Clear testament is the story of Stable Money's founder Saurabh Jain who recently raised large series B within 2.5 yrs of launch while doing 3000 cr AUM/20lakhs users and making fixed income products buying at right rates for mass including FD marketplace.
We go back to Indian Institute of Technology, Bombay same hostel No 3 in 2009 when we first got to know each other. Early 2016, he was just starting up and Harsh Shah, founder of Fynd (also a portfolio company then where we just invested a year back in 2015 later exited to Reliance Industries Limited in 2019) and also a friend from IITB days mentioned that Saurabh Jain and Kedar G. are starting @Truce
(Farm to HORECA for Fresh Veggies)and then we reconnected and immediately decided to invest after the IC process. Round was joined by BEENEXT Dirk Van Quaquebeke and Abhishek Goyal Tracxn.
Given I have been always deeply involved in portfolio growth 0 to 1(gardening as a moat) I used to frequently visit and meet them to brainstorm on PMF, strategy, hiring, growth. I clearly remember once even going on bike together to meet a new supplier and make payment together. Somehow business didn’t work and the primary reason was long credit cycle and bad debt in HORECA++.
In that journey also we helped Saurabh wrap up business and he was very clear on conserving remaining investor capital and returning to investors rather than burning that in by doing forced PMF. Believe me Saurabh from day 1 at business had been super intellectually honest, ethical, smart and hard working which we all respect the most.
Then Saurabh had his stint at Swiggy & Navi. I consistently remained in touch with him & when he announced his departure from Navi, I obviously had to reach out to him and discuss and in fact invest unconditionally in whatever he would do next.
He was still early in his thoughts of exploring ideas and i participated in 2-3 idea brainstorm with him where he actually started with HRtech space ..yes yes and then figured out fixed income Fintech eventually which was obviously unconditionally supported. HRtech was a crowded event then which I added in our first brainstorming meeting. Went ahead to become the first institution to give him a verbal offer of 300K spontaneously at a lower valuation to lead the round but same week stellar fintech veterans Z47 & Lightspeed India (Elder brothers) also stepped in and we eventually participated in a slightly higher valuation. More money is always good to start a fintech/wealth tech business. Harish Reddy
Similar Case: Backed Zyloon by Abhishek Kejriwal in 2015. Again invested in Kutumb in 2020.
Now you know why I love doing this.
Zeropearl VC Keep applying at zpvc.live/form.
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