—Mohit Gulati, managing common companion, ITI Growth Opportunities Venture Fund
On paper, the pleasure of the subsequent 600 million-plus web additions to India’s panorama was a possibility we had been keenly evaluating. This was earlier than the catchphrase, Built for Bharat, existed. As a staff, we met a number of entrepreneurs attempting to cater to this market with distinctive product choices, together with vernacular language e-commerce and ed-tech options.
We got here throughout a social-commerce-cum-gaming platform in Hindi that rewarded a consumer primarily based on the time spent by answering questions on present affairs and Bollywood trivia. The founder got here from the heartland of India and had an ideal understanding of his audience, which was primarily all customers who had time, together with housewives, and watchmen. As a lot as we cherished the early traction on the app, we simply couldn’t spend sufficient time on it due to a consumer interface that was cluttered and in native languages. This made us imagine that the know-how staff wasn’t ok to pull this into a big, full-blown social platform, go away apart the industrial aspect of issues. Needless to say, we handed on the deal. However, quickly this resolution got here again to hang-out us.
Today, the platform is one in all the largest in India and is seeing a wholesome quantity of e-commerce transactions. Our learnings from this incident are that we must always by no means choose a ebook by its cowl. What may not appeal to you may appeal to the larger viewers for whom it’s constructed. Technology is continually in an evolution part. We, as enterprise capitalists, want to get our name on entrepreneurs, who can construct or purchase higher know-how always, proper. For a founder who had reached out to me by way of InMail, this was the impossible of misses that I may ever have imagined. From that day, any and all pitches that come to us are analysed intimately earlier than replaying with a ‘Yes’ or ‘No’. We are additionally on #whatsappbusiness account for extra environment friendly communication with all potential entrepreneurs who attain us. These learnings remind me of a quote by the Spanish thinker, Jose Ortega y Gasset: “For the particular person for whom small issues do not exist, the nice is not nice.”