My Funding Picks For Last Week (W38)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

Last week, the ecosystem bounced back with over 3 equity deals/day average, with 17 startups raising $673 million. September is an excellent month for startups as the amount of capital raised crossed $500 million in a week for just the second time year (last week was the first). As the global economies recover and the Indian economy continues to unlock – this is a trend that should continue.

This week 12 deals were in the early-stage rounds (compared to 5 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

Name: Pitstop

Amount Raised: $1.2 million from Acko

What does Pitstop do?

Edited from Tracxn: PitStop is a closed marketplace for car service providers. They provide an estimated cost of service, doorstep pickup and delivery, and status tracking after booking. They also claim to have the service completed in 2 hours. Pitstop has expanded to several locations including Delhi, Bangalore, Hyderabad, Mumbai, Pune, and others.

Why do I like Pitstop?

While there are many platforms like GoMechanic, Carvolution, and Zippity that are in this space, the exciting thing about this deal is that Pitstop is the strategic investment by Acko. Acko is a challenger insurance company backed by Barings, DSP, Ascent, Amazon, Accel, and Saif. Their association with Pitstop will create a symbiotic relationship between the companies. Acko can provide leads to Pitstop for car servicing, etc. and Pitstop can provide insurance leads to Acko. I would not be surprised if Acko went on to acquire Pitstop in the next 3-5 years.

Name: Deepsync

Amount Raised: $300k from Anicut Angel Fund and angels.

What does Deepsync do?

Edited from Tracxn: Deepsync provides deep learning-based technology to clone and augment human voice. It allows users to clone their voices from previous audios and synchronize them with videos and other media.

Why do I like Deepsync?

Voice AI is not new. Several players exist in the space, but most of them utilize  Google or Amazon’s voice libraries to build their solutions. Deepsync is interesting in that they’re taking anyone’s voice and cloning it. For example, I could clone my voice and record this blog as a podcast but without speaking the whole thing out. If it works – this is neat technology.

Name: CustomFit.ai

Amount Raised: Undisclosed from Java Capital, Upsparks, FirstCheque, and LetsVenture

What does CustomFit.ai do?

Edited from Tracxn: CustomFit.ai offers a B2B website personalization solution. The solution enables marketers to convert existing traffic to leads and change any website elements using the visual editor without coding, irrespective of the platform.

Why do I like CustomFit.ai?

Following the trend of my other picks, CustomFit.ai is also present in a space with existing competition. I like CustomFit.ai because it offers businesses the opportunity to learn a lot more about the way their users interact with their website with detailed heatmaps. Their customer can use A/B testing for different customers, customize the site for each visitor based on their preferences, and increase conversion rates.

My Funding Picks For Last Week (W29)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

It has been several weeks since our ecosystem breached the 2 deals/day average with 17 startups raising $106 million last week. The bear market rally in the global stock markets has increased investor’s liquidity positions, and many are looking for options outside of the listed spaces. Founders must start thinking about how to make deals while the running is hot!

Out of the 17 deals, 16 were in the early-stage rounds (compared to 10 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

 

Name: GigIndia

Amount Raised: $975k from Incubate Fund India, Beyond Next Ventures, S. Ramadorai, Ravi Nigam, Sakshi Gudwani, Shantanu, Kiran, & Shashank Deshpande, and Dr. Pratap

What does GigIndia do?

Edited from Tracxn: GigIndia is an online student network and micro-jobs platform. Users can get paid by completing micro-jobs called gigs for companies like writing a blog, designing a logo, or completing a survey. Students can also search for internships, perform tasks, and get hired after evaluation. GigIndia also offers a platform for students to connect with mentors and learn about various career opportunities.

Why do I like GigIndia?

With several parts of our country going through fresh lockdowns, the days of WFO (Working From Office) are a dream that is far from materialization. Companies, big or small (Indian or global), are looking for ways to cut fixed costs and rationalize spending through a project or task-specific costs. This new paradigm is where a GigIndia type platform comes in. In contrast, one could argue that there are several competitors like Fiverr, TaskRabbit, etc. I like GigIndia’s problem-specific solutions for businesses, like marketing, operations, sales, recruiting, and others. They aid businesses in breaking down a complex task into smaller gigs and then help owners manage them.

