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At <keyword id="6368309" type="COMPANY" weightage="20" keywordseo="Urban-Ladder">Urban Ladder</keyword>, a lot of effort has gone in the past few months to ensure what you see is what you get, and that too real quick. 
 
We will get to explaining how folks here have been able to do it, but before that here’s what the focus is at the moment – catering to the needs of India’s new home owners. Basically, teams are relentlessly working so that you can get an entire solution which is mixed and matched in a way that it suits your budget and blends into your life perfectly. 
 “We are offering a pretty comprehensive solution for people who are moving into their new houses. A lot of the work has been around that lately,” <keyword id="2480022" type="PERSON" weightage="20" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword>, co-founder of Urban Ladder, told Business Insider, when we went down to their office in Bengaluru recently. 
 This <keyword id="6368349" type="UNKNOWN" weightage="20" keywordseo="online-furniture">online furniture</keyword> and home décor company, selling single pieces of furniture, decided to introduce this service after it received requests from customers seeking complete solutions for their new houses. 
 
“We were flooded with such requests, and so we started digging into this from implementation point of view to see how we could offer this service differently compared to other online and offline interior designers, architects and branded players. In the last six months, we have invested in making his whole solution extremely customer-centric,” Srivatsa said. 
 
He explained how – “We went back to the physical product to see how all of this could be packaged together if we wanted to provide customized room solutions to customers.” 
 
Teams came together to work on the physical product– in terms of the design and material to make sure products delivered could be in line with what the customer needed. 
 
“Let’s say, if I have to deliver furniture for the room, it should go with the colour scheme of the wardrobe. We never had to worry about these things earlier because we were selling single pieces of furniture, but now the entire product range had to be really coherent and we worked real hard to get that right,” Srivatsa said. 
 
So much about the product fine-tuning. They also had to ensure their service was quick and extremely personalized for a delightful experience. 
 
Srivatsa said – “We automated and productized different areas for this. For example, between the times you would register on our site and we would come to your house earlier, we had a few processes in place to get more information about you. But mostly, we would ask you several questions during the visit, and then try to give you options on-the-spot as per your requirements. Often, it wouldn’t convert into orders as it was not a very personalized experience as we thought it to be.” 
 
So folks here came up with a fresh idea. They now gather more details about customers before making a home visit. What’s interesting is when you register on their website; you may find yourself answering questions around your lifestyle – "How many people are there in your family, what kind of house do you have, what are the styles you like". It is to determine your likings and disliking, basis which they expect to make more accurate recommendations. 
 
Srivatsa elaborated - “Our design consultants are better equipped to help you get what you want when they make a home visit, because they have pre-cooked options as per your preferences. It’s a better and more personalized way than when they would try to figure out choices for you on-the-spot.” 
 
He also said that by bringing in technology, Urban Ladder is also focused at making things more process oriented - something rivals in the online furniture segment are still struggling with. 
 
“Others will come to your house, get your details in writing or feed it into a laptop, go back and respond with options they have in two-three days’ time. Earlier the response time was the same for us, but now we send options to you within two-three hours of the home visit for say, wardrobes. The proposal we send has details like cost, material details, how it will look etc. If customers book large product range, they get the whole set in less than a month. Therefore, the turnaround and customer satisfaction is much better than earlier for our products and service,” said Srivatsa. 
 
What has come as good news for this company is the overall customer satisfaction. 
 
For the kitchen and wardrobe business, when it was in its infancy, customer satisfaction levels were less than the overall business, Rajiv informed us, as he added - “Because we have invested a heavy amount of energy into refining, finetuning and automating processes, materials and manufacturing, customer satisfaction has risen and is more than the core business of this segment. It’s a good thing because it helps build strong word of mouth.” 
 
Aware that Urban Ladder products have earned itself good reputation among customers, when we asked the co-founder what they were doing to ensure high customer satisfaction levels for their single piece furniture, Srivatsa said, “We have implemented a huge backend system to automate the entire management system. Work is being done on automation, tech, product and processes all the time, but what you will see in the next six to twelve months is that we will be fine-tuning most of them. Having said that, today it is far better than it was six months ago. So, we are constantly evolving in our endeavour.” 
 
Today, for a wardrobe, you will get a proposal by Urban Ladder almost immediately after home visit because the process is fully automated. Two months’ back, it would take at least two to three days’ for the company to respond with options. Similarly, for kitchen, it takes a day or two right now, but once the processes in this domain are automated, pre-proposals would reach customers almost immediately. 
 
Srivatsa said – “Urban Ladder’s first Wardrobe App was introduced one year back, the process improvements in it were done three months back, we started quick pre-proposals two months back, and the automatic proposal after your visit was implemented merely three-four weeks back. Like I said, we are continuously evolving, and we will do a lot more automation in the days to come to make the customer experience delightful.” 
 
