Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch. Also in the letter: ■ Tech experts on new govt’s priorities ■ Hey Google! Who’s calling? ■ Ministries divided over IT gear in public procurement list VC funds take a shine to new gen’s D2C brands Direct-to-customer (D2C) startups founded by scions of traditional business families are raking in venture funding across sectors like food, apparel, and wellness.
We dive in. Tell me more: Investors see these entrepreneurs have deep understanding of the sectors and connections in the supply chain ecosystems as a recipe for modernising legacy businesses. Big names: Premium fashion brand Rare Rabbit is housed under the Poddar family-run Radhamani Textiles, which has been involved with textile trading and exports since 1996.
It is nearing the close of a Rs 500-crore funding round from A91 Partners, Nikhil Kamath and Manyavar family office, as reported by ET on May 20 . D2C brand Kapiva, backed by Fireside Ventures and Vertex Ventures, was cofounded by Ameve Sharma, who hails from the family that runs 107-year-old Baidyanath Ayurved. Ahmedabad-based Hocco Ice Cream, launched last year, is run by the Chona family, which sold Havmor to Lotte Group in 2017.
Hocco has raised funding from Sauce VC. Go deeper: Investors and founders point to the importance of expertise and relationships that these entrepren.
