Now let's have Abhishek and Chhavi on stage to take this forward.
Hi. So first of all, how many of you run a D2C brand like your own brand? I don't. And how many of you are like the rest of the ecosystem: investor, logistics, inventory, warehouse? So quite balanced. Good to see you guys. Thank you so much for having me here. And Abhishek has already done his self-introduction, so I don't need to do it because I'm right here.
But good to see you, Abhishek. I mean, I must say that a few days ago, Abhishek had a Zoom call with me because I was not in town. And the first thing I asked was, why is it called Consumer X? Which you are announcing now. So do you guys know why it's called Consumer X? Anyone of you know this? This is an Elon Musk-inspired story. SpaceX, Consumer X. I'm not kidding this. He told me. A man's dream and expectation should be in that same way, for a moon landing. And rather, a Mars landing. So congratulations on launching Consumer X, inspired by SpaceX.
Don't worry guys, we'll do it here. No, first. Absolutely first, the advantage of a community host is that you should tell everyone first what should be given. But my point I'm saying is, I'm not an investor, but I'm a customer of yours. I am your biggest champion, friend. In fact, I want to tell you, you all must be reading these days that a global brand decided that we will make milk-based products. Another took it upon themselves that this is not a frozen dessert, it's ice cream. So do you know what's happening? Everything is telling you guys to deliver something of a niche segment product, which is what you guys are trying to find out. I was also asking him, what USP are people looking for? What happens is, when you address a very large market share, you become the lowest common denominator. I mean, if you look at a soap and you eat something and you have some snack, you're trying to address a very large market. But India's problem is that whoever treats India as a homogeneous market and attacks it becomes a victim. So there exist so many slices which are independently big, and I'm happy that many of you are able to build those brands. I use everything from your toothpaste to your bath soap, all made by you all. I can say that. So as a customer, I am a very happy customer for many, many of you who are in this room and otherwise. And I do believe that it should be something which is not just celebrated but extended. That is why when Abhishek said, look, I can't take you to Elon Musk, but I can take you to the person inspired by Elon Musk, I said, let's go for it. Congratulations, Abhishek, for the stage. Thank you.
Thank you. I think I was also very surprised. I was also very surprised when finally VS sir said yes, because I was chasing him for three or four years: 'Sir, when will you come? Do come sometime.' So finally this time I pinged him, and I keep doing it. Every three or four months I keep pinging him. Same message: 'Sir, this event is there, sir, this meet is here. Please come here.' This time he replied, 'Okay, I can come. I will land in the morning and I can come.' I was like, 'Are you serious? Is that confirmed?'
No, no, I've been watching Abhishek for a long time. What everyone said is real. All of us who have been in the internet age. So many of you must have been on the internet since the '90s. I am a '90s kid on the internet. I was using the internet in 1994 and 1995. I mean, many of you may not be users of the internet in those days. My first browser was Lynx. L-Y-N-X. Lynx was a... many of you use vi, which is an editor, a text-only browser. And that is a time that I used. In fact, I still remember my first website. I made it first for Parikrama, the Delhi rock band, and I made that website in '96-'97. To see it was a trouble in itself because you had to download the source code, then you had to view it in a browser because you are otherwise watching in a black and white screen with a cursor moving up and down. And I would say the world is round. From all this we went to the colorful internet and then came back around. Now we are in the age of AI. Now text, text, text, text, text keeps joining. So it's a full circle. Where you start, where you started from, has become a circle. And in those days, the internet that I'm talking about, well, the best was that at that time, information distribution was considered big. I'm sure many of you know that Google's tagline itself is 'democratizing the world's information'. So someone had to do it, democratizing the world's brands. So here is the man, Abhishek, democratizing India's brands to all of us.
I think there is a misunderstanding today because everyone has sent this video: 'You are an investor.'
No, no, the misunderstanding is this.
It's not about Abhishek. Everyone has mentioned Abhishek.
Who is Abhishek? Abhishek Bachchan?