What others need to learn from Urban Ladder’s goals: 
 
Urban Ladder Founders are still looking to grow to 2.7X times this year, provided some of their costs are lesser than last year. 
 
The long-term focus at Urban Ladder is largely on making business efficient towards sustainability - “We think we can drive business to a point where its profitable on its own in one or two years. We avoid going the discount way because we want to make our business sustainable, and sustainability has a lot more than just providing discounts to customers. It is about very intelligent pricing and understanding what customers are willing to pay for a product, when does it become too expensive or cheap for them. We have got the pricing game very right,” said Srivatsa. 
 
Planning for the inventory from the suppliers – The company is in touch with a strong consulting firm to make sure it can do inventory planning in a very strong way so that it does not hold too much or too little of products. 
 
Reducing costs –How it can optimize entire supply chain to route materials in a way where it is reaching customers faster, but at the same time not being transported more times than actually required. Srivatsa said - “We are also trying to see if we can we optimize marketing so that it becomes a low two-digit figure. We want to work on bringing these costs while keeping our fixed costs the same.”

Why Urban Ladder has
earned reputation among customers, and what rivals can learn from them

In July 2012, <keyword id="1870519" type="PERSON" weightage="100" keywordseo="Ashish-Goel">Ashish Goel</keyword> and <keyword id="2480022" type="PERSON" weightage="100" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword> decided to take the plunge and start <a href="http://www.businessinsider.in/How-UrbanLadder-got-Ratan-Tata-on-board-as-an-investor/articleshow/52649231.cms">UrbanLadder</a>, an online <a href="http://www.businessinsider.in/searchresult.cms?query=furniture&amp;sortorder=effectivedate">furniture</a> website with the aim of making beautiful homes. 
 
“We decided to go online at a time when no one could even think that people would buy furniture on the internet,” says Srivatsa, highlighting the risk of their venture. 
 Thankfully for the duo, investors saw the Bangalore <keyword id="2539960" type="UNKNOWN" weightage="100" keywordseo="Urbanladder">UrbanLadder</keyword>’s potential and came calling. From <a href="http://www.businessinsider.in/searchresult.cms?query=SAIF+partners&amp;sortorder=effectivedate">SAIF Partners</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Sequoia+Capital&amp;sortorder=effectivedate">Sequoia Capital</a> to <a href="http://www.businessinsider.in/searchresult.cms?query=kalaari+capital&amp;sortorder=effectivedate">Kaalari Capital</a>, Steadview Capital and <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a> himself, the <keyword id="3397759" type="UNKNOWN" weightage="100" keywordseo="online-furniture-website">online furniture website</keyword> became quite a hit. 
 
Add their efficient customer service and beautifully designed products to the mix and four years later, UrbanLadder has managed to establish itself as India’s leading furniture and home decor destination. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> that raised 50 million in funds last year claims to be looking at another funding round next year of the same value with the hope of breaking even on their mind. 
 
“From the $50 million that we’ve received last year, we intend to pump in $15 million this year to expand and stabilise our brand,” Srivatsa tells us. 
 
An<a href="http://www.businessinsider.in/searchresult.cms?query=iit&amp;sortorder=effectivedate"> IIT</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=iim&amp;sortorder=effectivedate">IIM</a> graduate himself, Srivatsa, the COO and co-founder of UrbanLadder talks to Business Insider about leadership, company strategies, the startup ecosystem and how tough it is to hire the right candidate. 
 
 
 
 
What was the idea behind starting an online furniture website like UrbanLadder? 
 
Four years back, we started out with one thought, ‘India has a lot of homes. Can we make those homes beautiful?’ 
 
When you take a call to start a business based on that vision alone and not anything else, the way you go about your business is very different. 
Our aim was to go about in a way so that the end product would be a beautiful home. This meant that we had to focus on three aspects in a very strong way. Those were- 
 
1. We had to get a product that was fantastic: When I say fantastic, I mean it had to be designed well and in a way that you’re proud of. But, there was a catch. The beauty couldn’t come at a very high cost. The beauty had to come at a cost which was meaningful and a quality which was long-lasting, because Indian customers value the quality, right? So product and beauty of the product was a very very strong point. 
 
2. Second comes the service: This is not one of those businesses where I just deliver the product outside the house and my job is done. It requires service as well. I need to help you install the product, arrange it in a way you like it and even help you take regular care of it. So essentially, in this category the service also becomes a part of the product. And, we had decided early on that our service needs to be top-notch so that the customer is worry-free. 
 
