Gemba Capital, India’s leading Micro VC Fund has boosted it Advisory Board with the inclusion of Somak Ghosh, a Banking and Investment Management stalwart. Somak brings a total of 30+ years of experience across Corporate and Development Banking, Venture Capital/Private Equity, Infrastructure Finance and Corporate Strategy.
Somak started his career in 1993 and spent a decade with ICICI, Reliance and Rabo India before joining Yes Bank as Group President in 2004.
At Yes Bank, Somak was leading the bank’s Corporate and Development Banking Charter. He was subsequently designated as a Professional Co-Founder for his contribution towards setting up and building one of India’s most successful midsized banks. By the time Somak left Yes Bank in 2012, he was managing over Rs. 40,000 crore of the bank’s assets and over 50% of the profits.
Driven by his interest in the startup ecosystem, in 2013 he set up SEBI registered Contrarian Vriddhi Fund and made seed investments in 12 startups, which includes Pratilipi, Progcap, Signzy, Squadstack, Minjar to name a few.
Somak also sits on the Investment Committee of Motilal Oswal Real Estate Fund. Somak did his MBA from FMS (Delhi) and is an Advanced Leadership Fellow at Harvard (USA).
On joining the Advisory Board at Gemba Capital, Somak Ghosh commented that “I always wanted to contribute towards the development of the startup and fintech ecosystem in India. This engagement with Gemba Capital is an effort to help the ecosystem with my experiences and learnings. I have known both Adith and Govind for a long time and I look forward to add strategic value to Gemba Capital and their portfolio companies.”
Commenting on the engagement Adith Podhar, Founding Partner at Gemba Capital said “Somak brings a vast wealth of experience across BFSI and Venture Capital domains. The Fund will seek his advice on governance and strategic decisions. With his expertise and mentorship, we will add real value to our Portfolio Companies since Fintech is a core investment focus for our Fund-II. We are super elated to have him as part of Gemba Capital Family”
Gemba Capital has invested in 50+ startups so far including the likes of Plum Insurtech, Grip Invest, Wint Wealth, Zuper, Navadhan, Volt Money, Click Post, Showroom, Strata, Kredmint to name a few. They recently received the SEBI License for their second fund of US$30 million through which they will invest in seed/pre-seed stage startups across Fintech, Consumer Tech and B2B Platforms.
Mistry.Store, a leading one-stop platform for building materials in the NCR region, has launched India’s first custom-finished boards for the modular kitchen segment.
Enstiva, the custom finished boards, offers pre-pasted boards in a wide variety, will revolutionise the modular furniture making process for architects, interior designers, furniture manufacturers, contractors in India.
Founded in 2022, Mistry.Store has become a trusted partner for over 3,500+ building professionals, offering a comprehensive range of building materials. Now, with Enstiva, the company is taking the industry a step further.
“We are excited to introduce Enstiva as a game-changer for India’s design and construction community,” said Mr. Vaibhav Poddar, Co-founder at Mistry.Store.
“Large majority of boards today are pressed in-house by Professionals, which consumes significant time and cost. Plus, readily available choice are extremely limited with the rest having a lead time of 3-4 weeks. We want to address these pain points by offering a comprehensive solution. Our finished boards provide a time-saving and cost-effective alternative. Professionals can get finished boards customised to their choice of board and finishes without compromising on cost, quality or lead times. Enstiva’s collection features diverse finishes and textures, catering to a wide range of design preferences. From timeless melamine to contemporary acrylic, there’s a perfect board for every project,” he added.
Enstiva boards offer pre-pasted convenience, saving time and effort with ready-to-use boards. Choose from over 100+ stunning shades for extensive customization. Experience exceptional durability and flawless finishes with unwavering quality. Select the perfect board for your specific project needs from multiple board options. Enjoy custom board production in just four days with rapid turnaround.
By partnering with Enstiva, professionals can gain a significant advantage. They can streamline their workflows, reduce project timelines, and achieve exceptional results.
With Enstiva, the possibilities for stunning and innovative design are limitless.
