In the initial years, recalls Patel, “People didn’t understand our business. The startup processes about 800 metric tonnes of waste on a daily basis and has also expanded its footprint to Maharashtra, Madhya Pradesh and other regions in Gujarat. It also uses artificial intelligence-based sorting solutions for waste segregation. The 15-year-old company is a market and leveraging tech solutions firm, has managed to build an end-to-end supply chain, from collecting waste to recycling it. For instance, Sandeep Patel had dabbled in many other businesses before he found success with his waste management company Nepra, also known as Let’s Recycle. Building everything from the ground up, they often lack access to financial resources and guidance that their peers from business families might enjoy. For most other roles, LendingKart’s founder and CEO reckons, “quite a few people were willing to relocate to Ahmedabad, given that it offers a better quality of life and lower cost of living.” From revenues of ₹2-3 crore in 2014-15, the company has clocked a turnover of ₹1,200 crore in FY23, claims Lunia.įirst-generation entrepreneurs face a unique set of challenges. “Finding tech talent was a bit challenging, so we set up an office in Bengaluru in 2015 for our tech-related work,” explains Lunia. In hindsight, it was a great decision with the kind of infrastructural growth and government incentives the city has seen over time.įinding the right talent was a potential issue for most startups, but not anymore. I did consider setting up operations in either of these two metros, but my family was based in Ahmedabad, so it was more of a cost-saving strategy,” he laughs. “Mumbai is the financial capital of the country and Bengaluru is the tech hub. Lunia gave entrepreneurship another shot, this time looking at lending in the MSME space, with LendingKart. After quitting his job in London, he came back to Ahmedabad and started a debt advisory platform, which didn’t scale the way he had hoped. Harshvardhan Lunia always wanted to start his own business. LendingKart is one such fintech startup that started operations from Ahmedabad in 2014. Investment in Indian startups in the first six months of 2023 is the lowest in four years.
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