THE NEXT TIME you look at the stock market ticker and wonder which bull or bear is moving the Street, know that quite a few big-time investors also hunt in the multiverse. They are betting on the parallel world of yet-to-be-listed start-ups driven by entrepreneurs with dreams of changing the way we do things, talking of angels (investors) and fighting demons (of negative cash flows).
Some of these market veterans have seen 100x returns, some the gut-wrenching thrill of losing everything, and some are in it also because they can do all this while mentoring founders with an idea but no idea of running a business.
From legends such as the late Rakesh Jhunjhunwala to Vijay Kedia, Ashish Kacholia, Mukul Mahavir Agrawal, and Ashish Dhawan to Safir Anand and Ambareesh Baliga, all have invested in the start-up space. These big guns hunt for pure-play themes such as cybersecurity, 3D printing, fantasy games, hi-tech, insurtech, or shared office spaces, among others. All are hard to find in secondary markets. The lure? A start-up gives investors a chance to ride the innovation wave and make mind-boggling returns if it clicks. And then debuts in the secondary market. Take this: the listing of India’s first pure-play cybersecurity firm, TAC Infosec, turned Vijay Kedia and his son Ankit’s angel investment of ₹45 lakh (for a 20% stake) into more than ₹40 crore in a little over six years when the firm debuted on the bourses in April 2024.
A RISKY PROPOSITION
Vijay Kedia, a Mumbai-based investor whose listed holdings were worth ₹1,650 crore as of May 24, 2024, is known for picking quality shares on stock exchanges at an early stage. His start-up portfolio shows he is bullish on AI firms, tutoring services, and manufacturers of fibre 3D printers, among others. Tracxn, which tracks start-ups from seeds to unicorns, says Kedia held an 8.69% stake in Onward Assist, an AI-powered platform for cancer diagnostics. He