The launch of Enstiva pre-laminated boards puts Mistry.Store at the leading edge of a growing market trend.
This revolutionary product empowers interior building professionals in three key ways: first, by eliminating manual lamination with pre-pasted boards, it reduces hassle and saves valuable time and effort.
Second, the incredibly fast four-day turnaround for custom boards significantly shortens production timelines. Finally, Enstiva offers a wide range of high-quality pre-finished options, ensuring premium finishes for any interior design project.
Mistry.Store is confident that Enstiva will not only strengthen brand loyalty among existing customers in the NCR region but also propel them towards national expansion. With a robust setup capable of producing over 1,000+ boards daily, they anticipate a 20x growth in the next financial year with an estimated sale of approx. 25,000+ boards a month.
Enstiva, by Mistry.Store, promises to reshape the furniture making landscape in India, empowering professionals to create exceptional spaces with unmatched efficiency and ease.
Pre-laminated boards are dominant in the furniture and interior design sectors in the developed world. The share of pre-laminated boards in Europe is 70-80%, while in the US it is 60-70%. The primary drivers for the same include – high penetration of modular furniture, demand for superior finishes, increasing standardization and higher labour costs.
India is still developing in this area with only 20-25% of the boards sold as pre-laminated. However, with the increasing penetration of modular furniture, rise of organised retail players, and increasingly discerning customers the market share for pre-laminated boards is expected to rise to 40-50% over 3-5 years. Furniture market in India is estimated at USD 32bn, with modular furniture representing a significant portion of this market.
In 2022, Mistry.Store raised $2.5 million in seed funding led by Omidyar Network India, Waveform VC and Bharat Founders Fund. The company is now looking to expand to more cities. Mistry.Store will use the funding to transform home-building material purchases by creating an end-to-end eco-system and build technology solutions for home interior Professionals and their homeowner customers.
Years back, when Shivani Soni was just a schoolgirl, her teacher asked every student to share their dream career. While most of her classmates shared conventional aspirations, Shivani confidently stood up and proudly shared her ambition:
“I want to become a fashion designer.”
But instead of receiving the encouragement she hoped for, her teacher dismissively responded, “Girls like you can’t become a fashion designer. This moment, though painful, ignited a fire within Shivani that would fuel her determination to prove everyone wrong.
In an exclusive conversation with Empowering Indians, Shivani reflected on that pivotal moment, recounting how it pushed her to work harder and set her sights on achieving her dreams.
“I was hurt,” she admitted,” but that only made me more determined.”
She immersed herself in fashion, watching television shows and analyzing the styles worn by actors. One day, she watched a show featuring renowned designer Sabyasachi Mukherjee, who was making waves globally.
“That was the moment,” she shared. “I got inspired and resolved to become a fashion designer like him.”
Overcoming Village Norms and Family expectations
Shivani’s journey, however, was far from smooth. She hails from a small village, Bari Sadri, in Rajasthan’s Chittorgarh district. Her father ran a modest shop, providing just enough to make ends meet.
Though the family was lower-middle-class, financial pressures were minimized by living a simple village life, with Shivani and her siblings attending government schools. But pursuing a career in fashion design, which was perceived as a glamorous profession akin to Bollywood, was a foreign concept to her family and the villagers.
“My father was hesitant to allow me to pursue fashion design,” Shivani revealed in the Empowering Indians interview. “It wasn’t considered a respectable or stable career.”
After completing her 12th grade, however, she persisted and convinced her father to let her follow her passion. Shivani enrolled in a fashion design course and began her formal training in the industry.
Shivani Soni, co-founder of Beyoung
Launching Beyoung: A Dream Turns Reality
After earning her degree, Shivani completed an internship that allowed her to gain hands-on experience. But rather than settling for a job, she decided to create something of her own. Teaming up with her brother Shivam, her sister-in-law Sakshi, and childhood friend Shankar, Shivani co-founded Beyoung, a fashion brand launched in the small town of Udaipur.
“We wanted to create high-quality apparel for tier 2 and 3 consumers, but at an affordable price,” Shivani explained during the interview with Empowering Indians.
