Industry pioneers venturing into entrepreneurship

The Indian start-up ecosystem has witnessed remarkable growth in recent years, with several visionary founders identifying gaps in the market and launching innovative ventures.Versatile founders such as AbhishekGanguly of Agilitas Sports;Ananth Narayanan of Mensa Brands, AyyappanLakshmanan of Stumbl; YogeshKabra of XYXX Apparels,are a few whohavenot only identified unique opportunities but have also brought disruptive solutions to the table.

Looking ahead, each of these start-ups have ambitious plans for growth and expansion. Agilitas Sports aims to disrupt and redefine the sportswear industry in India, while Mensa Brands plans to scale its operations both domestically and internationally. Stumbl intends to revolutionise fashion discovery for Gen Z and young millennials and XYXX Apparels seeks to redefine the men’s innerwear market. These start-ups are committed to keep on improving and servicing the customer-centric consumer base of India.

Furthermore,these founders are not just first movers but have adequate experience in the industry after which they decided to switch to start-ups and run them successfully. Their success stories serve as inspiration for aspiring entrepreneurs, showcasing their ability to identify opportunitygaps, build global teamsand overcome challenges. With the Indian start-up ecosystem thriving, these innovators are paving the way for future entrepreneurs to drive innovation across industries.

Identifying the gap and addressing the market needs

AbhishekGanguly, former MD of Puma India, recognised the potential in the activewearindustry in India and is soon set to launch Agilitas Sports. He has already raised funding of US $52 million for the same. With a vision to redefine the sportswear space, Agilitas aims to integrate innovation and technology throughout the product value chain, with a customer-centric approach.Ganguly’s extensive experience in the industry fuelled his belief in the need for a new player that caters to the evolving demands of Indian consumers.

He is a successful business leader in sports, lifestyle and retail. He joined Puma in India as the Director of Sales and Marketing, where he played a key role in building the brand from scratch. He set up various functions within the company and led it to become a leading brand in the country. Under his leadership, Puma achieved significant growth and currently has a strong presence with exclusive, multi-brand stores in South Asia.

Unique Value Proposition

Ananth Narayanan, former CEO of Myntra, ventured into the e-commerce industry with Mensa Brands and has already raised funding of approximately US $254 million. This start-up acquires digital-first brands and scales them both domestically and internationally. Narayanan’s expertise and strategic partnerships have enabled Mensa Brands to achieve remarkable growth and establish a dominant presence in the Indian market. By focusing on fashion, beauty and home categories, the company brings in a unique value proposition to customers seeking quality products from trusted brands.

Despite leaving his CEO position, he established Mensa Brands and quickly achieved remarkable milestones, securing substantial funding and attaining unicorn status within just six months. Inspired by the American company Thras.io, Mensa Brands aims to acquire and collaborate with digital-first brands, becoming a dominant force in e-commerce.

Within a month of its inception, Narayanan secured US $50 million in its first funding round. Astoundingly, Mensa Brands achieved unicorn status, with a valuation of US $1.2 billion (over Rs. 9,900 crore), within just six months of its launch, making it the fastest start-up in India to achieve this milestone.

Empowering GenZ and building community

AyyappanLakshmanan, Ex-director of Myntra, aims to bring top fashion creators onto one platform to curate and recommend fashion that empowers GenZto discover their unique style by collaborating with top fashion creators to form unique styles with his start-up STUMBL. STUMBL has already raised

US $1.6 million of funding. It aims to provide a platform for new-age fashion brands to reach their target audience, particularly young women, in a style-centric fashion, moving away from the highly competitive and discount-driven marketplaces.

AyyappanLakshmanan, a seasoned professional in the apparel and fashion industry, is one of the Co-founders of STUMBL, a real-time fashion platform designed specifically for the women of today. With 13 years of experience under his belt, Ayyappan brings a wealth of expertise in business planning, sales, inventory management and people management to the company. Since its launch in December 2022, STUMBL has already served over 10,000 young women, with 20 percent becoming repeat customers. The company aims to become the number one fashion platform for women, providing them with the fastest and most reliable access to the latest fashion trends.

Recently STUMBL partnered with renowned fashion creator MasoomMinawala. Masoom, a Forbes 30 under 30 recipient and popular fashion influencer in India, has invested in the start-up and will also serve as a strategic advisor for the company.

Tapping the potential menswear segment

An underdog segment that made the industry whistle is the menswear segment which is now catching up fast, but for YogeshKabra, the segment was tapped early even before it pulled as a mainstream. After working as an associate with Techstars, Kabra ventured into entrepreneurship and launched XYXXApparels in 2017 and has gathered funding of US $36 million till date. With a keen eye for untapped opportunities, he recognised the lack of innovative and high-quality men’s innerwear brands in the market, inspiring him to create.

YogeshKabra’s entrepreneurial journey from a comfortable job in the US to the success of XYXX Apparels showcases his ability to identify untapped opportunities. XYXX Apparels has become a prominent brand in the men’s innerwear segment in India by focusing on quality and innovation. Recognising the lack of high-quality and innovative options in the market, Kabra decided to bridge the gap and create a brand that offers comfortable and stylish innerwear. With a commitment to delivering superior products, XYXX Apparels has experienced rapid growth, reaching a revenue of Rs.105 crore in FY ’22.One key factor that differentiates XYXX Apparels is its use of micromodal fabric, which is naturally anti-microbial and ideal for India’s hot and humid weather. This high-quality fabric ensures that XYXX products are exceptionally soft and comfortable. Overall, YogeshKabra’s journey and XYXX Apparels’ success exemplify the power of entrepreneurship, innovation and a commitment to providing quality products in the men’s innerwear market.

Funding scenario

The pandemic drastically changed market scenarios globally including the start-up funding landscape in India. While the initial impact was challenging, the market has shown resilience and start-ups have adapted to the new normal. However, the funding for these start-ups has varied with Agilitas Sports raising US $52 million, Mensa Brands securing US $ 254 million, STUMBL receiving US $ 1.6 million and XYXX Apparels raising US $16 million. Despite the uncertainties, investors continue to show interest in promising start-ups.There are several reasons for this growing interest to invest in start-ups. One of the most significant one is scalability which provides ample scope to multiply investment. The Indian start-up ecosystem is favourable for new-age start-ups to flourish immensely.

Drawing from their experiences, the aforementioned founders offer two valuable pieces of advice for aspiring entrepreneurs seeking funding. Firstly, they emphasise on the importance of having a clear and compelling business plan that showcases the start-up’s potential for growth and profitability. Secondly, they recommend building strong relationships with investors by networking, leveraging industry connections and demonstrating a deep understanding of the market.

Additionally, they believe that different job roles need different people to handle. Not everything needs to be handled single-handedly.