Amit Somani

Commoditization of AI models Yesterday evening I had the pleasure of watching Aravind Srinivas' (founder of Perplexity) interview with Aarthi Ramamurthy and Sriram Krishnan . It's a great interview and I would recommend AI founders to watch it if possible. https://lnkd.in/gnM2NeS8 Couple of things that stuck me from the interview: 1. Aravind believes in the commoditization of AI models in the long run. His take his firms like Perplexity which focus on user problems and solve for it using relevant models will win. Perplexity does it quite well, do check them out if you haven't already. This is something that AI entrepreneurs should think about. Creating foundational models is freaking expensive! and for conservative capital allocators like us it is too risky a bet (not betting on AI is even riskier 😅, I guess we need to learn more) I am going to tag the platform Guru and distinguished IIMB alumnus Sangeet Paul Choudary for his take on this. 2. The initial employees (5-10) have to be truth seekers rather than social affirmers(?) It was great hearing him talk about the culture at Perplexity of seeking the truth through open conversations and arguments on Slack rather than provide positive affirmation. I think it's something that every founder should strive for. Truth will prevail in the longer run. This works in technology, finance, politics, society, anywhere. (Satyamev Jayate is true in itself!) But to be able to have an open conversation, the founders need to have depth themselves. This is something that I feel the Indian ecosystem lacks, as most of the founders seem to be managerial in nature. I find them shifting to jargons rather than simplicity when questioned deeper. (By the way this is a classic test to check whether someone really knows it, people who know what they are talking about will make it simpler, those who don't take the cover of jargons to increase complexity and portray intelligence) I understand my analysis could be biased due to self-selection, and I would love to be proven wrong. It's pretty cool that Aravind chose Larry Page as his favourite entrepreneur due to their common background of coming from academic research to entrepreneurship. What I definitely don't agree with Aravind on The idea that luck doesn't play a role in outcomes. Successful people generally attribute success to their hard work/smartness / enterprise without understanding their privilege. For e.g. A smarter/more hardworking/more enterprising Dalit girl from Bihar will never have the kind of opportunities that I had as a Tam Bram born in a lower-middle class but very well educated family in Chennai. One has tried to solve for it using our Sakhi Scholars programme, which supports gifted girls from underprivileged communities to achieve their dream through financial support. On a lighter note, Aravind is a 2017 IIT-M alum and has already built a $8 billion company, what the hell am I doing with my life? 🤔

1

1 Comment

It’s great to see such a thoughtful review of #HeadStart 🙌 in the Hindu BusinessLine. https://lnkd.in/gN83bBwV Sunder Ramachandran and I aimed to create a guide that's practical and (hopefully) not your typical self-help overload. We wanted to skip the usual buzzwords to offer something young professionals could genuinely use and relate to. Glad to see sections like ‘Be a Boss Magnet’ and ‘Career Transitions’ resonating! Learning the ‘boss code’ or the art of a ‘slingshot move’ is less about corporate jargon and more about finding ways to excel and grow in the real, sometimes messy situations we all face. And yes, while formulas like the 30:70 rule or the 2+2 Stakeholder Plan sound a bit… ‘methodical,’ we’re rooting for practical hacks over complicated theories here. (Spoiler: no pi-charts in this book!) At its heart, #HeadStart is for anyone aiming for a fulfilling career. Here’s hoping this book is a steady companion in your career journey. Order now: https://lnkd.in/gMwWWuUe Radhika Marwah

91

4 Comments

Nature, Tanvirul Islam, Anindya Banerji, Chin Jia Boon, Wang Rui, Ayesha Reezwana, James A. Grieve, Rodrigo Piera & Alexander Ling, “A privacy‐preserving publicly verifiable quantum random number generator” Verifying the quality of a random number generator involves performing computationally intensive statistical tests on large data sets commonly in the range of gigabytes. Limitations on computing power can restrict an end‐user’s ability to perform such verification. There are also random number‐ based applications where an honest user needs to publicly demonstrate that the random bits they are using pass the statistical tests without the bits being revealed. Here, we report the implementation of an entanglement‐based protocol that allows a third party to publicly perform statistical tests without compromising the privacy of the random bits. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

