Indian startups are seeing a rise of siblings who have turned their shared passions into thriving business partnerships. There is a new narrative of sibling connections emerging in the entrepreneurial landscape. These siblings are transforming startups into powerhouses and charting a new course for success. Raksha Bandhan celebrates the bond between brothers and sisters, and here are some of the prominent startup founders who are siblings, and are redefining collaboration and innovation in the Indian business ecosystem with their collective wisdom, tenacity, and mutual trust.
1.Nykaa- Adwaita NRV Nayar and Anchit Nayar
Nykaa, the leading online beauty and fashion retailer, founded by Falguni Nayar in 2012 and headquartered in Mumbai, made her one of the wealthiest self-made women in India. The business also introduced her entrepreneurial spirit to her children, twin siblings Adwaita Nayar and Anchit Nayar. Having degrees from prestigious Ivy League universities, Adwaita and Anchit have dedicated their careers to understanding consumer behavior and preferences across various categories, including beauty and fashion, pet care, and household essentials. Adwaita, in addition to her mother’s efforts in building a strong digital business, also established physical stores until her brother Anchit chose to step down from his position as an investment banker at Morgan Stanley in the U.S. to manage that aspect of the business in 2017.
In FY21, Nykaa achieved a revenue of 2,453 crore. The company, which accounts for over 95% of its revenue through online sales (with 65% of that revenue coming from smaller cities), boasts 10 of its own fashion and beauty brands, each with margins of 30% or more. Nykaa also operates 96 beauty stores and follows a D2C ecommerce model, with products being manufactured by external partners.
Following its initial public offering (IPO), Nykaa experienced a significant rise in its stock value, valuing the company at nearly $13 billion. The company’s fashion division received criticism from investors during the IPO, with some viewing it as a copycat of existing market leaders like Myntra and Ajio. The company’s stock made a record debut in November 2021, with a valuation of nearly $12.86 billion. Shares of FSN E-Commerce Ventures, the entity that owns Nykaa, surged 89.2% to Rs 2,129 after the market opened, marking a significant increase from the IPO price of Rs 2,018.
The opening price was set at a 79.4% premium to the IPO price, assigning the company a valuation of Rs 95,437 crore ($12.86 billion). Since the end of the IPO lock-in period, Nykaa’s stock has faced challenges, with several investors selling their shares, leading to a decline in the stock’s value as of 2023.
2.Humsafar India- Sanya Goel and Mayank Agarwal
Sibling duo of Sanya Goel and Mayank Agarwal, are transforming the diesel retail landscape with their Delhi-based startup, Humsafar India which is built on a family tradition. It is a consumer brand of Samridhi Highway Solutions Pvt Ltd. They have modernized fuel retail with their innovative doorstep diesel delivery service. Starting with loyalty programs in 2016, their tech-focused strategy quickly gained momentum. In 2017, regulatory changes propelled their growth, and in 2019, they introduced PESO-certified Bowser Fabrication services for secure fuel transport.
Their growth during the pandemic, from Rs 3.8 to 28 crores, demonstrated their disruptive impact. Starting from scratch, they aim for a nationwide presence, expanding to 25 states. Sanya and Mayank’s complementary skills blend perfectly, showcasing the power of sibling collaboration. Humsafar India, a startup specializing in doorstep diesel services, announced plans to expand its reach to 200 more cities across the country in FY23, aiming to increase its market share in the sector.
As of 2022, the company operates in 100 cities across the country, Humsafar India has been developing a strategy to further expand its market and even venture into international markets. The doorstep fuel delivery model has seen rapid growth nationwide, especially after the COVID-19 pandemic, due to issues with global supply chains, fuel trade economics, existing distribution model limitations, changing consumer buying habits, and technological advancements, according to Sanya Goel, one of the cofounders of Humsafar India.
Their major achievement includes introducing diesel on wheels through mobile petrol pumps, a service that has been well-received, with over 30,000 containers sold in FY22. Additionally, Humsafar’s smart static diesel storage solution launched in 2021 has been popular, and the company is optimistic about its future prospects, targeting specific customer segments.
