Ankurit Capital

Pitch to Us
BlogJune 1, 2023

Why we invested in Likeminds?

Tech For In App Community Building

Ankurit Capital is an early-stage fund centered on unlocking the value chain of the everyday transactional economy. We operate at the intersection of web2.0 and web3.0 and are focused on building transformative ventures that promote micro-commerce, agritech, fintech, health and wellness, deep tech enterprises in AI and the blockchain. Our leadership team is multidisciplinary, intergenerational combining seasoned operating experience along with start-up and greenfield competencies. We are an India focused fund investing in ventures which can scale globally.

Digital public goods like the India stack have clearly demonstrated how open APIs help democratize closed systems and platforms and help build scale and communities. For a long time now, digital customer acquisition, engagement, and retention have been concentrated on a few platforms. This has led to arbitrary pricing structures, monopolization and extreme dependence by brands, particularly SME brands, on big tech platforms. It is exceedingly difficult for brands to build in-house community platforms. This is the problem that LIKEMINDS is solving. It is a low code tool for building “in-app communities” in minutes. LIKEMINDS SDK is customizable for a variety of community user experiences. It has a scalable infrastructure which can currently support 25 million concurrent users. 
 
Its early-stage enterprise deployment includes a men’s health D2C brand and a regional OTT platform. With its mission to help expand and grow community entrepreneurship and SME marketing and customer retention effectiveness, LIKEMINDS has already built a community of 1100 community builders in India. Based on early momentum, it is well-placed to develop strong adoption among funded startups as well as in segments like social health, social learning, social investing, social commerce and social support.  

The Founding team has strong technical, product, and market development capabilities. Founder and CEO Nipun Goyal is a 2012 IIT- Delhi alum with a previous health services startup Curofy which he exited successfully in an all-cash deal. Co-Founder and CTO Naresh Rehlan is a full stack developer with experience of handling scale at Disney Hotstar. The core product and engineering team are IIT graduates with professional experience in prodyct mnagemen, building tech infrasturcture and product marketing
We believe LIKEMINDS will democratize digital marketing and help SMEs, startups and community builders create unique in-app experiences and communities. It will also help brands build direct customer audience, engagement and retain those relationships.
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BlogMay 31, 2023

Why we invested in Omnicard?

Building for Bharat — Driving SME Capabilities and transactions

Eroute Technologies

What is OMNICARD?

Omnicard offers CAAS or Capability as a Service, i.e Licensing, Issuances, Processing, services, and regulatory compliances to businesses using digital payments who seek to operate interoperable digital wallets and cards. The product is developed by Eroute Technologies, a fintech and digital payment start-up authorized by RBI as a Payment System Operator to issue PPIs or pre-paid instruments such as digital wallets or pre-paid cards. Designed as a simple B2B2C solution, Eroute Technologies empowers businesses to embed digital wallets and pre-paid payment cards into their existing flows. Thereby eliminating capability and regulatory constraints and significantly reducing the complexities of capital investment and time to market for businesses.

Why we are investing in Eroute?

India has seen unprecedented growth in Digital payments. Despite global headwinds of conflict and the pandemic, the Indian digital payment economy is estimated to be at $10 trillion by 2026 with 65% of digital payment transactions across both consumer and merchant transactions. The largest segment of digital payments is digital commerce with a CAGR of 13.66%. The resilience of our domestic transactional economy is further seen post-pandemic, with the growth of over 800 D2C brands and a steady increase of our MSMEs. All these enterprises want capabilities for end-to-end digital transactions to deepen their customer engagement, relationships, and retention. Eroute caters to this vital requirement of these enterprises.
Omnicard is a full stack in-house developed platform with exceptional scalability, built on Open API layers and the India stack, operating as the backbone of the payment for Businesses with their customers for issuing a variety of pre-paid instruments including open loop interoperability and direct access to payment rails such as UPI, RuPay, IMPS, etc. From Digital KYC and onboarding to payments and data analytics, Omnicard provides a seamless, holistic pre-paid payment solution to businesses. The company has early market momentum with digital commerce, Consumer brands, Neobanks, transit, and gaming companies. With over half a million app installs, approximately 400K registered users, and over $16 million in transaction value, Omnicard is well-positioned to drive transformational impact in this segment and deepen commerce.

Key Differentiators

As an RBI-authorized payment service operator, Eroute is a Direct PPI issuer and is Bank independent with 15–20% operating margin advantages unlike others in the segment which are burdened with legacy bank sponsorship, customization, and other reconciliation issues. It has a full-stack core platform and independent processes for customer onboarding, regulatory reporting, and compliance. It is also India’s first Omni channel and bank-independent PPI company to enable tap and pay, scan and pay, UPI payments, offline UPI payments, online payments, gift cards, and ATM withdrawals. Additionally, it has full flexibility with regard to its customer acquisition strategy which is a combination of B2B2C and co-branding opportunities. Its revenue streams include issuer interchange fees, subscription fees, commissions from VAS applications and partnered merchants. All these attributes and features make it a cost effective, scalable CAAS platform with massive growth potential across Tier1 to Tier4 cities and towns in India.

The Team

The Founding team of Sanjeev Panday and Abhishek Saxena represents a unique combination of business and technical leadership in the industry. Sanjeev has over 21 years of leadership experience in Institutional banking. Abhishek is an engineer from IIT-BHU and was previously Managing Director of Taisys, a technology leader in payment and VAS applications with several patents to his name in the frontier payments space. The founders have been very thoughtful in assembling an eminent Board including former SBI Chairman Purwar and other senior former members of NPCI and RBI who guide it on important issues of growth, product-market fit, and regulatory matters.
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BlogMay 31, 2023

Why we invested in Deccan Healthcare?