3. The third aspect was technology: To ensure that UrbanLadder reached as many people in as many cities as possible, we had to take it online. And, here the quality of technology played a very big part as it would help the customers visualise how our products would fit into their space. 
 
So, essentially brand UrbanLadder is nothing but an execution of these three aspects. 
 
How do you think these three core aspects helped UrbanLadder stand out as compared to other brands? 
 
The result of this was that we didn’t have to talk price or discounts. All that did the talking were our products. Giving discounts and indulging in crazy pricing would have made sense until a year back when people were still pumping money into businesses. It makes absolutely no sense right now because of the slowing down of the startup ecosystem and I’m proud that we stuck to our guts. 
 
One decision that you’d taken in the early years that you wish you could undo? 
 
We initially started with third party services for pour deliveries. The idea was to rely on these well established players and get them to help us with deliveries. But, it turned out to be quite a catastrophe and in one month we pulled back these delivery services from all over India and realised that we can’t make our brand happen if we depend on someone else. Our vision would go for a toss, our customer service score would go for a toss. So, we just decide to do it ourselves. That is how we started doing everything inhouse, right from the delivery to the installation. 
 
 
 
 
What would you say are some strategies that help UrbanLadder grow as a brand? 
 
Firstly, you would notice that any typical marketplace will generally have 50,000 or more products, but not us. We have a little over 4,000 products. That’s only because we don’t want to crowd our side with incessant product additions everyday but instead create value with each of our existing products. By having a slightly less number of products, we ensure that we’ve been thoughtful with every product that’s on the site. 
The second thing that I believe has helped us is our clear perspective on how we want to grow year on year. Last year, our business grew 3x. This year, our aim is to grow 2.7 x. The following year we’re looking to grow around 2.5 x. The reason you don’t see us making claims of wanting to grow 5x or 4x is because we want to grow in a way that would actually help profitability and allow us to hold the customer service experience really strong. 
 
UrbanLadder is about to complete four years of existence. What would you say are some of the decisions that has helped the brand through the years? 
 
We’ve always stuck to a pricing which is reasonable to a sustainable economic situation and that decision has helped us in establishing a fundamentally sound business that can shoot for profitability in the next two years. 
 
Does that also mean that you don’t take too many risks and play it safer than the others? 
 
We see risk very differently. For us, any innovation related to our three aspects is a risk. For example we just introduced a very ethnic Indian range on our website. UrbanLadder has never done anything like this before, so for us this is out of our comfort zone. 
 
We don’t want to have products that we later have to recall. We don’t want out customers to say, ‘I’m never going t buy this product’ Our aim to is to be very thoughtful with every product. That’s our priority. 
 
Tell us how UrbanLadder incorporates technology in its operations? 
 
Tech innovations are very important for us. Infact, we were the first ones to invest in AR/VR two years back. 
 
We have an app called Living spaces where customers can look how our sofa looks in their living rooms with the help of augmented reality. It basically happens by superimposing the model on a camera and that’s been a big proponent of how we sell so fast. This helps customers figure out how a product would look n their space. A big challenge with AR is that you have to ensure it doesn’t look fake because your surrounding are real. 
 
 
What would you say has worked for UrbanLadder that quite hasn’t for other players? 
 
I think, the scale at which furniture is bought on our website is something that no other player can boast about. We’ve actually managed to get customers to shop for furniture online. Plus, no other player has even managed to come half at par with the level of service that we offer. 
 
What are the areas you are looking to invest heavily this year? 
 
Our focus like always is to be thoughtful more than anything. But there are a few things that are a priority for us this year. One of them is to leverage what we already have, and especially our new interior business. 
 
Secondly, of late, sofas as a category are taking off so our aim is to have a wide range of sofas that are easily configurable. 
 
Additionally, we are also changing the interface visually on the website so as to ensure the customer buying experience is very different. 
 
Is hiring a difficult process for a company as unique as yours? 
 
It’s tough to find the right candidate when you’re a startup. A lot of people are not okay with the possibility of their job being at stake even if they perform well, though the number of people who are open to joining start-ups are much more now as compared to four years back. 
 
At UrbanLadder, what we try to do is instead of getting a lot of senior people on board, we look to hire MBA graduates with 2-3 years of experience and groom them in a way that they are able to make decisions tomorrow and face challenges. We have only 3-4 senior people in the company. 
 I believe, the media plays a big role here. They should start talking about stuff other than funding news. We need more success stories, learnings, how entrepreneurs have solved problems to get people to broaden their view of <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> 
 
How do you think IKEA’S entry into the Indian market will affects players such as UrbanLadder? 
 
