Freecharge co-founder Kunal Shah, whose undisclosed new venture was being whispered about in the startup ecosystem, is now officially in the news for the same.
Shah has raised $30 million from a group of investors led by venture capital firm Sequoia Capital for the new venture, it has been confirmed in a report by Mint.
He is planning to launch two new ventures—a fintech startup and a fund—in Bengaluru. He has also set up a team of 25 people in the city. Importantly, a large number of team members in the venture are from his previous organization Freecharge, two sources confirmed the information to Entrackr.
The former co-founder of Freecharge has been very active on social media sites and keep giving his tips to entrepreneurs for the successful run of the business. Two years ago, Shah also proposed a theory called Delta4, which dealt with the potential of any business and its chances of getting success.
The Delta4 theory proposes that efficiency is one of the most important factors in the business. It means that if a business is moving consumers from current state to a more efficient state, it passes the litmus test of efficiency. Besides, USP is another important criteria to qualify the Delta4 product. It is important for a product to be Delta4 to taste the success.