An interesting approach that we might try out for ourselves and our startups!

 

Name: Decentro

Amount Raised: Undisclosed from Y Combinator, Plug and Play, Upsparks, and other notable angel investors from the Indian and APAC community.

What does Decentro do?

Edited from Tracxn: Decentro provides open banking API solutions to banks and financial institutions. It offers APIs for KYC & onboarding, AML & compliance, digital lending, online payments, and more. It enables banks to build products such as neo banks, lending platforms, finance management, and more.

Why do I like Decentro?

I am a fan of open banking APIs as I have previously liked YAP and an early investor in Karza. Therefore, Decentro is on this list as I believe that Indian banking is not only broken; it is holding Indian businesses back.

Must I explain more why I am interested in platforms that solve this broken experience? 🙃 

 

Name: Zomentum

Amount Raised: $4.1m from Accel and SAIF Partners

What does Zomentum do?

Edited from Tracxn: Zomentum provides client relationship and sales process management software. It allows users to design and process sales process, retain them, and improve client relationships. It enables users to manage personalized reminders, set metrics and track performance of the teams, and share leads with other teams. Other features include sales funnel management, catalog management, branding, and identity management.

Why do I like Zomentum?

At Artha, we use Pipedrive and Salesforce to manage our sales processes. It does an excellent job for us, except that we must pay a lot of third parties to automate our sales processes. These addons significantly increase our monthly bills, and we must monitor the addons for errors, especially if the APIs are updated.

While I haven’t had a chance to test drive Zomentum (yet), I like their fully integrated approach. If it reduces my monthly costs and my operational overhead – I’ll switch!

My Funding Picks For Last Week (W28)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

For the past several weeks, the ecosystem is plateauing at barely double-digit transactions per week with 10 startups raising $36 million (amounts raised for the last 4 weeks: $65m, $31m, $27m, $92m). Early-stage investors have clinched their purses due to the lack of cool-down in valuations despite a marked tempering in funding interest. How can founders fix that? Stay tuned for my post on the subject next week.

Out of the 10 deals, 8 were in the early-stage rounds (compared to 11 last week), which made the cut for my weekly analysis. After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick these three as my favorite funding news from last week!

 

Name: BRB Chips

Amount Raised: $1m from Secocha Ventures, Globvestor, First Cheque, Kashyap Deorah and Vijay Sivaram

What do BRB Chips do?

Edited from Tracxn: They are a brand of extruded snacks offering chips as a snack.

Why do I like BRB Chips?

There is a lot of branded packets food plays, and while there’s no defensibility to vacuum fried chips, the list of entrepreneurs that decided to start this venture is impressive. The co-founder’s credentials include ex-Bira co-founder, ex-Forbidden Foods co-founder, ex-Coca-Cola, and ex-Schlumberger. As this team raised a significant amount of startup capital, I believe they can build an alternative snacking brand that would fold into a larger FMCG player. The key will be meticulously managing working capital and judiciously investing venture capital.

 

Name: Bold Care

Amount Raised: Undisclosed from Rajesh Ranavat, Abhishek Shah, Kabir Kochhar, and Mohit Satyanand.

What does Bold Care do?

Edited from Tracxn: Provider of an online doctor consultation platform for sexual health

Why do I like Bold Care?

I met a prominent Silicon Valley angel investor last year who increased my interest in the men’s sexual healthcare space. It’s a significantly taboo subject in India, but on average, about 5% of men above the age of 40 have erectile dysfunction. Many quacks (read: hakims) and online platforms sell glorified multi-vitamin tablets in the name of cures. Whether a company like Bold Care can get the sexual health conversation started could be a differentiator. Combining a thoughtful content strategy with the right product mix would reap great rewards from India’s untapped market.

 

Name: Inspekt Labs

Amount Raised: Undisclosed from Rajesh Ranavat, Abhishek Shah, Kabir Kochhar, and Mohit Satyanand.

What does Inspekt Labs do?

Edited from Tracxn: Inspekt Labs provides AI-based solutions for a car damage assessment. It provides an AI/ machine learning API that automates the car assessment. It offers solutions like damage detection, text detection, claims assessment, and fraud detection.