I’d like to believe that the Indian furniture market is big enough for every player to fit in. But, it all depends on execution. IKEA is a fantastic brand and their execution is top-notch so the challenge for us is to hold on to our value propositions, execute and innovate well. 
 
Have you thought about entering the office interior space? 
 
Not as of now. I mean, it is a massive opportunity, no doubt, But it’s also a very different segment that requires different products. But, I’ll never say never.

Exclusive: UrbanLadder
will be profitable in 2 years, will likely raise close to $50mn next year

In July 2012, <keyword id="1870519" type="PERSON" weightage="100" keywordseo="Ashish-Goel">Ashish Goel</keyword> and <keyword id="2480022" type="PERSON" weightage="100" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword> decided to start <a href="http://www.businessinsider.in/searchresult.cms?query=urbanladder&amp;sortorder=effectivedate">UrbanLadder</a>, an online <a href="http://www.businessinsider.in/searchresult.cms?query=furniture&amp;sortorder=effectivedate">furniture</a> site with over 1000 products across 25 categories carefully designed to align with anyone’s idea of a ‘beautiful home.’ 
 
At a time when the idea of buying furniture online was unthinkable, Goel and Srivatsa not only took a big leap, but also were confident that they would get people to buy furniture online. 
 
And, two years later, an investment by <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a>, the chairman emeritus of <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons&amp;sortorder=effectivedate">Tata Sons</a> in their venture gave the duo the boost that they needed. 
 Recalling that moment in 2014, Rajiv Srivatsa, COO and co-founder talks to Business Insider about how <keyword id="2539960" type="UNKNOWN" weightage="100" keywordseo="Urbanladder">UrbanLadder</keyword> got <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> on board as an investor. 
 
“Ratan Tata investing in Urban Ladder was definitely one of the high points for us. Infact, we were the second <a href="http://www.businessinsider.in/searchresult.cms?query=ecommerce&amp;sortorder=effectivedate">e-commerce </a>venture he invested in,” says Srivatsa. 
 
According to him, what worked for them was the fact that Ratan Tata’s philosophy of building a brand in India coincided with UrbanLadder. 
“He believes in a brand holding everything end to end, right from the supply chain to delivery and holding the design internally. These are also the things that we as a barnd identify with,” explained Srivasta. 
 
When asked what Ratan Tata liked about UrbanLadder the most, Srivatsa was quick to reply, “He liked our attention to detail- the nuances in our design the most. I think that kind of took him back to the times when he was into architecture. That is something he was relate to the most” 
 
His personal interest in furniture and his background in <a href="http://www.businessinsider.in/searchresult.cms?query=architecture&amp;sortorder=effectivedate">architecture</a> were a bonus, Srivatsa believed. 
 
Ratan Tata holds a degree in architecture from Cornwell University. Prior to UrbanLadder, he had also invested in <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a>. 
 
Apart from Tata, UrbanLeader also boasts of investors such as <a href="http://www.businessinsider.in/searchresult.cms?query=SAIF+partners&amp;sortorder=effectivedate">SAIF Partners</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=kalaari+capital&amp;sortorder=effectivedate">Kalaari Capital</a>, Steadview Capital and <a href="http://www.businessinsider.in/searchresult.cms?query=Sequoia+Capital&amp;sortorder=effectivedate">Sequoia Capital</a>. 
 
Image credit: Indiatimes

How UrbanLadder got Ratan Tata on board as an investor

If you say 'no' to a job offer from an <a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">e-Commerce</a> company, job search firms might <keyword id="387612" type="UNKNOWN" weightage="80" keywordseo="Blacklist">blacklist</keyword> you to avoid embracement. In the past three to six months, a deluge of offers from cash-flush <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-Commerce</keyword> firms has seen a proportionate rise in the number of offers being turned down by senior level executives. 
 
This left the companies stumped and head hunters red faced. As a result, various job search firms have started blacklisting such executives who have replied in negative to <a href="http://www.businessinsider.in/searchresult.cms?query=employment+">employment</a> offers in the e-Commerce firm. 
 
According to estimates from four leading search firms, the offer dropout rates for the last three months have shot up by 30-40%. For the 12-month period, it has risen by 60-80%. 
 
Senior-level candidates rejecting offers in the e-Commerce space is around 40% now, double of what it is for any other sector, with the maximum offer drops being in the product management space, followed by core IT. 
 Executive search firm <keyword id="122960" type="COMPANY" weightage="60" keywordseo="Kelly-Services">Kelly Services</keyword> had more than 20 senior candidates drop offers at the last stage in the last two months. 
 
"Candidates are offer shopping like never before. We have seen candidates looking for jobs during the notice period they are serving and when they already have an offer with another company. They try to make the best use of the notice period by getting as many offers as possible," said Kamal Karanth, managing director at <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Kelly Services &amp; Kelly OCG</a>, India. 
 
