Beyond Fame: 6 celeb-backed start-ups that became unicorns
Explore the star-studded success of 6 Indian celebrity-backed startups turned unicorns, blending fame with entrepreneurial prowess.
“Star-Studded Success: The Rise of 6 Celebrity-Backed Unicorns in the Startup World”
Celebrities have a knack for spotting lucrative investment opportunities, and the startup landscape is no exception. Across industries, iconic figures from cricket and Bollywood, such as Sachin Tendulkar, Shikhar Dhawan, and Shraddha Kapoor, have ventured into the startup realm as angel investors, propelling several businesses to unicorn status. According to data from Tracxn as of December 21, 2023, over 110 startups have received celebrity backing in India, with B2C e-commerce and Internet-first brands being their preferred choices. Let’s delve into the success stories of six celeb-backed startups that have achieved unicorn status.
Upstox – Shikhar Dhawan’s Winning Investment:
Overview: Upstox is an investment platform certified by SEBI.
Investor: Cricketer Shikhar Dhawan.
Unicorn Status: Attained in November 2021 after raising USD 25 million at a valuation exceeding USD 3 billion.
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Spinny – Sachin Tendulkar’s Drive to Success:
Overview: Founded in 2015, Spinny is an online used-car retailing platform.
Investor: Cricket legend Sachin Tendulkar.
Unicorn Status: Achieved in November 2021, raising USD 283 million at a valuation of USD 1.8 billion.
MyGlamm – Shraddha Kapoor’s Glamorous Investment:
Overview: MyGlamm, rebranded as The Good Glamm Group in 2021, is an online makeup brand.
Investor: Actor Shraddha Kapoor.
Unicorn Status: Attained in November 2021 after raising USD 150 million at a valuation of USD 1.2 billion.
MPL – Virat Kohli’s Play in the Unicorn Arena:
Overview: Mobile Premier League (MPL) is an online gaming platform founded in 2018.
Investor: Cricketer Virat Kohli.
Unicorn Status: Secured in September 2021 after raising USD 150 million, reaching a valuation of USD 2.3 billion.
Digit Insurance – Power Couple Anushka Sharma and Virat Kohli’s Shield:
Overview: Founded in 2016, Digit Insurance became the first unicorn of 2021.
Investors: Cricketer Virat Kohli and actor Anushka Sharma.
Unicorn Status: Achieved with a valuation of USD 1.9 billion.
Cars24 – Mahendra Singh Dhoni’s Drive to a Billion:
Overview: Established in 2015, Cars24 deals in the sale, purchase, and financing of pre-owned cars.
Investor: Cricketer Mahendra Singh Dhoni.
Unicorn Status: Attained in November 2020 after raising USD 200 million at a valuation exceeding USD 1 billion.
Understanding Key Concepts:
What is a Unicorn Company?
A privately held startup valued at over USD 1 billion.
Who is an Angel Investor?
Private investors with a high net worth who finance startups in exchange for equity.
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Noteworthy Investments:
Sachin Tendulkar invested in nine startups.
Suniel Shetty and Virat Kohli backed eight startups each.
Shilpa Shetty supported seven companies.
Aishwarya Rai Bachchan, Amitabh Bachchan, and Shraddha Kapoor contributed to six startups each.
Anushka Sharma invested in five startups.
Looking Ahead: The Future of Celeb-Backed Startups:
As the trend of celebrities turning angel investors gains momentum, the startup ecosystem can anticipate more success stories. The diverse portfolio of investments and the strategic choices made by celebrities hints at a dynamic landscape where star power converges with entrepreneurial vision. The infusion of celebrity capital not only injects funds into startups but also brings along a wave of media attention and brand elevation.
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Conclusion:
The success stories of these celebrity-backed unicorns highlight the transformative impact of star power on startups. Beyond the glamour of the entertainment and sports industries, these celebrities have proven their business acumen, contributing not only capital but also their influential endorsements. As the trend continues, we can expect more ventures to benefit from the strategic investments of these iconic figures, further blurring the lines between celebrity stardom and entrepreneurial success in the dynamic world of startups.
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