How These Entrepreneurs are Nailing The Right Pitch For Raising Investments
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Convincing The Unconvinced
Anant Goel, Founder and CEO, Milkbasket
Nine months after we started Milkbasket, we met an investor. At that time, we were doing perfectly fine. From delivering milk, we added groceries as well. The investor was open to back us — but only if we had agreed to join his start-up. He spent half-an-hour talking about how there was no future for the online grocery delivery start-ups and suggested that we quit. Unaware of how to react, we asked for 10 minutes to talk about Milkbasket. We didn’t hope much but still made a quick pitch. We talked about our strategy and how our services can change the consumer behavior. To my amazement, we eventually ended up convincing him.
A Much Needed Push
Vishal Jain, Co-Founder, RoadCast
In 2016, we were actively seeking investment. We received our first call from Greenhouse Ventures and eventually met Vikram Upadhyaya. Things went smooth till he started questioning us about our product and its potential. Then, he started talking numbers, which confused us even more. We honestly conveyed to him that we were not so well prepared. Maybe, it clicked for us. He gave us 60 days to come up with a strategy and make it work. After this, our revenue increased 10 folds. Actually, the meeting was more of a push for us to work towards doing something big and proving ourselves.
A Thorough Pitch Deck
Ishdeep Sawhney, Founder and CEO, Banihal
We were looking for investors who would be ready to take a leap of faith with us. So, we kept meeting investors and entrepreneurs, asking for their feedback. This actually helped us in designing a perfect pitch. During our first pitch, I quickly introduced the company and focused more on explaining how it can influence the consumers. We got into details about few areas that we could address in the next 12 months. To our amazement, he immediately agreed to invest. After we closed this deal, other investors joined in. From this, I learnt that you have to focus on convincing the investor on why the business is worth pursuing.
(This article was first published in the July issue of Entrepreneur Magazine. To subscribe, click here)