Warning signals include candidates not picking up calls, family members answering the phone to say the candidate is not well. "This is a reality in the e-Commerce space as the sector gets flooded with opportunities," said Ashu Malhotra, head HR at online retailer <a href="http://www.businessinsider.in/searchresult.cms?query=Jabong">Jabong</a>. Adding to search firms' woes is companies' unwillingness to settle for the second best candidate or a back-up option. 
 
According to search experts, NIT, IIT and IIM graduates are perpetual offer droppers. Typically, talents from these schools are in demand and candidates resort to arm-twisting with potential hiring organisations. "This is exactly what happened in the IT space in 2003-04. The e-Commerce industry is at a buoyant stage and candidates are making full use of it to get the best deal," said GC Jayaprakash, executive director at RGF Executive Search. 
 
A search expert cited the case of a senior manager who dropped an offer from <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Flipkart</a> at the last minute to take up an offer from mid-sized startup <keyword id="6368309" type="COMPANY" weightage="60" keywordseo="Urban-Ladder">Urban Ladder</keyword>. "People who are moving away from big companies want more responsibility, accountability, and bigger roles," said <keyword id="2480022" type="PERSON" weightage="60" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword>, founder, COO at Urban Ladder. 
 
Usually, companies are unable to retain talent because of the huge salary jump being offered by competitors or allied firms. 
 
Talent, more often than not, is getting wooed by the money that this space offers and companies at times are willing to pay up to 60-70% more to attract the right talent. The tenure of executives in any organisation has started decreasing as more companies get formed in this space and a wider variety of jobs come into the market. 
 Abhiraj Bhal, co-founder of <keyword id="3048734" type="UNKNOWN" weightage="80" keywordseo="Urban-Clap">Urban Clap</keyword>, spoke of a mid-level hire who did not show up on his first day at work, after two months of communication. "Over the past few months, the exuberance in the ecommerce space has rubbed off on the talent pool. Salaries and expectations have gone up. We have offered salary hikes of 70-80% in roles like technology and people have choices and can make companies wait and hold on and we've not been immune to this," he said. 
 
Moreover, most funded companies are willing to poach talent, and at times, offer more than what candidates demand, said Karanth. Recently, Kelly Services was working on a requirement with an ecommerce company for a product management candidate with 12 years of experience. The candidate was keen on a 40% hike. The company he interviewed with offered him 50%. The candidate, however, never joined and bargained for a hike in another company. 
 
(Image: Indiatimes)

Think twice before you say ‘no’ to offers in e-Commerce firms! Search firms might blacklist such people