Why do I like Inspekt Labs?

Due to the way their technology works, they can quickly identify errors and emissions with a (claimed) 98% accuracy rate. I see a big space for this technology in insurance, product QA, to name a few. As their algorithms improve with more data collection, there could be future applications in food packaging and warranty repairs. I am especially thrilled to find an Indian startup come up with Indian deeptech with commercial applications. Their growth will only be accelerated by companies looking for new solutions due to the restrictions enforced upon them in the post-pandemic world.

 

I have purposefully left out Piggyride’s ₹3.50 crores raise from Artha Venture Fund last week (round led by JAFCO). However, you can find out Why We Invested in Piggy Ride.

My Funding Picks For Last Week (W25)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

While the funds raised by India’s startup ecosystem (barring Jio) fell, it was heartening to note that we continued to maintain 2 deals per day average with 13 startups raising $27 million. Out of the 13 deals, 10 were in the early-stage (compared to 13 last week) rounds, which made the cut for my weekly analysis.

After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I pick out these three as my favorite funding news from last week!

 

Name: Myelin Foundry

Amount Raised: Undisclosed from Pratithi

What does Myelin Foundry do?

Edited from Traxcn: Myelin Foundry is a video distribution solution provider. It helps to deliver ultra HD zero-rebuffering streaming, on any network and reduce the time and cost to market and deliver AI-powered content.

Why do I like Myelin Foundry?

At first look, Myelin reminded of Pied Piper from the show Silicon Valley. However, after checking out their products page, I am very excited about the tech stack that Myelin is attempting to build. If they can stream HD content through EDGE network – it could be a game-changer!

 

Name: Ameliorate Biotech

Amount Raised: ₹2cr from Friends of PadUp, Villgro USA, Vinners, LetsVenture, SINE IIT Bombay, and DERBI

What does Ameliorate Biotech do?

Edited from Traxcn: Ameliorate Biotech develops recombinant therapeutic proteins and diagnostic kits. They have developed their technology to produce a recombinant protein in an antibiotic-free process. They are developing biosimilar products for treating oncology, Autoimmune disease, ophthalmology, and nephrology.

Why do I like Ameliorate Biotech?

I am not a fan of biotech startups because of the long development cycle and high mortality rates of these companies. However, I like the experience the team of Dr. Rashbehari Tunga & Dr. Binit Tunga has in this field, and I’d want them to succeed.

 

Name: YoloBus

Amount Raised: $3.3M from Nexus Venture Partners and India Quotient

What does YoloBus do?

Edited from Tracxn: YoloBus is an online platform for travelers that provides intercity bus services. Travelers can select their route, choose pickup/destination, enter travel date & make bookings via the app by making an online payment. Their app is available for iOS & Android devices.

Why do I like YoloBus?

This one deserves another mention as I had shortlisted this deal in February 2020. Intercity travel must start once again, and I expect domestic tourism to boom first. However, the quality will trump cost when it comes to matters of health, and YoloBus has a great chance to capitalize on this new trend!

My Funding Picks For Last Week (W24)

Every Monday, I sit with my team to review the funding activity of the previous week. From that list, I pick out three companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise.

 

As most of India reopened, so did the funding lords! There was a marked increase in the number of startups that raised capital with 19 startups raising $92 million. Out of the 19 deals, 13 were in the early-stage rounds, which made the cut for my weekly analysis.

After sifting through the news (aggregated from Tracxn, Inc42, and YourStory), I picked out these three as my favorite funding news from last week!

 

Name: Cube Wealth

Amount Raised: $500k from Beenext and Asuka Holding

What does Cube Wealth do?

Edited from Traxcn: Cube Wealth is an automated investment management app which, offers personalized recommendations from financial advisors. Users get provided with an option of goal-oriented financial management. Users can set their financial goals, and Cube Wealth saves for the same via EMIs. It invests the money in diversified asset classes, including liquid, MFs, equities, P2P lending, and gold. The app is available for iOS and Android platforms.

Why do I like Cube Wealth?