The team recognized a gap in the market—many fashion brands were either too expensive or simply unavailable in smaller towns. Online shopping was often out of reach due to inaccessible delivery zones or high prices.
“People in smaller towns want access to good fashion too, but the products are either too expensive or not deliverable,” she noted.
With an initial investment of Rs. 5 lakh, the Beyoung team launched their first collection with just 4-5 stock-keeping units (SKUs).
“In the beginning, we focused on customized printed T-shirts and vests,” Shivani recounted during the interview with Empowering Indians. “Our goal was to make sure our designs resonated with the trends in the market.”
Shivam Soni- Founder of Beyoung
Evolution of fashion trends in Beyoung
Their breakthrough came when one of their prints, inspired by the movie Uri, gained massive popularity. The design, which featured the now-iconic line, How’s the Josh?, became so successful that it began ranking high on search engines, catching the attention of even their competitors.
This early success motivated Beyoung to innovate further. They introduced a range of customizable and plus-size products and also pioneered the concept of customizable bundles.
“We noticed that in stores, customers had no choice but to buy pre-made bundles,” said Shivani. “We gave them the option to choose different sizes and colours, which was a huge hit.”
This flexibility set them apart from other brands and helped solidify their position in the market.
Navigating Challenges: COVID-19 and Beyond
Just as Beyoung was finding its footing, COVID-19 hit, and like many businesses, they had to adapt. Prior to the pandemic, they had opened three experimental offline stores in Jodhpur and Udaipur, which were doing well. But when the pandemic forced closures, the team shifted its focus entirely online.
“We made sure our team could work from home, and we launched new products like masks,” Shivani said in the Empowering Indians interview. “The response was amazing.”
One of their standout offerings during this time was their “Shop the Look” collection, which catered to the diverse body types of Indian men.
“We noticed that standard Courtside apparel didn’t fit well with many Indian men, so we developed a multipurpose outfit,” she said.
This innovative line allowed customers to select different sizes for the top and bottom, another success that propelled Beyoung forward.
Sakshi Soni- Co-founder of Beyoung.
Scaling the Business and Expanding the Brand
Beyoung’s journey from a small startup with just a handful of SKUs to a brand with over thousands of SKUs has been a story of relentless innovation and adaptation. Their commitment to offering high-quality, affordable, and aspirational fashion for everyday wear, especially for tier 2 and 3 markets, has been their unique selling point.
“While most fast-fashion brands focus on trendy clothes for metro cities, we positioned ourselves as an everyday fashion brand for smaller towns,” Shivani, co-founder, explained.
This strategy has paid off. Beyoung now boasts a customer base of 5 million, with 90% of its revenue coming from male consumers.
“We recognized early on the potential in men’s fashion, and it became our primary focus,” Shivani said.
Milestones and Financial Growth
Beyoung’s growth trajectory has been impressive. In its first year, the company reported a revenue of Rs. 35 lakh. Fast forward to 2023, and Beyoung’s annual recurring revenue (ARR) reached a staggering Rs. 200 crore.
Looking ahead, Shivani and her team have ambitious plans. “We are on track to becoming an omnichannel brand,” she said during the Empowering Indians interview.
Over the next three years, we aim to expand and be present in neighborhoods across India and globally with over 300 offline stores in Tier 2, 3, and 4 cities of India by 2027. We strive to be the primary choice for customers by making aspirational fashion accessible to the masses who prefer value-for-money products.
This means providing a seamless shopping experience both online and offline. The company’s goal is to grow its revenue to Rs. 650 crore by 2027.
Shankar Mali- Co-founder of Beyoung
Impact on Communities and Team Growth
Beyoung’s success has not only brought financial rewards but has also created significant employment opportunities in their community. The company currently employs 300 people, many of whom come from rural backgrounds.
“We’ve seen so many inspiring stories from our team members,” Shivani shared in the interview of Empowering Indians.
Members, like Praveen and Tarun, have risen through the ranks, starting in entry-level roles to now managing departments.
