Dexter Ventures

Some good things to share with the Indian startup ecosystem players! 🙏🙏 We are bringing soon a BADMINTON tournament to Bangalore and a PICKLEBALL tournament to Mumbai and Delhi/NCR. Trust me, this was not the plan two months back. But last 20 days, they changed it all! .. On 5 October, we at Dexter Capital Advisors & Dexter Ventures hosted a pickleball tournament in the heart of Bangalore (a short video from the event attached). -> And the response was so amazing, that it humbled us down -> Over 100 VCs, founders & bankers etc - all coming together to play a sport we share a common love for - and connect, compete and collaborate to win -> And, after the tournament ended, we had so many founders and fellow ecosystem players reach out asking how they can participate when the next one happens. That got us thinking, time to double down! .. That said, the Bangalore pickleball tournament was made so good with the help of great partners 🙏🙏 Main Event Partner: Ribin (backed by 100x.vc) Celebration Partner: Elephant Racquet Club Food Partner: Roma Italian Deli Hydration Partner: Shake It Off Energy Partner: Nutty Gritties Venue Partner: GoRally For the new tournaments linked up, we would love to collaborate with like-minded partners to make those even bigger successes. Thus, if you know anyone who may find this interesting, do ask them to reach out to tarini.kumar@dextercapital.in or cos@dextercapital.in :) For all else, my DMs are open! Best, Devendra Tags: Anuradha, Tarini, Arushi, Rishabh, Jayant, Varun, Gaurav, Rohit Pratap, Aryan, Stuti

A delightful update to share with all 👇 Four days ago, I shared a post on Anuradha and my journey of founding Dexter group in Jaipur ~12yrs ago, and our journey since (Link: https://lnkd.in/g8JJYAyv). The post ended by sharing details of a case competition we have launched for B-school folks, as we are in search of teammates to fuel our big ambitions. Prior to that particular post, I could not have imagined that our journey could go on to draw so much love from so many people! .. Let me share details: We started off with Rishabh from our team (in the pic) visiting his alma mater (Indian School of Business). Also Indian Institute of Management Mumbai, Indian Institute of Management, Calcutta, Indian Institute of Management, Lucknow & Indian Institute of Management, Kozhikode. And Management Development Institute, Gurgaon, Indian Institute of Foreign Trade Delhi, SPJIMR SP Jain Institute of Management & Research Mumbai, Jamnalal Bajaj Institute of Management Studies (JBIMS) and more. That way, at the time when I shared the post, we had already surpassed 150 registrations. .. Fast forward to now: We have closed with ~400 registrations. That’s avg of 3 new registrations every hour over the last 4 days. Grateful to god and my elders, that we have been graced with an opportunity to build something which so many want to be a part of. Really humbled! 🙏🙏 Best, Devendra Tags: Dexter Capital Advisors, Rohit, Gaurav, Jayant, Tarini, Yash, Aryan

So happy to share this 👇 Our team is working with some very promising students from Lady Shri Ram College For Women’s International Finance Student Association. We are working together to do some really deep analysis and study of the Indian toy industry - demand, production, imports, exports, Govt policies, consumption preferences, trends, industry segments, key players, suppliers and more. .. This is inspired by what a crazy set of developments this whole segment has thrived with over the last 5yrs 🙌🙌 We used to be net importers of toys then, and are net exporters today, with big and small players announcing investments across Haryana, UP, Karnataka and more. This is a whole new economy to play on, versus what this space used to be about until a few years ago. .. We, at Dexter Capital Advisors and Dexter Ventures expect the end outcome of our research will help investors, both in the public and private markets. Thus, we are putting in all our efforts here. And we just need a little help from parents on LinkedIn. Please help us with this small survey. Won’t take even two full minutes: https://lnkd.in/gkgkSYPa And whatever insights we gain, we promise to share them with you in the coming weeks. Promise :) Regards, Devendra

Hiring Associates, Senior Associates and AVPs for our IB teams in Bangalore, Mumbai & Delhi! We are looking for people who bring 5+ years of front-end investment banking experience with three more things. 1> Ability to manage a team of Analysts / Associates  2> Ability to independently execute end-to-end VC / PE / M&A transactions 3> Strong network with domestic and global PE/VC Funds, Family Offices etc If interested, please drop us a line or share your CV at devendra.agrawal@dextercapital.in with the subject: “Associate / Senior Associate / AVP Roles at Dexter” Best, Devendra CC: Tarini, Jayant, Rishabh, Anuradha, Gaurav, Varun, Jay, Udit, Taran