4

Meet the man who shared a house with 60 people before building India's third-largest bank worth 3.62 Lakh CR. 1. Born into a 60-member Gujarati joint family, Uday Kotak used to stay in a single house with his family, who shared one kitchen. He worked hard and studied master's at the University of Mumbai. After college, he had a job with a top MNC, but he had other plans. 🤔 2. He started working in his family's cotton fabrication business. The work was great, but there were only 16 shareholders. Decision-making took a long time, and Uday got frustrated. He wanted something where he would be the sole decision-maker. And then he had an idea. 💡 3. He started a bill discounting firm with a loan of Rs 30 lakhs. The idea was simple - He would buy unpaid invoices from the business with a discounted amount and later recover the invoice from the payee, allowing him to earn profits. In 1985, Uday started Kotak Financial Services. 🙌 4. His first client was Tata-owned Nelco, for which he discounted at 16% at a 12% cost of capital and earned a 4% spread. To boost business, he entered into a golden partnership with Anand Mahindra, investing Rs 1 lakh and becoming a partner. Kotak Financial Services became Kotak Mahindra Finance. ✅ 5. By 1987, Kotak Mahindra Finance had clocked Rs 26 lakhs in sales. It had expanded into car financing, but Uday realized there were no private Indian banks; only foreign banks and cartels existed. 1991 he took the historic step, and Kotak became the first Indian investment bank. 💪 6. The business was off to a flying start in 1996 when the mammoth Goldman Sachs partnered with them for Investment banking, brokerage, distribution, and M&A businesses. As it entered the asset management business in 1998, it touched a revenue of 168.9 CR. 💵 7. The business scaled to 500,000 customers in 40 locations in India, and Uday needed a bank. In February 2003, he got a commercial banking license from the RBI and made history by becoming the first person to convert an NBFC into a bank in India. Kotak Mahindra Bank was born. 🚀 8. Within seven years, Kotak Mahindra Bank had scaled to deposits worth 23,886 CR and netted 1307 CR in profits. However, their major break came four years later when they acquired the 80-year-old ING Vysya bank at 15,000 CR. With 1241 branches, it became the fourth-largest bank in India. 📉 9. Even after dominating the physical space, Uday realized the changing trend to online transactions and launched the first zero-balance virtual account, Kotak811, in 2017. Kotak Mahindra Bank continued its net profit run with Rs 6201 CR by 2018. 💰 10. Today, Kotak Mahindra Bank has 1780 branches, 2963 ATMs and deposits worth 4,45,268 CR. With 5.1 CR customers, it is India's third-largest private Indian bank, worth 3.62 Lakh CR. 🙌 ➡️ Who would have thought that a person staying in a single house with 60 people would one day become worth 115,000 CR? 💪 #startups #india #casestudy

838

113 Comments

Only TWO days left to apply for the RippleX Fellowship program! If you are a student/dropout/recent grad building a b2b software company in Canada/US, this is the program for you. In our last batch we had some amazing mentors like: - Braden Ream (CEO, Voiceflow): Mastering storytelling and navigating selling into enterprises - Rahul Parmar (Prev. Senior Director of Sales, Drata): Sales 101 – Converting pilots to real revenue, creating urgency among buyers, and best practices to manage a sales process - Nicholas Chepesiuk (CEO, OnCall Virtual Care, now part of Qualifacts): Striving towards product-market fit, utilizing creative outbound strategies, and the importance of building trust with customers in the early days - Justin Sky (CEO, Rose Rocket): Identifying venture-scale markets, learning when to pivot, and building strong organizational culture - Josh Gray (CEO, Artemis): Conducting customer validation, segmenting your ICP, and advice for young founders Apply here: https://lnkd.in/e2iAu6vi