<ul class="summary-list"><li>Antler India plans to invest in 120 startups over four years with a $75 million fund.</li><li>The firm runs cohorts for individual founders and teams, selecting 100 from up to 5,000 applicants.</li></ul>This as-told-to essay is based on a conversation with Rajiv Srivatsa, a partner at Antler India, a <a target="_blank" class="" href="https://www.businessinsider.com/founders-putting-startup-dreams-on-hold-in-the-tech-downturn-2024-7">pre-seed venture capital firm</a> based in Bengaluru. It has been edited for length and clarity.I'm a <a target="_blank" class="" href="https://www.businessinsider.com/landed-vc-job-varied-resume-diverse-experience-resume-2024-8">partner</a> at Antler India, an early-stage <a target="_blank" class="" href="https://www.businessinsider.com/startup-success-secret-vcs-founders-nate-silver-on-the-edge-2024-8">venture capital</a> fund. We launched the India chapter about four years ago, and it was the firm's sixth location globally. Antler India has a $75 million fund, which we closed in March.Our plan is to invest in 120 <a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">startups </a>over four years, and we have about 65 to date.The classic Antler model includes running a <a target="_blank" class="" href="https://www.businessinsider.com/top-vc-firms-funding-creator-economy-startups-next-phase-2024-6">cohort of individuals </a>who are transitioning from being employees to startup founders. We help them look for their cofounders and give shape to their idea.One thing we do differently in India is we run a cohort for teams as well. We found that there is a social tendency for people to prefer going into business with people they have known from college or work, and we welcome founders who may already have a team or product in mind.My team and I receive about <a target="_blank" class="" href="https://www.businessinsider.com/how-to-apply-y-combinator-application-down-market-successful-2022-8">4,000 to 5,000 applications</a>, and we select 100 people to join our individual founders' cohort. The program runs for six months, and we end up investing in 20-25 people, or eight to 10 companies. We give them a sum of $250,000 to fund their idea, and another $250,000 once they raise additional capital.I've been a founder myself and have run a company in the 2010s. I have seen two main positive shifts in the Indian startup market.It is a lot easier to attract talent than it was 10 years ago. There was a lot of entitlement and questioning from potential employees, because working for startups instead of long-established companies was seen as a risk. Since the pandemic, there has been a shift, and people are keen to join startups.Founders are getting more mature by the year and have a better understanding of what it takes.They're more frugal because they know capital is tight and they have given their industry more thought. They're not getting into business because something is hot and are instead building for the next five to 10 years. They also assume that their products will need higher traction to raise the same amount of money that would have been invested in them before.Here are five things I look for in <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-partner-jess-lee-advice-for-startup-founders-2022-9">first-time founders</a>:<h2 id="5a01f9b1-7907-4c47-aa10-ead284c40a4d">Five founder traits</h2>Execution and strategy: This is their ability to iterate fast — move between ideas, drop things, and find something new quickly.We also seek people who have ideas that match their skill sets. For example, we don't want to invest in an AI company where none of the founders have solid tech expertise. In the early or "zero to one" and "one to 10" stages, founders have to be able to do things on their own.Grit and tenacity: Either in their personal life or professional life.Customer obsession: We spend the longest time gauging how obsessed a founder is with their customer and problem statement. We want to know if it's just a flash in the pan or if it's something they have been debating over many years. Does the founder really feel the pain of the customer?We want people who are not just armchair experts but have worked with customers and gotten their hands dirty. Someone who has spent their professional life making presentations and in conference rooms may not cut it.Communication: Another thing we look for is a high level of clarity in thinking and how they communicate. At the end of the day, venture capital is a continuous fundraising game — you have to always keep finding good talent, as well as keep telling new investors and the media your story.We try to gauge if the person is getting mixed up, or if they're clear about what they're doing.Ambition and scale: The venture capital industry does not work if you want small outcomes. Even if you don't want to be a unicorn, a startup that is valued at $1 billion, you still need to think in terms of hundreds of millions of dollars of valuation and foresee hundreds of millions of people using your product.<h2 id="019aa888-dfdf-4ac4-bda4-422664c1e934">Plus an X-factor</h2>We don't look for people who score about 80% to 100% on each of these criteria. Instead, we prefer if, for one to two of the five traits, they demonstrate a spike or an X factor — they immediately stand out as someone who is world-class when it comes to execution or communication, for example.We want people who are terrible at some things but exceptional at others.<h2 id="e8cf18ff-f29f-4d97-9753-7fe9d1705a42">Cofounder complements</h2>Most of our participants look for their cofounders after they've entered the cohort, and we spend a lot of time and attention matching people.In my experience, India is not a country where teaching communication is emphasized a lot, so we ask each participant 60 questions to understand their values, working styles, and personality types. We look for complements and see pair-ups between one person with a technical background and one person with business acumen. If a third cofounder is needed, they usually come with operations expertise.One company we recently funded is working on listening to conversations between employees and customers in retail stores, in order to provide retail data to convert more customers. It was the outcome of someone who has worked in retail for years, paired up with a cofounder with tech background.Are you a founder who moved to India to launch their own startup? Please reach out at shubhangigoel@insider.com

I'm a VC in the world's fastest-growing economy. I look for 5 traits in first-time founders.

<keyword id="6360722" type="PERSON" weightage="80" keywordseo="ratan-tata">Ratan Tata</keyword>’s investment in fashion portal for women's wear- Kaaryah- has highlighted how business tycoons are showing keen interest in start-ups and backing ideas and designs. 
 Nidhi Agarwal, founder of <keyword id="2741894" type="UNKNOWN" weightage="80" keywordseo="KAARYAH">Kaaryah</keyword>, said she had sought Tata’s investment after her father advised on it. 
 
It was only after her father pointed to a newspaper report about Tata funding eCommerce start-ups that Agarwal e-mailed on Tata's address. 
Three months on, her online fashion retail got the good news. 
 
So what does investment by Tata mean for her? "To begin with, your newspaper is calling me," the former Bain &amp; Company consultant told Economic Times, referring to media attention. 
 
She is one of the 10 entrepreneurs in India's fast growing start-up ecosystem who have received backing from Tata. 
 
Tata first invested in March 2014 in Altaeros Energies, a wind energy start-up founded by graduates of the Massachusetts Institute of Technology. 
 
“While instant fame is one of the advantages of having the 77-year-old former chairman as an investor, the aura of the Tata name can rub off on startups that need to stand out from the crowd,” Rajiv Srivatsa, cofounder of online furniture retailer Urban Ladder, told ET. 
 
Srivatsa’s company received an investment last November and since then Tata has discussed everything from furniture design to supply chains and customer experience in three half-day sessions. 
 