The Indian wealth & investment management space is broken. A user must struggle through a multitude of apps to gain a full understanding of their exact financial positions. The decentralized information works against the middle class as they cannot seek better deals for their investments. Besides, the power of wealth aggregation that the larger family offices platforms utilize to get access to closet deals or better negotiation terms aren’t available to a middle-class family. Platforms like Cube seek to address this imbalance by using technology & scale to provide premium services at an affordable cost. With 500 million people set to enter the Indian middle Cube has a bright future ahead of them!

 

Name: Credgenics

Amount RaisedUndisclosed from Titan Capital

What does Credgenics do?

Edited from Traxcn: Credgenics offers cloud-based debt recovery solutions to banks and lenders. Its features include collection strategy, analytics for profiling & collection, automated communication for customer engagement, and more. It provides solutions for alternative dispute resolution, insolvency & bankruptcy, fintech laws, and more.

Why do I like Credgenics?

Collections are an art, and while it is easy to lend money, not every fintech company can build a strong collections team. Therefore I am excited that there are startups like Credgenics that we can get our fintech companies to outsource their collections operations too. And it isn’t a surprise that bad debts make excellent business sense!

 

Name: IVF Access

Amount Raised: $5M from Vertex Ventures SEA & India

What does IVF Access do?

Edited from YourStory: IVF Access is a Bengaluru-based healthcare startup focused on providing In Vitro Fertilisation (IVF) treatments in India. Led by an experienced management team, IVF Access is setting up a chain of IVF centers in India, providing Assisted Reproductive treatments such as IVF and IUI. They offer nationwide access to IVF treatments with an innovative technology platform and state-of-the-art labs.

Why do I like IVF Access?

Babies are a multi-billion business opportunity. Therefore, it is not a surprise that the business of making babies is massive. Due to lifestyle-related issues & an increase in the age at which couples have babies, there is a marked increase in IVF clinics. While the market IVF market size is small, it’s going to grow to $1.50 billion by 2026.

IVF Access is an early player in providing a single brand for IVF clinics and could capitalize on a deeply fragmented space!

My Funding Picks For Last Week (W22 & 23)

Every Monday, I sit with my team to review the funding activity of the previous weekFrom that list, I pick out 3 companies that I would have loved to invest in or find founders that are doing similar things. Click here to know about my rationale behind this weekly exercise 

 

Another week for the lockdown to end (probably more for metro cities) should improve investment spirits. Deal activity continues to temper, but it hasn’t completely stopped. Last week saw 13 startups raise $50 million. Out of the 13 deals, 11 were in the early-stage rounds.  

I expect deal activity to pick up over the next few weeks as the economy reopens with founders and funders finally get to their rubber meeting the road moment.  

After sifting through the news (aggregated from TracxnInc42, and YourStory,) I picked out these 2 as my favorite funding news from last week!  

 

NameRemedo Clinitech 

Amount Raised: Undisclosed from AngelList, Mohit Satyanand, Mitesh Dagaand Aditya Vij 

What does Remedo do? 

Edited from TraxcnRemedo Doctor is a cloud-based platform for medical record storage. It allows patients, doctors, and clinics to connect with each other and access relevant data. It enables patients to upload and store their medical records online. Available on Android and iOS platforms. Also, it allows doctors to generate insights through dashboards based on analytics. 

Why do I like Remedo? 

My thesis on telemedicine and recordkeeping has undergone a significant shift during this economic lockdown and its aftereffects. Platforms such as Remedo will become the mainstay of Indian healthcare as we practice social distancing but with better record keeping and tabs on our health.  

 

NameSwifLearn 

Amount RaisedUndisclosed from Stellaris Venture Partners and Venture Highway  

What does SwifLearn do? 

Edited from TraxcnSwiflearn is an online platform that provides live tuitions for K-12 students. It offers classes in small batches of 5 students. It offers crash courses for math & science for the upcoming year-end exam. 

Why do I like SwifLearn? 

Another product accelerated to the market due to the COVID lockdown. I like their premise, i.e., replace the in-person tutor experience by creating the same experience online. It increases the productivity of the tutor (and they don’t have to leave home!) but also provides them a more significant reach.  

