India’s start-up ecosystem continues to defy the economic despair and darkness of the pandemic. Now the world’s third largest in size, it also has much stature with unicorns and IPOs (initial public offerings). In December, India had 81 unicorns with a combined valuation of $274.17 billion, and half were born amidst the challenges of 2019 to 2021.
Young Indians are charting growth in sectors that span universal needs of the hour – health, holistic wellness, energy, technology, sustainability — while others are pursuing projects in very unchartered territories. Many have their eyes and long-term vision trained on the UAE, which is neither a large market nor home to millions of consumers.
The UAE has undoubtedly established its credentials as one of the world’s best places to do business. Alongside this, prowess in innovation, infrastructure, good governance, digital adoption – and an astonishing roster of success stories – makes its appeal almost magnetic. The Indian Pavilion at Expo 2020 illustrates the point perfectly. Already one of the largest and most visited on the sprawling global grounds, initiatives such as Elevate are pulling in not only more crowds, but also, more selective audiences such as investors and potential partners.
Elevate showcases ‘unconventional’ solutions created by Indian start-ups from across the country, and delegations from numerous states have already exhibited thriving business ecosystems and investment opportunities. Concurrently, sectoral authorities and delegations from new and renewable energies, urban and rural development, oil and gas, knowledge and learning have hosted dedicated weeks to highlight growth and investment opportunities. With plans to showcase a total of 500 Indian start-ups over five months under the umbrella of the India Innovation Hub, Elevate is living up to its name.
Other Indian start-ups are also forming bonds with the UAE. Tarun Jami’s GreenJams is a clean construction technology company that aims to create a carbon neutral-built environment. A patented innovation, Agrocrete, made from crop residues and industrial by-products, is the world’s only carbon-negative load bearing block. By replacing conventional bricks, construction costs can be reduced by 50 percent and energy efficiency improved by 25 per cent.
“By 2030, we want to remove 10 per cent of global carbon emissions by converting 2 billion tonnes of crop residues generated across the world into Agrocrete® products. We are working towards establishing 150 Agrocrete block manufacturing units in the next 3 years, earning us a revenue potential of almost US $100 million per annum,” says Jami in an exclusive email interview with GN Focus.
“I grew up all over India,” Jami says, rattling off a list of places half as long as his 31 years, but chose the South Indian port city of Vishakapatanam in the state of Andhra Pradesh to set up his business. He also has a special place in his heart for the UAE. “Some residents of Dubai are my investors,” he says simply.
Ram N Kumar founded NirogStreet in 2016 to promote the benefits of Ayurveda, by digitising it. “Ayurveda helped save my life when I was diagnosed with Hepatitis C in my youth,” he explains, “ and while being bedridden, I realised the problems it faces. NirogStreet is the first and largest platform for Ayurveda today, with a community of over 50,000 doctors and 140 plus global staff. “Our continuous efforts in mainstreaming Ayurveda starts conversations, rebuilds perceptions, and offers reassurance that this ancient and effective medicine is a gift from India to the world.”
Kumar had never visited the Middle East until October, when Sharjah-based CE Ventures raised US$ 4 million in funding for his firm. “My first meeting on my first visit, and we got a wonderful partner – we couldn’t have asked for anyone better to bring global vision and experience in expanding globally,” he says.
NirogStreet is making regional plans, starting from the UAE. “Over 70 percent of deaths today are linked to lifestyle problems, and Ayurveda manages this very well. With CE as a partner, we see ourselves emerging as a major player in Ayurveda healthcare in the MENA region.”
Mayank and Vikal Kulshrestha, cousins and co-founders of Farmers Family, aim to be the largest collective of farmers and consumers, and providers of innovative solutions for all stakeholders in the agricultural sector. Incorporated in June 2020, the Noida-based company records more than 100 percent growth every quarter, in revenues, customers, and delivered orders. “Our farmer enrolment is growing rapidly, and we have a network of over 1,500 farmers from Western Uttar Pradesh, Uttarakhand and Rajasthan, while our collection centres for agri-produce has grown from two to 15,” says Mayank Kulshrestha.
“Our mission is to create ‘wealth for farmers’ and ‘health for consumers’, which may seem simple on the face of it, but is quite complex. We are trying to connect all the dots within the agri-space with the correct integration of technologies, and optimising existing infrastructure,” he explains. Farmers Family is working on several AI-based solutions for member farmers, including weather alerts, crop prediction, crop health assessment and alternate crop planning.
The Kulshresthas are seriously studying the UAE: “We are exploring possibilities to enter the global agri-export space and deliver quality Indian produce to the Gulf,” says Mayank. “We are also planning hydroponics systems in the UAE, so that residents get healthier produce, and transit time from farm to plate reduces significantly.”
Ten years ago, when food delivery company Zomato entered the UAE, it was just 4 years old and exploring its first international expansion, but served well as a launchpad for the Gulf, and later Europe and South America. Other Indian start-ups like produce delivery company Fresh To Home, insurance aggregator Policy Bazaar and home services provider Urban Company have also become household names here. While interest and insights in Indian start-ups continue to grow, so do investment opportunities in their growth. ●
