Newsletter
VG Chronicles 2024
As we close another dynamic year, we are excited to share the milestones that defined our journey and the vision guiding our future.
From landmark transactions across diverse industries to building strong partnerships, our accomplishments reflect our unwavering dedication to driving growth and creating impact.
In this edition, we present our track record, key achievements, our startup journeys and a glimpse into what lies ahead as we continue shaping the future of investment banking, investments and startup ecosystems.
Our Track record so Far
Raising Funds: A Landmark year for our portfolio!
This year, we expanded our portfolio with remarkable startups like Metafin, Saswat Finance, Maxvolt, Garuda Aerospace, Bharat Rohan, Centriti, Maxvolt Energy, BuyNxt and Burgerama. These companies attracted investments from some of the most respected Indian VCs, HNIs, angel networks, family offices, and Pre-IPO investors, bringing our total portfolio to 53 startups.
Our established portfolio also saw continued success, with The Health Factory, DesignX and Bharat Rohan hitting significant milestones and securing additional funding to accelerate their growth journeys.
Investor Network
In 2024, we took our growth to the next level by adding over 1,500 investors to our network. This diverse group includes leaders from top VC funds, experienced operator angels, HNIs, PEs, and other influential players shaping the investment landscape. Now, our investor base spans across boundaries, including the UAE, UK, USA, and the Middle East.
Family offices, in particular, have played a pivotal role in supporting our startups’ success this year. Strengthening these partnerships has been a priority, and we’re proud to now have strong connections with a significant share of India’s family offices
Some of the investors that have invested in our portfolio companies include but not limited to Accel Partners, Artha Venture Fund, Sequoia (now Peak XV), A91 Partners, Ivycap Ventures, Prime Venture Partners, Varanium Capital, Sparrow VC, Incubate Fund, Pentathlon Ventures, Auxano, Nexus Venture Partners, Modulor Capital.
Notable Angels include Celebrity Rannvijay Singh, Kunal Shah (Cred), Akshay Mehrotra (Early Salary), Ashish Kacholia (Big Whale of Indian Listed Markets), Narotam Sekhsaria Family Office (Founder of Ambuja Cements), among others
Exits
After years of investing in companies, our investors are now starting to realize returns, achieving an average multiple of 7-8X on their investments. In 2023-24, we successfully executed partial or full exits from startups such as DesignX, Rare Planet, The Health Factory, and Wobot. Year 2024 highlights are:
The Health Factory– which provides India’s first Protein Bread and Vegan Protein Bread. VG-Angels has achieved a significant milestone with a remarkable 10X+ return on their 2022 investment where they raised INR 2.5 crore from their network along with marquee investors like Vikas Nahar- Founder of Happilo. Current exit comes along with Peak XV coming on the board and infusing $3.5mil.
Wobot– an AI powered video analytics solution is helping enterprises convert the video into business insights. The Current Captable holds Sequoia, VG-Angels, and recently raised bridge round by Ashish Kacholia Family Office with Primary+Secondary infusion creating Exit opportunity for our investors with 30% IRR in span of 4 years.
Expanding Horizons: Our Foray into Pre-IPO/IPO:
This year marks an exciting milestone as our company expanded its focus to include the dynamic world of Pre-IPO and IPO deals. Our efforts are already yielding significant results, and we are proud to highlight some key achievements.
| DRHP Filed in 2024: | SME Board Listed: |
|---|---|
Valplast: A leader in structural waterproofing, injection/grouting services, and precast concrete work. Maxvolt: Recognized as India’s best lithium-ion battery manufacturer. | ProV: Specializing in premium quality almonds, cashews, walnuts, raisins, and pistachios, ProV achieved a successful listing in 2023. |
| Additionally, several of our portfolio companies are on their way to SME Board IPOs: | We are also preparing for Main Board IPOs for: |
|---|---|
Bharat Rohan: A provider of advanced drone solutions, primarily for the agriculture sector. Vinci: Focused on delivering energy-efficient lighting solutions. Ravoos: A pharmaceutical and pellet manufacturing company. | Medlix: Establishing a multispecialty hospital chain with a cluster approach. Polymatech: A pioneering semiconductor manufacturer. |
These accomplishments underscore our commitment to excellence and growing expertise in navigating the Pre-IPO and IPO landscape.