Ankurit Capital’s investment philosophy is focused on the everyday transactional economy and its impact on our lives. Our focus on wellness and preventive healthcare is a natural extension of this philosophy. As an early-stage domestic AIF, we are committed to supporting small and medium-sized enterprises (SMEs) in driving economic growth and innovation through investments in companies that have the potential to make a meaningful impact. In line with this philosophy, we have invested in Deccan Healthcare which is a BSE SME exchange-listed company since BSE SME: (DECCAN).

Deccan Healthcare is an established MSME in the alternate wellness and nutraceuticals sector, primarily focused on contract manufacturing. However, what caught our attention is their dedication to transforming into a direct-to-consumer (D2C) brand, Nutridecc, with a vision to scale globally.

The Deccan Model

The Indian nutraceuticals market is projected to grow at a CAGR of over 28% from 2020 to 2025, driven by increasing awareness of health benefits and a surge in demand for preventive healthcare in the post-Covid era. The global nutraceuticals market is expected to reach $991 billion by 2030, growing at a CAGR of 9% from 2021 to 2030. India is well-positioned to capture a significant share of this market, and Deccan Healthcare’s focus on delivering high-quality and safe products in the wellness and preventive healthcare space aligns with this growth trend.
As an MSME listed on the public SME exchange, their commitment to transforming into a D2C brand, Nutridecc, presents a unique advantage in the industry, and we are excited to support their vision of becoming a leading brand. The Indian SME exchange is also gaining traction, with the number of companies listed on the exchange growing from 750 in 2012 to over 5,000 in 2020, indicating a significant increase in investor interest.
The founders and leadership team of Deccan Healthcare bring a wealth of experience to the company. Mr. Minto Purshotam Gupta, the Founder, has over 20 years of experience in research and pharmaceuticals. Mr. Mohak Gupta, the COO, has over 10 years of experience in banking and nutraceuticals, overseeing international business and supply chain management. Ms. Mohita Gupta, the CDO, has 8 years of experience in nutraceuticals, responsible for business strategy, online brand marketing, and sales. Their diverse backgrounds and experience make Deccan Healthcare’s leadership team well-positioned for business transformation and growth in the direct-to-consumer segment.
We are excited that Deccan Healthcare is well-positioned in the rapidly growing Indian nutraceuticals market, which is estimated to grow at a CAGR of over 28% from 2020 to 2025. The company’s unique business model, commitment to sustainability, and experienced leadership team make it an attractive investment opportunity. Deccan Healthcare’s listing on the public SME exchange provides an opportunity for investors to participate in the company’s growth story. We believe that Deccan Healthcare has the potential to make a significant impact in the nutraceutical industry in India, and we look forward to supporting its continued growth and success.
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BlogMay 31, 2023

Why we invested in Maalexi?

Ankurit Capital is a tech-obsessed early-stage domestic AIF focusing on the everyday transactional economy. Our obsession is driven by a sincere belief in digital transformation. In our study of the daily transactional economy, we were struck by India’s low share in global agricultural trade. A meager 2.5%, while being the second agricultural producer in the world. Small and medium agricultural exporters face big challenges of credible demand aggregation, customer discovery and export financing.

Global agricultural trade is a $2 Trillion opportunity. Yet the small and medium exporters have huge participation barriers, despite abundant global demand for food for good health and well-being. India’s exports in food and agriculture to GCC accounts for $6 Billion and $ 4 billion to Europe. The total addressable market for food and agricultural imports to GCC and Europe is $856 Billion.

Maalexi is a global and integrated blockchain-enabled digital cross-border trading and financing platform, committed to solving this problem. On Maalexi, importers can buy wholesale food and agricultural products directly from small and mid-sized suppliers, and exporters can get access to critical export finance for trades with credible buyers

The Maalexi Model

Maalexi is a cross-border trading platform where buyers can request and sellers can list their products for free. The technology is used to share transaction data transparently with buyers, sellers, and partnered financial institutions. The platform executes complete transactions including all the steps from enquiry, order placement, export clearance, shipping and logistics, import clearance, to delivery and payment. The platform’s key differentiators are proprietary data analysis processes which are reinforced by AI and ML tools, with built-in blockchain-based traceability and security, seamless risk mitigation, and embedded trade finance options. Once an exporter has successfully executed a few trades on the platform, based on the track record, loan facilities are provided to the sellers through Maalexi’s partnered financial institutions.
Maalexi has strong trade momentum with transactions across various geographies in GCC and Europe, crucial partnerships with freight and logistics management providers, and has seen early success with securing credit limits with manufacturers, distributors and supermarkets. These are extended as financial facilities to qualifying sellers on the platform. Its business model is a mix of risk information management and financing fees.

Maalexi’s founders are seasoned domain experts with proven track record in supply chain management, supply chain infrastructure development, and structured trade finance. Co-Founder and CEO Azam Pasha has more than 20 years of cross industry experience with world-renowned agricultural MNCs, and in supply chain infrastructure development with large Sovereign firms, developing supply chains in diverse and complex geographies. In addition, he has advised multi-lateral institutions, and worked with European commercial banks in areas of supply chain, and structured trade finance. Co-Founder and COO Rohit Majhi is an engineer with post-graduation qualifications from US and University of Cambridge. Previously, he led operations of a supply chain and logistics startup with several Fortune 500 clients, he was also the Technology and Digital services portfolio leader for Deloitte in Middle East.

Ankurit Capital is confident that Maalexi’s tech-enabled export distribution will play a foundational role in transforming food and agricultural supply chains, democratize participation in cross-border trade and enhance the profitability of small and medium exporters, contributing to strengthening of global food security.

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