Suhani Chhaparwal

Happy to share our latest article in The Economic Times on the "The Impact of ESG criteria in Real Estate Investments." Your thoughts and feedback are welcome! The Economic Times Spyre Proptech Venture Fund GRI Club India CREDAI National #ESG #Sustainability #Realestate

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I'm VERY excited about this. Having seen what Earthena's platform is capable of, I expect every C-suite across heavy industries to be clamoring for access. A 100 slide study from a big four takes months, disrupts your business, costs an arm+leg, and still doesn't give you the analysis you really need to take to your board. Get decision-quality answers to the complex financial & climate related questions you have about YOUR business immediately. From strategic planning to responding to an investor's question about a new regulation - Earthena will be your new best friend. #sustainability #decarbonization #climateregulation #climaterisk

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Last week, was taking interviews of CA Rankers of May 2024 cohort for roles with Kotak Realty Fund team. Very bright candidates, with a promising career ahead. I couldn't help empathize when all of them said they want to do roles in IB / VC / PE. Resonates with my thoughts when I passed out MBA 10 years back. CA Rankers are sought after by all, they will have choice of roles. But it is important that they come into these roles knowing what those entail and whether they are a good fit in the company culture and the role. Also, one shouldn't broad brush IB / VC / PE, very different profiles requiring varying and distinct skill sets to succeed. We are still hiring, looking for candidates who have given some degree of thought to what profile fits them. The interview process is to understand the fitment for aptitude, drive and motivation. Do your background work and approach interviews, thereafter the company folks are here to guide, decision remains with you.

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I first met Mike Maples, Jr in 2010, when Founders Network was just an idea. Over the years, Mike and his team at Floodgate (special shoutout to Arjun Chopra) have been great mentors, sharing their insights and guiding our founders. Most recently, their advice played a pivotal role in helping us launch Founders Network Fund. Today, Mike shared the key ideas with FN'ers from his new book Pattern Breakers (https://a.co/d/buKBd5O ), which explores the insights he’s gained from backing companies like Twitter, Twitch, and Okta -- and which put him on the Forbes Midas List 8x. This is the most important book on startups in the last ten years, according to Steve Blank. My notes on the key concepts of his talk: 1) Inflections – "not a trend but a change event that represents a turning point in our ability to provide empowerment." e.g. The GPS chip in iPhone 4s 2) Insights – "a non-consensus and right insight about the future that's powerful and non obvious and leverages inflections." e.g. Lyft = GPS + strangers driving you 3) Founder future fit – "Living in the future before other people live in the future and then try to build what's missing in the future." If you're a founder, check out the book. Grateful for the impact Mike and Arjun continue to have on both me and the Founders Network community!

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In India's startup ecosystem, equity is crucial for early-stage growth. However, as businesses grow and evolve from ideas into structured organizations, debt becomes increasingly significant. Part II of this debt series analyzes the role of debt as a complement to equity, exploring when and how to integrate debt into your capital mix, and the specific use cases [across working capital, runway extension, acquisition financing, and Asset liability mismatch] for which startups can effectively utilize debt. Part I of the series focussed on exploring debt's function in the capital mix of early-stage startups, the factors underlying its limited adoption, its significance within capital structures, and strategies for optimizing costs to attain an ideal capital structure for startups. In case you missed it, please have a read: https://lnkd.in/gnCrbw6T

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Looking forward to meeting women entrepreneurs who are on their journey to create some pathbreaking ideas and inspiring others to do the same. #advaitawomenentrepreneurs #womeninbusiness #entrepreneurship #womenentrepreneurs #EmpowerWomen #womenleaders #businesswomen

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A series where we highlight Gemba Capital's Portfolio companies' every week. Simple post - no gyaan and no bakwaas :) This week meet Pramod Rao and Abhishek Nalin from Threado AI Kamini Shivalkar Aditya Vargante Govind Lohia Vipul Rawal ↗️ ️Anupreet Singh 📈 Sujoy Chakravarty #meetourportfolio #earlystage #venturecapital #startups #tech #india #portfolio

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This by Niren Shah of Norwest Venture Partners in his interview with Madhav Chanchani on The Arc is a point i deeply resonate with. Because we have a very thin (~30m households, ~120m people) consuming class (India1) for most products, if you are looking to expand outside this segment, then your pricing changes, and that impacts your cac, and unit econ and you have to reconfigure the biz model all over again, and then you have to rework PMF for this audience. My 2 caveats for early stage founders 1) monetise early, even if it is a 2-stage biz model where you get audience first, and then think of monetising. Do not keep it unmonetised for too long. It is only when the customer faces some economic cost, or you know someone is paying for the product (advertiser), that you know it is working, and can pour on the customer acquisition fuel 2) if you believe you are largely an India1 product - and there is no shame in it (for this 120m people would be the 13th most populated nation in the world if it were seen as a separate country) - then be careful about how much capital you raise. The biggest mistake happens when you raise a lot of capital - typically at Series B,C thinking the growth will continue, and you get tapped out, but to satisfy the madates of growth investors you still end up spending for customers, but a lot of your original biz model and pricing has to change to cater to this lower income set, and the unit econ goes awry. TLDR: Monetize early. And if you are going to remain India1, raise only the capital you can absorb, get profitable and list early. Link to the arc piece: https://lnkd.in/g7zsRE3F

