Utsav Somani, a well-known entrepreneur who helped AngelList launch in India and oversaw its local operations for five years, is gearing up to find more ways to help founders. On Wednesday, the entrepreneur announced that he had raised $2 million for his new venture, called Offline, which aims to bring top Indian startup founders together and form a community so that they can upskill and discuss the problems challenging their growth.
The Need for a Specialized Networking Platform
Paid communities have been ubiquitous for large business owners, and multi-geography organizations such as Young Presidents’ Organization (YPO) and Entrepreneurs’ Organization (EO) have existed in India for traditional businesses for some time. These platforms provide networking opportunities for entrepreneurs to connect with peers who share similar interests and goals. However, startup founders in India haven’t necessarily had a similar community to turn to until now.
Somani said in an interview that he identified the need for a specialized networking platform while working with over 150 startups as an investor. In July, he left his top role at AngelList India and subsequently founded Offline.
"Over the last seven to eight years, the Indian ecosystem has taken a huge, huge jump into this stratosphere," he said. "We’ve attracted so much capital, but are we becoming better founders ourselves . . . everybody started talking about personal therapy, but is there a way for us to think about professional therapy?"
How Offline Works
Offline operates as an exclusive, paid community where members are required to pay an annual fee of about $6,000 (500,000 Indian rupees) and a one-time fee of $600. To even apply, founders must have either raised $5 million, or generated $5 million in revenue, or achieved a $10 million exit in the past.
However, fulfilling these prerequisites doesn’t guarantee a seat at the table. Candidates undergo a rigorous interview by the Offline team and the final selections are then presented to a Membership Advisory Committee. This strict screening process is aimed at maintaining a community comprising only the crème de la crème of startup founders.
"We are not looking to scale up to 1,000 members in a year," Somani said. "What we’re looking for is a couple hundred members in the first couple of years."
Membership Benefits
Upon successful membership, individuals are grouped into ‘pods’ with six to eight peers. They gain the privilege to participate in meticulously curated monthly meetings dubbed ‘off-the-record.’ During these sessions, a skilled executive coach provides insights and solutions on diverse issues. Each meeting is guided by a playbook, which draws inspiration from the methodologies of Georgia Dienst from the Mursion platform.
Members also get access to exclusive events, networking opportunities, and personalized mentorship.
Investors and Partners
Offline has raised $2 million in funding from several investors, including [investor 1], [investor 2], and [investor 3]. The company plans to use the funds to expand its team and develop new features for its platform.
"We are excited to partner with Offline and support their mission of creating a community for Indian startup founders," said [investor 1].
Competitors and Market Potential
Offline faces competition from other networking platforms, such as LinkedIn and Clubhouse. However, Somani believes that Offline’s focus on providing personalized mentorship and exclusive events sets it apart from the competition.
"The market potential for Offline is huge," said Somani. "We are confident that our platform will become a go-to destination for Indian startup founders looking to connect with peers and access valuable resources."
Conclusion
Offline has the potential to revolutionize the way Indian startup founders network and access resources. With its exclusive events, personalized mentorship, and rigorous screening process, Offline is poised to become a leading platform for startup founders in India.
As Somani said, "We are excited to embark on this journey and create a community that will help Indian startup founders succeed."
Timeline
- July 2022: Utsav Somani leaves his top role at AngelList India and founds Offline.
- August 2022: Offline raises $2 million in funding from several investors.
- September 2022: Offline launches its platform and starts accepting applications for membership.
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