Arjun Vaidya

At Atomic Capital, we are committed to backing exceptional founders building for the next wave of India’s consumption story. The country’s consumer market is expected to more than double by 2030, reaching over $4 trillion, with fashion emerging as one of the fastest-growing categories. By 2030, India’s apparel market is projected to cross $125 billion, driven by a rising middle class, increased digital adoption, and evolving consumer preferences. Fashion, particularly women's apparel, will play a significant role in this growth. Despite being a highly competitive category, we believe there's still white space for brands that combine customer insight, product excellence, and operational efficiency. We are incredibly excited to announce our investment in ANNY. From our very first interaction with the founding team, we felt there was strong alignment in vision, strategy, and focus on building a lean, sustainable, and scalable business. Here's why we chose to partner with them: 1. Aligned Operating Philosophy: The founding team - Japjot, Aveen, and Rahul, shares our belief in building a capital-efficient brand. They focus on solving scale challenges with systems, data, and discipline—not by burning cash. From day one, they valued our partnership beyond just the capital contribution. 2. Distinctive Product Supply: Anny excels at the intersection of freshness × fabric × fit. Thanks to rigorous efforts in curation and sizing, Anny has achieved some of the lowest return and cancellation rates we’ve seen in the category. 3. Lean Inventory Model: The team has cracked a unique approach to managing inventory. Their system allows for timely sourcing of new designs that often become hero products—ensuring working capital efficiency while minimizing stockouts and lost sales. 4. High Consumer Love: With 100% of revenue coming through their own website and a substantial share from repeat customers, the brand has cultivated a deep and loyal customer base. 5. Efficient Acquisition Strategy: Anny has built a robust content engine, helping consumers visualize style and fit on real people. This “real-world relatability” has significantly improved conversion and reduced acquisition costs. 6. A Complementary Team: The founding team brings the perfect blend of design and curation, finance and analytics, and technology—a necessary trifecta to scale a modern, digitally native apparel brand. The founder-market fit here is strong and clear. 7. Strong Revenue Momentum: The team has scaled 7x in 12 months. Consistent growth, increasing repeats, and strong unit economics are a testament to the brand's product-market fit and sharp execution. In our experience, operational discipline, new launch velocity, a data-driven approach, and sharp storytelling can collectively build an enduring brand in Fashion. We believe the Anny team is uniquely positioned to do just that. Atomic Capital Nikhil Patil Manish Jain #ConsumerBrands #Fashion #D2C #IndiaConsumption #AtomicCapital

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I want to share some insights on how certain Founders are treating their Investors nowadays.  Here’s a brief timeline of the events that unfolded: -Jan 2021 Successfully raised ₹5 crore at a valuation of 25Cr. -Oct 2021 to Jul 2022 Another impressive round brought in over ₹65 crore at a valuation of 132Cr -The company ambitiously claims it's on a path to becoming a unicorn in just three years, backed by a $200 million IPO commitment from The Global Emerging Markets Group (GEM). -Apr 22 YourStory Media publishes an article titled: "[Funding alert] Instoried raises $200M from GEM, seeks to go public" (Read more at: https://lnkd.in/d35MEJBh) -From then until Dec 22, the company maintains an average monthly revenue of ₹50 lakh. However, from Jan 23, this figure plummets to merely ₹5 lakh. -The explanation? They attributed this downturn to the launch of ChatGPT. -Fast forward to Oct 23: The company announces a pivot from AI text generation to AI video generation. -Dec 23 The sudden conclusion— the company shuts down. On the surface, everything seemed fine. I understand that valuations can be inflated and funding announcements might stem from paid PR without and fact checking. But then reality hits hard…  -The Founder relocates to another country. -Claims the company shut down was a success; she touts that she raised $200 million and “exited.” In truth, she never raised beyond $9 million and didn’t exit — she shut it down and vanished, leaving investors unable to recoup losses. -To top it off, she blocks all investors on social media, despite boasting 13,000 followers and over 500 connections. Her profile hails her as a “3X Entrepreneur | Keynote Speaker | Fortune 40 Under 40 | Angel Investor | Creator of 10,000+ Jobs | 8-Figure Exit & $200M Raised | Generative AI Leader.” What comes next? She starts new ventures: -AI (which is the Pivot product of old company with old investor money)-> PiePie AI -Mental Health -> https://lnkd.in/dN5H4trJ It’s one thing for a business to wind down; it's entirely different to flee, fabricate stories, and play the victim. Here are some takeaways from my 4-5 years in Angel Investing: -For investors putting in ₹3-5 lakh, it's wiser to target companies valued under ₹25 crore. -For startups with valuations over ₹100 crore, funding should primarily come from institutional investors rather than smaller angel investors. -Be cautious about angel networks; their survival relies on a 3-4% funding fee from startups, not your membership or carry fees. Their interest may not be aligned with investors. -Pursuing legal avenues often leads to wasted time and money. As a side note, I've had investments shut down where the Founder remained communicative, worked alongside investors to attempt revivals, closed gracefully, and even bought back shares to help investors book losses. This is my first attempt at writing such a post, so please let me know if there are any disclaimers I should include. 🙏

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𝗧𝗵𝗲 𝗪𝗼𝗺𝗮𝗻 𝗪𝗵𝗼 𝗦𝗽𝗼𝗸𝗲 𝘁𝗼 𝟯,𝟬𝟬𝟬+ 𝗪𝗼𝗺𝗲𝗻 𝗮𝗻𝗱 𝗧𝘂𝗿𝗻𝗲𝗱 𝗧𝗵𝗲𝗶𝗿 𝗦𝗸𝗶𝗻 𝗦𝘁𝗿𝘂𝗴𝗴𝗹𝗲𝘀 𝗜𝗻𝘁𝗼 𝗮 ₹𝟯𝟬𝟬 𝗖𝗿 𝗦𝗸𝗶𝗻𝗰𝗮𝗿𝗲 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻! Romita Mazumdar's journey demolishes every stereotype about privileged startup founders and overnight success. The investment banker transformed Foxtale from pandemic-era idea into India's fastest-growing D2C skincare empire, proving customer obsession creates unbreakable market dominance. From investment banking towers, Mazumdar engineered complete industry disruption. 𝗧𝗵𝗲 ₹𝟱𝟳.𝟰 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 𝗥𝗲𝘃𝗲𝗹𝗮𝘁𝗶𝗼𝗻 2020 became Mazumdar's awakening year. When pandemic locked everyone indoors, she separated herself from dreamers and positioned among doers. Speaking to 3,000+ women and analyzing 100+ brands, Romita Mazumdar conducted the most extensive skincare research in Indian startup history. 𝗧𝗵𝗲 𝗦𝗰𝗶𝗲𝗻𝗰𝗲-𝗙𝗶𝗿𝘀𝘁 𝗠𝗮𝘀𝘁𝗲𝗿𝘀𝘁𝗿𝗼𝗸𝗲 Mazumdar identified the fundamental flaw in India's skincare ecosystem – gap between global formulations and Indian skin needs. By making science-backed skincare accessible and affordable, she created a category-defining value proposition that resonated with millions. 𝗧𝗵𝗲 𝗛𝘆𝗽𝗲𝗿𝘀𝗰𝗮𝗹𝗲 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 Research to revenue dominance took just three years. Founded December 2021, Foxtale's Rs 83 crore revenue in FY24 represents 6X growth. The brand reports 150% growth in FY25, positioned to cross ₹300 crore. $57.4M funding across 6 rounds, culminating in $30 Mn Series C led by KOSÉ Corporation January 2025, validates Mazumdar's vision. Today's footprint – 5 lakh+ customers with 50% repeat rate – represents methodical expansion driven by efficacy. 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗦𝗸𝗶𝗻𝗰𝗮𝗿𝗲 𝗤𝘂𝗲𝗲𝗻 𝟭. 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗮𝘀 𝗣𝗿𝗼𝗱𝘂𝗰𝘁: Speaking to 3,000+ women wasn't research – it was Mazumdar's MBA in genuine pain points, teaching her Indian consumers demand efficacy and instant gratification. 𝟮. 𝗦𝗰𝗶𝗲𝗻𝗰𝗲 𝗮𝘀 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲: Efficacy-first formulations demonstrated sustainable D2C success requires substance over social media, creating unshakeable foundation for premium pricing. 𝟯. 𝗧𝗿𝘂𝘀𝘁 𝗮𝘀 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆: In India's relationship-driven beauty ecosystem, trust isn't nice-to-have - it's the only sustainable competitive advantage. 𝟰. 𝗦𝗰𝗮𝗹𝗲 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: 50% repeat rates with 5 lakh+ customers revealed sustainable D2C growth requires product excellence, not acquisition excellence. Today, Mazumdar's empire proves investment banking rigor coupled with entrepreneurial execution creates extraordinary wealth! #skincareempire #business #businessempire #wealth

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I’m beyond excited to announce that Dexter Ventures has invested in Jewelbox, a lab-grown diamond jewellery startup! And this is about why we invested here. Led by the Kolkata-based dynamic sibling duo Vidita and Nipun, Jewelbox is redefining and expanding access to luxury in India. I’m genuinely thrilled to support their mission to make sustainable, affordable diamond jewellery the future. Here’s why. Firstly, the Kochar siblings are a powerhouse. Vidita, an Indian School of Business grad and a former Swiggy category manager, and Nipun, her entrepreneurial brother, turned Jewelbox into a profitable gem since starting in 2022. - They are outgrowing competitors to gain market share in the rapidly growing LGD jewellery space while maintaining healthy EBITDA - They’ve scaled to 8 stores across six cities - Delhi, Bengaluru, Kolkata, Chennai and more - aiming for 30 by year-end And what keeps them ahead is the focus on design, branding and technology, as they have keep coming out with ~300 new designs monthly. And amidst this, they also won a great feature on Shark Tank India. .. Also, look at the bigger picture. In India, where LGDs only make for 6% of diamond sales. But, in the US and China, lab-grown diamond-based jewellery has already cornered a large market, especially in the engagement and wedding rings market. As awareness in India builds up, the same is likely to play out in India, the world’s third-largest diamond market - which will significantly expand the market because LGDs are more affordable. And, Jewelbox nails this shift, offering stunning designs at up to 80% less than natural diamonds - think ₹80k vs ₹4 lakh (as they had also shared in their Shark Tank India pitch). .. Also, JewelBox is not just riding the LGD wave - it’s shaping a future where luxury is sustainable and accessible. Thus, I am very proud to join V3 Ventures (lead investor in the round) in partnering with Nipun, Vidita, and the Jewelbox team as they build a legacy of elegance for the modern Indian. Looking forward to a good and long relationship, full of unbridled growth and learning! Best, Anuradha Tags: Devendra, Rishabh, Jayant, Yash, Ankit, Dexter Capital Advisors

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Interestingly, the biggest threat to the red-hot 10-min food delivery sector is actually not a competitor at all... 🤔 GLP-1s (Ozempic, Wegovy, Mounjaro & their sister generics) are all set to hit India in the coming year. These class of drugs are prescribed for diabetes mangement or obesity, but have a serendipitous effect of appetite suppression And this results in a material impact on food / snack consumption. Studies indicate that there is a 10-30% hit on F&B consumption - with the hardest hit categories being junk snacks, and impulse food (𝘴𝘰𝘶𝘳𝘤𝘦: 𝘔𝘰𝘳𝘨𝘢𝘯 𝘚𝘵𝘢𝘯𝘭𝘦𝘺 𝘈𝘭𝘱𝘩𝘢𝘞𝘪𝘴𝘦 𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩) Now India, especially India A, has one of the highest incidence rates of diabetes (or pre-diabetic people) in the world. And I think GLP-1s are going to become nearly as common as advil or dolo Suppressed hunger is likely to depress some part of the demand, both in quantity and frequency of orders Ofc, this may be also be an opportunity to invent an entire new sub-category, focused exclusively on people who are on a lower calorie diet Curious to see how these antithetical factors play out. Let me know if I'm missing anything important

