Female founders, like their male counterparts, can enhance their fundraising prospects by highlighting not only the financial potential of their ventures but also the unique perspectives and insights that diversity brings to the table, according to Rithika Agnishwar, co-founder, Garuda Aerospace.
“Leveraging networks, mentorship programmes, and platforms that specifically champion women in business can also provide valuable support during these challenging times,” she said in an interview for DealStreetAsia’s latest report titled Female Founders in India 2023.
Assessing the founder’s expertise, including industry knowledge and a track record of success, is essential, as is examining the financial health and viability of the product. Additionally, evaluating the team dynamics, customer traction, and the regulatory environment are key elements in the decision-making process, Agnishwar added.
Acknowledging that being a female founder presents its challenges, Agnishwar firmly believes that the strength of the idea, vision, and capability matters more than gender.
Drone startup Garuda Aerospace raised about $25 million across two funding rounds last year from investors including SphitiCap, Venture Catalysts, and WeFounderCircle
Edited Excerpts from the interview:-
What led you to become an entrepreneur? How would you describe your entrepreneurship journey so far?
My journey into entrepreneurship stems from a strong background in D2C, infrastructure, government, and public service sectors. As the co-founder at Garuda Aerospace, I have been responsible for shaping the strategic direction of the company, overseeing key operational processes and fostering partnerships within the drone industry along with my co-founder.
My experience has not only allowed us to make informed business decisions but has also been instrumental in establishing Garuda Aerospace as India’s largest drone startup. From navigating regulatory challenges to leading innovative initiatives, my role involves ensuring the company’s growth, sustainability, and adherence to our mission. I’ve been an advocate for women entrepreneurs and a leader in promoting sustainable development goals. Being the only woman co-founder and entrepreneur in the UAV [unmanned aerial vehicle] space in India, I’ve strived to make a mark and contribute to the industry.
What are some of the biggest challenges you’ve faced as a female founder? What challenges did you encounter while fundraising? How did you overcome them?
Being a female founder presents its challenges, but I firmly believe that the strength of the idea, vision, and capability matters more than gender. While fundraising, my progressive visions were instrumental in overcoming challenges and contributing to Garuda Aerospace’s growth.
Has the bias towards female founders improved in recent years? Have you seen a mindset change?
I’ve observed a positive mindset shift and an improvement in bias against female founders. The industry increasingly values strong leaders, irrespective of gender. Notable examples are women leaders on platforms such as Shark Tank India which highlight this positive trend.
Do you think having male co-founders made a difference in your fundraising journey?
Throughout my career, collaborating with my co-founder Agnishwar, I’ve recognised that success in entrepreneurship is fundamentally driven by the strength of ideas and capabilities. Our partnership, marked by a shared vision and complementary skills, has significantly influenced our fundraising journey. The effectiveness of our collaboration, rather than any gender-specific dynamics, played a crucial role in navigating the challenges and achieving success in fundraising for Garuda Aerospace. It highlights the importance of a cohesive entrepreneurial team and a shared commitment to our organisation’s vision in securing the support needed for our growth and impact.
Do you think that investors tend to have different expectations or standards for female founders versus male founders? Can you share any specific questions that are typically asked of female founders?
In the current business landscape, there’s a growing recognition of the importance of evaluating founders based on merit rather than gender. Successful entrepreneurs like Vani Kola, Nita Mirchandani highlight that leadership and determination are key regardless of gender. From my observations, there doesn’t seem to be a distinct set of expectations or standards for female founders. The questions posed to them typically revolve around fundamental business aspects such as the business model, market strategy, scalability, and team dynamics. The emphasis appears to be on qualities and skills relevant to entrepreneurial success, fostering a trend towards gender-neutral evaluations.
What are some of the potential reasons for the gender gap in venture funding, and how do you think these can be addressed?
Acknowledging the gender gap in venture funding, I advocate addressing it through awareness, inclusivity, and encouraging more women to enter entrepreneurship. Supportive policies and mentorship programmes can contribute significantly to narrowing this gap.
In the current environment, when funding will be more difficult to secure for most startups, could female founders find it tougher to raise capital?
In the current challenging funding landscape for startups, it’s crucial to emphasise that the difficulty in securing funding is a shared reality for
entrepreneurs across the board. The economic climate, market conditions, and global uncertainties impact all founders, irrespective of gender. It’s important to understand that success in fundraising is contingent on the entrepreneur’s ability to adapt to these challenges, showcase the viability of their business model, and articulate a compelling vision for the future.
Moreover, the entrepreneurial ecosystem increasingly recognises the importance of diversity and inclusion. Many investors and funding entities are actively seeking opportunities to support and empower underrepresented groups, including female founders. This evolving mindset within the investment community creates avenues for female entrepreneurs to showcase their innovative ideas and contribute to the diversification of the startup landscape.
Female founders, like their male counterparts, can enhance their fundraising prospects by highlighting not only the financial potential of their ventures but also the unique perspectives and insights that diversity brings to the table. Leveraging networks, mentorship programmes, and platforms that specifically champion women in business can also provide valuable support during these challenging times. In essence, while acknowledging the existing hurdles, it is essential to approach the fundraising journey with a focus on merit, innovation, and the inherent value of the business proposition, fostering an environment where success is determined by entrepreneurial prowess rather than gender-specific factors.
How deeply has the funding winter affected your company’s fundraising and expansion plans?
Despite the challenges posed by the funding winter, Garuda Aerospace has managed to successfully raise funds and continue its expansion plans. Our recent fundraising efforts have garnered support from strategic investors, including various marquee investors along with Indian cricket legend MS Dhoni, who not only brings capital but also valuable insights and networks to the table. MS Dhoni’s involvement as an investor and ambassador has added a significant layer of credibility and expertise to our journey. Their confidence in our vision during a time when the investment landscape might be challenging speaks volumes about the strength of Garuda Aerospace as a company. It’s a testament to the robust foundation and values that underpin our operations. We have strategically positioned ourselves as a company with resilience and innovation.
Our ability to attract investments and partnerships, particularly from experts and personalities like MS Dhoni, showcases the market’s recognition of our potential and commitment to overcoming obstacles.
What’s the fundraising outlook for 2024?
Our fundraising outlook for 2024 is quite optimistic, considering our strategic plans for expansion and a significant milestone in our journey to go public by the year-end. Currently, we are actively engaged in the process of raising funds as part of our Series A round. This infusion of capital not only fuels our growth but also aligns with our long-term vision of becoming a public company. The decision to go public in 2024 is a testament to our confidence in the strength of Garuda Aerospace and the opportunities that lie ahead in the drone industry. We believe that being a publicly-traded company will not only provide us with additional avenues for funding but also enhance our visibility, credibility, and ability to execute our ambitious plans.
What advice would you give other female entrepreneurs?
To fellow female entrepreneurs, I would advise focusing on strong leadership, unwavering commitment to their vision, and actively participating in networks that support and promote women in business.
In your opinion, what are some of the most important factors that investors should consider when evaluating a startup, regardless of the founder’s gender?
When evaluating a startup for investment, it’s crucial to consider factors such as the market potential, unique value proposition, and scalability of the business model. Assessing the founder’s expertise, including industry knowledge and a track record of success, is essential, as is examining the financial health and viability of the product. Additionally, evaluating the team dynamics, customer traction, and the regulatory environment are key elements in the decision-making process.
Investors should also look into the stage of product development, its uniqueness, and the potential for market acceptance, along with considering potential exit strategies and alignment with portfolio goals. These factors remain significant irrespective of the founder’s gender, emphasising the importance of focusing on the fundamental aspects of the business.