3.Amrutam- Stuti Gupta and Agnim Gupta
In the mid-2000s, as the ayurveda sector in India was experiencing significant growth, Ashok Gupta, a distributor for a pharmaceutical company in Gwalior, decided to venture into the market by launching Amrutam in 2006 alongside his wife, Chandrakanta Gupta. Ashok, using his personal savings, established a modest production facility to create and sell ayurvedic lifestyle and healthcare products. However, the business initially struggled and faced substantial financial losses. Despite these challenges, Ashok persevered and continued to operate for a decade.
By 2016, the Gwalior-based company faced a major financial crisis, on the brink of shutting down. It was then that siblings Stuti Gupta and Agnim Gupta stepped in to revive their father’s ailing ayurvedic business, reestablishing Amrutam in 2017. Having supplied herbal medicines to medical professionals for a decade, they modernized the business, introducing high-quality personal and healthcare over-the-counter (OTC) products through online sales and D2C channels. They refreshed the brand’s image and creatively marketed its products, employing online strategies such as social media advertising and collaborations with influencers starting in 2018.
In 2019, they also initiated the ‘Amrutam Recycle Project,’ aimed at recycling the factory’s waste for reuse. Looking ahead, the team plans to introduce aluminum bottle packaging for Amrutam’s top-selling items, featuring a refill concept.
Focused on creating a global community that embraces a lifestyle rooted in Vedic wisdom to accommodate the demands of today’s fast-paced life, Amrutam offers a range of traditional ayurvedic recipes, condensed into over 100 products designed for the modern lifestyle. These products cover a variety of issues, including hair and skin care to overall health, available in forms such as oils, malts, powders, and syrups. As a worldwide platform, Amrutam receives 95% of its sales from India, with the remaining 5% coming from organic orders in other countries. With an inventory of around 1,000 products, Amrutam distinguishes itself in the healthcare category by specializing in ayurvedic malts. The company now operates through two legal entities, a manufacturing facility managed by Ashok, and a D2C brand managed by Agnim and Stuti.
Amrutam processed around 4,000 orders monthly, with a reported sales figure of Rs 69 lakh for FY20. Stuti Gupta notes that the brand achieved a turnover of Rs 2.78 crore in FY21, with an average product price of Rs 500. The NSRCEL incubated company attracted around 60,000 monthly users and had approximately 2,000 daily active users. A significant portion of these users fell within the 25-35 age group, and the company boasted a 50% customer retention rate.
In 2022, the Indian market for ayurvedic products reached a value of Rs 626 billion, with projections for it to grow to Rs 1,824 billion by 2028, at a CAGR of 19.3%. The global ayurveda market is expected to expand to $23,810.04 million by 2030, also at a 15.06% CAGR from 2022 to 2030. By the fiscal year 2022-23, Amrutam reported a revenue of Rs 3.2 crore, with a revenue distribution of 65% from its website and 35% from various marketplaces.
4.Industrybuying- Swati Gupta and Rahul Gupta
Industrybuying.com, an e-commerce platform focused on B2B sales, specializes in providing industrial and business supplies to small and medium-sized enterprises (SMEs) in India. At the start, the entrepreneur had to self-fund the business for nearly a year and a half. During this period, the company processing just 10 orders daily, with Rahul spending approximately Rs 50 lakh.
In 2013, Rahul and Swati Gupta, launched Industrybuying in Gurgaon. This platform offers a broad selection of business and industrial products to both SMEs and larger corporations, positioning itself as a leading force in the B2B e-commerce space for industrial products. The platform covers 45 different industrial categories, including electrical equipment, wires and cables, welding equipment, pumps, safety and security equipment, office supplies, cleaning supplies, power tools, and hand tools, among others.
The company experienced its first significant funding success in February 2015 when it secured $2 million from SAIF Partners. Following this investment, the platform saw a surge in the number of sellers, reaching 1,000, and attracted 40 enterprises and 25,000 SMEs as customers by May of the same year. In just six months, the platform secured its Series B funding from Kalaari Capital, with support from SAIF Partners and BEENEXT.
In January 2016, Industrybuying secured an additional $1.8 million from venture-debt provider Trifecta Capital, which was used for working capital and to fuel growth in its enterprise division. Presently, the platform boasts 5,000 sellers and has expanded its customer base to 150 enterprises and 75,000 SMEs. Within its 45 product categories, featuring 3,500 brands and 1.5 million products, it achieved a GMV of Rs 36 crore in the first half of 2016.