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India’s Oral Care Market: A Full‑Mouth Makeover 🦷 A ₹23,000 Cr (+) category that once revolved around red‑and‑white toothpastes is being re‑engineered by digital‑native devices, probiotic pastes, and at‑home aligners — and investors are biting. Market snapshot •⁠ ⁠Current size (2024): ~$2.8 Bn •⁠ ⁠Projected size (2030): ~$4.6 Bn •⁠ ⁠Overall CAGR: ~8–9 % Why the sudden rush? >> Rising disposable incomes & preventive‑health mindset >> E‑commerce lowering the “doctor visit” barrier >> Tech‑enabled formats (smart brushes, water‑flossers) creating premium trade‑ups >> Clear‑aligner boom racing at 35 %+ CAGR, set to cross $1 Bn by 2030 D2C momentum you can’t ignore •⁠ ⁠Perfora jumped from ₹1.4 Cr in FY22 to ₹43 Cr in FY24 and is tracking ₹70 Cr FY25, after 50‑plus SKUs and $8 Mn+ raised •⁠ ⁠Oracura crossed ₹16 Cr revenue in FY24 while turning EBITDA‑positive (₹1 Cr) — proof that devices can scale profitably •⁠ ⁠toothsi’s ₹330 Cr+ war‑chest ($40 M Series C) shows capital is flowing to high‑ticket aligner plays How we mapped the battlefield? We plotted 40+ brands on a 2×2: 1- X Axis: Heritage / Traditional │ Modern / Contemporary → 2- Y Axis: ↑ Mass‑appeal │ Clinical / Scientific ↓ It’s not just a personal care upgrade. It’s a shift in how India approaches everyday wellness. And we’re only at the beginning. 𝗔𝗯𝗼𝘂𝘁 𝗙𝗲𝗹𝗶𝘅 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 Felix Investment Banking is a premier investment banking firm specializing in Series A & B funding and strategic M&A advisory for startups & businesses. With a deep understanding of the entrepreneurial journey and a vast network across domestic and global VCs/PEs/CVCs, we connect high-potential startups with the capital and partners they need to scale. P.S. If you're a founder building in this space, we’d love to connect and learn about your journey — feel free to reach out to us at [email protected]

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When Abhinav & I started NoCap Foods, we assumed more products = more sales. As a young brand, we’re constantly experimenting and figuring out what works best. Here are some key observations from our journey so far: 👉 Trial Packs Are a Smart Entry Point – Consumers hesitate to commit to new brands, especially in food.The ₹45 small Chips packs & ₹80 Namkeen Packs are helping first-time customers try our products before committing to the ₹150 boxes. We’ve seen a clear trend—once they try, they return for more,which has been a great insight for us. 👉 Hero Products Stand Out Naturally – Our Oats & Veggie chips are the top sellers, consistently driving demand both online and offline. Instead of expanding too fast, we’re strengthening our best-performing SKUs. 👉Premium SKUs Need the Right Moment – While high-margin products sound great, they require strong brand visibility. Right now, we’re prioritizing reach over premium positioning. 👉 Combo Offers Are Working – Bundling products has been an effective way to increase average order value and introduce customers to other SKUs. It’s a great way to build familiarity. Our Takeaway? Instead of pushing too many SKUs at once, we’re optimizing based on real consumer demand. Would love to hear from others in the space—how do you approach SKU strategy in the early stages? P.S. – At NoCap Foods, our family & friends are our first testers and biggest critics. From honest feedback to featuring in our posts, banners, and campaigns, they’ve been part of the journey every step of the way! 🤍

