Ratan Tata’s inclination towards startups by women entrepreneurs is no secret. His investments are a proof of the same, but these investments don’t come easy. The Mogul of Indian industries only invests in a company when the idea behind the startup excites him, and the first impressions of the founders are good.
Adding to this list of 25 startups he is already an investor in, Mumbai-based e-ticketing startup Kyazoonga has raised an undisclosed amount of funding from the Chairman Emeritus of Tata Sons, according to media reports.
The firm plans to use these funds to expand into international markets including the United States, West Asia, Pakistan and the Caribbean Islands. The have already signed a Rs 100 crore deal on two editions for the Carribean Premier League in West Indies. Since last year, Kyazoonga has started ticketing for events in the US from its new office in Los Altos in Silicon Valley with a few events in California and Washington.
A major player in the ticketing industry, Kyozoonga was launched in 2007 by Neetu Bhatia, an MIT graduate. The platform partnerships with sports franchises, music concert promoters and event organisers, and have previously sold tickets for domestic sporting leagues such as Indian Premier League and the Pro Kabaddi League and international events like the ICC Cricket World Cup and the FIFA World Cup qualifiers. They are likely to be a ticketing partner for the Rio 2016 Olympics as well.
Content to receive this funding, Neetu said, "We have our own IP and ticketing technology platform that enabled us to scale up domestically. We largely focus on sporting and entertainment events, not really movies. That's how we differentiate ourselves from the existing players in the market."
Previously, startups with female co-founders which have receive funds from Ratan Tata include YourStory by Shradha Sharma, Kaaryah by Nidhi Agarwal, Zivame by Richa Kar and Ampere by Hemalath Annamalai to name a few.
Perks of receiving funds from Ratan Tata
When a startup receives funds from the business legend himself, that venture receives much more than just money and mentoring. Getting funding by Ratan Tata means free endorsement as people want to know which startup he liked enough to put his money in. It’s a way to instant fame as the aura of Tata name makes a startup stand out.
Want to get funded by Ratan Tata?
Just ask him. It has worked for Nidhi Agarwal founder of Kaaryah who was rejected by 113 startups before getting funded by Ratan Tata himself. Nidhi just sent him a mail and then three months later her startups was actually got funding by Tata.
How it's done is that once you approch him, the proposals are vetted by Venkataraman before they reach Tata, who usually asks just two questions to start-ups seeking an investment. These are about the risk, and the opportunity. After being aproved by Venkataraman, founders usually have 30 minutes to make a pitch and a successful one will be valued as per the last funding round.