Biography of Ashutosh Vikram: Co-founder of Ninjacart &Program Manager at Entrepreneur First
Story of Ashutosh Vikram: A Serial Entrepreneur's Journey
Ashutosh Vikram is a seasoned serial entrepreneur with a
rich background in the internet industry and B2B businesses. As the Co-founder
of Ninjacart and a Program Manager at Entrepreneur First, he has demonstrated
his expertise in setting up and scaling businesses. His skills span product
management, team leadership, business planning, and marketing. Recognized for
his achievements, Ashutosh was named in Forbes' 30 Under 30 list in India in
2019.
Educational Background
Ashutosh holds a Post Graduate Diploma in Management (PGDM)
with a focus on Marketing Management and Strategy from IIM Kozhikode, one of
India's premier business schools. His educational background has equipped him
with the strategic insight and management skills necessary for his successful
ventures.
Early Career and Foundational Experience
Ashutosh Vikram began his career with a focus on product
management and analytical skills. His initial role as an Associate Product
Manager at CommonFloor.com from April 2013 to October 2014 involved working on
apartment management software and a mobile app designed to enhance engagement
among apartment residents. This experience laid the groundwork for his future
ventures by honing his skills in product development and user engagement.
Entrepreneurial Ventures and Achievements
Before Ninjacart, Ashutosh co-founded Shout App, a
location-based social network. His diverse entrepreneurial ventures reflect his
passion for innovation and his ability to identify and capitalize on market
opportunities. His work has not only established him as a prominent figure in
the entrepreneurial community but has also allowed him to assist over 200
founders in their own startup journeys.
Shaping Social Connectivity with Shout App
In July 2013, Ashutosh co-founded Shout App, a
location-based social network designed to facilitate communication within local
communities. The app allowed users to share messages with nearby individuals,
creating a localized social network similar to Twitter but focused on immediate
surroundings. As a Product Manager and Growth Marketer, Ashutosh played a key
role in wireframing, developing product flows, and spearheading marketing
campaigns to build user engagement and foster a thriving community.
Biography of Ashutosh Vikram: Co-founder of Ninjacart &Program Manager at Entrepreneur First/Entrepreneur/Startup/Investor/Success story of Ashutosh V
The Founding Story and Initial Challenges
Ashutosh Vikram, with an MBA from IIM-Kozhikode, and his
co-founders had previously worked together on different projects and apps.
After a previous venture didn't pan out, Nagarajan joined TaxiForSure, where he
met Kartheeswaran and Vasudevan. The five of them decided to launch Ninjacart
in 2015, driven by the realization that busy city dwellers struggled to shop
for groceries.
Founding Ninjacart
In 2015, Ashutosh co-founded Ninjacart, a hyper-local
grocery delivery platform designed to connect consumers directly with fresh
produce. Initially a B2C model, Ninjacart has evolved significantly under his
leadership. His role involved scaling the business and overseeing its growth,
which contributed to his recognition in Forbes' prestigious list.
Shifting Focus and Technological Solutions
Recognizing the issues with produce freshness, Ninjacart
refocused its business model to enhance the supply chain from farmers to
retailers. The company developed an app that allows retailers to place orders
between 11 am and 7 pm, with deliveries made by 8 am the next day. This system
ensures farmers receive fair prices, while retailers benefit from affordable,
fresh produce.
Ninjacart's Business and Revenue Model
Ninjacart’s innovative business model focuses on
streamlining the supply chain for fruits and vegetables by eliminating
inefficiencies and intermediaries. The company’s approach benefits both ends of
the supply chain: it enhances farmers’ incomes by providing them with a
reliable demand and direct access to markets, while ensuring retailers and food
service providers receive fresh, high-quality produce. Ninjacart buys produce
from farmers and delivers it to retailers and food service providers within a
12-hour window.
Direct Sourcing and Farmer Engagement
More than 25% of the vegetables sold by Ninjacart are
sourced directly from farmers, a testament to their commitment to reducing
middlemen and fostering direct relationships. The company actively engages
farmers through various awareness programs, educating them about the benefits
of using the Ninjacart app and selling directly through the platform.
Growth and Financial Milestones
Starting with a bootstrap investment of ₹30 lakh, Ninjacart
has made impressive strides, raising $30 million in a Series B round by
December 2018, bringing its total funding to $49.5 million. The Bengaluru-based
startup reported a revenue of approximately ₹60 crore from its operations in
Bengaluru, Chennai, and Hyderabad, serving around 4,000 retailers. Ninjacart
plans to expand to 12 cities by the end of 2019 and diversify into new customer
segments such as the catering industry.
Ninjacart's Valuation and ESOP Expansion
Ninjacart achieved a significant milestone in December 2021,
surpassing a $800 million valuation with its Series D funding round. This
financial success prompted the company to enhance its Employee Stock Option
Plan (ESOP) pool. As of April 29, 2022, Ninjacart passed a special resolution
to increase its ESOP shares from 2,444 to 3,156, with the pool valued at
approximately ₹170 crore.
Ongoing Growth and Expansion
The company's commitment to its employees was further
demonstrated on August 18, 2022, when Ninjacart held an extraordinary general
meeting. During this meeting, a resolution was passed to expand the ESOP pool
to 6,522 shares, more than doubling the previous size of 3,156 shares. This
expansion reflects Ninjacart’s robust growth and its ongoing efforts to reward
and retain its talent.
Contributions as a Program Manager at Entrepreneur First
From November 2019 to April 2022, Ashutosh served as a
Program Manager at Entrepreneur First, where he mentored ambitious founders in
building startups from scratch. His role involved guiding teams through the
early stages of startup development, resulting in 28 seed-funded startups from
four cohorts of over 200 founders. His contributions helped shape a diverse
portfolio of companies, including MedPay, Retail Pulse, and Fello (YC W22).
Ashutosh Vikram’s career reflects a deep commitment to
innovation and entrepreneurship, marked by his successful ventures and
mentorship roles. His journey showcases the impact of leveraging product
management skills and entrepreneurial spirit to drive growth and transformation
in various sectors.
Personal Interests
Outside of his professional life, Ashutosh is a coffee
enthusiast and an occasional photographer. His personal interests complement
his entrepreneurial spirit, offering him creative outlets and a balanced
perspective on work and life.
Timeline for Ashutosh Vikram’s story
April 2013 - October 2014: Worked as an Associate Product
Manager at CommonFloor.com.
July 2013: Co-founded Shout App, a location-based social
network.
2015: Co-founded Ninjacart, a hyper-local grocery delivery
platform.
December 2018: Raised $30 million in Series B funding for
Ninjacart.
December 2021: Ninjacart achieved an $800 million valuation
with Series D funding.
April 29, 2022: Increased Ninjacart’s ESOP pool to 3,156
shares.
August 18, 2022: Expanded Ninjacart’s ESOP pool to 6,522
shares.
November 2019 - April 2022: Served as Program Manager at
Entrepreneur First, mentoring over 200 founders.