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"To IPO or not to IPO" – the question every VC backed founder must answer. In the latest episode of The ASYMMETRIC Podcast, Chirag Taneja Shantanu Deshpande and me, sat down with Kashyap Chanchani (KC) of The Rainmaker Group (TRMG) to unpack the evolving landscape for late-stage, venture-backed startups in India This conversation offers a candid, data-backed look at what it really takes to build towards a public listing in today’s market. 💡 Key insights for founders: – Why growth still matters, but context, comparables matter more – How Indian public markets are now offering real benchmarks for tech companies – The implications of valuation resets (Urban Company, Zepto, Zomato, and more) – What public investors reward: governance, consistency, and capital discipline – Why founder-market fit shifts dramatically post-listing From structuring your financials to managing expectations on valuation, this episode is packed with practical guidance for anyone navigating the next phase of startup building. 🎙️ Listen here: https://lnkd.in/dti9MXgT

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🚀 Exciting times ahead for Venture Capital in India! 🇮🇳 The latest CRISIL Limited-Oister Global report on India's #PE and #VC industry reveals a thriving ecosystem poised for explosive growth. By providing data-driven insights, they're helping separate signal from noise in this dynamic industry. Here's why LPs should take notice: India's #startup revolution is in full swing, with over 151,000 recognized startups as of October 2024. This vibrant ecosystem is driving innovation across sectors. Despite global headwinds, India's GDP is projected to grow at a robust 6.6% in fiscal 2025, making it the fastest-growing major economy in the world. Alternative Investment Funds aka #AIFs have become integral to Indian private markets, with commitments surpassing Rs 12 trillion in September 2024. Equity AIF benchmarks have consistently generated alpha vs public markets, with growth and late-stage funds outperforming the BSE 200 TRI by 5.97% as of March 2024. Looking ahead to 2030, investing in Indian VC now offers: ~Early access to future market leaders ~Exposure to India's digital transformation ~Potential for outsized returns as the ecosystem matures ~Great entry valuations given the corrections in our space Shoutout to all my fellow VCs for the incredible resilience we've shown as we've built our identities while navigating what I believe is one of the toughest investing environments. We face constant regulatory changes (thanks to #SEBI and #RBI) and unique preferences from our limited partners and entrepreneurs, who aren't always accommodating. Yet, we "Thrive as a Pack!"    It almost makes me want to sing an old school song—"Knocked Down" by Chumbawamba and Prettyboi Floydd. #VentureCapital #IndianStartups #AlternativeInvestments

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We’ve raised ₹48 crore in our Series A. But before the number, let me start with something I was told early on: “Startup finance is different” I’ve heard this often. That finance in startups is more flexible, more forgiving, sometimes optional. That burn is normal. That growth justifies everything. But I’ve never really agreed. To me, there’s only one kind of finance that matters, the kind that tells you whether your business works, without needing an excuse around it. When Kuldeep Parewa, Aayushi Khandelwal and I started Anveshan, we weren't just thinking about scale or fundraising rounds. We were thinking about how we could build a brand that understood its own economics from day one. That meant: - Knowing what we earned from every unit sold - Building a P&L that didn’t wait for maturity to make sense - Making every rupee work as if it were our own This round — led by Wipro Consumer Care and Lighting and supported again by DSG Consumer Partners, Titan Capital (Kunal Bahl & Rohit Bansal), Force Ventures LLP, Aman Gupta and Sameer Mehta — validates what we’ve quietly built over the last 4 years. Yes, it gives us capital to grow. But more importantly, it gives us room to keep doing things the way we believe in: - Focus on gross margins over vanity metrics - Stay tight on burn while expanding - Build internal visibility across every cost head - And treat people not just as team members, but equity partners This raise also gave us the chance to offer secondary exits to some of our earliest believers, angel investors and ESOPs buybacks for a few of our team members. These are the parts I’m personally most proud of. Because good finance is not about control. It is about trust. And that trust shows up when people are rewarded not just for output, but for belief. In moments like this, I often think of the people who saw the potential when we were just getting started. People like Bipin Shah and Sumit Jain, who understood what we were building even before it was obvious to most. As we move into this next chapter, my goal is the same as it was when we were bootstrapped: To build a business that doesn’t need to be explained. One where the systems hold, the numbers make sense, and the culture doesn’t need repair at scale. I’m thankful to our investors who supported this way of building. And to the team that works behind the scenes where most of the real work happens. - We didn’t raise ₹48 crore to grow recklessly. - We raised it to grow responsibly. - And that is the only kind of growth I’ve ever known. Sumit Keshan Hariharan Premkumar Pooja Shirali Karthik Bhat Neeraj Tyagi Anjali Bansal Ashutosh Valani Priyank Shah Arjun Vaidya Shantanu Deshpande #Anveshan #SeriesA #FinanceWithDiscipline #UnitEconomics #ESOPBuyback #MakeInIndia #CapitalEfficiency #BuiltToLast #CleanFoodIndia #StartupFinance #RealMargins #FounderNote #SustainableGrowth #EarlyBelievers

