Months after Freecharge founder Kunal Shah caused Twitter waves with his plans for a new startup in 2018, reports have surfaced that he is now looking to raise nearly $30 Mn in Series A funding for his startup.
Reports quoted people close to the development to reveal that Kunal Shah will raise funds from venture capital fund Sequoia Capital, Russian fund Ru-Net, fintech focussed fund Ribbit Capital and a few other investors for his new venture.
Of these investors, Sequoia and Ru-Net were investors in Kunal Shah’s previous venture FreeCharge as well.
The speculations are also there that Shah’s new venture might be an incubator or a lab in sectors like consumer finance, healthcare and education. However, on reaching out, Shah told TOI that “he was toying with multiple ideas and there was no formal shape to his company yet.”
When Shah first tweeted about his plans for a new venture, he suggested that he is looking at healthcare and education segments and got a lot more suggestions from Twitterati. Have a look!
Kunal Shah And His Endeavours
Shah started his startup journey with PaisaBack in 2010, and soon ventured as a co-founder to coupon-based app for mobile recharge, Freecharge. However, Freecharge was acquired by Snapdeal for $450 Mn in 2015, who then tossed it to Axis Bank for $60 Mn.
Despite toss and play, Kunal Shah has remained an obvious choice for the Freecharge board to run the company. He has also been an active angel investor and has invested in a number of startups including Innov8, Gurugram-based used car marketplace Spinny, Zepo, Unacademy, Bharat Bazaar and so on.
One of the several popular aspects of Kunal Shah is his Delta 4 theory which states, “Before implementing an idea, one must make sure that the business will be at least Δe = 4 to make it BragWorthy.”
In Kunal’s terms, the Unique BragWorthy should always be greater than the USP of the idea. This will help save the entrepreneurs from making growth horizontally upward with the help of globalisation, instead of going for vertical intense growth which by far, very few personalities have achieved.
As entrepreneur Kunal Shah looks around for ideas and capital for his new venture, we are looking forward to his idea and its inception, which might be an industry opener just like Freecharge.