Snapdeal founder and CEO Kunal Bahl on Monday shared the story on how his start-up got its first angel investor 14 years ago. Mr Bahl recalled "the story of how @snapdeal got its first angel investor 14 years ago, who still continues to be an investor in the company" in a Twitter thread, calling it a tale of "kindness and serendipity".
Their first meeting occurred when the man who would go on to become a Snapdeal investor was invited as a guest speaker to Mr Bahl's college. Kunal Bahl studied at the University of Pennsylvania.
"One day, I walked into one of my management course lectures in college. There is a grey haired gentleman standing in front of the class chatting with our regular professor," he recalled in his Twitter thread. During the lecture, Mr Bahl was "completely" blown away by the man, who used to be a Microsoft executive in the '80s.
The class starts. And completely blows me away. This gentleman is gregarious, animated, excited, running between the rows of the amphitheatre style seating. He is not using notes - talking fast about how innovation in the world works. What entrepreneurship means and what it takes
— Kunal Bahl (@1kunalbahl) December 20, 2021
"I left the class completely and absolutely inspired. I had decided. I wanted to be an entrepreneur," he said.
I left the class completely and absolutely inspired. I had decided. I wanted to be an entrepreneur.
— Kunal Bahl (@1kunalbahl) December 20, 2021
After completing his education, Mr Bahl took up a job at Microsoft while still nursing his passion for becoming an entrepreneur. He cold-emailed the guest lecturer who had inspired him years ago, not really expecting a response. Much to his surprise, however, the man wrote back within 30 minutes with an offer to lunch at Malay Satay Hut - a Malaysian restaurant near Microsoft's campus.
I got a response in 30 mins with an offer for a Malaysian food lunch at Malay Satay Hut, near Microsoft's campus. We met a few weeks later, had a fun conversation and decided to stay in touch. Bear in mind this was someone 25 years older than me and I had nothing to offer him. pic.twitter.com/WJCBF1GI6E
— Kunal Bahl (@1kunalbahl) December 20, 2021
"We met once a quarter after that. Same restaurant every time," wrote Mr Bahl. Over many lunches, they traded stories about life, Microsoft, entrepreneurship, college and more.
However, Mr Bahl's request for an H1B visa was "shockingly rejected", which meant he had to leave the US. He reached out to his "friend" for one last meal at Malay Satay Hut and told him he was leaving the country.
"He paused. And then, leaning against his Prius, asked me what my plan was when I go back to India," Mr Bahl recalled. "I told him my friend from high school and I were planning on starting a coupon book business, which we felt would have a lot of potential in India."
He smiled and just said, "Let me know if I can help in any way in your journey."
— Kunal Bahl (@1kunalbahl) December 20, 2021
I didn't really understand how someone who had never been to India, was not of Indian origin, had no context of the non-existent Indian coupons market, could be helpful.
"Let me know if I can help in any way in your journey," was all the man said.
Two month later, Mr Bahl was back in India and working on his start-up with Rohit Bansal.
"We quickly realised we needed money to put down as advance to the printing press who was going to print the first lot of coupon books. @rohitkbansal and I had invested 100% of our limited savings already," he wrote, tagging the Snapdeal co-founder.
At that time, there was no angel investor ecosystem in India. An angel investor is a wealthy individual who provides capital for a business or a start-up. "Suddenly that conversation in the Malay Satay Hut parking lot flashed in front of my eyes. I emailed my friend and requested for a call," wrote Mr Bahl.
There was no angel investor ecosystem in India in 2007. Very few VCs had setup shop at that point in India.
— Kunal Bahl (@1kunalbahl) December 20, 2021
Suddenly that conversation in the Malay Satay Hut parking lot flashed in front of my eyes. I emailed my friend and requested for a call.
During the call, he explained that his start-up needed funds. ""I want to support you. I will invest," the man told Mr Bahl.
I finished & don't think a second passed that I heard back from the other end of the line. "I want to support you. I will invest."
— Kunal Bahl (@1kunalbahl) December 20, 2021
A long pause at my end. Not only because I was surprised. But also I couldn't talk while I had an ear to ear smile on the face and tears in my eyes.
"There was no negotiation, no back and forth. We agreed on simple terms and within a couple of weeks we had the money that we needed to get our entrepreneurship journey off the starting blocks," the CEO of Snapdeal said.
He finally revealed the name of the angel investor at the end of the thread - Ken Glass. "We wouldn't have come this far if it wasn't for your belief, your generosity, your kindness and your affection over the last 15 years," wrote Mr Bahl.
Thank you Ken @ken_glass! We wouldn't have come this far if it wasn't for your belief, your generosity, your kindness and your affection over the last 15 years.
— Kunal Bahl (@1kunalbahl) December 20, 2021
And for those who are wondering, Mr Glass did visit India. He attended Kunal Bahl's wedding in 2012, five years after he first invested in his company.
(and yes, Ken did visit India for the first time in 2012 for my wedding! 5 years after he had first invested!) pic.twitter.com/AIJR69Uw6H
— Kunal Bahl (@1kunalbahl) December 20, 2021
The Twitter thread has earned a lot of love on the microblogging platform.
"Wonderful story about your entrepreneurship journey," wrote one person in the comments section.
"This is a beautiful story, Kunal. In this hyper accelerated start up environment, the importance of kindness must be stressed," said another.
Snapdeal is today one of the largest online marketplaces in India. It was founded in 2010 by Kunal Bahl and his school friend, Rohit Bansal.
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