Featured Startup Stories
DesignX provides a Unified SaaS platform, DFOS™ (Digital Factory Operating System) that assists in digitizing every single (400+) factory process
2019-2020: The Early Days
Although the company was founded in 2015, our journey with DesignX began in 2019 when the product was still in its nascent stage. At the time, the founders operated out of their homes, single-handedly building the product from scratch.
Our unwavering belief in the founders and the market potential led us to help raise their first funding round of USD 200k in 2020, with participation from VG Angels and Modular Capital. This funding was instrumental in refining the product and acquiring their first major client—Unilever’s factory in Doom Dooma, Tinsukia, Assam. This marked the beginning of a remarkable growth journey.
2024: A New Era
In late 2024, DesignX raised USD 900k from Piper Serica again and expanded to 600 factories, digitizing over 10,000 processes globally. Today, the company operates in India, Sri Lanka, Japan, the US, and Europe and remains a proud partner of Unilever. The client roster now includes leading names such as: ITC, Dabur, Hero, TVS, Bajaj, Amber, Kohler, Toray.
This year, DesignX moved from its IIT-D office to a larger space, having surpassed 100 employees, reflecting its rapid expansion and growing industry impact.
2021-2023: Scaling New Heights
With the initial funding and support from our investors, DesignX experienced rapid growth: Expanded to 25 and 60 factories respectively in 2021 and 2022.
With successful product validation and deployment, DesignX was ready to scale further. By mid-2023, the company had digitized over 800 processes and extended its reach beyond Indian borders.
Recognizing this momentum, we facilitated another funding round in mid-2023, raising capital from Piper Serica, Accel, and VG Angels. This round also delivered a 4x exit for some of our early investors.
The Road Ahead
DesignX is at an inflection point, poised for exponential growth. With ambitious plans to scale to over 4,500 factories by 2025 and 12,000 by FY 2026–27, the founders are optimistic about achieving USD 100 million in revenue within three years.
Looking ahead to 2029, the company aims to:
>>Prepare for a public listing
>>Digitize 30,000 factories
>>Generate USD 300 million in revenue
India’s Largest Airport Retailer of Handicrafts, generating employment for 25K+ rural artisans
2021-2022: The Beginning
Our partnership with Rare Planet began in mid-2021, when the company operated four exclusive airport outlets and generated INR 1.1 crore in monthly revenue.
In early 2022, Rare Planet raised pre-Series A funding from VG Angels, with Namita Thapar (Emcure Pharmaceuticals) participating after its Shark Tank India – Season 1 feature. This funding helped scale operations and diversify its products.
By May 2022, Rare Planet’s valuation reached $11.8mil, reflecting strong investor confidence in its vision and growth potential.
2024 and Beyond: Scaling New Heights
In October 2024, Rare Planet raised a total of INR 10.6 crore in a bridge funding round, including INR 2.9 crore from UHNIs.
By November 2024, Rare Planet had achieved an impressive monthly revenue run rate (MRR) of INR 5.2 crore—a 5X increase in just two years. Its retail presence expanded to 49 stores across 37 airports nationwide, marking an extraordinary 12X growth since 2021.
Namita Thapar’s partial exit yielded a 3.5X return within two years, making this the first successful exit from Shark Tank India, a milestone for the brand and its investors.
2023: A Year of Transformation
2023 marked a phase of remarkable growth and expansion for Rare Planet:
- Monthly revenue soared to INR 4 crore, reflecting significant business growth.
- The company expanded its artisan network from 5,000 to 15,000, providing sustainable livelihoods across India.
Namita Thapar’s active involvement as an investor helped accelerate this growth, solidifying Rare Planet’s position as a leading force in artisan-driven retail.
The Road Ahead
Rare Planet has strategically diversified its portfolio to cater to a wider range of consumers:
>>Rare Planet Luxe: A premium format now available at airports, targeting high-end consumers.
