SeedToScale | Curated by Accel Anand Daniel, SEED TO SCALE Podcast Series

2023 is particularly momentous to Accel as we complete 40 years as a global fund and 15 years in India.

As we celebrate this milestone, we hope to share insights from the firm’s shared history with you, in this riveting two-part podcast series.

We begin with a look at the past, and how startups and investors evolved over the years; moving on to investing today, and why many call 2023 the year of reset in VC.

Finally, we look to the future, with timeless lessons the next generation of investors must carry forward.

2023 is particularly momentous to Accel as we complete 40 years as a global fund and 15 years in India.

As we celebrate this milestone, we hope to share insights from the firm’s shared history with you, in this riveting two-part podcast series.

We begin with a look at the past, and how startups and investors evolved over the years; moving on to investing today, and why many call 2023 the year of reset in VC.

Finally, we look to the future, with timeless lessons the next generation of investors must carry forward.

Know what is harder than pivoting when the going gets tough? Pivoting when the going is good.

On the surface, most metrics were scaling efficiently for Urban Company (previously UrbanClap) at the end of 2015. The tech company mainly generated leads for at-home service providers. But founders Abhiraj Bhal, Varun Khaitan, Raghav Chandra recognized that improving the experience of suppliers and customers would require deeper involvement. They needed to build a full stack marketplace with trained professionals.

Eight years later, the company is valued at $2.8 billion. After proving their chops by taking the beauty industry online, Urban Company went on to digitally connect customers with a range of professional services including cleaning, repairs, electrical works, plumbing, and carpentry.

When they first looked into the space, at-home services in India had been full of holes. The founders, all three from IIT Kanpur, knew that the problem had the potential to keep them busy for a lifetime. So they joined hands in 2014 to bring in organization and digitization.

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Over the past decade and a half, new-age marketplaces in India have transformed how people buy and sell products and services.

From Flipkart to Swiggy, Urban Company, and Zetwerk, each has reimagined "the bazaars," shaping the future of commerce and livelihood in India. Starting November 3rd, we will share stories from the trenches about building and scaling these marketplaces, along with foundational lessons from their journeys.

Learn more: https://bit.ly/3UnptTO

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0:00 - Introduction
1:20 - Origin story
4:10 - Early days
9:33 - Product-market fit
14:25 - Picking the right service
16:30 - Testbed
17:40 - Zero-to-one phase
21:15 - Scaling the company
24:30 - Key strategic decisions
27:40 - Value to service partners
32:40 - Disintermediation
34:10 - Creating value on both sides
36:30 - Navigating COVID
39:50 - Leadership and culture
43:20 - The future

At their core, marketplaces are in the business of efficiency. Deeply optimized supply was the need of the hour in the world of construction, where access to materials was fragmented and unreliable. Souvik Sengupta of Infra.Market and Prashanth Prakash of Accel talk about transforming the manner in which real estate companies buy for their projects.

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Over the past decade and a half, new-age marketplaces in India have transformed how people buy and sell products and services.

From Flipkart to Swiggy, Urban Company, and Zetwerk, each has reimagined "the bazaars," shaping the future of commerce and livelihood in India. Starting November 3rd, we will share stories from the trenches about building and scaling these marketplaces, along with foundational lessons from their journeys.

Learn more: https://bit.ly/3UnptTO

What does it take to build a timeless marketplace? Time.

Long-lasting marketplaces have little to do with restless hustling, and a lot to do with clear research and balancing gut calls with data calls. You can trust that bit of wisdom because it comes from Mukesh Bansal who knows the ups and downs of entrepreneurship in India more intimately than most.

As founder of Myntra, head of commerce and advertising at Flipkart, and now as founder-CEO at Cult.fit, the relentless entrepreneur has sold fashion, fitness, and almost everything in between.

Mukesh was one of the first startup folk to have brought the Bay Area ethos to the Bengaluru ecosystem. Over the last 15 years, he has steered companies through teething problems, pivoting and scaling missions, as well as acquisitions.

In this part of a series of conversations sponsored by Accel, Mukesh shares his favourite entrepreneurial hits and misses. Joining him is Subrata Mitra of Accel who has been among Mukesh’s earliest backers. He shares wisdom not just for the benefit of founders but also for venture capitalists as they go from backing two to four to 20 companies.

Over the course of chatting with Pankaj Mishra, the duo sum up their journey so far in many quotable quotes.

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Over the past decade and a half, new-age marketplaces in India have transformed how people buy and sell products and services. From Flipkart to Swiggy, Urban Company, and Zetwerk, each has reimagined "the bazaars," shaping the future of commerce and livelihood in India.

Starting November 3rd, we will share stories from the trenches about building and scaling these marketplaces, along with foundational lessons from their journeys.

Learn more: https://bit.ly/3DqT87o

When Niraj Singh started up Spinny, the used-car market in India was already crowded with cash-rich competitors. More and more Indian buyers were leaning towards buying pre-owned cars because of the better value they offered but the landscape was still full of potholes and barriers. There were few trusted intermediaries, and no convenient way for buyers to go through the sea of options or for sellers to find the right price. That is where Spinny came in.

Niraj Singh founded the full-stack platform for buying and selling used cars in 2015, together with friends Ramanshu Mahaur, a fellow alumnus of the Indian Institute of Technology (IIT)-Delhi, and Mohit Gupta, an MBA from the Indian Institute of Management Technology (IMT), Ghaziabad, who moved from Flipkart to join as operations head. A car lover himself, Singh wanted to address the pain points in the sale and purchase of a used car.

“When you're buying your first car, it's a very important, very aspirational, very emotional purchase for you, and your entire family. It was very clear that we are not going just after the used-car market opportunity, but we are going to solve (an issue) of trust, experience and aspirations of people,” he said in an interview with Pankaj Mishra, co-founder of the digital media publication FactorDaily, a journalist tracking start-ups, with over two-and-a-half decades of professional experience.

Sellers put in a request to sell their cars on the website. If it passes a 200-point test by an inspection team, Spinny sets a price, features the car on the site, and takes over the responsibility of selling the car. Buyers have the assurance of buying a Spinny-certified vehicle and the added benefit of a 1-year warranty. The company takes care of all the paperwork, from registration to title transfers.

Among others, Spinny competes with OLX, Quikr and CarDekho in a market that was valued at $23 billion in the financial year 2021-2022 and is projected to grow at a compound annual growth rate of 19.5 per cent until FY 2026-27, according to a report by IndianBlueBook, an auto technology platform, and Das WeltAuto, the pre-owned car business of Volkswagen India.

After starting operations in the National Capital Region (NCR), centered on Delhi, Spinny has expanded into Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai, Ahmedabad, Jaipur, Chandigarh, Indore, Coimbatore, Lucknow and Kochi. It became a unicorn with a valuation of about $1.8 billion, when it raised $283 million last year from a consortium led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.

This interview is part of a special series brought to you by the Indian unit of Accel Partners, which has backed some of the most significant marketplaces that have come up in India including food delivery platform Swiggy, e-commerce company Flipkart, TaxiForSure, which offers ride-hailing services, and Urban Company, a provider of home cleaning, appliance repair, beauty treatment and handymen services to customers at their doorstep.

Joining Pankaj Mishra in the chat is Niraj Singh, who at the time of founding Spinny, already had two start-ups behind him – TechMonkey, an Internet media company, and Locus Education, an IIT-JEE prep venture with offline and online presence. They dive into the details of going from a marketplace model to a direct full-stack model, the business of trust, and the basic rules of team building.