Indian Entrepreneurs Have Created Products Relevant For the World: Chiratae's Sudhir Sethi
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The increased scope of global venture capital investment in India and evolution of technology are significant. Compelling and notable venture investments in the technology innovation segment have been exemplary. Addressing the key trends, prospects and a wave of digitalization, Sudhir Sethi, founder and chairman of Chiratae Ventures India, interacted with Entrepreneur India. Having added value to several companies through VC funding, he shares insights as to what is driving digital India towards a sustainable economy.
Opportunities for startups from technological perspective
The best thing about digitalization is its power to bring forward things for all segments. From B2B, B2C, agriculture, healthcare and education to any other segment, they are likely to overcome the pandemic’s wrath through digital intervention. The underlying opportunities show that objectives of reaching a billion people at one go to extend healthcare amenities is now easily attainable. The use of advanced technology in the edtech, agritech, fintech and other business domains is indispensable during the COVID phase. It will influence the upcoming challenges of the marketplace. Sethi precisely framed, “The mechanism to address problems which have not been solved before using technology and reach masses is the real power of digitalization.”
Sectors likely to embrace technology amidst the pandemic.
Every sector needs to realize the utility of technology to attain objectives of scaling up. The need to bring efficiencies in business processes must be focused on with the assistance of digital infrastructure. Technology platforms and marketplaces have to be created to kick-start the plan of smooth functioning.
Advice for newbie entrepreneurs towards efficient functioning
Indian entrepreneurs at present have global mindset and they build products which are valid as well as relevant. Most of the Indian companies including Lenskart, FirstCry and Emotix have worked on international expansion. Interestingly, implementation of an entrepreneurial idea in India implies its prevalence across the world as well. Sethi emphasized on the existence of several unique India startup concepts which are known for their worldwide monopoly. The right price factor and supreme quality of products make for a perfect combination to build a global company.
Business highlights and transition in the operations’ flow
Over 120 patents have been filed and 28 granted by Chiratae Ventures India. There’s no recipe or prescription for startups, instead building better products and services is the key solution. The scale at which the services need to be delivered is larger and the successful growth of the company defines infliction point in the market. Late-stage funding has also been a crucial part in the post COVID scenario further attracting more capital. The revenue model, business model, quality entrepreneurs, products and services, and technology have differentiated some companies to a higher pedestal.
Besides, most of the companies employed fundamental agility, enormous innovation, digital and global mechanism to attain their business growth objectives. Capital from India is allocated properly and independently to support entrepreneurial visions. Apart from just focusing on consumer requirements, digital businesses must look upon supply chain, distribution chain, efficiencies, market and updated regulatory guidelines. The elimination of regulatory framework can empower through direct accessibility of services by removing the middlemen.
Innovator programme highlights and perks for entrepreneurs
Chiratae Ventures India announced its seventh edition of innovators programme recently to extend comprehensive support to early-stage startups in all sectors. Funds have been invested in more than 80 early-stage companies, out of which, there are 50 seed companies. These seed companies have raised over $500 million which are valued over a billion currently.
As a part of this programme, Sethi and his team will be working with startups to advice and guide the entrepreneurs. Over the five weeks’ long programme, entrepreneurs will be supported to build value as they embark on their journey to solve problems through technology.
3 tips for early stage entrepreneurs
Sethi exclaimed that entrepreneurs should not give up as the current scenario is perfect to rise. Secondly, he added it’s necessary to fine tune the products and services in accordance to digital consumption society. In addition, he believes raising capital at an early stage for making startup grow through adequate funds is essential.