19

2 Comments

Rebalance is India's first angel community that's 51% women with 27 investments across fintech, biotech, consumer, drones, Gen AI, deeptech healthcare, climate, energy, edtech and more. 🔥 Aishwarya is hosting a limited-seating, candid chat for women who invest in startups (would like to invest with Rebalance) and for women who want to learn about startup investing. No question is too trivial or small, this is a safe space to ask anything about startup investing! When: 26 May 2024 [Sunday] Where: Somewhere in Delhi ☕ Timings: 4:30 pm - 6:30 pm 2 days to go!! RSVP here: https://shorturl.at/EoYLN If you're already an investor or not based in Delhi/Gurgaon - you can directly sign up here to be part of the investing community: https://lnkd.in/g7taCdkc

44

4 Comments

When you find a practical use of AI in an area that has strong tailwinds in the India growth story, you know this is a venture that has a high potential not just for value creation but for job creation in the country. Delighted to back TraqCheck founders Jaibir Nihal Singh, Armaan Mehta and @rishabh jain as they make it easier for over 200 corporations to embrace the new way of work. Traqcheck's Ai-enabled background checks of employees is way, way faster and far more reliable than traditional methods of background verification. Pankaj Bansal (पंकज बंसल)Karann Mittal Danish Dogra Aman Khan Yukta Kelkar Atreyi Dass

25

I am very excited to start the journey of co-building LongStraw Carbon alongside Anwita Mukherjee and Utkarsh Raj. While spending the last year investing in and advising various startups in the AI and climate tech space, I was trying to better understand the nuances of the carbon markets. And it was evident that a well-functioning carbon market is a key lever in our journey towards net-zero. However, lack of trust and transparency makes it challenging for emitters, beyond just large corporations, to leverage the full potential of carbon projects. This not only affects corporations but also countries like India, where small offsetters struggle to utilize their immense offset potential. This is where we see an opportunity to come in and enable stakeholders with our data-driven approach. This is just the beginning, and we are looking forward to a lot of learning, building, and fun. PS: I will continue to invest in a small way in AI, climate tech and deep tech startups directly and via funds as an LP. #netzero #carbonoffsets #startuplife #sustainability

308

68 Comments

From a humble 4x4 Garage to making NATIONAL headlines, these four tier-2 cities individuals are rewriting the rules of personal mobility🔥. Quick story: Meet Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, the dynamic brains behind EMotorad. EMotorad is setting new benchmarks in innovation and sustainability. As this startup prepared to inaugurate its megafactory in August, anticipation is at an all-time high. This megafactory…….    -5,00,000 e-cycles production capacity     -spans over 240,000 square feet    -300 plus employees to work As EMotorad continues to push boundaries and inspire the next generation of entrepreneurs,       …. they are not just building a factory; they are shaping the future of personal mobility🔥. P.S : It's amazing to partner with EMotorad on their journey towards a greener, more sustainable future :)  Source: TOI and BusinessToday #startups #founders #ebike #sustainable #personalmobility MS Dhoni

85

5 Comments

My discussion with Shashank Mani on his book covering 'Middle India' -- the huge in numbers & hugely aspirational middle-class of India. You will find this to be a delightful and inspirational conversation. Shashank is now a BJP candidate from Deoria, UP. This work with 'Jagriti Yatra' is so delightfully innovative & truly inspirational. Do subscribe to the 'SangamTalks Business' channel. #decolonisation #india #bharat #भारत #middleclass #entrepreneurship #startups #risingindia

19

"Not everything that is faced can be changed, but nothing can be changed until it is faced." Thanks a lot Google, for bringing Google Gemini kind of capabilities to the world. At I-Saksham Education and Learning Foundation, we are exploring ways to leverage AI to empower our team and the edu-leaders in being more efficient and effective in advacing the vision of Voice and Choice for Every Woman; and #Gemini is proving to be useful. Generative AI has the potential to help solve some of the crucial development challenges faster. The game is about imagining it right and executing it absolutely right. Sundar Pichai can we make access to Google AI APIs free for non-profits? Many useful ideas are getting restricted for want to resources :-) https://lnkd.in/gZk_5qFa Ravi Dhanuka Ranita Uppal Gayathri Swahar Shabbir Haider Anshul Sonak Shridhar Sethuram Sandeep Uppal Anal Ghosh Leher Thadani Rishitu Amarnani