>>SITARA: An Indian fashion accessories brand, launched in 9 airports to enhance its retail presence further.
The company’s initiatives have positively impacted over 10,000 artisans across 18 clusters, including regions such as Kashmir, Rajasthan, and Gujarat. By combining traditional craftsmanship with innovative retail strategies, Rare Planet has helped artisans achieve up to a 180% increase in income while also contributing to education funds for their children.
Looking ahead, Rare Planet is set to expand its retail footprint to heritage sites, offering travelers a unique blend of culture and craftsmanship. A significant milestone in this direction is the launch of their first kiosk at Rashtrapati Bhavan.
India’s first Protein Bread brand, focusing on providing healthy breads.
2022: The Early Days
Our partnership with The Health Factory (THF) began in March 2022, when the brand was generating INR 11 lakhs in monthly revenue and operating exclusively in Mumbai.
In July 2022, THF raised its first angel funding round of INR 2 crore from VG Angels, which included prominent investors like Vikas Nahar (Founder, Happilo) and others. This was followed by an additional INR 1 crore in a subsequent funding round, laying the foundation for the brand’s growth.
2024: A New Era
In September 2024, THF raised $3.5 million from Peak XV’s Surge, marking a major milestone. Early investors from Venture Garage’s network celebrated an 11X return on investment within just two years.
THF has achieved an incredible 65X increase in sales over the past two years, establishing itself as a market leader in the health-focused bread segment.
In April 2024, THF onboarded Urfi Javed as a brand ambassador to resonate with Gen Z and younger audiences. Their Independence Day campaign, “Small Change, Big Impact,” for Vikshit Bharat further reinforced their leadership in the healthy foods sector.
2023: Scaling New Heights
Following the initial funding, we focused on THF’s expansion and brand growth. In 2023, the company evolved from a single-city operation to a nationwide presence in Pune, Bengaluru, Delhi, Chandigarh, Ahmedabad, Lucknow, Hyderabad, and Chennai.
In late 2023, THF appeared on Season 2, Episode 46 of Shark Tank India, which acted as a significant catalyst for the brand. Sales skyrocketed, and “India ka Breadwaala” became synonymous with THF, cementing its position in the healthy bread market.
The brand’s journey was widely recognized, with features in leading media outlets like The Economic Times and Hotelier India, further boosting its credibility and visibility.
The Road Ahead
Our collaboration with THF continues to thrive as they disrupt the bread industry with innovative products, expanding their presence in tier-1 and tier-2 cities. Together, we are redefining healthy eating for millions of consumers and setting new benchmarks for success in the food industry.
THF’s products became available on leading quick-commerce platforms like Zepto, Swiggy Instamart, and BlinkIt, alongside offline retail outlets, broadening its consumer reach.
It is an Electric Vehicle Company, who is majorly focused on Lithium battery technology and all other battery related solution for automotive industry
2021-22: The Early Days
Maxvolt, founded in 2019, partnered with us in early 2021. At the time, the company operated with 14 retail dealers, a few OEM partnerships, and service centers. Recognizing its potential, we immediately began crafting a strategic fundraising roadmap, initially presenting Maxvolt to 20-30 key investors and refining our approach based on their feedback.
By 2022, Maxvolt’s progress attracted a term sheet from a leading VC fund. However, with the company transitioning to profitability, we made a strategic decision to delay external funding and instead focus on scaling its operations and driving sustainable growth.
2024: Making the Impact
Maxvolt recently secured a $1.5 million funding round through the Venture Garage network. Leveraging its robust growth strategy and fresh capital infusion, the company has doubled its production capacity to 42.5 MWh, addressing the surging demand for EV and energy storage batteries during the Diwali season.
Currently, Maxvolt achieves an MRR of INR 11-12 crore, reflecting over 100% year-on-year growth. Its operations now span 1,900 pin codes across India, bolstered by new warehouse and service centers in Kolkata and Raipur.
2023: Scaling New Heights
By 2023, Maxvolt had expanded its network to include 58+ retail distributors and dealers. With ambitious goals in sight, the company set its sights on an IPO pathway.