The platform is actively selling industrial utility products to SMEs and business clients nationwide. Over 60% of its transactions originate from smaller cities, with an average transaction value of around Rs 5,000. The company earns a margin of 12-15% from each transaction.
The platform is currently owned by B2B e-commerce leaders Monotaro of Japan and W.W. Grainger of the US, with Indiamart holding a majority stake. The company saw over 5 lakh SME customers in 2022 and remained focused on expanding its product range to 2 million in 2023 to serve more customers. The company has raised $26.4 million in funding as of now, and values at $51.2 million. Additionally, Swati mentioned plans for an IPO within the next 24 to 36 months.
5.La Kheer Deli- Shivang Sood and Shivika Sood
Launched in May 2017, La Kheer Deli emerged as a premier brand by the sibling team Shivang and Shivika Sood. They now provide fresh, gourmet kheer delivery throughout Pune. Initially, LKD began as a dessert shop that operated only on weekends, from Friday to Sunday. Their menu featured a variety of kheer prices, ranging from Rs 79 for dry fruit kheer to Rs 119 for blackcurrant kheer, with seasonal options like mango in summer and strawberry in winter, available at Rs 199 for a 175-gram cup. To ensure uniformity, LKD prepares kheer in large batches at their main kitchen. Additionally, their services are accessible through Zomato and Swiggy.
In 2018, the Sood family expanded their business by opening a physical store on JM Road, making their kheer available daily. This move led to a significant increase in revenue, rising from Rs 33 lakh in 2017 to Rs 84 lakh in 2018, and exceeding Rs 1 crore in both 2019 and 2020. To accommodate the growing demand, they established a central kitchen in March 2019.
Over the past few years, La Kheer Deli has broadened its selection to include various flavors such as Coupe Dry Fruit Kheer, Coupe Nutella Kheer, Coupe Gulkand Kheer, Coupe Brownie Kheer, Coupe Mocha Kheer, Coupe Blackcurrant Kheer, and Strawberry and Aam Kheer, all priced between Rs 99 and Rs 119 for 150 grams. The family has also enlisted the help of close friends as partners in marketing and other business ventures. Each purchase comes with a packet of seeds for growing microgreens, with a distribution of 3 lakh seeds since 2017.
One of the primary challenges faced by the startup was adhering to hawking regulations, which are notoriously stringent due to issues related to traffic and encroachment.
La Kheer Deli currently operates in six locations throughout Pune, including Baner, Kharadi, JM Road, Viman Nagar, Hinjewadi, and Kothrud. They expanded their business to Girgaon, Mumbai, in 2020. Their goal is to elevate the dessert’s status and introduce it to a global audience.
6.WUDI- Nikita Hari and Arjun Hari
Nikita Hari, a doctoral student and leader of the students’ union at Cambridge, is recognized for her efforts in social entrepreneurship, with a goal of creating a Silicon Valley-like environment within slums. She has played a key role in founding two companies, WUDI and Favalley. Wudi, established in 2017 with her brother Arjun Hari, who serves as the company’s founder and CEO, located in Kozhikode, focuses on developing AI educational software for schools. Their mission is to revolutionize India’s education sector by helping students discover their true talents, thereby encouraging both students and their families to consider careers beyond the traditional paths of engineering, medicine, and management.
Additionally, they strive to make AI products more accessible and cost-effective for small and medium-sized businesses worldwide. Nikita envisions setting up training centers in schools to introduce students to top universities, including Ivy Leagues, and to make these opportunities available to those interested in pursuing higher education.
7.Mana Organics- Avantika and Mrityunjay Jalan
Mana Organics, headquartered in Kolkata, West Bengal, India, and with a North American facility in St. Louis, Missouri, stands out as a pioneer in organic tea cultivation and green tea production. The company, steered by Avantika Jalan in 2011, a fourth-generation tea farmer, was founded with the vision of making her family’s tea gardens exemplary models of sustainability within the industry.
