On Start-up Pitches 3) On VC Expectations from Start-ups 4) On Growth Partnerships with VCs 5) On Deep Engagement between a VC and Start-up 6) On Tapping the Portfolio Community 7) On Brand Building - by VCs and Start-ups Unboxing 2025...

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Boris Wertz is one of the many western Venture Capitalists who has been bullish on India and he has displayed it through his actions. Boris is an LP in 5 funds out of India and direct investor through his fund Version One Ventures in a number of companies. He shares in this podcast what makes India so appealing for US / Canadian investors. Globally India is the emerging market which the best of global investors are already investing or aspire to invest in Earlier we had questions on why India is not producing enough exits In 2024 the public market value of Indian startups crossed $100B These are $100B of liquid shares that can be anytime traded on NSE / BSE once the 6 month of lockin expires after the IPO This podcast shares the view of how investors in the US are thinking about Indian private markets https://lnkd.in/g3AfrVCM

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Isn’t it amazing how start-ups’/ companies’ focus have dramatically shifted to profitability? 😯 Just in the last decade era (10-15 years back), companies like Amazon/ Flipkart, Ola/Uber, BYJU'S’s, OYO and WeWork were laser-focused on growth - revenues over everything.
 It was all about grabbing market share, even if it meant burning through cash. 💸 Today, most of them are still loss-making. But companies in the last 5-10 years? We’re seeing a shift.
 Newer players (or the ones that became prominent recently) like Meesho, Zepto, Urban Company, and PW (PhysicsWallah) are taking a different path.
 They’re not just chasing scale— most of them actually aiming and winning profitability (at least EBITDA-positive). 📊
 Sustainability is finally becoming as important as growth. Of course, it’s not a one-size-fits-all trend.
Companies like Ola Electric are loss making, while Zerodha (last decade era) have consistently made profits. But it’s fascinating to see this evolution of new tech/ business model focus to profitability.
 What do you think about this shift? 💬

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I’m a startup founder, and I’ve been fighting battles I shouldn’t have to—thanks to people like Yogesh Dhingra, the founder of Smartr Logistics, Ex CFO Bluedart whose actions (or lack thereof) have pushed me to the edge. Back in March 2024, I delivered my work with full dedication and raised an invoice of ₹23 lakh—an amount he acknowledged without hesitation. But 10 months later, I’m still waiting. Waiting through false promises like “Bas kar dunga,” unanswered calls, and blatant silence. Meanwhile, Yogesh’s own company has shut down, leaving not just me but dozens of vendors unpaid. And here I am, left to wonder if I should keep fighting or just give up. 👉 ₹23 lakh isn’t just a number. It’s my entire month’s revenue.  It could: Pay my team, who’ve been sacrificing along with me. Fund critical projects to keep my business alive. Be the lifeline that startups like mine desperately need. Instead, I’m forced to beg for what I’ve rightfully earned while juggling bills, mental exhaustion, and the fear of losing everything I’ve built. To the Ministry of Corporate Affairs, fellow vendors, and the startup community: This isn’t just my fight. It’s a reflection of a system that lets people like this destroy dreams without consequence. We’re not losing to competition—we’re being crushed by broken promises and unpaid dues. To those reading this: If you’ve been through something similar, let’s stand together and demand accountability. No founder, no business, should ever have to beg for what they rightfully earned. Please share this post it can reach to Yogesh and his people taaki kuch sharam aaye. Smartr Logistics Girish Mirchandani360 ONE WealthGeeta Mathur Nirmal Jain Indian Transport & Logistics NewsYourStory Media Balfour ManuelStartup Story®Startup Pedia GOVERMENT OF INDIAMSME Business Forum India

