India has witnessed many successful and innovative startups since last decade. The country has produced an army of strong willed young entrepreneurs in recent time. They are on mission to boost country’s economy. More and more graduates prefer entrepreneurship over jobs. Some of these startups are truly innovative. They have power to inspire lots of other young entrepreneurs. Today I have compiled this article to focus on such inspiring story of two young entrepreneurs, Dhiraj Rajaram and Shiladitya Mukhopadhayaya.
Dhiraj Rajaram, Founder of Mu Sigma
Mu Sigma is an Indian management consulting firm that primarily offers analytics services. The name has been derived after the symbols of mean (Mu) and standard deviation (Sigma).
Mu Sigma is one of the fastest growing companies in the world and has raised a gargantuan grand total of 163 million dollars in funding over its 9 years of existence.
Mu Sigma also holds the unique distinction of securing the largest funding round ever by a business analytics company. The core of the company is built around the beliefs and ideas of an intrinsically curious person. Founder, Dhiraj C Rajaram, had a novel idea which bore no intentions towards entrepreneurship.
This is How It Begun
Dhiraj started Mu Sigma in 2004. The beginning of the company was humble, but today it is a multi-million dollar company. There were others in that space when Dhiraj entered the fray, like IBM, Accenture etc but that did not deter him.
Moreover, Dhiraj always ranks hiring people in the initial years as his biggest challenge. “I was constantly begging people to join my company!”, he jokes.
After surviving four years on his own, Mu Sigma raised its first round of investment worth $30 million from FTVentures (now FTV Capital) in 2008.
Subsequently, in April 2011, the company raised an additional $25 million from Sequoia Capital, followed by the third round of $108 million again from Sequoia and a private equity investor General Atlantic, which is the highest investment ever made in an analytics company.
Dhiraj also admits that he hasn’t seen many downs during his journey with Mu Sigma. His problems were slightly different.
Dhiraj says, “We have been quite successful from the beginning. Some big companies wanted to buy us out. That was quite enticing. But that’s actually when your belief gets tested. What I felt immediately after even thinking about those offers was some sadness because I thought if I sold out, the idea might die.”
Shiladitya Mukhopadhayaya, Co-Founder of Rasilant Technologies
The 2005 Mumbai floods are remembered for the destruction it caused but also for the resilience of Mumbaikars. The city was caught in a shock by nature’s fury but the city as a whole got together and worked things back into place.
Shiladitya couldn’t go back home that night and the havoc that was being created outside, got the duo in an introspective mode. They conversed about the strong urge to not fall for the ‘corporate trap’. Everyone has these talks at one point in time but the duo acted upon it. Things were hazy till then but that night put things into perspective. Hence, a company took birth.
Furthermore, Sahil is a very resourceful guy and liked what Shiladitya had thought about RFID. Raising some money from their families, the duo started up Rasilant technologies– a Global Automation Solutions and System Integration Services company.
The Growth Story
Rasilant is a B2B company that has undertaken more than 35 major projects till date including Bajaj Auto, Reliance (multiple companies) and IL&FS.
“We basically help companies automate their internal processes,” says Shiladitya.
The market was almost non-existent when they started up in 2005 but has picked up since then and now Rasilant is a formidable name in the industry. A 36 member team, Rasilant clocked INR 24 crores in revenues last year with profit margins of around 10% most of which again goes into the business.
The information represented in this article has been taken from Khushal Jaiswal‘s answer from Quora.com.