Established in 2011, Mana Organics boasts a deep-rooted history in tea, tracing its origins back to Jalan’s family lineage. The narrative of the company’s journey begins with the three tea estates under her family’s stewardship: Chota Tingrai, Dinjoye, and Durrung. The Chota Tingrai and Dinjoye tea estates, located in the Tinsukia district of Assam, India, were initially established by Jalan’s great-grandfather, Mr. Murleidor Jalan, in 1943. The Durrung Tea Estate, situated near Tezpur, was acquired by the family in 2018. This estate, too, is steeped in tea heritage, being one of the oldest British tea estates in India, dating back to 1865.
Together, these tea estates provide a home to 1,700 families, with a strong commitment to ensuring their well-being, access to healthcare, and educational opportunities for their children.
Jalan emphasizes that Mana Organics is dedicated to achieving three primary sustainability objectives: environmental, social, and financial. To enhance environmental sustainability, the company offers expert consulting, knowledge, and meticulous management of its organic tea gardens.
In addition, Jalan and her team have transformed over 100 hectares of tea land at the Chota Tingrai Tea Estate into certified organic areas, with plans to expand this conversion annually. They focus on waste and natural resource management, producing over 100 tons of compost each season. The company’s machinery, including all tea processing equipment, is imported from Japan, enabling the production of Sencha-style tea, a unique approach to tea making in India.
John Gram serves as the co-founder and president of Mana USA, the company’s North American subsidiary. The Mana USA warehouse in the United States offers a platform for smaller customers to access the same quality teas available to those with larger sourcing divisions, while also providing an additional layer of inventory security for larger buyers in case of over-forecasting their purchases.
Mana Organics presents an extensive selection of Assam black teas, including both orthodox and CTC varieties. The company also produces small batches of the renowned Assam golden tippy tea, available in various tea bag grades. Additionally, they operate a green tea processing facility at the Chota Tingrai Tea Estate.
The Chota Tingrai Tea Estate is home to Mana Organics’ green tea factory, which is the first of its kind in India. This facility, developed in collaboration with Japanese experts, is also at the forefront of innovation, experimenting with Japanese tea cultivation techniques to potentially increase tea yields.
8.Saptkrishi- Nikki Kumar Jha and Rashmi Jha
Nikky Kumar Jha, an electrical and electronics engineer, and his younger sister Rashmi Jha run a startup called Saptkrishi, which is an agritech startup incubated at IIT Kanpur founded in 2019 and headquartered in Bhagalpur, Bihar. Saptkrishi is a platform that facilitates direct connections between farmers and consumers.
Sabji Kothi is a unique storage cart designed with several features that can extend the shelf life of fruits and vegetables from 3 to 30 days. This innovation is particularly beneficial for small-scale farmers looking to store their produce. The product is the brainchild of Saptkrishi.
It’s worth noting that Sabji Kothi has also been recognized on the popular show Shark Tank India, though unfortunately, they were unable to secure funding. In recent times, there has been a significant increase in the number of agritech startups in India, with a particular focus on the vegetable market.
Sabji Kothi is an Internet of Things (IoT)-enabled storage solution. It operates on a minimal requirement of 10 watts of electricity, whether connected to the grid or not, and needs a liter of water daily. The device’s insulated chamber maintains a controlled microclimate that prevents the growth of pathogens, delays the ripening and browning of fruits and vegetables, inhibits the production of ethylene, which is responsible for the perishability of crops, oxidizes ethylene into smaller molecules, and regulates the activity of antioxidant enzymes. This technology has the potential to save farmers up to 30% of their horticultural crops that would otherwise go to waste due to inadequate storage facilities.
Compared to other storage solutions that demand high energy consumption, Sabji Kothi requires only 10 watts a day to operate, powered by a small lead-acid battery.
Sabji Kothi is designed for the storage of various agricultural products. After the crops are harvested, not all of them are sold; only the amount required to meet consumer demand is sold. The rest of the crops, which do not have access to proper storage facilities, suffer significant post-harvest losses, estimated at around 30%. This issue is compounded by the inability of farmers to protect their crops from damage, and the high cost of cold storage facilities. To address these challenges, farmers can invest in Sabji Kothi, which offers protection for crops with its advanced features at an affordable price point (Rs10,000 for up to 500kg).
The Sabji Kothi startup is valued at approximately 24 crores.