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Super stoked to announce the close of our third fund! Grateful to have been a part of the journey thus far. 🚀 🚀 If you are building in the consumer brand space, please reach out to us- we would love to have a chat. We invest in businesses at a pre-seed, pre-revenue stage with the ability to support our portfolio companies until growth/ late stages. #Fund3 #ConsumerBrands #EarlyStageInvesting #SauceVC #Startups  #Entrepreneurship #IndiaGrowthStory #PreseedInvestment #VentureCapital #Consumer

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It is often said that Impact investing does not deliver financial returns. At C4D Partners, we are proving this wrong. Our Fund 1 has already achieved a 51% DPI on the India portfolio within 6 years of fund life, delivering a robust IRR. We’re not just about investing for impact, but also prioritizing strong, sustainable financial returns. We carefully select companies that are cash flow positive and demonstrate a clear path to profitability within a couple of years of our investment. This has enabled us to keep our mortality rate under 20%, lower than the industry average. Our approach - We invest in early-growth stage companies that are well-governed and on a clear path to positive cash flows, and be there for the long haul. Our approach comprises not just capital infusion, but active involvement in fostering a culture of transparency, operational excellence and sustainable value creation. We position our investments for sustainability and success in an ever-evolving market. If you’re a startup or investor interested in partnering with us, or just curious to learn more, let’s connect. Mirakle Couriers, Ecotasar, LabourNet, Saahas Zero Waste, Aarohan , 1BRIDGE, Ananya Finance, Freyr Energy Services Pvt Ltd #VentureCapital #Startups #SMEs #GrowthCapital #InvestmentStrategy #C4DPartners

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Yesterday, at the TiE Global Summit 2024, we had the privilege of unveiling India Alpha – The Techade of Opportunity, a Kalaari Capital report. The report launch was graced by Deepak Chopra MD (official), who discussed how India can unlock its potential to lead on the global stage.    Our report explores India’s rise as a global economic powerhouse across sectors like Consumer, Deeptech, SaaS and AI. Below are a few key insights from the report.   The India Imperative: Seizing the Global Spotlight > India, with 900M under 35, boasts the world’s youngest and most ambitious workforce, giving it a unique demographic edge. > In a digital-first era, India’s working population—68% of the world’s total by 2030—will drive unparalleled productivity.   India’s Mosaic of Demand: The Billion-Buyer Boom > 70% of Indians own smartphones, with an average usage of 7+ hours daily. > By 2030, consumption across core categories will double, adding $2T, with startups leading the digital lifestyle shift.   Factories & DeepTech: Engines of Growth > ‘Make in India’ offers a $1.5T opportunity, with manufacturing exports set to triple by 2030. > India ranks as a top destination for global businesses and leads in DeepTech startups, excelling in EVs, semiconductors, space, and robotics.   The Great Ind(AI)n Software Story > Patent filings have tripled in the last decade, with computer/software IP being the single largest contributing category. > India contributes 19% of global AI projects, ranking 2nd worldwide. > Software revenues will surpass $500B by 2030, powered by the world’s 2nd largest SaaS ecosystem.   India’s Startup Ecosystem: Driving the Techade > India is home to 140K+ startups, ranking 3rd globally, with 45x growth in the last decade. > By 2030, India will see its number of unicorns triple from 100 to 300. > Startups will quadruple their GDP contribution, rising from $35B today to $100B+ by 2030, driving significant economic impact.   The process of creating this report has been an enriching and collaborative effort. It was incredibly fulfilling to work closely with our talented investment team over the past few months. The team delved into extensive research to uncover the trends that will shape India’s future.   Jayraj Bharat Patel , Harsh Choudhary , Sana Gupta , Piyush R Golecha   At Kalaari Capital, we've been committed to enabling entrepreneurs for over two decades, and we are more dedicated than ever to supporting India’s entrepreneurial ecosystem.   This report is not just a reflection of opportunities—it’s a call to action. Whether you're building, investing, or just curious about India’s potential, I encourage you to explore the insights and trends that will define the years to come.   👉 Access the full report: https://bit.ly/41tnHHm   Let’s unlock India’s Alpha, together.   #IndiaAlpha #TechadeOfOpportunity #KalaariCapital

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In my 18 months at Prime, I've been a part of countless pitch meetings. Through these, I've identified certain patterns that pique my interest in a company and its founder(s) enough to move to the next level of discussion. Many founders express frustration with the pitching process due to a lack of actionable advice on how to prepare. In this fireside chat with Jerome Manuel, I share my approach to running a first pitch meeting and what I look for when considering a second meeting. I hope this proves helpful to those navigating the startup pitch and fundraising process. Please feel free to share your comments and feedback! #startuppitch #fundraising Check out the full video here: https://lnkd.in/gg2FK5qF

