Midas Touch Award: ET Startup Awards 2024 | Midas Touch: Golden exits give Arora the Midas crown

Among the most notable categories of the ET Startup Awards, the Midas Touch category for The best investor This year, the jury members rewarded the conviction of venture capitalists who not only detect business ideas early on, but also accompany the entrepreneur on the long journey of creating a company.

They also placed great value on investors who responded to the call to exit companies at the right time, consistently delivering cash returns to their backers.

After long debates, the jury narrowed it down to Nexus Venture Partners Managing Director Suvir Sujan and Lifting capital Co-Managing Partner Mukul Arora. While Sujan, one of the early proponents of online commerce in India with bets like Snapdeal and Delhivery, garnered praise for his bold bet on Zepto along with his mentoring role at the fast-paced commerce company, Arora’s wide portfolio of companies and ability to time exits earned praise from the juries.

The jury ultimately zeroed in on Arora for the variety of his investments, which span from sectors such as food delivery and e-commerce to used car sales and edtech. An IIM-Lucknow alumnus, Arora has risen at Elevation Capital (formerly SAIF Partners) from partner to co-managing partner over his 14-year career at the venture capital firm. Arora has written cheques for some of India’s most valuable consumer internet startups, including soon-to-go-public food and grocery delivery platform Swiggy, listed omnichannel retailer FirstCry, edtech company Unacademy and e-commerce platform Meesho.

Having secured significant exits through secondary share sale in Swiggy and Unacademy, where Elevation was an early investor, Arora has also seen portfolio companies such as B2B e-commerce firm Indiamart go public. Elevation had exited FirstCry, which listed in August this year, in 2021.

“The evolution of the Indian startup ecosystem over the last decade has been extraordinary. I am incredibly grateful to have been a part of this journey, both as a beneficiary and, I hope, in some ways, a contributor. The most rewarding aspect for me personally has been the opportunity to partner, learn and form lasting friendships with many extraordinary entrepreneurs,” Arora said, commenting on winning the award. Midas Touch Award.

“Looking ahead, with world-class founders, top-tier talent, deep pockets, and a highly supportive ecosystem, Indian Startups “We are poised to not only shape the domestic economy but also make a significant mark on the global stage. There has never been a more exciting time to be a founder or investor in India,” he added.

“The impact that early-stage investors have on a founder goes beyond just providing capital… In certain cases, Mukul (Arora) has been deeply involved with founders, helping them create new categories and working with them to scale the company sustainably,” said CaratLane founder and judge Mithun Sacheti.

“What struck me the most is that two of his biggest bets, FirstCry and Swiggy, are category-defining companies. While FirstCry is already public, Swiggy is all set to launch its IPO. Mukul’s sense of timing in exiting is also noteworthy, whether it was before the IPO or by holding firm after the IPO until he felt the time was right.”

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Other contenders

Suvir Sujan

Sujan is known to play an active role with the founders of his portfolio companies. He was involved in Zepto’s initial spin-off from a hyperlocal grocery delivery startup, Kiranakart.

Ishaan Mittal

Ishaan Mittal, a consultant-turned-investor, oversees growth-stage investments at Peak XV Partners, formerly Sequoia Capital India. He focuses on the consumer, fintech and online payments sectors.

Kunal Bahl, Rohit Bansal

Snapdeal founders Kunal Bahl and Rohit Bansal began angel investing a decade ago, but the size and scale of their investments have grown in recent years.

Vikram Vaidyanathan

Vaidyanathan, a former McKinsey consultant, heads the Bengaluru office for Z47 and invests in startups with a focus on fintech and financial services.

Rahul Chowdhri

Chowdhri first entered the investment world in 2007, when he joined Helion Venture Partners, one of India’s oldest venture capital firms. At Stellaris, Chowdhri focuses on investments in consumer brands and e-commerce.