Choose your reason below and click on the Report button. Given the stage of the conversation we were at with the other investor, Mohit was the one who had to pitch Sequoia to us, not the other way around. Source: Company’s Annual Report 2019-20 . One way of building that trust was for Sequoia to execute really fast to show him that we are a like-minded partner. ALSO READ. Sanjeev Bikhchandani Founder, Info Edge. Sanjeev Bikhchandani is the Co-Founder and the Vice Chairman of Info Edge, the owner of Naukri.com India’s largest job portal. Let's reshape it today, Hunt for the brightest engineers in India. Sanjeev Bikhchandani said that foreign funds are the new East India Company that are colonising successful start-ups in India. We were introduced to Zomato by Sanjeev Bikhchandani, founder at Naukri where Sequoia had been an investor. The Noida- headquartered company has launched its maiden venture capital fund, dubbed Info Edge Venture Fund or IEVF, it said in an exchange filing on Thursday. Zomato clocked in 60% and 35% higher gross merchandise value (GMV) on New Year’s Eve and Christmas in 2020 respectively, compared to the previous year, CEO Deepinder Goyal said on Twitter. Internet entrepreneur Sanjeev Bikhchandani New Delhi: In perhaps the first red flag by a significant start-up curator against 'flipping', a Naukri.com and Zomato investor has said foreign funds are the new East India Company that are colonising successful start-ups in India by transferring ownership overseas to skip Indian regulations and taxes. Indian internet pioneer, Sanjeev Bikhchandani, draws his wealth from listed Info Edge (India). Zomato aims to help consumers discover great places to eat across the globe. Sanjeev Bikhchandani recognized the potential and started with Indian job search engine “Naukri.com” in 1997. In 2007 itself, they identified the need and role of the data … Just four days after we first met Deepinder, we decided that this was a company Sequoia should invest in. The company owns an online job portal Naukri.com, a matrimonial website Jeevansathi.com, a real estate classfields platform 99Acres.com and an educational website Shiksha.com.He is the co-founder of Ashoka University, located in Sonipat, Haryana, India.In January … Sanjeev Bikhchandani, a Naukri.com and Zomato investor, has said foreign funds are the new East India Company that are colonising successful start-ups in India by transferring ownership overseas to skip Indian regulations and taxes. Sanjeev is the Co-Founder of Naukri.com, 99acres.com, Jeevansathi.com, and an investor in promising start-ups like zomato, policybazaar.com, meritnation.com, etc. To give you an example - we were in the process of launching our online ordering business in India and were working on a very strict timeline. We even put a scorecard in place to check his rating of us on a daily basis. ET NOW's Nayantara Rai caught up with Sanjeev Bikhchandani, founder and executive vice chairman of Info Edge India, second largest shareholder of Zomato on the $350 millions of UberEats deal. Naukri.com has acted as an early adopter of technology for years. I remember telling Mohit candidly that, as far as I was concerned, Sequoia would have to move up from my current rating of ‘1’ on a ten-point scale in a very short period of time to make the round happen. In general, I think the team and the people at Sequoia are their biggest strength. Your Reason has been Reported to the admin. He … Zomato’s revenue is expected to return to pre-Covid levels in one or two months while revenue from IT companies’ recruitment on Naukri.com has rebounded, Sanjeev Bikhchandani, Info Edge’s vice chairman and founder, said on a call with analysts last week. Zomato was a company that we were tracking closely from the outside. Also, since he didn’t know Sequoia well, he was skeptical about our ability to be nimble and agile to close the investment quickly given he was already in advanced conversations with the others. Zomato on Tuesday announced that it has acquired Uber's Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform. Following this we camped out at the Zomato office – going through the rigorous pre-investment process with a large team to complete all legal, finance and business diligence. Info Edge co-founders: Sanjeev Bikhchandani (left) & Hitesh Oberoi (right) ... Info Edge’s venture capital investments in Policybazaar (online insurance aggregator) and Zomato (online food and grocery aggregator) are the jewels in its Rs.500-billion market cap crown. Entrepreneurship, Business Leaders Motivational, Thought Leaders . Currently, this brand is a clear market leader in the recruitment industry with a traffic share of more than 70%. He along with his partner won the “Ernst and Young – Entrepreneur of the Year” award in 2008 for Business … He was given the Padma Shri Award, the fourth Highest civilian award in India, in January 2020. It didn’t. Sanjeev Bikhchandani is an Indian businessman, who is the founder and executive vice chairman of Info Edge which owns Naukri.com, a job portal, as well as the co-founder of Ashoka