They also assigned great value to investors who took the call to exit companies at the right time, providing cash returns consistently to their sponsors.
ETtechAfter lengthy discussions, the jury whittled it down to Nexus Venture Partners managing director Suvir Sujan and Elevation Capital co-managing partner Mukul Arora. While Sujan, an early backer of online commerce in India with bets like Snapdeal and Delhivery, garnered appreciation for his bold wager on Zepto along with his mentorship role at the quick-commerce company, Arora’s wide portfolio firms and his ability to clock exits gained praise from the jurors.
The jury finally zeroed in on Arora for the variety of his investments, ranging from sectors such as food delivery and ecommerce to used-car sales and edtech. An alumnus of IIM-Lucknow, he has risen at Elevation Capital (formerly SAIF Partners) from being an associate to a co-managing partner over his 14-year career at the VC firm. Arora has written cheques for some of the most valuable consumer internet startups in India, including IPO-bound food- and grocery-delivery platform Swiggy, publicly listed omnichannel retailer FirstCry, edtech firm Unacademy and ecommerce platform Meesho.
Having secured sizeable exits through secondary sale of shares in Swiggy and Unacademy where Elevation was one of the earliest investors, Arora has also seen portfolio firms like business-to-business online commerce firm Indiamart go public. Elevation had exited FirstCry, which listed in August this year, in 2021.
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“The evolution of the Indian startup ecosystem over the past decade has been nothing short of remarkable. I’m incredibly grateful to have been a part of this journey, both as a beneficiary and, hopefully in some small way, a contributor. The most rewarding aspect for me personally has been the opportunity to partner with, learn from, and form lasting friendships with many extraordinary entrepreneurs,” Arora said, remarking on winning the Midas Touch award.
“Looking ahead, with world-class founders, top-tier talent, deep capital pools, and a highly supportive ecosystem, Indian startups are poised to not only shape the domestic economy but also make a significant mark on the global stage. There’s never been a more exciting time to be a founder or investor in India,” he added.
“The impact early-stage investors have on a founder goes beyond just providing capital…. For Mukul (Arora), in certain cases, he has been closely involved with the founders, helping create new categories altogether and working with them to scale the venture in a sustainable manner,” said juror and CaratLane founder Mithun Sacheti.
“What stood out for me is that two of his prominent bets — FirstCry and Swiggy — are category-defining companies. While FirstCry is already public, Swiggy is set to launch its IPO. Mukul’s sense of timing on exit also is worthy of note whether before IPO or holding strong post (IPO) till he felt timing was right.”
Other contenders
Suvir Sujan
ETtechSujan is known to play a hands-on role with founders of his portfolio companies. He was involved with Zepto’s early pivot from a hyperlocal grocery delivery startup Kiranakart.
Ishaan Mittal
ETtechConsultant-turned-investor Ishaan Mittal oversees growth-stage investments at Peak XV Partners, formerly Sequoia Capital India. He is focused on consumer, fintech and the online payments sectors.
Kunal Bahl, Rohit Bansal
ETtechSnapdeal founders Kunal Bahl and Rohit Bansal began angel investing a decade ago, but the size and scale of their investments have grown over the last few years.
Vikram Vaidyanathan
ETtechA former McKinsey consultant, Vaidyanathan leads the Bengaluru office for Z47 and invests in early startups with a focus on fintech and financial services.
Rahul Chowdhri
ETtechChowdhri first donned the investor’s hat in 2007 when he joined Helion Venture Partners, one of India’s oldest homegrown venture capital firms. At Stellaris, Chowdhri is focused on investments in consumer brands and ecommerce.