MY FUNDRAISING STORY with KANIKA TEKRIWAL
Kanika Tekriwal’s journey in aviation began at 17, and at 22, she founded JetSetGo, India’s premier private aviation company. As CEO and co-founder, she transformed JetSetGo from a tech-driven marketplace into a leading asset management firm, redefining luxury and efficiency in the private skies.
In this blog, Kanika highlights her fundraising journey and the challenges she encountered as a woman in aviation. Her confidence and resilience turned these obstacles into opportunities, reflecting the power of vision and perseverance.
Read on for valuable insights into navigating the fundraising landscape.
Q: Why did you decide to fundraise for your venture?
When we started JetSetGo, raising funds was not something we had planned for. Our first investment came from a customer who was quite impressed with our services and shared values. The customer believed in our potential and decided to become part of our journey and contribute to the company’s overall growth.
Back then, I was new to the world of fundraising. We had a few rounds of discussion, and it became increasingly clear to me that the customer’s value was more than just a financial investment. They bought great strategic value, and it was evident that with the insights and world of experience that they bring, we could catapult JetSetGo to a different league. The shared vision and goals for the brand made it an easy decision for us. Interestingly, we received the funds even before we could sign the term sheet. Which speaks volumes of trust and mutual respect that formed the foundation of our partnership.
Q: How did you decide how much to raise?
During the early stages of JetSetGo, we decided that our strategy should be to raise enough funds to secure a runway that would allow us to comfortably operate and grow for the next two years. This strategy ensured that we only focused on scaling and building a strong, sustainable business and not on financial concerns, which would have been detrimental to the long-term growth of the company.
Historically, this fund-raising approach was adopted by CEOs like Jeff Bezos and Elon Musk. These CEOs focused on raising capital not just immediate needs, but to drive innovation and growth. All we did was take a leaf out of their book and focus and give our undivided attention to scaling, innovation, and executing our strategy without worrying about short-term cash flow or meeting monthly expenses.
Q: What is that one thing/resource/tool that helped you prepare for investor meetings and pitches?
This might sound like a cliché, but my take on it is very simple. Nothing beats confidence and self-belief. Believing in oneself is so underrated. Entrepreneurs work hard on their presentations and elevator pitches, but it is also important to work on their confidence. What is often overlooked is that Investors don’t just invest in an idea, product, or service. More often than not, they invest in the entrepreneur behind it.
I have rarely relayed on pitch decks or fancy presentations. Instead, I focused on communicating the strength of my conviction, the clarity of my vision, and my deep understanding of our market. This has always resonated well with investors because, at the end of the day, they want to back entrepreneurs who are confident and have what it takes to bring their vision to life.
Entrepreneurs should never forget that confidence and conviction are contagious.
Q: What were some unexpected challenges you encountered while fundraising?
When I started entrepreneurial journey, aviation was predominantly a male dominated domain. There were very few women in leadership roles in aviation. While we have made progress, this remains a challenge even today. Needless to say, as a women entrepreneur, I faced my share of challenges.
Questions like, ‘What happens when you get married?’ or ‘How will you manage the business if you have children? Were often asked, and investors were never apologetic about it. I was surprised and disappointed, but these questions are indicative of the biases that are still present in certain circles. My gender often became the centrepiece of many discussions.
My commitment, however, remained unaverred. I learned to take it in my stride and never let such questions get the better of me. Whenever an investor asked any questions that implied doubt about my long-term commitment to the business simply because of my gender, I addressed such questions head-on with confidence and clarity. These challenges only made me stronger. Through my actions, I started to shift the narrative, showcase my capability and resilience, and remind investors that the strength of an entrepreneur is not defined by gender but by their vision, drive, and ability to see things through.
Q: How important was mentorship during the fundraising process?
Especially in the early stages, fundraising can be an incredibly challenging and overwhelming experience. I most definitely missed having a mentor to guide me and help me. A mentor would have been invaluable in helping me understand what investors are really looking for, especially when it comes to matters like crafting a compelling pitch deck, positioning our brand, or even the various nuances of how to approach conversations with investors.
It is prudent to have mentors guide you through the fundraising journey. A mentor’s role is not limited to telling you what to do. They also come with a world of experience. They can help refine strategies, share insights from their own fundraising journeys, and prepare entrepreneurs for the unexpected questions and challenges that come their way.
In the absence of a mentor, I had to learn the ways of the fundraising world on my own, often through trial and error. I always recommend that entrepreneurs find someone who can help them navigate the labyrinth of fundraising and provide unconditional guidance and support.
Q: Are there specific strategies or approaches you found effective in addressing challenges unique to women?
As a women entrepreneur I have faced quite a few challenges. Many still feel that a woman’s personal life would inevitably take precedence over her professional life. While the world has started pivoting from that point of view, we still have miles to go before gender bias becomes a thing of the past.
To effectively deal with these biased views, I have made it is important to step up with confidence and make it clear that my priority is the success of my company and I won’t let anything get the way of that. Over the years I have showed that gender has no influence in my ability to lead and grow my company. What matters the most is an individual’s vision, commitment and capabilities.
Women all over the world will continue to face such challenges. Its is important to confront these biases head-on and redirect focus away from gender and focus only on the individual’s ability to run and lead a business.
Q: Are there any standout moments in your fundraising journey?
My fundraising journey is unique and unlike any other. Every time we sought to raise capital, our own customers expressed interest in investing. This is because we emphasise exceptional service and also because of the trust we built with our clients far beyond a typical customer business relationship. Our customers experienced firsthand the value we were creating and delivering, which convinced them to become part of our journey by investing in us.
There is no substitute for strong business fundamentals. Having a great product, offering outstanding service, and conducting business with integrity helped us attract investments. This approach has been the bedrock of core business philosophy, and it has paid of in more way than I had initially anticipated.
I firmly believe that there is no shortage of capital in the market, especially for innovative ideas backed by a confident and committed team. When customers start seeing value and believing in your mission, they become your biggest advocates, and in our case, they become investors.
My advice to new entrepreneurs would be to focus on creating something of exceptional value, being confident and operating with transparency and ethics. When you do this, the right investors will find you, often from the most unexpected places.
Q: What advice would you offer to fellow women founders as they navigate the fundraising landscape?
Self-belief and confidence matter the most. The entrepreneurial journey, especially for women, can be filled with scepticism and self-doubt. There will always be people who will question your abilities and say you can’t succeed because you are a woman. It is important to shut those voices out and remain focused on your goal.
Throughout your journey, your self-confidence will remain one of your greatest assets. If you believe in your vision, your product, and your ability to see things through, then you become unstoppable. Like I said before, confidence and conviction are contagious. When you project that onto the world, everybody will start to believe you.