Breaking Societal Norms and Personal Triumphs
Recently, Shivani got married, and her story took another unexpected turn. In a small town like Udaipur, societal norms often dictate that the bride settles into her in-laws’ home. But Shivani’s husband, whose job was in Bangalore, chose to work from home to support Shivani’s career.
“My in-laws have been incredibly supportive,” she said. “I am truly thankful that they go beyond societal norms to help me pursue my dreams.”
Unmanned Aerial Vehicle (UAV) solutions provider SKYBER Aerospace, known for its deep-tech and AI-driven innovations, has partnered with Sibia Technologies, headquartered out of Dubai, for the sales and services of their UAV products in the Middle East and Africa.
This partnership aligns with the rapidly growing demand for UAV technologies in the Defense as well as commercial segments in the MEA region. The multi-year partnership is structured to cover multiple aspects of the UAV industry, including product sales, service and maintenance, training and operational support and technology integration.
SKYBER Aerospace will supply high-performance UAV systems and innovate to meet the region’s specific demands. Sibia Technologies will manage local sales, service, customer relationships, marketing efforts, and regional supply chain logistics.
With an expected market size of $5.3 billion by 2029, the region presents vast opportunities in both government and commercial sectors. “Countries like the UAE, Saudi Arabia, Qatar, and parts of Africa are expected to be significant consumers of UAV technology due to their increasing Defense budgets, need for border security, and investments in modern technology for commercial sectors. The partnership between SKYBER Aerospace and Sibia Technologies represents a significant step towards tapping into the burgeoning UAV market in the Middle East and Africa,” said Joseph George, co-founder and CEO, SKYBER Aerospace.
The partnership aims to secure large Defense contracts, address commercial needs in the oil & gas, construction and agriculture sectors, and maintain technological leadership in UAV solutions. Sibia Technologies will leverage its existing partnerships with the leading telecom operators in the Middle East and Africa region to enable UAV solutions using public and private 5G networks.
“We are happy to announce this partnership with SKYBER Aerospace. It’s a symbiotic relationship where companies leverage their strengths to grow in a competitive market. We will be taking an integrated role in delivering the UAV systems and managing post-sale services like training operators, providing support services, performing post-sales engineering support, and ensuring regulatory compliance.” said Nour Al Atassi, CEO, Sibia Technologies.
The partnership will also involve localizing SKYBER Aerospace’s UAV platforms to suit regional needs. For example, UAV systems might be adapted for better performance in extreme weather conditions like high temperatures and dust storms or specific industries like oil and gas exploration or agricultural and construction mapping.
Clients in the Middle East and Africa will benefit significantly from localized support, ensuring faster response times, on-the-ground maintenance, and readily available spare parts. By establishing regional training centers, operators can improve their skills, enhancing the usability and safety of UAV systems.
Additionally, clients will receive assistance in navigating local UAV regulations and obtaining the necessary permits, reducing potential hurdles. This partnership aims to minimize downtime and operational disruptions, making UAV solutions more cost-effective. Furthermore, customized military UAV systems will provide enhanced data security and seamless integration into regional defense systems, offering tailored solutions for the specific needs of these markets.
The partnership is also focused on bringing innovative products to the market, such as fully autonomous drones that can operate without human intervention. These drones will feature advanced AI-driven navigation and decision-making systems. Future UAVs could be equipped with high-precision sensors and long-range surveillance capabilities, making them ideal for military and security applications.
Drone-swarming technology is another promising development that could enhance surveillance, Defense operations, and disaster response efforts. The companies are also working on precision agriculture, construction monitoring, and cargo and delivery drones.
SKYBER Aerospace has also been focusing on full-stack solutions incorporating next-gen technologies, including hybrid-powered UAVs and enhanced AI-enabled edge computing chipsets, reflecting their commitment to pushing the boundaries of UAV technology through intense research and development commitment.
