Kunal Aggarwal

Agilitas x Virat Kohli partnership is one of the masterstroke deals I have seen in recent times. Virat invests 40 CR in Agilitas for a 1.94% stake, putting Agilitas’s valuation around 2000 CR. 📈 In turn, Agilitas acquires one8world, making Virat a co-founder and shareholder. They now get two very important growth levers: ⬇️ 1. A powerful manufacturing (via Mochiko Shoes - a 600 CR+ footwear brand that Agilitas acquired in 2008 ), 2. India’s biggest athlete — exclusively aligned. Easily becomes a 4000 CR revenue brand in the next 5 years. Footwear + retail scale requires capital — but this partnership compresses customer acquisition, product cycles, and brand-building like few others. Even Virat said in his podcast with Abhishek Ganguly, the co-founder of Agilitas that, “I didn’t want a brand deal… I wanted to build something that outlives me.” And Abhishek said something even beautiful - “An ambition to build from India but be globally relevant.” This isn’t marketing. This is legacy building with shared skin in the game. And that is how startups work - shared ambition with one goal (to make the company big) and food (read stake) in the table for everyone! A company that can be built in the long term with culture, capital, and conviction aligned. This might be the first time in India, where an athlete joins hands with a sport company to re-imagine and build the sport ecosystem of India - truly revolutionalising the game with a clear vision. 🙌

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Pleased to announce that Karekeba Ventures, among others, has invested in Stylework SaaS-based co-working/managed workspace aggregator Stylework on Wednesday announced the closure of Rs 30-crore Pre-Series B funding, which is planned to be deployed towards technology enhancement, domestic and international market expansion, and hiring key leadership personnel. Of the total funding, the company had achieved the first close of Rs 10-crore led by Equentis Angel Fund last month, with participation from Karekeba ventures /Cogniphy AIF Fund alongside continued subscriptions from Lets Venture Fund, MoneyVyapaar, HNIs and other strategic investors, Stylework said. Karekeba Ventures Kshitiz Anand Vishal Nikumbh

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Recko | A Stripe company's $150M acquisition proved that India Talent can build world class software. Here are the top learnings from my podcast with Saurya, Co-founder, Recko: 1. Recko was founded in 2017 by Saurya and Prashant to fix the complex and broken process of financial reconciliation in fast-growing B2C companies like Flipkart and Blinkit. 2. Getting the product off the ground was really tough. Early customers openly said they didn’t need it, and investors thought the idea was pointless. Recko was trying to build in a new category where there were no benchmarks or clear paths to follow. 3. Their first big break came from Myntra, who reached out just when Recko was down to their last $500. Over the next 3 to 4 months, they worked closely with Myntra’s finance team to solve huge reconciliation problems involving millions of data rows. That work earned them the credibility to build the product. 4. Indian VCs passed on Recko for several reasons: Lack of investor-focus on B2B during 2017-18 , the perception that back-office products were unsexy and the pressure for fast hockey stick growth. In some cases, even customers denied they had the problem Recko was solving, which confused potential investors further. 5. Saurya shares that India’s B2B ecosystem has “over-indexed” on cost advantages and marketing-heavy models. But to truly compete globally and reach higher valuations, companies should start with a solid product that offers real value through Tech and product superiority, not just by being cheaper. 6. For early-stage B2B startups, the most important metrics is not ARR, but product shape & product usage- how often the product is used and how critical it is to the workflow of the business. If your product becomes part of a company’s core workflow, it’s much harder for them to stop using it- even if it’s tough to sell at first. 7. Stripe's acquisition of Recko was primarily a product acceleration and product suite completion strategy. With financial operations closely tied to payments, Recko brought deep expertise in that space- something Stripe's customers were already asking for. 8. Recko was acquired at a 75X revenue multiple of $2 million ARR - A result of the product's unique strength, very specific domain knowledge, and "thickness" in its product layer. This contrasts with companies offering easily replicable solutions or operating in crowded, benchmarked categories, which give them lesser leverage in acquisitions. 9. The acquisition process took about six months, with four of those months spent on intense due diligence. Founders must manage conflicting expectations from investors and employees while maintaining highly confidential communication throughout. 10. Saurya advises founders to prioritize long-term relationships over attempting to "squeeze the last drop" of money during an acquisition, as future collaborations are likely. 

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Lessons: performance of listed startups At the xto10x IPO academy, we track listed startups - financials, market updates, stock price, peer comparison, analyst coverage and earnings calls. The intent? Understand the patterns behind sustained performance vs. underperformance - defined as movement in the stock price vs. the Nifty 500 over the same timeframe. Of the 30+ companies we track, here are headlines from 8 (data as on 8/4/25) #1 (2021 IPO): significant challenges for the first eight quarters - profitability doubts, acquisition anxiety. But the script flipped in 2023: delivered on guidance, turned the core business profitable and demonstrated sustained improvement in operating metrics. Outperforming by 134% #2 (2024 IPO): listed at a discount to its peer. Latest results show a widening gap with the peer on core metrics - revenue, market share and MTUs, with the CM gap narrowing slightly. Underperforming by 8% #3 (2021 IPO): A SaaS company, did an outstanding acquisition, improving EBITDA margin from 15% to 20% from FY23 to 24, leading to outperformance. Now facing challenges with revenue churn and no subsequent acquisitions (discussed in earnings calls) - underperforming by 35% #4 (2024 IPO): Not just another coworking play — 43% return on capital employed, driven by high utilisation and the managed aggregator model. Analysts now compare it with hotel peers given the ROCE profile. Outperforming by 68% #5 (2021 IPO): Beat 8Q guidance with growth in core business at 23%, new business at 115% and EBITDA margin of 47%. The stock outperformed by 46%. Then came bolder guidance relying heavily on the new business. Growth in the last 2Q is significantly below expectations, the stock is now down 30% from its peak #6 (2021 IPO): Ecomm player, gained 96% on listing day. In 2 years, revenue grew by 30%, while EBITDA margins remained flat (5% to 5.7%). Underperforming by 37% #7 (2022 IPO): Logistics player that delivered meaningful earnings growth from -₹319 Cr to ₹561 Cr, but missed market expectations of Rs. 1325 cr. Underperforming by 98% #8 (2023 IPO): D2C brand that went public with a bold offline expansion plan. But near-expiry stock issues, distributor churn, & retailer resistance to its SKU mix showed challenges in offline. Trading 31% below its IPO price So what are the patterns? At the risk of oversimplication, here’s what we have observed: Outperformers compound earnings & ROCE over a longer timeframe - quality execution translates into strong input metrics which translate into superior financial performance. This is so hard to do. Underperformers don’t have compounding yet - many challenges get in the way, e.g. high expectations (and a high issue price), widening gap with peers, relying on uncertain M&A/ new businesses/ channels to deliver earnings guidance, limited operating leverage. One overall takeaway for founders trying to decide on an IPO? Please test your recipe for compounding before you go public.

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💡 Why global VC playbooks don’t always work in India Growth investing in India has reached critical mass, but as Ashish Kumar of The Fundamentum Partnership puts it—it needs local understanding. A business model that thrives in the US might fail spectacularly in India. Take marketplaces for example. In the US, successful companies (Amazon, eBay, Uber) typically don’t hold inventory—supply chains are reliable, and quality is assured. But in India? It’s a different game. With a fragmented, highly competitive, and price-sensitive market, quality isn’t guaranteed unless the company takes control. That’s why full-stack models like Flipkart and Spinny have worked. 🚗 Spinny—when Fundamentum invested, it wasn’t the first player in the used car market. But it stood out because it held inventory, refurbished cars, and ensured quality—going against the typical VC playbook. 💡 Most VCs questioned: "Why tie up capital in inventory?" But as Ashish says, in India, if you don’t solve for value first, the business model won’t even matter. This is why local context trumps global playbooks. If you’re investing, building, or scaling in India, remember: 👉 Understand the roots before you plant the tree. Would love to hear from founders & investors—what’s your take on this? 🚀🇮🇳 #Startups #Investing

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Just read the news, Meesho has filed for a ₹4,250 crore IPO. They’ve quietly become one of India’s most inspiring turnaround stories. Why? Because they focused on something most startups ignore in the race to raise: PROFITABILITY Their losses dropped from ₹1,675 crore to just ₹305 crore in one year. Here’s what this IPO teaches us: 1. Tier 2 & 3 India is not a ‘future opportunity’ anymore. Meesho built for Bharat. And Bharat responded. 2. Being “cheap” is not bad. It’s smart. Meesho helped millions of Indians buy daily essentials at low prices. Turns out, affordability scales faster than aspiration. 3. Distribution is everything. They enabled over 1.5 million sellers, most of them women from smaller towns. No warehouses. No inventory. Just smart tech that connects the dots. It’s not just scale, it’s inclusion at scale. 4. IPO-ready means business-ready. Investors are rewarding sustainable, clean businesses, not just hype. This might just be the return of fundamentals. As someone building in the Indian D2C space, this story hits home. Because the dream isn’t just to raise funding. It’s to build something that real people use, real sellers benefit from, and real markets reward. And most of all, something that can stand on its own. Respect, Meesho #MeeshoIPO #StartupIndia #BuildForBharat #ProfitabilityMatters #RealIndia #Founders #ConsumerStartups #D2CIndia

