Entrepreneurs Pitching with their Lead Investors
New format for pitching startups comes to India.
Times of India reports that in the startup world, everyone is familiar with the pitch events - entrepreneurs pitching their idea to investors, and reverse-pitch events - representatives of venture funds pitching to entrepreneurs. This Friday, Bengaluru saw a new type of pitch session emerge - where entrepreneurs pitched their startup ideas to other investors, along with a lead investor. "The whole investor coming in gives a big boost for a small startup like us. It shows a big picture to the people who are coming in when an investor believes in you. And the other thing is they take very good care of understanding who we are. So it's very sector specific. Otherwise, you don't know which investors to talk to and how to talk to them," said Nikalank Jain, CPO of Qiddle, an online interaction platform for mothers.
Qiddle was one of the nine startups that were joined by investors for the pitching session at an event organised by LetsVenture, an online marketplace for angel investors and startups. It saw the likes of Sharad Sharma, co-founder Ispirt, Sahil Barua, co-founder Delhivery, and Vikram Chachra participating in the pitch sessions. A total amount of $100,000 was committed by other angel investors through it. Shanti Mohan, founder and CEO of LetsVenture said this was the first time this format was being adapted in India, where a two-minute entrepreneur pitch is followed by a two-minute pitch by the investor, who tries to convince other investors to invest on the startup. This helps is creating a platform that lets the investors think not on the monetary front but about the team as well, according to Chachra, who vouched for Ressy, discount discovery app for restaurants. "This format really helps in creating a platform where it's not just about the money. When you are a lead investor, you should be expected to participate in the pitching event for the next round," he said.