R Venkataramanan, a close associate of Tata who advises him with startup investments, did not reply to Economic Times for this story. 
 
Venture capital investor as Prashanth Prakash, a partner with Accel, told the financial daily that Tata's willingness to back entrepreneurs boldly stands out, and he is also able to fill the existing gaps in the industry. "It's really not about the money - he is willing to be upfront about associating with startups he picks, risking his own brand," Prakash who is a co-investor with Tata in online jewellery retailer Bluestone, told ET. 
 
So, what does it feel like to be making a pitch to Tata? ET reported that proposals are vetted by Venkataraman before they reach Tata, who usually has two questions to ask start-ups seeking an investment, the risk, and the opportunity. Founders usually have 30 minutes to make a pitch and a successful one will be valued as per the last funding round. 
 
(Image: Indiatimes)

If you want Ratan Tata to invest in your start-up, just ask him! Your wish might just get answered!

Apart from competition on the field, <a href="http://www.businessinsider.in/searchresult.cms?query=ecommerce">e-Commerce</a> giants are also competing with each other to get the best talent. 
 
With <a href="http://www.businessinsider.in/searchresult.cms?query=startup">startups</a> mushrooming every second and old ones firming their ground with investors and innovation, e-Commerce giants like <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal">Snapdeal</a>, Quickr, <a href="http://www.businessinsider.in/searchresult.cms?query=Urban+Ladder">Urban Ladder</a>, etc are looking for top talent to cement their place in the industry. 
 
For this, they are eyeing top <a href="http://www.businessinsider.in/searchresult.cms?query=engineering+students">engineering institutes</a> for recruitment and are offering lucrative offers to woo students at IITs, NITs and other institutes. 
 While, <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> is planning to double the number of employees of its technology team to 2,400 engineers, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> will also do the same to about 2,000 this year. 
 
As per Economic Times, nearly 10% of <a href="http://www.businessinsider.in/searchresult.cms?query=IIT">IIT</a> students had joined such companies last year and the percentage may grow this time round. 
 
"We are not limiting ourselves to any fixed number for campus hiring. We are rearing to go and will be aggressive at the tech, B-school and logistics campuses. We will attract talent by selling them the opportunity to work with an ecommerce leader that will impact a larger audience," Dalbir Singh, senior director human resources at Flipkart, told ET. 
 
Snapdeal will rely heavily on the campuses for fresh talent to widen its base of tech team. 
 
Meanwhile, Rajiv Srivatsa, chief operating officer and co-founder of Urban Ladder, said the startup plans to visit campuses earlier this year than it did last time round. "Technology is where the rubber meets the road and ideas become reality. As technology is so integral to us, this year we will try to be ahead of others in tapping the top campus talent," Dhruv Dubey, vice president - HR at <keyword id="6381424" type="COMPANY" weightage="100" keywordseo="Quikr">Quikr</keyword>, told the financial daily. 
 
Meanwhile, interest level among students to join startups is also growing due to roles and atmosphere offered by the startups. 
 
"I will go to the top IITs and talk about the company and the culture that boosts fun and flexibility," online grocer PepperTap's CEO Navneet Singh told ET. 
 
Also, hiring students at an early stage is also becoming the norm at e-Commerce companies. 
 
(Image: Indiatimes)

Engineers are back in vogue. All thanks to Snapdeal, Flipkart
and other eCommerce giants

When the country is experiencing an entrepreneurship boom in the market, for big industry tycoons if there is a perfect time to invest in <keyword id="428085" type="UNKNOWN" weightage="100" keywordseo="start-ups">start-ups</keyword>, it is now. With start-ups going on a crazy funding spree, <a href="http://www.businessinsider.in/If-you-want-Ratan-Tata-to-invest-in-your-start-up-just-ask-him-Your-wish-might-just-get-answered/articleshow/47551786.cms">Ratan Tata stands out as the most important investor</a>, saving many just when their bank balance was down to the last few zeroes.
	 
	
		From ecommerce to auto, Tata’s investment portfolio is as varied as it can get. There cannot be a better way to spend your retirement. <a href="http://www.businessinsider.in/Know-whats-keeping-Ratan-Tata-busy-and-happy-post-retirement/articleshow/47721497.cms">After his retirement</a>, he said young innovators should be encouraged and he stands true to his words. The list is becoming longer, with investments in 10 start-ups in this year alone.
	 
	
		Here’s a complete guide to the start-ups who went on to become some of the greatest in the space after his investments.
	 