There is better control over the learning experience online, and the broader reach makes it affordable for students. Their pricing policy is exciting too. Definitely, one to watch out. 

My Favorite Funding News of Last Week (W16)

After a lull in funding to gauge the impact of the Covid19 pandemic, the fundraising activity is starting to pick up. Most of the rounds are investors topping up their investments into their investee companies to ensure survival through this period. However, a marked drop in valuations has also encouraged investors to return with the cheque books.

My team and I shortlisted the deals for week 16 from Traxcn, Inc42, and YourStory, and we jointly picked out the following as the best funding picks for the last week:

Name: AknaMed

Amount Raised: $7 million from LGT Lightstone Aspada

What does AknaMed do?

Edited from Traxcn: Technology-enabled supply chain platform, which increases transparency and optimizes costs for both hospitals and manufacturers.

Why do I like AknaMed?

I expect a significant shift in supply chain logistics in the post-COVID19 world with platforms like Zilingo, Coutloot, and Aknamed acting as the tech bridge to reduce cost and increase transparency for retailers or service providers. A significant impediment for the B2B supply chain space would be providing credit for the last mile. Whether Aknamed intends to solve that inhouse or through a financial institution tie-up will be interesting to track.

 

Name: Joynt

Amount Raised: Undisclosed from SOSV’s MOX accelerator

What does Joynt do?

Edited from Traxcn: Joynt is a social selling platform. It provides a platform that allows users to create content and connect with the audience and make money through sell subscriptions, digital products & more. It also provides an Android app.

Why do I like Joynt?

Joynt is the excellent cross between an artist discovery, artist booking platform with additional features like booking video lessons & video calls with your favorite performers. They rely on short videos instead of text to help buyers to discover artists, which is a step above the text-heavy platforms today.

 

Name: Plop

Amount Raised: Undisclosed from Better Capital, EaSyndicate, Rohit Chanana, and others

What does Plop do?

Edited from Traxcn: Plop now is a platform for fiction stories. It provides stories under various categories, including horror, romance, mystery, drama, and steamy. The stories are told in the form of messages or text, and Plop monetizes its platform through subscription.

Why do I like Plop?

Content platforms are making hay in the COVID19 lockdown, which explains the 400% rise in Plop’s traffic. However, I choose Plop over other content platforms for their unique delivery style over reading a book. I will keenly follow whether Plop can maintain this engagement in the post-COVID19 period.

 

21 Point Action Plan to Corona-Proof Your Startup Dream

Calling the shutdown caused by the Coronavirus pandemic, an economic crisis is a gross understatement. It could be a crisis for the established business ecosystem, but it is the equivalent of a tsar bomba for the early-stage startup ecosystem. If all of us do not act quickly, the entire venture capital ecosystem is staring down at years of effort, getting incinerated in a matter of weeks.

When the Prime Minister, Mr. Narendra Modi, announced the Janta curfew, he talked about blackout drills and wartime curfews to a population where the majority hadn’t witnessed one. It was a reminder of a dark 15-20 period when India went through several wars with Pakistan & China. That ignited a mortal fear in me as well.

I feared that this crisis could destroy the decades of work that it took to provide confidence to young graduates to convert themselves from job seekers to job creators. We had to show years of results to convince Indian & global investors to pour money into startups via venture capital funds, angel networks, superangel syndicates, and venture debt funds. All this effort all this sacrifice, of the tens of thousands of people that make up the entrepreneurial ecosystem viz. over 39,000+ founders, 10,000+ angel investors, 500+ VC funds, several visionary politicians & government officers is on the brink of collapse.

However, real entrepreneurs are problem solvers, optimists, and overachievers. Any challenge, even something that challenges their mortal existence, will help an entrepreneur find another gear within them. As they say, even in adversity, they only see opportunity.

My team and I started to sound out Artha Venture Fund’s founders on the business impact the coronavirus pandemic was about to make a couple of weeks before lockdown. We asked our founders to create new budgets to account for the onset of nuclear winter in the fundraising world, bring their expenses down to the bare minimum, and to show patience along with courage at this time.

It has not been easy to convince the optimist in them to slow down for now and conserve energy to speed up later. Last week we put all our heads together on a zoom call to chart out an action plan for saving their dream – their startup.