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Meet the man who built India's largest logistics company at 40,000 CR. 1. It was March 2010. The Internet boomed to 210.23 million users in India. Sahil Barua, a consultant at Bain studying the telecom sector for three years, knew the Internet would be massive. He wanted to start a startup. With two of his friends from Bain, he took a big step. 👇 2. He took a six-month sabbatical but could not find the idea for months. And one day, his food order was late by half an hour. That's when Sahil realised that online food companies could get the orders online but lacked the logistics to deliver them. He wanted to solve it. ✅ 3. He partnered with local restaurants and set up an office with six employees and four delivery persons from a 250 sq ft room in Gurgaon. Sahil started clocking 100 orders daily with deliveries in under 30 minutes, but the big wake-up call arrived. 👇 4. Food delivery was getting solved with emerging players like Zomato, but E-commerce was still an open market. Conventional players like DTDC could not make doorstep delivery. Sahil changed the plan. In January 2011, SSN Logistics started, and Delhivery was born. 🚀 5. Sahil delivered free for a month, on the condition to do thirty deliveries monthly and upgrade to 50 in the next month if satisfied. And the idea worked. By 2012, Delhivery delivered over 500 shipments across five customers and scaled to three centres within Delhi NCR. It raised 7 CR from Times Internet. 6. Delhivery skyrocketed to 2 million orders across 90 clients. They kept the pricing as low as Rs 35 for a 500-gram packet. It also opened two 10,000 sq ft fulfilment centres in Delhi and Chennai. Seeing the growth, Nexus Venture Partners pumped 35 CR. 💸 7. Delhivery kept growing and processed 9000 orders daily. 90% of revenues came from shipping, and Delhivery expanded to 180 towns and cities in India. On 8th September 2014, it raised 212 CR led by Multiples Alternate Asset Management and became a 500 CR company. 💰 8. Growing 400% yearly, Delhivery handled 3 million monthly transactions for 1,500 e-commerce companies. It had beaten the competition by focusing on 45,000 non-e-commerce enterprises for order management and warehousing solutions. As it expanded to 1 million sq. ft of warehousing space, it raised 506 CR from Tiger Global and became a 2000 CR company. 📉 9. Delhivery grew on steroids and grossed a revenue of 1073.64 CR, 15,000 pin codes and 30 fulfilment centres across 12 cities by 2018. On 24th March 2019, it raised 2766.82 CR led by Softbank and became the first unicorn of 2019. As Delhivery became a 10,000 CR company, the headline news came. 📰 10. On 11th May 2022, Delhivery went for a 5235 CR IPO and saw an oversubscription of 1.63 times. 🙌 ➡️ Today, Delhivery has shipped 2.1 billion parcels across 30,000 businesses and 99.5% of India's population. It leads with a 21.5% market share. 💪 Sahil Barua's small dream has become a 40,000 CR company today. 🙏 #india #startup #casestudy

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

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Given the changing paradigms in technology and media, we know that the next 10 years will look nothing like the last 10 years. Thanks to The Economic Times for capturing our interactive media thesis for the years ahead. As we crystal ball gaze into the future, there has been no better time to invest in India. In the last few years, we have seen the market mature across key vectors - propensity to pay, quality of talent, capital inflows, and exits. This represents meaningful upside for founders and investors in this space over the coming decade. With the incredible shifts in tech, media and gaming, there are some exciting times ahead! 🚀 https://lnkd.in/gTfYa3Kw

