Why Rubique is in angel investor Akshay Mittal’s anti-portfolio
Angel investor Akshay Mittal had thought it is just not possible to remove the middlemen and drive the entire loan process using just technology
First Coffee Ventures is an early-stage investment group focusing on high-growth ideas in the technology and consumer brands space. My choice of startups is focused on large markets, at post-prototype stage, and founded by strong, passionate entrepreneurs.
I am often asked about my anti-portfolio and I call it my “false positives” investments—which I define as an investment error. In early 2015, a friend told me about Rubique (then BestDealFinance.com), an online marketplace that provides technology-enabled end-to-end loan fulfilment solutions for individuals and MSMEs. This is one startup I chose not to invest in, and now, it has grown into a successful company.
While I strongly believed in the founders’ ability, my concerns were two-fold. First, there was a preconceived notion based on what I had seen in housing sector that it is just not possible to remove the middlemen and drive the entire process using just technology. Second, I was also concerned that the company’s valuation was quite high, given the stage of the business back then.
For me, every false positive is a learning experience. The key learning from this was that one should learn to ignore inherent biases when making investment decisions and trust a founder with proven execution skills, especially in a large marketplace. One should learn to move quickly and take a leap of faith rather than focusing on what is missing. I do realize, however, that expecting a 100% hit rate is unrealistic and an anti-portfolio is inevitable.
In my anti-portfolio, I would like to honour companies whose success inspires my endeavour to enable an ecosystem that will encourage young and first-time entrepreneurs to take risks and work towards achieving their dream. A loud cheer to all the great ones that I have missed!
- Tesla to cut workforce by 7%, sees smaller profit in Q4
- Wipro spins out govt business as separate segment
- Vibrant Gujarat meet: Ambani, Adani, Birla, others line up big investments
- Wipro announces 1:3 bonus; Q3 net profit rises 30%
- RIL to invest Rs 3 lakh crore in Gujarat in next 10 years : Mukesh Ambani
Editor's Picks »
- 2nd Trump-Kim summit to take place at end of February
- To boost confidence in oil cut, OPEC issues quota list
- China said to offer path to end US trade imbalance
- BlackRock, Goldman said to move some fund managers to US if no-deal Brexit
- RBI governor Shaktikanta Das sees inflation assessment as a challenge
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies