No idea ever executed itself. Someone has to believe in that idea and invest resources like time, efforts and money to bring it to fruition. The idea may die if any of the resources run short while execution and this is the dilemma that every startup faces. Some are lucky enough to find angel investors and thrive. Others who are not so lucky have to see their idea die. Those who make it are very few compared to those who fail and they all have one thing in common, someone backed their idea when it mattered the most. One such angel investor is Mr. Ritesh Mamodiya, a seasoned entrepreneur, angel investor and startup catalyst.
“I always say, you only need to have a viable business idea and we will help you to take it to the next level. The key is viability. Each one of us has ideas but not all of those ideas are viable for various reasons. For any startup idea to appeal to me, the most important thing is that it is unique and it has to have ready customers who are willing to pay for that idea to get their problem solved. If the idea satisfies the above criteria, I am there to help with the rest,” says Ritesh Mamodiya.
Startups listen very closely to Mamodiya’s advice. After all, out of the six startups he mentored, three are on their way to become a Unicorn soon. His startup portfolio includes:
GiftsonAir – Working on Customer Acquisition and Customer retention solution
TwoForOne – Disruptive approach for new e-commerce vision with offers on every product.
GoShud – Hardcore healthcare research company on Diabetic and Obese products.
Slayzo – Manufacturing personalised Skincare & Haircare products for beauty & wellness
Grab100 – Solution for Omnichannel presence for Brick and Mortar stores
Four wheel expert – Help customer to buy Cars with expert advice & best deals
“I like to provide all required resources to startups that aim to solve their customers’ problems in a unique way, with a good earning potential. I make sure that they do not feel restrained for want of resources and all I expect from them is that they’ll be quick, agile and stay ahead of their peers,” elaborates Mamodiya on how he works with the startups that he selects.
Mamodiya makes sure that the startups he chooses to back are provided with all necessary facilities and mentoring. He provides them with required finance, office space, marketing assistance, technology assistance, logistics assistance including warehouse, and even an accounts department.
“I invested in six startups as an angel investor and have mentored them. I make sure they have access to all necessary resources. They are all the first of their kind and three of them have already got placed among top startups in India. All subjects and objects of these startups are unique and just in time. The best part is that the startups that I am mentoring and invested in are all operating in positive since day one,” says Ritesh Mamodiya with a proud smile on his face.
Mamodiya has every reason to feel proud too. The valuation of his startups post lockdown is said to be close to Rs.1000 crore as per one of BIG 4 auditing company and they’re still on the uprise. Unlike most of their peers, Mamodiya’s startups are all running in profit and their revenues are said to be consistently growing for the past several quarters. One has to agree that being an intuitive entrepreneur, Mamodiya sure knows how to place his bets.
Ritesh Mamodiya has tasted success in every field he ventured into during his 20 years of business career. He loves to be the first entrant and takes early advantage in his field. His business house has diversified business interests in Warehousing, Automobile, Hotels Industry and Telecom. These days, Mamodiya is actively involved in helping startups as an angel investor and mentor.
Ritesh Mamodiya initiated his career at the age of 18 by getting into the trade of Lubricant Oils. He was the owner of the first industrial oil production factory in India in a joint venture with Indian Institute of Petroleum and within 3 months had succeeded in gaining 50% market share of industrial oil in Rajasthan State.
While pursuing his MBA, Mamodiya started another factory that manufactured plastic water storage tanks in Jaipur. Again, it was the first of its kind in India. His firm belief on “Industry is bigger than Business” has always helped him in making the right business decisions.
In the year 2000 he entered the Telecom Retail and Distribution market in North India, He worked with all the leading brands and was recognised as the “Father of Smartphones in North India.” He also built a platform for companies like Blackberry, I-mate, LG, Lenovo and Xiaomi to launch their products in India. He acquired mobile phone retail chain, HOTSPOT, in Rajasthan and was appointed as the President for Rajasthan Mobile Association in 2006.
Ritesh also initiated e-commerce mobile sales in the year 2010 and was amongst the first aggregators in North India to collaborate and sell with Amazon, Flipkart & Snapdeal. By the year 2012, he contributed about 15% of total e-commerce sales of mobile phones in India. By the year 2014, he had captured almost 60% of the offline market share of Mobile Phones in Rajasthan.
To add diversity to his business portfolio, Mamodiya acquired United Felts, a company from the United UB group in 2015. This helped him establish the first of its kind United Warehousing and Leasing company that offers logistics and warehouse solutions to companies like Amazon, Flipkart, Goffers, Udaan, Delivery and the Future group.
In 2016, Mamodiya established Motorsport Park - the FIRST adventure park of Rajasthan that also granted amenities to premium and luxury automobile brands to test their vehicles and provide exclusive experience to their customers.
In the year 2018, he bought a TATA Passenger car Dealership in Rajasthan and today is the only TATA Diamond dealer. After the tremendous performance of his dealership store, Mamodiya was appointed as the Board Member of TATA Advisory Board (SIF) and he was recognised for the achievement.
From his journey, it is clear that Mamodiya has always followed his own heart. He even lives by his own theory of “you must know what your master does not know.” He believes that this theory has helped him establish and grow his business in every desired field he wanted to. He strongly believes that the only mantra for success is to gather knowledge on whatever you want to do.
“Knowledge helps in gaining courage, which helps you in decision making. Every decision has a risk of failure but it can be minimised with proper research on the subject. So, I always advise my mentees to keep learning. That’s what life is all about, learning and improving and then, learning some more,” concludes Mamodiya.
Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.
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