Hornet Wins STPI CHUNAUTI 5.0 Pre-Seed Support
Hornet won STPI - Software Technology Parks of India CHUNAUTI 5.0 and received Rs 25 lakh in pre-seed support at an Rs 8 crore valuation from STPI in association with Pontaq.
It all started with applying for STPI - Software Technology Parks of India CHUNAUTI 5.0 on May 31, 2023. It was a normal day of hustle: coding for Hornet and trying to assemble a team. Looking back, it became one of the best decisions in Hornet’s early journey, and also led to one of the hardest struggles I had endured professionally until that point.
After nine months and eleven days of work, uncertainty, and persistence, Hornet won the competition and received Rs 25 lakh in pre-seed support at an Rs 8 crore valuation from STPI in association with Pontaq. I am indebted to them for trusting us. Special thanks to Radhav Tandon and Maneesh Kumar for guiding me throughout the journey and advising me at every step.
I had read many times that building a startup is extremely tough, but this was the phase where I experienced it first-hand. It is arduous and demands patience, perseverance, and a will-not-give-up attitude. Leaving a well-paying job with good work-life balance, working without income for almost a year, and constantly burning savings takes a real toll on the mind.
I was lucky to have supportive parents, Vaswati Haldar, Gouri Acharjee, and close supporters who helped me take up the pain. Even then, I would not recommend anyone to build a startup unless there is a clear and compelling reason to do so.
On the other hand, being focused on one thing for a prolonged period can feel like meditation and pure bliss. It is a tough fight, but I believe true happiness is found in such states of flow and hard work. The beach and cocktails are more enjoyable after enduring the hard part.
Since this was my first time founding a startup and my first time raising funds, I took away a few lessons:
- Get a good CA or CS with prior startup experience while raising funds. We were associated with someone who had no such experience, and it slowed us down. Do not make this mistake.
- Talk to seniors and existing entrepreneurs. Their guidance can reduce a lot of hassle and course-correct you when you are moving in the wrong direction. In that aspect, I would like to thank Abhik Khanra, Ayon H., Amit Sah, and Rohit G. for their words of wisdom and constant support.
- Have a strong, reliable, and supportive business partner. There will be surprises and setbacks, and many people claiming to be allies will leave.
- Read good books, including Venture Deals and Zero to One.
Finally, I would like to thank The Bengal Chamber of Commerce and Industry and the mentors Kalyan Kar, Arpan Pal, Deepak Daftari, Debashis Roy, and Tanmoy Banerjee. Each minute I spent talking to them felt like material for an MBA book.
The list would be incomplete without thanking Sambit Dasgupta, Rajat Dutta, and Sagnik Dasgupta for the excellent work they are doing at Webel-BCC&I Tech Incubation Centre. Lastly, thanks to the vision of Rajeev Chandrasekhar to propel India forward.