But I just want to clarify, sir, because you are first time here, but this is a volunteer and community. Everyone here, everyone.
Yes, no, you bring your microphone closer. Okay, so everyone here has a contribution in this revolution. Yes, I don't think anyone can create the revolution alone, right? So I think everyone has a contribution and it's not just about me.
There will be very good politicians too, meaning they will go for votes.
This is not me, you all have the support of the people, so my development.
Sir, there is someone sitting here who could be the next, whose ambition is to be the next.
I am telling you, this is it.
That's Vinay from the stage, guys. Vinay from the stage is also here. His business is entertainment, entertainment, entertainment, right?
Very good. And here is the counterpart, Chhavi. Chhavi, good to see you.
Thank you, thank you, thank you so much.
I couldn't have believed that SpaceX is launching or Quts is launching.
I got lucky, I got lucky, sir. By working very hard, I got lucky. So we are doing this together. So I have a question: among all these people, how many of them, when you get messages, do you actually know who this is or who that is? Or do you get so many messages in your messenger groups that it's being produced rapidly?
Honestly, Abhishek would know 100%. I would know like 40%. I'm being very honest. I have to look at the DP, then tap into memory like that. I think I will use AI for this somehow. Like, anyone, I'll have to make some agents.
But practically it's not possible. He would know 100% for sure.
Well, congratulations. What a community. Everybody is a fan of.
Thank you, sir. Thank you, internet and otherwise here in this room.
Sir, today people will say good things. But tell me, where did the investment plan come from? I mean, this is also my question: until now you were running a community. You said it's a community. How did you think about investing in these people?
So sir, it's like this. When I started my journey, my only investor was my elder brother. I think bhaiya is here. Where is he? Yes, so he was my only, only investor. I have lost his money twice. The third time he said, 'Now don't take money from me.' From me, you get no ROI. So at that time there was nothing, sir. No angel, no syndicate, nothing was there in 2008-09 when I did my first startup.
No, I want to say, by the way, I mean, in 2008-09, angel investor, I would rather say 2009, '99, 2000. At that time, in the internet age, people didn't become investors. They used to come by flight, Ramsharam used to come. Do you know Ramsharam? That's Google.
For two days, two days in Delhi, two days at Taj Bombay, two days in bore, and you would get a meeting for half an hour, full light and sound, and then you get a decision. In fact, the word was 'tourist VC' because they used to travel here. Like it happens, they come to India, so what will they do? Eat jalebi, eat chole bhature, and make two investments and go. That's how it used to be.
Absolutely, sir. So you are talking about 10 years later, of 2008.
Yes, 15 years ago, right. So I think at that time there was no one in India. There was no infrastructure. There was no ecosystem. So my elder brother was the only check. And the second time also, he was the only check.
Bring the microphone closer.
Yes, so I think there was always a belief that operators should come forward and back more operators.
But at that time, there were no operators. There were some people like you, but reaching you was also very difficult at that time.
No, no, we didn't have money either. We were also close.
We were also in the asking category, man.
Understand, in the food chain, the chain ahead will be formed only when something comes here that can go forward.
Absolutely, absolutely. So sir, this entire mission is the community's mission of enabling you, you know, entrepreneurship. And in that, we said that capital is a very important part. If we give access, network, knowledge, but if the founder doesn't have capital, how will he build? So it's like you said, 'When you don't get a job, become your own CEO.' So it was like, when there is no capital, create your own fund. So then capital will also come, and work will also happen. That was the whole idea. It was a mission that we want to democratize capital.
So in this, I saw many investors were also your friends. So are VCs friends or do they fight? What is the concept?
I am not one, right? This is a question. I am an individual. You are becoming an investor. So what is your concept? Like, here there are many investors. Thank you. Congratulations also came. So do you see them as friends or as Samsung-type frenemies? Meaning, the deal is mine and also yours. What is the concept? Where are other VCs in this Venn diagram?
Sir, there are many friends here. VC friends are here. So today, the first word that came is 'friend'.
So sir, it's like this: the way we see it, you know, everyone has to come together, right? So yes, there is competition even within our brands, there is.
What is the competition about? I will give money.
Yes, so it doesn't happen, man.
It happens like this, sir. In a good founder, everyone wants to invest. And when a founder gets one term sheet, everyone has to give one.
You know, sir, where are you taking me?
So I think the whole objective here is that as a community, we see ourselves as a launchpad. We don't want to compete with anyone. We are collaborating with everyone.
Okay, so you take the first check. The first check. Okay, this is a very good question. This is also from the audience. There used to be a typical check. At one time, there was Series A. Then came Seed. Then came Pre-Seed. Now before that, which check came?
Sir, now there is one, you know, a common park, if you know, right?
South, South Common Park.
That came even before 0 to 1. They are saying now we will do -1 to 0. So sir, in that, I had a vision.
-1 means multiplied, so always. You don't even have an idea, you come to us. We will make something or the other.
No, I was asking, what does -1 * 0 mean? If you multiply, will you go into negative or zero? Don't say such things, man. I mean, you are talking with an LP.
Potential, potential LP who can become an LP today, guys.
Right? My question is, what stage of capital should the people sitting here look at you for? In other words, seed capital, pre-seed capital, series capital, what? And then other founders, other investors, what should they see you as?
Sir, they should see as a launchpad to get the first. It's like a friends and family round.
That to start the business, I need something, I need capital. So you make it a friends and family round even before the seed.
Actually, make it an F&F.
Right? It's F&F, meaning you get...
Yes, full and I hope it's not full and final. But I think, sir, there is a belief in this that a founder's first step, the first believer, is very difficult to find.
Yes, very difficult to find.
So the whole world works in foam. Everyone invests in that.
Best. So you say that we are the talent spotter who, by making a move error, turns it around.
Walk, come back. Give the money.
That's how it will happen.
More than talent spotter, I would say ambition enabler.
Okay, ambition enabler. That's a very good word. What do you think is the definition of ambition enabler, friends and family round, pre-seed and seed round? What is the money that you are going to invest in? What stage?
It is going to be mic first.
Brother, give him a mic first. Mic first.
So, it is going to be pre-seed, seed, and predominantly. Why, sir, is ambition enabler coming from? Because we are powered by a community, right?
Yes. So when someone is thinking of building, they are already in the community. So their ambition is already visible to us. Like, IT preparation now starts from class six. I am thinking, take the money.
Because when you start studying, you will already go to Kaloo Sarai?
It is needed before that.
So you are saying the friends and family round. The round your brother invested in, that round which is before a formal investor.
Is that a good word to say? So this is the friends that you will join together.
Yes, we actually put it in our slide also that we will walk you through the gap. That everyone has to go to friends and family. Everyone's friends and family may not be able to give that. If we create a collective of operators and can give it in an institutionalized form, a 3 crore check, that is a sweet spot. That is what we want to do.
Oh, applause, boss. What a thing. Very good.
Very, very nice. What a pitch to come to the launch moment.
So, let's talk about it. And you know, I think sir, before that we talked a lot about Consumer X. Launching is important, and we would want you to do that. So you just have to press 'I'. And along with that, sir, if you also want to commit an LP check, you can do that too. No pressure.
This one is saying, 'Who gives, his is also good. Who doesn't give, his is also good.'
No, no, what's the matter? We are going to see this launch of stepping a new journey. This will happen here, not somewhere else. I am not so scared that it will be on the screen.
Right, guys. So finally the wait is over. I guess the entire D2C Insider team has been waiting for a very, very long time for this moment.
This moment, true believers of unreasonable founders. Unreasonable founders.
Okay, I guess technical glitches are part of any event.
So again, taking a moment one more time, and I would like everyone to increase the energy in the room and let's.
Congratulations.
Super expenditures.
Let's keep the claps coming in.
That party purple never comes in.
Play the video, play the video.
You play the video.
I really like it.