I summarized the call in a 21-point action plan to save your startup memo for the founders. My team went a step further to make it into a beautiful & impactful presentation. In the spirit of joining hands during this adversity, I am sharing that presentation with you:

 

It is important to remember the immortal words of General S Patton:

515f6824aebbd71863babe1bd873d702

Together we will win the coronavirus fight in our homes, in our businesses, and our minds. Let’s roll!
Continue reading

My funding picks from last week (w05)

There were 15 deals in week 5 of 2020 that were available on Traxcn, Inc42, and YourStory,
I sat with our funding team, and after some enlighting discussions, I have shortlisted my picks to:

Name: InterviewBit
Amount Raised: $20 million
Investors: Tiger Global Management & Sequoia India
What does InterviewBit do?
Edited from Traxcn: InterviewBit is an online platform for tech interview preparation. The platform offers gamified lessons with video tutorials, primer problems, and guided solutions for programming, scripting, databases, system design, puzzles, etc. The platform also enables the candidates to get connected with the right companies worldwide based on skills and preferences.
Why do I like InterviewBit?
I like focussed vocational plays. Last year I had picked out GreyAtom as a funding pick as it provided an upskilling platform for data science and web development employees. Therefore picking it isn’t a surprise that InterviewBit got selected even though the $20 million round from Tiger & Sequoia is bigger than a typical Series A round in India.
InterviewBit solves an exciting problem of finding, interviewing, and evaluating tech talent, which is the Achilles heel of the best of Indian start-ups. The CAC for such plays is quite high, but considering the 18-35 lakh rupee salary bracket they target, the rewards may outweigh the costs.
Only request – can someone create a platform for finance and accounting employees! 😊

Name: AdonMo
Amount Raised: Rs. 21.4 crores
Investors: Bace Capital, Astarc & Mumbai Angels
What does AdonMo do?
Edited from Traxcn: Adonmo provides an in-transit cab advertising platform for advertisers to reach their target audience. It enables advertisers to place their ads on top of the cab and select the target location and relevant time slots to display advertisements and track their ads in real-time. It uses a proprietary computer vision and hyper-local technology to identify its viewers and advertise.
Why do I like AdonMo?
It was unbelievable that I had created a business plan to provide contextual ads based on geo-location on top of taxis during a 6-7 months stint in Kolkata in 2012 or 2013. I had reached out to taxi-top display manufacturers in China who could provide the hardware required for this service. These plays were very popular for advertisers in Africa as most homes did not have electricity – therefore, taxi-top displays were the primary distributors of advertising. But AdonMo is precisely doing what I could not i.e., EXECUTE on the idea.
I am excited about AdonMo as it disrupts the hold billboard owners have enjoyed for several decades. A moving billboard provides better and deeper reach to advertisers with exhaustive reporting and must work out to be of much better value than a billboard.

Name: YoloBus
Amount Raised: Rs. 4.28 crore
Investors: Undisclosed
What does YoloBus do?
Edited from Traxcn: Yolobus provides an online-based platform for booking intercity tickets. Users can book tickets by giving details like location, date, time, etc. It offers features like real-time tracking, in-cabin Wi-Fi, Toilet, Pantry, CCTV cameras, etc.
Why do I like YoloBus?
There are several intercity bus services. So what is interesting about just another intercity bus service?
There are several intercity bus ticket booking platforms – So what is interesting about just another intercity bus ticket booking platform?
India is home to the world’s largest and fastest-growing middle-class population. India’s growth pulled 271 million people out of poverty between 2006 and 2016. It is only a matter of time before India’s per capita income will cross $4000 with and a majority of the Indians will belong to the middle to upper-middle class i.e., aspirational class.
This vast majority of people will have a very different consumption basket and preferences compared to the sustenance living Indian, and services like YoloBus cater to a growing section of the Indian audience.
While Yolo may get considered a bit ahead of its time, if it can keep its costs of operation and customer acquisition in control and sustain – there is a big market for it to capture!
One question, though – why are the investors undisclosed? The first time for me to see a release in which the amount gets disclosed but not the investors!