I founded the Dexter group 11+ years ago out of Jaipur, as I had just welcomed my daughter & wanted to be close to family. Anuradha and I had no IB experience but aimed to build the best investment banking firm out of Tier-2 India. With limited capital, knocking on entrepreneurs day in and out, we successfully did a couple of transactions. But, we were not paid our due fees. And each such instance practically meant we had to start over again 😅😅 That’s why I decided to move to NCR (and then to Bangalore). .. In this time, I had brought in Gaurav who had no IB background and was learning the ropes, hustling along with us back then. Then Rohit joined in, helping us build an M&A practice. We would attend countless industry events thinking that would get us business. But, it wasn’t working. Thus, I decided, it’s better to focus on one deal at a time, as a deal closure would bring in more fresh business than reachouts. This way, we closed the transaction for Indus Insights (Saurabh & Neha). And then a few more deals began happening. .. During this time, I interviewed over 180+ candidates. But, were had too little capital and capacity to pay what our established competitors used to offer. This is why, as of March 2020, we were still just 10 people, including myself. This way, building Dexter for 7yrs, it was only in March 2020, when I decided to double down. We roped in Varun as a dealmaker. And Rishabh - who like Gaurav had no IB background. And, we started growing after that, cementing our name among in the up-to-Series A segment 🙏🙏 And in this course of closing 40+ deals since March 2020, we levelled up. .. Gaurav and Rishabh have now emerged as two of the best bankers I know in our segment. Varun had meanwhile helped us build a line-up of upcoming dealmakers and stars, each of whom joined in the last few years. And all of this has helped us position ourselves in Series B and beyond the market, with multiple deals for names like DeHaat, Pickrr, BASIC Home Loan, Mylo, ekincare and many more. .. Building for the same, we are now looking for more of Rishabhs, Gauravs and Varuns. Thus, we are launching a B-school-focused case competition in the week ahead. For that, we got Rishabh to engage with emerging talent on multiple campuses (pics attached) in the last 2 weeks. He visited his alma mater (Indian School of Business). Also IIM Mumbai, Calcutta, Lucknow & Kozhikode. And MDI Gurgaon, IIFT Delhi, SPJIMR, JBIMS and more. And this has all been humbling, with 150+ registrations already. .. My journey at Dexter Capital Advisors has always been about bringing in people with hunger, deploying them on live deals from Day 1, and giving them two things in abundance - exposure and freedom. That’s how we have grown our team 3.5x in the last 5yrs, by offering people a career, and not just a package. And, we are doubling down 🙏🙏 Best, Devendra

Securing funding from international investors is always intoxicating for Indian founders 😅😅 Based on my 11+ years of working with 100s of startups, this is primarily because it gives one the feeling, that they are limitless now - the pool to raise money from grows so big after all. However, navigating the complex legal and regulatory frameworks governing cross-border investments is difficult. And, unfortunately, many founders stumble into avoidable pitfalls that can jeopardize their fundraising efforts and even threaten the very existence of their ventures. Common mistakes? .. Ignoring FEMA Regulations: FEMA governs foreign investments in India. And failure to obtain necessary approvals or adhere to pricing guidelines often leads to severe penalties and legal repercussions. .. Neglecting FDI Policies: FDI policies in India are SECTOR-SECIFIC and constantly evolving. Founders must stay abreast of these policies to ensure their ventures are eligible for foreign investment and avoid inadvertently violating regulations. And, more importantly, even after raising capital, once a startup crosses a certain threshold of foreign ownership, it also needs to keep revisiting its business operations to keep in sync with local laws and regulations. This is where most errors are made because Govt in India has barred several business models across sectors for foreign-controlled entities. .. Overlooking Tax Implications: Cross-border investments trigger complex tax implications in both India and the investor's jurisdiction. Failure to plan for these implications can lead to unexpected tax liabilities and disputes, and things can turn really ugly that way. .. I've seen quite a few promising startups falter due to legal and regulatory oversights. One founder, eager to close a funding round, overlooked a crucial FEMA compliance requirement, jeopardizing the entire business, with ED and Income Tax forces knocking on its doors within 8 months. Another founder, unaware of changes in FDI policy, inadvertently violated regulations with his SaaS-Commerce startup, attracting unwanted scrutiny from authorities from the Ministry of Commerce. .. This is why, involving the experts is so so important - when you are raising from abroad - and also after that. -> Engage expert legal and financial advisors to get the best deals, and to get them executed with all checks in place -> Get those people to meticulously review all legal and financial documentation, ensuring it is accurate, complete, and up-to-date -> Beyond a certain stage, stay informed about FEMA regulations, FDI policies, and tax implications relevant to your sector and investment structure .. This is why good investors are also supposed to be good advisors. It’s their job to get their portfolio founders access to the best experts fending for them. And rest, we at Dexter Capital Advisors are always here to help. Feel free to reach at devendra[dot]agrawal@dextercapital[dot]in :) Devendra