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Every founder chases the same thing: growth without burning on CAC. Sat at the India D2C Summit recently and it was clear: there’s no universal playbook. A brand selling a Rs. 20,000 chair lives in a different universe compared to someone running at a Rs 1,500 AOV. Yet we all talk as if the formulas are interchangeable. Reality: CAC is not a number, it’s a strategy. It shifts by category, ticket size, margin structure, repeat rate, and distribution mix. What works for premium doesn’t work for mass-premium. What works for content-led brands fails for performance-heavy ones. And vice-versa. The only constant: founders who understand their unit economics at a microscopic level build more sustainable brands. Everything else is noise. Curious to know: what’s the most counterintuitive CAC insight you’ve discovered in your journey? #SA #secretalchemist #wellnessmadesimple #personalcarewithapurpose #aromatherapy

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Every VC wants high returns and high risk — basically, they want to invest in a rocket ship before it’s even built. But here’s the twist — India’s VC ecosystem is still figuring out where to buy the rocket fuel. Unlike the US, where decades of exits have created deep pockets and deeper risk appetites, we’re still on our early missions. And that’s not a bad thing. Every giant ecosystem once started with small, nervous steps (and a few burnt fingers). Once Indian investors start seeing more wins, trust me — the bets will get bolder, and the stories will get crazier. We may be a younger ecosystem, but we’ve got the hustle, heart, and hunger to go from “emerging” to “exploding.”

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India’s boldest startups deserve long-term capital that stays the course. 360 ONE Asset’s ₹500 Cr early-stage VC strategy has been launched, with 4 deals closed across diverse sectors. A core part of our ‘Idea to IPO’ capital stack. Read Abhishek Nag, Senior Fund Manager & Strategy Head, Early-Stage VC, 360 ONE Asset’s interview in Mint here: https://lnkd.in/diBcy86N 360 ONE

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Baby Products in 60 Minutes? This Stealth Startup Just Raised $3.2M to Take on Zepto & Blinkit In a time when quick commerce feels dominated by groceries and kitchen staples, a new player is quietly rewriting the rules. Peeko, a babycare-focused quick commerce startup founded by former Leap Finance and OYO executives, has emerged from stealth with a $3.2M (INR 28 Cr) seed round led by Stellaris Venture Partners. Here are the key insights every founder should note: 1. Quick Commerce Is Evolving Peeko proves that quick commerce isn’t just about groceries. Parents of infants and toddlers (0-6 years) need diapers, toys, baby food, and personal care items on demand and Peeko promises to deliver all of it in under 60 minutes. 2. Strategic Fundraising The round saw participation from top angels: Maninder G., Abhishek Goyal, Nitin Gupta, Arjun Vaidya, Kunal Bahl and Rohit Bansal. This isn’t just money it’s domain expertise in scaling marketplaces, logistics, and consumer brands. 3. Cautious but Smart Expansion Currently in beta with a single dark store covering 10 Bengaluru pincodes, Peeko is validating demand before scaling. The team plans to set up two more dark stores in the next 3-6 months and expand its SKU base to 15,000-20,000 products. Its ‘try and buy’ feature + instant returns directly address trust and emotional needs in babycare something mass-market platforms often overlook. The takeaway? Quick commerce isn’t just about being fast it’s about being relevant. Peeko shows how vertical plays can survive and even thrive alongside giants like Blinkit, Swiggy Instamart, and Zepto. What niche verticals do you think are ripe for disruption in quick commerce?

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💸 Here are the 1️⃣4️⃣ #AgriFoodTech startup funding news you should know for the past week: 🇮🇳 🛵 Zepto, a leading Indian startup, raised $450M at a $7B valuation to consolidate its lead in ultrafast grocery delivery. As we often say here, quick-commerce is far from being dead; it is actually thriving in many developing economies.   🇺🇸 🤖 Starship, a startup with European roots, raised $50M to expand its fleet of autonomous delivery robots across US cities. After complicated times, we observe a resurgence of interest in automated food delivery, notably in the US, where the pool of low-skilled workers is decreasing. This could finally be the "moment" for robot delivery players.   🇨🇭 🌾 Ecorobotix, a Swiss startup, raised €129.3M to ramp up production of its AI-powered precision spraying trailers (again a European-based startup which is deploying its technology in the US).    🇬🇧 🧈 All Things Butter, a British startup, raised over £2M to expand its premium flavoured butter line. The "modernisation" of staple products continues. Here we have a typical example of this new wave: exit the vegan and healthy alternative, welcome to an indulgent, well-marketed brand.      🇫🇷 🧫 GOURMEY, a French cellular agriculture startup, acquired VitalMeat (another French startup) and consolidated France’s cultivated-meat ecosystem.   🇺🇸 🥩 Beyond Meat faces mounting financial pressure and has become a "penny stock" (its stock price is now below $1). 👉 That's only the beginning, you are missing 8️⃣ key news to understand the future of food. Go here for the rest: https://lnkd.in/eidTwRND #startup #foodtech #agtech #deal #fundraising

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