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Zepto’s rapid rise: strong fy24 results and $350 million domestic funding ahead of ipo Zepto continues to lead India’s quick-commerce revolution with an impressive mix of financial growth and strategic funding. The company’s FY24 revenue surged by 120% to $536 million, up from $244 million in FY23, driven by strong customer demand and operational efficiencies. At the same time, net losses narrowed to $150 million, with loss margins improving from -63% in FY23 to -28% in FY24. Notably, 75% of Zepto’s stores achieved EBITDA positivity as of May 2024, highlighting its operational strength. Adding to this momentum, Zepto recently raised $350 million in a fully domestic funding round led by Motilal Oswal Wealth Limited, valuing the company at $5 billion. This round, the largest-ever 100% domestic fundraise in India’s startup ecosystem, included high-profile investors such as Raamdeo Agrawal, the Taparia Family Office, Mankind Pharma Family Office, and RP Sanjiv Goenka Group, as well as brands like Haldiram Snacks and Cello. Celebrities Abhishek Bachchan and Sachin Tendulkar also participated. Zepto has now raised $1.6 billion over the past 15 months, securing its financial position as it prepares for its IPO in 2025. Co-founder and CEO Aadit Palicha, emphasized the significance of this funding, stating, “When we started, the risk appetite among domestic investors was limited. Today, we are humbled to lead a fundraise of this magnitude, setting a precedent for other startups.” The funding will be used to scale operations, including expanding to 700 dark stores and growing the Zepto Café service, which currently delivers 30,000 orders daily. Zepto’s Gross Merchandise Value (GMV) has surpassed $1 billion, cementing its position as a leader in the quick-commerce market. With a 29% market share, it is second only to Blinkit (46%), outpacing Swiggy Instamart (25%). As India’s most-funded startup this year, Zepto is not just scaling fast but also staying focused on profitability and operational excellence. Its path to profitability by FY25 and emphasis on domestic ownership are setting it apart as a standout in India’s startup ecosystem. #quickcommerce #startupgrowth #zepto #indianstartups #retailtech #ecommerce #fundingnews #iposuccess #domesticfunding #darkstores #zeptocafe #growthstrategy #profitability #hyperlocal #businessinnovation #investmentnews #supplychain #aov #futureofretail #consumertrends #businessnews #retailstrategy #asiastartups #india #fooddelivery #marketleaders #fundingmilestones #logisticsinnovation #startupexecution

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https://lnkd.in/gMjvrgeP Amazon has significantly shaped the e-commerce landscape in India, opening doors wide for D2C brands and MSMEs to not only flourish locally but also to tap into global markets. However, embracing this rapid growth without scrutiny, as Commerce Minister Piyush Goyal aptly points out, may overlook the subtler impacts on our small-town shopkeepers who form the backbone of our local economies. The government's initiative, the Open Network for Digital Commerce (ONDC), proposes a counterbalance, promising a fair playing field where these smaller retailers are no longer sidelined. By connecting with the expansive ONDC network, they get the opportunity to reach customers nationwide, breathing new life into the traditional fabric of Indian commerce. This narrative isn't just about technology and market shares; it's also a story of preserving our community markets, ensuring they too thrive in the digital era. It's a vision for an inclusive e-commerce growth that respects and integrates the old with the new—a change that could redefine the marketplace for generations to come.

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

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It is fabulous to see the growing interest in Angel Investments in Startups.. The news of Mamaearth stocks and also those of Zomato, Policy Bazar etc doing so well and making many new millionaires is definitely helping the cause. Some of these angel investors are beneficiaries of exits and esops and hence believe in this asset class, while others are looking to build such breakout events in their lives. Yet there are others who thrive in the ecosystem and enjoy riding the wave while making profits or losses from it. Whatever is the motivation, this space needs to be tread with caution. As a lead investor of our syndicate VG Angels at VentureGarage and having over a decade of experience in this space, I often advice my fellow angel investors the following: 1. Angel Investment is probably the riskiest asset class and requires patience. If you want to be one, then invest in 7-8 cos in 3 years or so and then expect a breakout in the 4th year from one of them. 2. There are over 20000 startups registering in the country every year, it is almost impossible for you to source and then invest in one of the top 20 of those. Follow a syndicate lead investor or a curated angel network for the deal flow and evaluation. 3. Founders are not looking for your mentorship. Invest in them first and then maybe you can mentor them. Definitely do not invest in founders who need your active guidance. 4. Learn about the future opportunities and build your thesis around some sectors. Learning new stuff is one of the big requirements and motivators of angel investments after all. Invest in those sectors which you are bullish about. Happy investing! https://lnkd.in/g2xx3zBX