32

When Jayant joined Dexter family, we had a set of insightful conversations. And while we were yet to decide what problems he would work on, he came up with an interesting proposal. .. His thesis was that the Indian private market is a small set of people, some collaborating, some competing, but all investing in the Indian story. Thus, there should be a community, which brings them all together and amplifies the insights and thoughts which bind us all into one secular force of India’s multipliers. .. This is how we came up with the idea of India Multipliers. A gated community for founders, angels, VCs and other private market participants and others who wish to be among these 🇮🇳🚀 .. Why join? We shall share fresh and detailed insights on the India Story to fuel intelligent and constructive discourse and strengthen the ecosystem as it grows bigger. And a promise- This shall only be the start of it. More offerings shall follow :) Looking forward to welcoming you in. .. Join here in less than 60secs: https://aa.openinapp.co/im Tags: #Startups #IndianStartups #VCs #VentureCapital | Devendra, Devendra

56

4 Comments

🚀 A $7 TRILLION economy by 2030 - the biggest wealth creation opportunity of our generation is unfolding in #India. But how will we get there? This week, we launched #Upstart - a groundbreaking series that decodes India's unprecedented growth story through the lens of its innovators and architects. The numbers are staggering: 👉🏼 97 million people joining the workforce in next decade 👉🏼 371 million middle-class consumers (world's largest) 👉🏼 40% of power capacity from renewables 👉🏼 Digital payments transactions highest globally, 2-10x of developed nations 👉🏼 Services exports hit record $341.1 billion in FY24 But numbers only tell half the story. In Episode 1, we sit down with Pranav Pai, Founding Partner of 3one4 Capital, one of India's most influential VCs who has backed 70+ category leaders including Licious, DarwinBox, and Open. Highlights from the episode: 💡 Why services are "India's LeBron James" for the next 30 years 💡 How PLI schemes are transforming manufacturing 💡 The critical policy shifts needed for global competitiveness 💡 Where the biggest startup opportunities lie in this transition Want to understand where the next decade of opportunity lies in the world's fastest-growing major economy? 👉 Watch Episode 1 of Upstart today! https://lnkd.in/gjqcU47W WeWork India | #WeWorkLabs | Aniket Jagtap | Mohini Kumar | Shenjit Basu | Akanksha Sarma | Tanuj Ahuja #Startups #VentureCapital #Founders #MakeInIndia #StartupIndia #IndianEconomy #Leadership #Entrepreneurship

55

2 Comments

Understanding sentiment is far more nuanced than simply “positive” or “negative.” At Sila | صلة, we believe sentiment goes beyond basic color-coded labels or binary choices. People experience a spectrum of emotions—some are slightly concerned, while others may be outright 'been on hold for 30 mins trying to get my own money' frustrated. I guess, like life, sentiment isn’t just black or white. That’s why we created the Consumer Sentiment Index (CSI), which provides a richer, multidimensional perspective. Since 2020, our CSI has steadily built what I would confidently say, but have no substantiation for, is the most extensive database of Arabic-language consumer sentiment. View this information as more than data—and instead insight into the mindset and shifting attitudes across the MENA region. Each month, we publish a snapshot from the CSI, capturing current trends. This month, the focus is on the UAE, with an animation showing the bi-weekly shifts. For a deeper dive, check out our recent articles: UAE - (https://lnkd.in/gNZNTeRq) and Saudi (https://lnkd.in/ga-cDedp). Whether you’re looking for a broad consumer pulse or detailed sentiment breakdowns, our CSI provides invaluable insights across a number of timescales. And for brands, agencies or government departments with smaller budgets, the CSI’s depth can be a cost-effective way to unlock growth in 2025. More info: https://lnkd.in/gybEt6Sq

26

1 Comment

"We bought a 13-acre piece of land in a village called Sikra in Kutch which is enough for us to reach a revenue of 500 crores." 🔥 Ep#08 of The India Opportunity Podcast with Aditya Aagare from Thermoflyde is out now! 🔥 Watch here: https://lnkd.in/g6JjrGq6 We talk about: > The market opportunity in the refractory space - north of $30 Billion USD globally > How Thermoflyde is aggressively growing its market share by taking on RHI Magnestia (a $3 Billion revenue-generating, publicly listed business) and has grown 100% year-on-year in terms of REVENUE > How starting up in college taught Aditya lessons about entrepreneurship the hard way > Focusing on customer service as a competitive advantage > Building an IPO-able, cash-flow-positive business > 500 Crores revenue in sight with current capacity and potential to grow much bigger > Aditya's goal of positively impacting 1000+ lives > How traditional manufacturing businesses can be multi-baggers over decades in the public markets > How kindness from angels helped them survive in the first 2 years Great episode for founders looking to build IPO-able businesses, with key insights into how to prepare your business at the earliest stages if IPO is an outcome you're working towards. Thermoflyde Industries Private Limited is destined to be a big success story emerging in the traditional manufacturing space and we're early backers via Swadharma Source Ventures - SSV. Thrilled to share Aditya's story with the world. #india #manufacturing #makeinindia #rhimagnestia #refractory #steelplants #ipo

26

1 Comment

The process of getting deeper into the Indian start-up ecosystem as an angel investor and limited partner (2 new hats of mine since 2023) is well on its way. Today spent the day attending Ivycap day 2024 as a special attendee. getting to understand the dynamics of investing, assessing business models and plans, valuation and most importantly founders. should have started a bit earlier but then no regrets. these new hats are part of a larger connecting the dots am attempting.

16

5 Comments

From Startup Vision to National Impact: Lessons from Aravind Sanka, Co-founder of Rapido I recently had the privilege of speaking with Aravind Sanka, co-founder of Rapido, India's leading bike taxi platform. Aravind shared profound insights into their entrepreneurial journey, highlighting key milestones and challenges that shaped Rapido into what it is today. It was impressive to see after all the success Rapido has achieved, Aravind had arrived in Rapido Auto, reinforcing the need for their product to save time and money in transit. Here are a few takeaways from the conversation. Navigating Early Challenges with Strategic Focus Starting in Bangalore, Rapido faced the typical hurdles of a nascent startup: proving market viability and securing initial funding. What set them apart was their strategic focus on perfecting consumer metrics and fostering organic growth. By concentrating efforts in Bangalore for the first few years, they demonstrated significant consumer adoption and operational efficiency, paving the way for future expansions. Overcoming Investor Skepticism through Results Aravind candidly discussed the challenges of fundraising, especially when the concept of bike taxis was still nascent in India. Despite initial rejections, Rapido's commitment to showing tangible results and strategic timing paid off. They secured investments globally from places like Taiwan and Hong Kong before gaining local traction with investments from Nexus Venture Partners and WestBridge Capital. Addressing investor concerns, such as market size and demographic reach, was crucial. Timing also played a role; as other ride-hailing giants faced diversification challenges around 2019, Rapido emerged as a focused alternative in India's market. Adapting and Innovating in Times of Crisis The resilience of Rapido was further tested during the COVID-19 pandemic when their business temporarily plummeted. However, instead of retreating, they pivoted swiftly, launching auto-rickshaw services and leveraging their technology to meet evolving customer needs. This agility not only sustained them through the crisis but also strengthened their reputation as innovators in the mobility sector. Today, Rapido continues to innovate, focusing on enhancing user experience and expanding their footprint in tier 2 and tier 3 cities where their services are transforming local transportation dynamics. Aravind's journey with Rapido underscores the power of resilience, strategic vision, and unwavering commitment to solving real-world challenges. #StartupJourney #Entrepreneurship #MobilityInnovation #ImpactfulLeadership #StartupIndia #Kalaari #Rapido

25