This day has been so delightfully fulfilling 🙌🙌 Over 100 VCs, founders & bankers etc - all coming together to play a sport we share a common love for - and connect, compete and collaborate to win! I am humbled, that our team at Dexter could plan and execute such a good format with such finesse. And, at the end of it all, we had Karan & Raghav from Antler emerge victors. They were followed by UniStack’s Cofounder Nilesh & Shubham who is the Managing Director at pi Ventures, as runnerups. And then there were all of us, cheering our hearts out for them 🙌🙌 .. But, all of that said, what made it all so good an experience were our endeared partners! Main Event Partner: Ribin (backed by 100x.vc) Celebration Partner: Elephant Racquet Club Food Partner: Roma Italian Deli Hydration Partner: Shake It Off Energy Partner: Nutty Gritties  Venue Partner: GoRally Best, Devendra Tags: Dexter Capital Advisors, Dexter Ventures, Anuradha, Tarini, Aryan, Arushi, Yash, Jayant, Stuti

30 Founders. 55 VCs. And many more from the broader startup ecosystem 🔥🔥 Loving the energy at our Pickleball tournament here in Bangalore today - Builders of tomorrow’s India, playing together at the centre of India's startup capital 🇮🇳🇮🇳 Doesn’t get better than this. Can’t wait to take this format to Mumbai and NCR as well! Tags: Devendra, Anuradha, Tarini, Arushi | Dexter Capital Advisors, Dexter Ventures | Delta Investment Advisors

So proud to be a pre-IPO investor of KRN today (me ringing the bell with promoter Santosh Ji) 🙌🙌 What a beautiful listing on the NSE & BSE mainboard, with Rs 480 listing price (118% above issue price)! My heart and hat both go up in respect of Santosh Ji - The founder. .. Generally, VCs take tech businesses to be scalable and thus have a bias towards investing there. However, KRN Heat Exchanger & Refrigeration Limited has shown how a hardcore manufacturing business can also be immensely scalable while ensuring high profitability. It closed FY24 with revenues of ~Rs 300cr & EBITDA of Rs 64cr at 20% margin - And it got there just 8yrs (vs ~14 yrs on avg that VC-backed firms take to turn profitable)! And it’s all backed by marquee clientele like Daikin, Voltas, Schneider Electric and so many more. Thus, going ahead, I’m always going to advocate private market participants (family offices, corporate VCs etc) in my circles to look at possibilities to invest in such scalable manufacturing businesses in the old economy space, even more so in the early stages. .. But let’s talk more about it. We all know, skipping the traditional shift from agriculture to manufacturing India moved straight into services, now contributing >50% to GDP. And with Govt initiatives like corporate tax cuts for manufacturing units, Atmanirbhar Bharat and PLI schemes, and the maturing capital markets and recovering banking sector health, Santosh ji saw manufacturing finally getting its due boost. On top of it all, with China+1 theme driving a realignment of global supply chains across sectors, this man from a humble background built a well-timed conviction that his time to “Make in India” had come. .. Also, why do I say HUMBLE BACKGROUND? -> He comes from a small village called Hingwahera in Rajasthan’s Alwar and started his career in 2003 as a trainee engineer -> His exemplary operations management got him deputed to Luvata Czech plant in Czech Republic for 2yrs, where he learned about modern equipment -> And, he gradually rose up the ladder, earning multiple promotions to emerge as the DGM of Coli Production Unit in Bhiwadi From all of that to founding his own company in the heavy manufacturing space, timing it all right, and blitz scaling profitably, that’s quite a dream run! .. Meanwhile, please know that this is not investment advise. Rather, this is about our investment, that’s all. We at Dexter (Delta Investment Advisors) invest with an owner’s mindset, and thus always look for exceptional people building high-quality, large and sustainable businesses that compound capital for a very long time. That's why we didn't sell any of Ixigo and may not sell KRN shares during or post IPO. And then we try to add value by leveraging our network and offering a fresh perspective to the leadership teams like in the case of KRN, ixigo (Aloke & Rajnish), Infollion Research Services (Gaurav), OnGrid and more. Best, Devendra

This makes me feel so good and happy!! 🙏🙏 We had announced a few weeks back, that we are organising a pickleball tournament in Bangalore. And the response has been so overwhelming - People from over 35+ VC firms (shared in the attached image) are participating. And in addition to them, there will also be many founders and more. I can’t even imagine how many good outcomes could be birthed when all those people begin discussing their opportunities with each other when they meet, greet and play at the event venue. This gives me immense joy. .. And what compounds this joy? Indian startup investing ecosystem is not very large. Almost everyone knows everyone, max on a 2/3-hop basis. Thus, practically, with folks from 35+ VCs alone being there, it could yield good impact which could connect a big chunk of this ecosystem. And that’s a beautiful thing, isn’t it? .. To all the participants - We, at Dexter, look forward to meeting and hosting you on 5 October, 9am at Indiranagar, Bangalore :) .. That said, we also have some lovely partners to add to the delight that day :)   Main Event Partner: Ribin (backed by 100x.vc) Celebration Partner: Elephant Racquet Club Food Partner: Roma Italian Deli Hydration Partner: Shake It Off Energy Partner: Nutty Gritties  Venue Partner: GoRally Best, Devendra Tags: Dexter Capital Advisors, Dexter Ventures, Anuradha, Tarini, Aryan, Arushi, Yash, Jayant