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I encountered the all-pervading obnoxious behaviour of jury members, especially those from the Academia when evaluating grant proposals long before Shark Tank. The first was a Startup Superstar from IIM Kochin at a pitch in 2017, when he rudely interrupted me on every slide, and was dismissive about everything I said with a grimace, worthy of a Rajnikanth villain. He had no clue about the subject of boats and navigation and his final argument about my proposal of building bamboo composite boats in Assam was that since boats are already made elsewhere, why should they be made here-One can't fight with such logic. In another episode, fed up with the condescending rudeness of a now retired IIT Guwahati Professor, I pulled him up and demanded that he define the word innovation, since on every page of my slide he had the same mantra, but where is the innovation? My most recent encounter, thankfully online, was with another loud and pompous know-all from IIM Kochin, who in a 5-minute Q&A session managed to pack in multiple questions in one, and no he was not bothered to listen to replies as all his focus was on interrupting me and asking another utterly irrelevant 5-in-1 question. Each revealed that his knowledge about composites, material science and navigation was sorely lacking - and I am being polite here. A Startup Circus indeed... #startupcircus

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

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Key persons at #Venture Capital/ #Private Equity, needs to go an extra mile, per the SEBI new mandate.. Wrote an #exam after ages and successfully nailed it, reading through 550+ pages was in itself an intricating task! Apparently spent a weekend reading and navigating multiple sleep cycles!! Here are some key take aways: 1. Read the entire 550+ page work book, that's the only material currently available! (can skip few parts with less score weightage) 2. Don't practice or give any mock, again since there isn't one available! and nothing of MCQs covered in the study material or NISM site forms part of the exam.. 3. Do focus on reading the quantitative aspects covered in the study material i.e. leverage/ hedging for Cat III AIFs, NAV calculations, Carry / Catch-up calculation etc. 4. Do master AIF taxation and SEBI regulations! 5. You have an option to park the question if you are not sure, do use that and be cautious about negative markings! Amidst preparing for the exam (and enjoying the exciting Olympic events for India over the weekend), I couldn’t help but ponder: if I encounter any of these concepts in real life, I’ll have the regulations and formulas at my fingertips—so why all the stress? But now that I have cleared the exam, I look forward to the next opportunity to test my skills in 3 years, as the current certification is valid only for just that long! Here’s to continuous #learning and embracing the thrill of new #challenges!

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Yesterday, I was invited by TiE Delhi-NCR to moderate a panel titled 'Zero to One: Crafting a Scalable Tech Startup Blueprint' at the #IMC2024. Thanks Upasana Sharma for enabling this engaging conversation with Akhil Choudhary, Smita Pandey Mishra, Kumar Amit and Gaurav Gupta. It was fun to talk to them about 1. How they came up with Zero? Where did their venture start? 2. What was the first 2 things they did when they started? 3. Who was with them at Zero, at the start? 4. What has been their biggest mistake in their Zero to One journey so far? 5. Whether they raised funding or not? Either case, what was their thought process behind taking investor funding or not? They regaled us with stories of how they began, the small coincidences in life that always mattered, and the constant learning at every stage of their venture they have to adopt. Few high level themes that came out: 1. All founders when they started had to focus on 'Customer First', who will pay for what I am offering, whatever else be on their mind 2. All businesses have to do 2 things and 2 things only, 'Make something - Product or Service' and 'Sell it'. All other activities are supporting of the above 3. Nothing can be done without a team, Entrepreneurship is a Team Sport 4. One should raise Investor Capital only when it can help you either 'Create an Opportunity' or 'Capture an Opportunity' After the panel, we had a speed dating session with founders and some curated pitches at the Aspire Stage. Great work from TiE Delhi-NCR in putting this together. One thought though, walking through the startup aisles at #IMC, it felt like any and every startup was invited to the event. Given that its the #IndiaMobileCongress, it would have been better in my view for the relevant startups to stand out and get audience, if some selected from the event theme get showcased. With so many startups, it is overwhelming and leaves all of them at a disadvantage, I felt. It would have helped IAN Group (formerly Indian Angel Network) team members from #IANAlphaFund and #IANAngelFund identify real investment opportunities better.

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