	
		 
		 
		1. Altaeros Energies- Boston-based Altaeros was founded in 2010 at the Massachusetts Institute of Technology (MIT) to commercialise the world's first airborne wind turbine. Operating up to 2,000 feet (600 metres) above ground, the Altaeros BAT generates over twice the energy of similarly-sized tower mounted wind turbines.
	 
	
		When: Early 2014
	
		 
		 
		 
	
		2. <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>- Snapdeal got its funding from Tata when their bank balance was down to the last $100,000. Tata is believed to have invested less than Rs 5 crore, buying 256 shares from Snapdeal's angel investors including Kenneth Glass
	 
	
		When: August 2014.
	
		 
		 
		 
	
		3. <a href="http://www.businessinsider.in/Ratan-Tata-Bets-Big-On-Indias-e-commerce-Sector-Invests-In-Bluestone/articleshow/42258863.cms">Bluestone</a>- The online jewellery retailer was founded by IIT graduate Gaurav Singh Kushwaha and Vidya Nataraj. <keyword id="255703" type="PERSON" weightage="100" keywordseo="Bluestone">Bluestone</keyword> was valued at Rs 135 crore when it raised funding from Kalaari Capital, when Tata also co-invested. 
	
		When: September 2014
	
		 
		 
		 
	
		4. <keyword id="6368309" type="COMPANY" weightage="100" keywordseo="Urban-Ladder">Urban Ladder</keyword>- The online furniture etailer was founded by IIM-Bangalore MBAs Ashish Goel and Rajiv Srivatsa in July 2012.
	 
	
		When: November 2014
	
		 
		 
		 
	
		5. Swasth India- The Mumbai-based healthcare startup provides medical services to low income population. The company was founded by former consultants and IIT Bombay graduates Sundeep Kapila and Ankur Pegu
	 
	
		When: Invested Rs 2 crore in December 2014 
	
		 
		 
		 
	
		6. <keyword id="1945738" type="UNKNOWN" weightage="100" keywordseo="Cardekho">CarDekho</keyword>- The Jaipur-based online auto classifieds player was founded in 2007 by Amit and Anurag Jain, both IIT Delhi alumni. The company also runs other portals like BikeDekho and PriceDekho.
	 
	
		When: February 2015
	
		 
		 
		 
	
		7. <keyword id="182468" type="COMPANY" weightage="100" keywordseo="Grameen-Capital">Grameen Capital</keyword>- This is a Mumbai-based investment advisory company.
	 
	
		When: March 2015 
	
		 
		 
		 
	
		8. One97 Communications (<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>)- The Noida-based Company has successfully transitioned from a value-added services player to an online wallet Paytm.
	 
	
		When: March 2015
	
		 
		 
		 
	
		9. <keyword id="874458" type="COMPANY" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword>- Founded by serial entrepreneur Lei Jun, the Chinese smartphone maker, launched in India last year, became an instant hit in the market with their products.
	 
	
		When: April 2015
	
		 
		 
		 
	
		10. Kaaryah- <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>'s latest investment is a women's non-casual wear is Kaaryah, founded Nidhi Agarwal Kashyap. 
	
		When: June 2015 
	
		 
		 
		 
	
		11. Holachef- Launched in 2014 by Saurabh Saxena and Anil Kalra, this is a food-tech start-up where amateur and professional chefs can come together and sell their meals.
	 
	
		When- September 2015
	
		 
		 
		 
	
		12. <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>- In less than three months after Ola announced a $400 million funding round, led by Russian investment firm DST Global, Tata announced its investment in the online car services company, which valued the company at $2.5 billion.
	 
	
		When- July 2015
	
		 
		 
		 
	
		13. Infinite Analytics- Founded in 2012 by MIT graduates Akash Bhatia and Purushotam Botla, this is a US based predictive marketing and Analysis Company. The company deals with deep machine learning and predictive analytics by merging data from multiple sources to create a 360-degree view of the user.
	 
	
		When- August 2015
	
		 
		 
		 
	
		14. <keyword id="1517554" type="UNKNOWN" weightage="100" keywordseo="ampere">Ampere</keyword>- Ampere sells electric vehicles, cycles, trolleys and scooters. It also sells vehicles for differently-abled. It was founded by Hemalata Annamalai.
	 
	
		When- July 2015
	
		 
		 
		 
	
		15. <keyword id="2798697" type="UNKNOWN" weightage="100" keywordseo="Lybrate">Lybrate</keyword>- Healthcare communication start-up, Lybrate connects doctors with patients anonymously throughout India anywhere and anytime. They raised $10.2 m in Series A funding from Ratan Tata, Tiger Global, Nexus Venture Partners.
	 
	
		When- July 2015
	 
	 
	
		(Image credits: Indiatimes, cardekho, kaaryah, bluestone, swasth india, twitter, cupoworld)

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