The focus for the next five years will be to establish leadership in the MEA market, expand product portfolios, set up local manufacturing facilities, and work on diversifying UAV applications
Cosmic PV Power, a leading Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) in solar panel manufacturing, has secured a significant lead investment from Chanakya Opportunities Fund I, led by CA Kresha Gupta.
Renowned for its excellence in the production of high-quality solar panels, Cosmic PV Power provides its OEM and ODM services to various clients while also selling solar panels under its own brand.
Founded by Jenish Kumar Ghael & Shravan Kumar Gupta in 2020, Cosmic PV Power Private Limited’s solar vertical produces polycrystalline and monocrystalline and Topcon solar panel with capacity up to 580KWp. Equipped with Mono-Perc and Topcon technology, Cosmic PV Power operates a manufacturing facility with a capacity of 600MW, positioning it as a key player in India’s renewable energy sector.
“We are excited to have Chanakya Opportunities Fund as an investor, supporting our mission to expand our manufacturing capacity from Megawatt to a Gigawatt Factory. This investment reinforces our commitment to driving India’s clean energy transition and sustainable growth as we continue to innovate and expand Cosmic PV Power’s footprint in the solar industry.” said Shravan Kumar Gupta, Director, Cosmic PV Power Private Limited.
Chanakya Opportunities Fund is India’s first SEBI-registered CAT II fund focused on the SME Exchange and Microcap Segment. The fund is being managed by StepTrade Share Services Pvt. Ltd. (Investment Management Entity).
Investment management firm StepTrade Share Services recently made a significant global leap with the launch of ‘Steptrade India Fund’ through GIFT city. This fund allows global investors to tap into India’s burgeoning SME sector and positions Steptrade as a key player on the international stage.
Steptrade holds licences across AIF categories and is certified to provide Portfolio Management Services. Building on the success of the Chanakya Opportunities Fund and the Steptrade Revolution Fund, Steptrade is driven by a bold vision to become the largest Asset Management Company (AMC) dedicated to empowering SMEs.
Speaking on the investment Kresha Gupta, Founder and Fund Manager, Chanakya Opportunities Fund said “Our investment in Cosmic PV Power is the testament of our vision to support clean and green India.”
GSTN introduced a new application ‘Invoice Management System’ dated September 3, 2024, to bring more transparency to the existing Input tax credit mechanism. This application will go functional with data being provided from GSTN starting 14th of October.
Cygnet.One, a leader in digital compliance solutions goes LIVEwith its Invoice Management System (IMS) on 12th of October 2024, marking a significant milestone as the first ASP-GSP platform.Starting today, allEnterprises customers will be ready to experience a robust Invoice management system.
Our Founder & MD Niraj Hutheesing quotes, “This launch underscores our commitment to transforming the GST compliance landscape through cutting-edge technology aligned with the vision of the GSTN (GST Network).”
The new IMS system streamlines GST processes, ensuring full compliance and transparency with tax authorities. It shall offer the recipients to accept, reject and put on hold (pending), such actions to help compute GSTR 2B.
To enable the above exercise, Cygnet Tax platform will help carry out inbulk &one-to-one pre-reconciliation action prior to IMS. It will also help provide a communication/notification module to the counterparty to enable seamless corrective actions.
IMS is an ideal system which provides a single source if truth where all Input tax credit related data is available at one place. Cygnet will help ease turnaround time of purchase invoice digitization which is critical for IMS actions.This system is designed to address common issues such as data entry errors, delayed approvals, and incorrect tax deductions, which can lead to non-compliance and penalties.
Cygnetis dedicated to revolutionizing business process transformation and digital compliance through our comprehensive compliance solutions not just in India but globally. Our solutions also offer purchase digitization, enables 99% reconciliation, streamlines accounts payable, enables accurate litigation management, ensures global e-Invoicing & VAT compliance in major regions that eases tax operations beyond compliance.
Cygnet.One’s Tax platforms leverages advanced technologies such as AI/ML and real-time data validations. It seamlessly integrates with ERP systems to manage large volumes of invoices, ensuring accuracy and timeliness. The system automates vendor data mapping, classifies transactions, and suggests appropriate tax deductions and reconciliations, alleviating the burden on finance teams.