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India’s recent ascent to become the world’s 4th-largest economy seems like a remarkable feat. However, chasing vanity metrics like “Top-4 GDP” without strengthening the foundations of human development will not lead to sustainable, grassroots-level progress. If we truly want growth that uplifts every Indian and improves day-to-day lives, we must align our goals and priorities with metrics that actually matter— healthcare access, environmental sustainability, poverty reduction, and ease of doing business. Let’s contrast India’s position with that of Japan (which we just overtook in total GDP): ·       GDP per capita (nominal, current US$) - India: $2,878 (IMF estimate for 2025) - Japan: $33,960 (IMF estimate for 2025) ·       Hospital beds per 1,000 people - India: 1.6 beds / 1,000 people (World Bank, 2021) - Japan: 12.59 beds / 1,000 people (Trading Economics, 2022) ·       Extremely High Share of most polluted cities are in India - India: 6 of the 10 most polluted global cities (IQAir Data via Indian Express, 2024–25) - India has 84 of the world’s 100 most air-polluted cities (Progressive Policy, Jan 2025) ·       Ease of Doing Business rank (World Bank Doing Business 2020) - India: 63rd out of 190 economies - Japan: 29th out of 190 economies While this milestone is worth acknowledging, let’s also begin to: 1. Measure what truly matters 2. Speak openly about the gaps 3. Commit to improving real indicators of quality of life Let’s not get distracted by headline numbers. Real progress is about the well-being of the people—not just the size of the economy. Jai Hind!

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What VCs expect and is difficult to see in D2C brands ? Broadly there are the 3Ts for a “WINNING” investment 1. TEAM — relevant background and passion matters ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ 2. TRACTION — Right stage for a VC (Seed, Series A, Series B etc.) to come into the company   · Usually for ~ $100M + fund (cheques size ~ $1-2 million)   · Depends on what is the sweet spot in terms of stage for the VC fund ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ 3. TAM (Market Size) — Should be large enough - rough math (for a $100Mn VC)   - Why is D2C such a difficult category for VCs to invest in:     · VC fund invests roughly ~ $10Mn over the years starting with $1-2Mn cheque size     · Fund life for a VC ~ 8+ years (for exit) at an average IRR expectation of 25% fund-wide     · ⇒ $10M x (1+25%)^8 years =~ $60M+ minimum exit     · Early stage VCs end up with nearly 5-8% near exit     · ⇒ Valuation at exit should be $750M - $1.2 Billion     · Revenue Multiple ~ 2-4x ARR (forward multiple) or 5-6x CM1 (channel normalization)     · Revenue needs to be nearly ~ INR 2500Cr +     · ⇒ POSSIBLE WITH MONTHLY REVENUE OF INR 200CR+ ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Lenskart.com is currently the biggest winner in D2C, with only a few others resulting in great outcomes (shown below page 2) #VentureCapital #D2C

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