University. Painfully enough, we met at 7 am the next morning at our office. Deepinder and Mohit tell the story of how the partnership came about. Sanjeev Bikhchandani is an Indian Internet Entrepreneur, who founded a pure play firm, Info Edge (India) Limited in 1995. Sanjeev Bikhchandani, Founder, Info Edge on what that means for the long-term investor in Zomato. There was also a negative external perception of Sequoia at the time, given a lot of 'biased' stories I had heard from other entrepreneurs. Prior to meeting with the team at Sequoia, I had heard of certain experiences that other founders had with them, however I hadn't heard Sequoia's side of those encounters. Internet entrepreneur Sanjeev Bikhchandani says an estimated Rs … When I met Deepinder I found myself on the defensive at first because this was an entrepreneur who had a competitive offer on hand. I called Mohit and said, “We need people; how many good people can you spare for Zomato and for how long?”. We share a common vision and values and we look forward to backing great entrepreneurs in India together.” said Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge. I grabbed coffee for everyone on my way to the office :-). It was all done in about ten days. He was recently named as one of the recipients of the Padma Shri award. When we got the first email from Sequoia expressing interest we already had a term sheet from an investor and weren't really looking for another investor. Internet entrepreneur Sanjeev Bikhchandani NEW DELHI: In perhaps the first red flag by a significant start-up curator against 'flipping', a Naukri.com and Zomato investor has said foreign funds are the new East India Company that are colonising successful start-ups in India by transferring ownership overseas to skip Indian regulations and taxes. 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Info Edge also owns web sites like Jeevansathi.com, 99acres.com, Brijj.com, Naukrigulf.com, Shiksha.com, Quadrangle and Firstnaukri.com I wasn't initially convinced that they would meet us halfway. Info Edge, which owns popular jobs classifieds platform Naukri, said it … I liked his bias for action, but wasn't sold just yet. Info Edge launched IEVF in January this year as an INR 100 Cr fund, as per Sanjeev Bikhchandani, the founder of the company. Yes, they moved very fast. https://www.sequoiacap.com/india/company-story/zomato-story Deepinder is an ambitious, quick thinking and quick acting founder who always speaks his mind (love him for this)! My biggest take away from early conversations with Mohit was that there are always two sides to any story - what you believe in is totally your choice and conviction. Mohit took the time to explain Sequoia’s position in each of those cases and it made sense. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Directors of Zomato Private Limited are Zheng Liu, Deepinder Goyal, Kaushik Dutta, Douglas Feagin, Guoming Cheng, Sanjeev Bikhchandani, Mohit Bhatnagar Anand, . He had heard some one-sided viewpoints about Sequoia and its working style. Info Edge bought into … ET NOW's Nayantara Rai caught up with Sanjeev Bikhchandani, founder and executive vice chairman of Info Edge India, second largest shareholder of Zomato on the $350 millions of UberEats deal. After backing a slew of startups, including Zomato and PolicyBazaar, Sanjeev Bikhchandani-led Info Edge has formally entered the venture capital business. “If Info Edge were to liquidate Policybazaar and Zomato at current valuations, it will make 35% IRR,” he says. Internet entrepreneur Sanjeev Bikhchandani says an estimated Rs 17 trillion of market cap has been transferred abroad after young Indian start-ups were forced to shift their company domicile overseas by foreign investors promising the funds they need for growth. Eventually, the rating became a bit of a joke, but he only ever gave us a highest score of 8 out of 10. Online food delivery and restaurant discovery platform Zomato has acquired the Indian operations of Uber Eats in an all-stock transaction that will give the US-based Uber 9.9% shareholding in the Gurgaon-based company. Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge. The stock jumped 8% last week, the most since July, amid a broad equity rally in India. He immediately sent out an email across Sequoia asking people if they could chip in to help us outside of handling their regular work. Along with his partner, Mr. Hitesh Oberoi, he won the Ernst and Young – Entrepreneur of the Year award in 2008 for Business Transformation. 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This will alert our moderators to take action. Mr. Bikhchandani’s work experience includes an advertising position at Lintas India Limited, a marketing position at HMM Limited (now known as Glaxo SmithKline), and a senior management position at CMYK Printech Private Limited (owner of The Pioneer newspaper). At the time however Deepinder did not know us as well enough and we had to convince him that Sequoia was the right partner for Zomato. Tomorrow is different.
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