Evenflow, India’s leading house of brands and the only profitable player in this space globally, has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as a part of its ongoing Series A round of $5 million.
The new funds will be used to expand operations and grow all seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. Evenflow plans to expand the global presence of these brands by entering more countries.
Currently, the brands are present in India and the US, and they have experienced a healthy 350% growth by selling their products on online marketplaces. Evenflow brands sell across various platforms such as Amazon, Flipkart, CRED, Zepto, Instamart, and others.
Founded in 2021, Evenflow has received funding from 100unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, Emil Michael, Sandeep Varaganti, SrinathRajam, and many others in a several rounds.
“Currently, we view ourselves more as a mutual fund than a high-growth stock. Our focus is on low risk and stable returns, rather than high risk and volatile returns. This approach is in line with the preferences of our current investors and Shail Patel, which is why they have shown confidence through their investment. We are excited to utilize this capital for our people and for growth, and ultimately prepare for an IPO by the end of 2027,” said Utsav Agarwal, CEO and Co-founder of Evenflow.
Evenflow aims to increase its revenue by 10x and profits by six-fold by 2027 through building a strong core team, scaling the business, and maintaining a healthy bottom line.
The new fund raise comes in a week after, the Bengaluru-based startup Evenflow announced strengthening its leadership team with 4 key hires across supply chain, marketplaces, D2C and quick commerce verticals, and a month after it promoted Shashank Ranjan as its co-founder, who had joined Evenflow in 2022.
On backing Evenflow, Shail Patel, Director at Adjavis Venture Limited, said, “India is going through a massive shift in the adoption of challenger brands across categories. It presents a unique opportunity over the next decade to build everyday brands that turn into household names. Evenflow is capitalizing on this very opportunity with positive unit economics, and hence I am excited to back them.”
Adjavis Venture Limited is a leading personal care company set up in 2013 by Devendra N. Patel, ex-promoter of Paras Pharmaceuticals which was acquired by the British consumer goods major Reckitt Benckiser in 2010.
Journey of Adjavis began with a successful launch of LAYER’R Wotta girl, India’s very first body splash brand for women along with other skin care products followed by LAYER’R SHOT, body spray brand for men.
Invest4Edu, India’s leading education planning company, has appointed Manish Sahijwani as its Chief Business Officer – Financial Services.
Manish brings with him 20 years of experience in financial planning and wealth management for family offices, institutions, and ultra-high-net-worth individuals. He excels in building teams and launching new products and services.
Known for his client-focused approach, he has a track record of aligning financial programs with company objectives to achieve strategic growth.
Before joining invest4Edu, Manish has had successful stints as Director at IIFL and Senior Vice President at Indiabulls Securities Limited. He is a certified wealth managerwho holds an MBA in Finance and Marketing.Manish resides in Gurugram with his family.
“I am thrilled to be a part of such a dynamic team. Invest4Edu is a unique platform where you create wealth and opportunities while ensuring a bright future for the next generation. Indians are in the golden period of economic surge to create wealth and meet their life-goals, and I, with everyone at invest4Edu, will be working to ensure that our stakeholders achieve that.” expressed Manish Sahijwani, Chief Business Officer, Financial Services, invest4Edu.
Peeyush Agrawal, CEO & CDIO of invest4Edu, expressed enthusiasm about the appointment, stating, “invest4Edu is now gearing up for scale, and we are delighted to have a seasoned business leader like Manish who brings that expertise to take our mission forward with the required pace and quality service.”
Gemba Capital, India’s leading micro-VC fund, has expanded its Advisory Team by adding Ranjeet Pratap Singh as a Consumer Tech Venture Advisor.
In his advisory role, Ranjeet will guide Gemba Capital’s investment team in evaluating consumer tech deals and mentor portfolio companies with his invaluable insights and expertise.
Ranjeet is the Co-Founder & CEO of Pratilipi, India’s largest storytelling platform across multiple formats and languages. Pratilipi was founded in 2015, and its online literature platform has over 1.5 million writers whose stories are read over 550 million times each month.
