Where angels do not fear to tread
- People from tier-II cities are now rushing to invest in startups. What gives?
- Despite the risks involved, investors from tier II cities across the country are looking to diversify their asset allocation and are pouring their money into a range of startups
Three years ago, Kanpur-based Aakash Goenka, who runs spices and masala company Shubham Goldiee Masale, was searching for anti-counterfeiting solutions to stamp out some spurious products in the market that were replicating his brands. None of the technologies that he tried were working out. At the time, Goenka came across an anti-counterfeiting startup that was incubated by IIT Kanpur. “It was in stealth mode. But when we got the contacts of these guys (the startup) and visited them, it turned out to be quite interesting. They were already commercially viable and also catering to five-six other consumer goods companies," Goenka said, declining to name the startup. And he ended up being one of its investors.