In the end, the final results of the much-hyped Tata NEN Hottest Startups contest were not half as disappointing as I had expected, despite the reality television style public nomination and voting process.
The Loot – This Mumbai-based multi-brand discount store chain was easily my favourite. 33 year old Jay Gupta started the company in 2004 and expects to clock Rs 75-80 crore in revenues this March — read more here. The company’s unique selling proposition is that it can offer consumers apparel from leading brands (not seconds) at hefty discounts, which start at 25 per cent and can go upto 70 per cent. The number of stores is fast approaching 100.
StarAgri - This would be my second favourite company. Based in Jaipur and founded by Amit Mundawala (32), Amit Khandelwal (30), Amith Agarwal (28) and Suresh Chandra Goyal (55), this company addresses the rural market where it offers farmers post-harvest warehousing and other related services. It started up in 2006 and is profitable. Read more about the company here. The rural market is a huge opportunity. There’s money to be made no doubt but companies like StarAgri also address and impact social change in a big way.
Lakshya Institute – All the way from Patiala, the Lakshya proposition, as promised by its four young founders — Anand Prakash, Pulkit Jain, Saurabh Saxena, Vamsi Krishna — is to make it easier for students applying to the Indian Institutes of Technology (IIT) to prepare for the entrance tests. Since 2006, they have already catered to over 2,000 students and now cover non-IIT competitive tests as well. What works in their favour is the method of teaching — digital content-based modules to aid active teaching.
Takeovercode.com – This service helps companies wade through the Indian takeover code. It is promoted by a New Delhi-based company called Corporate Professionals founded in 2006 by Pavan Kumar Vijay.
Activecubes Solutions – This is the only winner from startup capital Bangalore and is in business analytics. Founded by Ramachandran Kallankara, Anand GCP, Ajay Pulpa, Anand Sam, Prabhu K Gutta, Kiran Ventrapragada and Rajesh Varrier in 2007, it is the only company in the lot focused on both India and overseas markets.
What They Won
The five winners receive specially tailored support from IIM Ahmedabad, IIM Bangalore, Microsoft, Tata Consultancy Services, the Tata Group and NEN. They will be introduced to venture capitalists and other investors and industry experts. They will also have access to business training, mentoring and incubation support – though most of these companies do seem to be past most of these needs. Some of the business development support and access to funding will also be available to the remaining 25 shortlisted companies.
See who else made it to the shortlist here
From that shortlist, I’m a bit disappointed that Daily Dump and GoSports didn’t make it. But, here’s to looking forward to the next edition of Tata NEN Hottest Startups.
Photo Courtesy: NEN