Xponents, a start-up that assists family-owned businesses to function incongruity with the start-up ecosystem, has raised $1.56 million in seed funding. A UAE-based venture capitalist provided the funding.
It will use the funding to develop an artificial intelligence-based platform that will help family-owned businesses to function in concordance with a start-up environment. The company has been working on a technology that tries to gauge and understand the problems and challenges faced by family-owned businesses and start-ups and work out a system, that can enable the two to exist in synergy.
Sarth Jain, one of the three co-founders of Xponents said, “India is the largest family-managed business ecosystem And third-largest start-up ecosystem in the world, and they don’t speak the same language. We are building an ecosystem via a platform to enable All the stakeholders like family-managed businesses, start-up founders, investors, and mentors to synergise and grow exponentially.”
Xponents was founded by Sarth Jain, Deepak Nagpal, and Ratish Pandey, earlier this year. While Sarth Jain has a master’s degree from SP Jain Business School of Management, Deepak Nagpal has previously worked with Publicis Sapient and Fidelity Investments. Deepak Nagpal has a career experience of around twenty-three years. Ratish Pandey, on the other hand, has worked with several multinational corporations in the marketing department. He’s amassed a vast and rich experience of over thirty-five years.
Deepak Nagpal said, “I strongly believe start-ups and founders are a great force in fuelling India’s growth story; and family business owners have an excellent understanding of the market dynamics, real-world problems, and opportunities.”
Xponents is currently collaborating and working with around four thousand Family managed businesses on its platform. However, its goal is to attract global start-ups to their site and propel Indian start-ups to the global market, through family-managed businesses.
Some mentionable family-owned businesses that are Xponents’s clients are Alpha Plastomers Pvt Ltd., Kabra bearing and Power, and Ganesh Laxmi Textile Processors. On the side of start-ups, Xponents’s clientele includes Lawyered, Agua Wireless Systems Pvt Ltd., Dandera Technologies Pvt Ltd., And Eco Impulse.
Credit To – Prashansa Parwal