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Super excited to welcome back Prof Aswath Damodaran for a second year on TRIUM Angels Ascend Program and R3i Venturers. 9 Key Takeouts from our workshop on #StartupValuation 1. Numbers Meet Storytelling: Every valuation starts with a narrative. You can't understand a company's value if you don't know the story behind it—whether it's a growth market, a disruptive force, or a brand with cultural cachet. Your company isn't just about products and financials; it's about where it's going and why. 2. Revenue Growth & Target Margins: Growth potential is sexy, but profitability is the goal. Investors care about the path to target margins. Can you scale without bleeding cash? Show them the road—profitable, and efficient. 3. The Corporate Lifecycle: Understand where the company is—startup, growth, maturity. Different phases need different strategies, different stories. Not every company is meant to be the next Nvidia, but every company needs to understand where it stands. 4. A Good Narrative: Keep it simple, make it compelling, and hook the audience. Nobody remembers buzzwords, but they do remember a powerful story about unmet needs and market gaps. Make it memorable, not just measurable. 5. The Runaway Story: Charismatic leadership, disrupting an unliked status quo, with a bonus benefit for society? That's a formula for a runaway narrative. People root for the underdog—and that includes the market, sometimes even irrationally. But be careful—don't let hype override rationality. 6. Check the Narrative Against Reality: A great story is compelling, but it’s even better when backed by numbers and common sense. Always pressure-test your narrative—does it hold up to market dynamics, macro factors, and historical precedent? 7. Link Story to Value: If it doesn’t impact cash flow or risk, it doesn’t impact value. Make sure every part of your story affects a key value driver—revenue, margins, reinvestment. The narrative must translate into financial outcomes. 8. Keep Feedback in the Loop: Defending your narrative without critique is a one-way ticket to poor decisions. Open yourself to opposing views—have the people who disagree with you the most challenge your assumptions. Hubris kills investors. 9. Be Ready to Adapt: Market conditions change, competition moves, your strengths may turn into weaknesses. Always be ready to adjust the narrative—because what works today may not work tomorrow. Huge thanks to Professor Aswath Damodaran sharing knowledge this #Deepavali on TRIUM Angels program. What does it take to be the most loved Corporate Finance Professor on the planet? A heart of #servantleadership, #passion, #humility, and a consistent commitment to  #accessibility, #disruption, and #excellence. The spirit of TRIUM Global Executive MBA and our fellow alumni at NYU Stern School of Business HEC Paris and The London School of Economics and Political Science (LSE) shines brightly this #deepavali.

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I recently had the pleasure of joining the ChangeJar team for a podcast as part of their #jarexchange series. During the discussion, we touched upon an insightful comparison between the US and Indian VC ecosystems. A fascinating look into the world of venture capital. #venturecapital #india Jar

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Sharp questions NISHA PODDAR and sensible answers from one of the most under-stated investors (with a stellar track record) Mukul Arora 👏 Elevation Capital have indeed set a high bar for private markets investing in India. No surprise that they are loved by founders, LP's and other stakeholders. At WaterBridge Ventures have had the privilege of working with #ElevationCapital on several company building journeys and it has been a lot of learning and fun. As Mukul said, fundamentally it's about backing high quality founders & companies, looking for the right levers (innovation vs. profitability depending on the stage), and re-tooling, evolving investment strategies as market structures and business models of success change in a fast evolving market like 🇮🇳. He makes it sound so simple. But it is - just the discipline of doing it repeatedly isn’t, that requires a different order of effort and skill. And that also separates the Midas touch investors from the common ones. Icing on the cake that #ElevationCapital folks are also as humble as they come 🎉

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Continuously learning on the job and reflecting on those learnings are important for personal growth. Another important thing is to pen down those reflections once in a while. This is a nice short read from Kaushik with candid reflections of an operator to VC transition with insightful nuggets for anyone who may be new at that intersection or for first/second time founders. #venturecapital #operator #founders

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Looking forward to diving into the state of the late-stage venture market at TechCrunch Disrupt next week with Karthik Subramanian. With late-stage companies facing tougher paths to exit, we’ll be debating whether the market is actually rebounding, sharing our thoughts on the outlook for future IPOs, and discussing how founders can navigate these shifting dynamics. Hope to see you there! #TCDisrupt #VC

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It’s critical to determine the right product pricing strategy from the get-go by keeping in mind the eventual unit profitability! 🙌 Shoutout to Sajith Pai and Madhav Chanchani for highlighting this important pitfall for startups. Setting initial product pricing too low for consumers, may result in a *perceived* PMF, but it can lead to trouble down the road. If you are forced to increase your product’s pricing to achieve unit profitability, it could result in the entire customer segment itself changing! This becomes a massive problem since you would need to start your PMF journey for this higher segment all over again! We are seeing this in late stage venture companies all the time. This issue is particularly challenging in emerging economies like India, where lower GDP per capita makes consumers much more price sensitive than places like the US, China etc. We need to coin a new term PMUEF (Product-Market-Unit Enomics Fit) instead of just PMF for India! 🙏

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