The company also owns Pratilipi Comics, Pratilipi FM, IVM Podcasts, and Westland Books. Pratilipi has raised over USD 80 million from investors such as Krafton, Nexus, and Omidyar Network.
An FMS Delhi Alumnus, some of Ranjeet’s angel investments include startups such as Kutumb, Animall, Headout, and Newton School.
“I have always believed that brainstorming with smart founders is a way to give back to the ecosystem and learn fresh perspectives that help me as an operator and a leader. Working with the fantastic Gemba Capital team and its portfolio companies is an endeavour that is going in the same direction. I am a big believer in the Indian consumer internet ecosystem and think dozens of large-scale consumer tech businesses will be built in India over the next decade. I am looking forward to playing a small part in the journey,” said Ranjeet in his new role as an advisor.
Commenting on the engagement, Adith Podhar, Founding Partner at Gemba Capital, said, “It is our privilege to have Ranjeet as part of the Gemba Capital family. He is one of the most prominent founders in the Consumer Tech domain and is an expert in understanding Indian consumer behavior, growth, monetization, etc. His nuanced understanding of the Indian consumer will add immense value to our investment team, LPs, and portfolio founders.”
Govind Lohia, Principal at Gemba Capital, said, “We are elated to have Ranjeet onboard. His operating experience further augments our investment capabilities and portfolio value-add. We are super bullish on the consumer tech domain and continue to partner with resilient founders building in this space.”
Gemba Capital has invested in 50+ startups so far, including Plum Insurtech, Grip Invest, Wint Wealth, Zuper, Navadhan, Volt Money, Showroom, Strata, ClickPost, Eternz, and LightFury Games. They recently received the SEBI License for their second fund of US$30 million, through which they will invest in seed/pre-seed stage startups in Fintech, Consumer Tech, and B2B Platforms.
Evenflow, India’s leading house of brands and the only profitable player in this space globally, has strengthened its leadership team with four key hires in major verticals such as business, category, supply chain, and sourcing.
Evenflow aims to increase its revenue by 10x and profits by six-fold by 2027 through building a strong core team, scaling the business, and maintaining a healthy bottom line.
The company has hired Priyesh Singh from Decathlon to expand its supplier network and enhance supply chain efficiency in India. Aparajitha Vijayaraghavan from Dunzo will lead the quick commerce segment, and Prashant Agarwal will head its marketplace and D2C business.
Prashant has worked in both offline and online segments in his prior roles, bringing the right blend of online and offline experience from his earlier positions at Hopscotch, ABFRL, and Titan.
The company also hired former HP project manager and a D2C entrepreneur Ruchi Shaikh to oversee the growth of BabyPro and CRED as a strategic channel for importance and growth.
The move comes in a month after, the Bengaluru-based startup Evenflow promoted Shashank Ranjan as its co-founder. Ranjan, who joined Evenflow in 2022, was the head of sourcing at the company and had earlier worked with brands like Udaan and Decathlon.
“We have made significant progress in the past 24 months. We have gone from losing $200k per month to becoming profitable, which has been quite a journey. As we examine our business today with a perspective of 4 years into the future, it is crucial to focus on building for scale and prioritizing the 3Ps (People, Process, Product). I’m thrilled to welcome Priyesh, Prashant, Aparajitha and Ruchi to Evenflow. Their diverse experiences adds a new dimension of thought, process & execution – and I look forward to working closely with them,” said Utsav Agarwal, CEO & Co-founder at Evenflow.
Founded in 2021 by Utsav Agarwal, a former executive at Uber and Glovo, Evenflow has received funding from 100unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, Emil Michael, Sandeep Varaganti, Srinath Rajam, and many others.
It has acquired seven brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro and Frenchware, in the home & kitchen, sports & fitness, and baby care categories and has expanded its presence in India and the US. The company has seen a healthy 350% growth by selling its products on online marketplaces.
Evenflow brands sell across various platforms such as Amazon, Flipkart, CRED, Zepto, Instamart, and others.