I really like it. I really like it. You are saying 'unreasonable founder' and 'obsessed with consumer'. Because that is, I believe, entrepreneurship is about being unreasonably passionate about, and you are calling it that passionate and obsessed with consumers. Congratulations. Turn on its light, boss. A little light here, you can turn this one on too if you want to come. Wow, there is a cake for you guys to cut. Oh wow, call the community.
Hello, call your friends, man. Your community members, you made the first check, friends.
Come on, man. Community, community representative.
Sir, unreasonable because, I mean, a man. I am sure, sir, when you started Paytm. Thank you. Thank you. Unreasonable is inherent. I think entrepreneurship is a little bit of not accepting the reality because you fundamentally visualize something which you are not accepting, and that means you are unable. Good to see you, ma'am. Good to see you. And because of the first two checks you gave, today's evening is in your name. In return, you just got a cake. No money back. You can have your cake and eat it too.
Well, the point is that unreasonable, what you are talking about, Abhishek, as an entrepreneur, everyone of us who is an entrepreneur is practically unreasonably tough, stressful, stress-capable because common people will give up at those times. In fact, I want to say that a stress and the ability of how much you can handle and be unreasonable, that is the test. How far the line will go, that's it. If you, because you took Elon Musk's name in that way, he is practically unreasonable. I mean, he compresses timelines, he compresses ambitions through a very different level, and that's a perfect way to look at it. I'm glad that you picked up Elon Musk as a motto and the brand name to it. And maybe you did not tell people, but I felt very good telling it. So congratulations once again. Consumer X Ventures, guys. May more investments. Come, come forward, man. Your cake. Please, please, both of you. Both of you, you are the host.
Guys, you guys can also join if you want. We can all join.
Will disturb the whole audience.
No, no, you cut it, you, sir, cut it.
No, no, I am with you in clapping, man. Please.
Yes, congratulations, guys. Chhavi and Abhishek.
Sorry, guys, we are just not used to the limelight. We are used to putting people in the limelight, so this is kind of awkward.
Great cake, guys. Please, you will find it at the sweets counter later.
Thank you. Thank you. Okay. Thank you, body.
So, Abhishek, I have another question for you and for everyone. How do you recognize that this is the founder, company, brand to invest? Who is not building for investors? Who is not building just to raise money? How do you know that? I will ask 'how' five times, so don't think why I'm asking repeatedly.
LP, LP interview is going on.
No, no, I am trying to help for entrepreneurs who would have raised at some place and may want to leverage it. So happy to answer the vice versa also. And I am waiting to take such questions. We both are going to do a fireside chat. Every question will be available on that.
Exactly the same question could be ported. But my question to you would be: how do you find an entrepreneur whom you would back? What is the ingredient?
Sir, look, it's like this: we have all been operators. We have, I think, drunk that much water. So now, meeting someone, there is no science to it. A VC will give a very good answer: time, trends, market, you know. Anyway, if you are an early round, then for us, my approach is that if I meet a founder and I feel that there is some fire in them and they want to do something, right, then we have to be that spark. Now that spark will either become a fire and burn the whole world, or it will be extinguished.
What a thing. That's our job, right? Set fire, set fire, set fire. That kind of dialogue.
And you, because you have become gender-balanced, you have included that. Is there any comment about, I can see lady founders and investors here in this audience about them. What do they bring on the table? What is special about, let's say, women founders who are trying this, and what are the challenges that you see that they are facing?
I think we have a lot of women founders in our current portfolio who are building. From an attribute standpoint, I haven't seen a difference. Let's say from a gender standpoint. What I feel is they juggle more. Right? But luckily, at least in our portfolio, most of them are building with their husbands. So they juggle equally.
Okay, building with their.
With their husband. So there, their husband, wife, couples who are building. But apart from that, I feel that women sometimes, I have seen, are better leaders because they can bring in certain empathy. That they are used to giving to their families, to people around them, and then to their jobs, eventually to their businesses. So I feel that is a plus. But eventually, you cannot be just an empathetic leader. You have to be a reasonably fierce empathetic leader. And that is the journey that every gender, every woman, man has.