Same year, Maxvolt successfully raised an internal funding round aimed at expanding its existing manufacturing facilities and introducing a new charger production line, further strengthening its market presence.
The Road Ahead
Maxvolt is on the brink of its next significant milestone with the successful filing of its DRHP, paving the way for its IPO debut.
In addition to its business achievements, Maxvolt remains deeply committed to sustainability through impactful CSR initiatives. Notably, the company distributed solar lights to underserved communities, bringing much-needed brightness to their lives and reinforcing its dedication to social and environmental responsibility.
Events & Partnerships
We are deeply committed to building strong and lasting relationships with our startups and investors. To strengthen these bonds both within India, we hosted exclusive in-house VG Mixers(Delhi/Gurugram/Bengaluru), bringing together our inner-circle startup founders and investors. These events provided a platform for key investors and startups to connect, fostering meaningful collaborations and opportunities.
Prominent VCs at our Mixers– Google VC, Thinkuvate, RPSG, Prath Ventures, Ivycap, Sinarmas, Z47(Matrix Partners),Blume VC, Amity VC, Endurance Capital, Zephyr, EV2 Ventures, Auxano, Matrix, Indigo Ventures, Cactus VP, Advantedge, Fluid Ventures Etc.
Notable Angels at our Mixers– Ramit Bhatnagar-Smile Group, Reshbha Munjal-KorinMI, Amit Verma-TiE Delhi, Sameera Kalra, Mohammed Asif- Momspresso, Hetal Sonpal- Tedx Speaker/ Atal Innovation Mission, Apurva Chamaria – Google, Mohit Bansal-Adda 52, Rajat Garg- myUpchar, Balakrishnan Ranjan- RBS, Mohit Jain, Dibirath Sen etc.
Startups at our Mixers– Vishal Nigam from WTF gyms, Dhruv Singh from Chelvies Coffee, Anupam Yadav from Embifi, Archit Bhargarava, Anirban Chatterjee and Manasvi Singh from Jammbo, Abhinav Jain from Almonds.ai, Nakul Mehan From Sheru.se, Mohhit Aggrwall from NutriStar, Alok Paul from BerryLush, Dr. Yogesh and Arasu from Medlix, Bhuvneshwar Pal, Satendra Shukla, Vishal Gupta from Maxvolt, Amit Mishra and Amit Bansal from 91squarefeet & many more.
Get a glimpse of our mixers here.
Beyond our mixers, we actively participated in partner events as speakers, panelists, and collaborators. Highlights include engagements with Tiecon-Delhi/Vadodara/Surat 2024, Odisha Startup Carnival, IIT Delhi Startup events, Sustainability Summit 2024, D2C summit, Fund My Venture 3.0, Startup Samvardhan-Gujarat, Investopad by D2C Insider, Empresario- IIT Kharagpur and many more, underscoring our dedication to nurturing the entrepreneurial ecosystem.
Message from the CEO – Looking Ahead to 2025
“As we approach the end of 2024, I want to take a moment to reflect on the incredible strides we’ve made at Venture Garage and share our vision for the year ahead. This has been a year of remarkable growth, innovation, and impactful partnerships. As we move into 2025, we are energized by the opportunities that lie ahead.
2025 will be a year of scaling new heights for our portfolio startups and deepening our commitment to nurturing the next generation of groundbreaking startups.
At Venture Garage, we are not just investors; we are partners in the journey, guiding startups to reach 100mil valuation as they evolve and disrupt industries.
We are proud of the collective achievements of our team and our startups, but we know that 2025 holds even greater promise. Together, we will continue to fuel innovation, push boundaries, and drive positive change for a brighter future. We will continue to focus on identifying and empowering visionary founders who are poised to make a difference in key sectors such as technology, healthcare, sustainability, and space exploration.
I am excited for what lies ahead and look forward to celebrating many more successes with you all. Thank you for your continued support and trust in Venture Garage.”
Vivek Kumar- CEO, Venture Garage
Our Portfolio
