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CII Chairman for Startups invests in Pumpkart

This is Dua's first angel investment after being appointed as the CII chairman.

ET Bureau|
Oct 23, 2019, 04.58 PM IST
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Dua made an investment of close to Rs 90 lakh in Pumpkart.
Dinesh Dua, North India Chairman for Startups & Entrepreneurship for CII has made an angel investment in Pumpkart, an online B2B platform which works on brand to retailer model. Founded in 2014 by KS Bhatia, the startup which began as B2C company selling pumps online, pivoted earlier this year into a B2B platform.

The angel investment made by Dua is close to Rs 90 lakh and it is the first angel investment made by him after being appointed as the CII chairman.

Dua is also the CEO of Nectar Life Sciences Ltd and Chairman of Pharmexcil, Ministry of Commerce, GOI. He is an alumnus of IIM Ahemdabad and has spent substantial time understanding Pumpkart’s journey and its business model. Impressed by the pace at which Pumpkart has been able to execute and build brands like VTOP in the Smart LED space, he believes that under the leadership of KS Bhatia, Pumpkart has a great team to deliver.

The Punjab’s government support to startups like Pumpkart and others has really given a boost to the state’s startup ecosystem. Punjab Government is aggressively supporting Pumpkart to bring the MSMEs of Punjab onboard the Pumpkart’s platform.

Dua believes that this is not only a great milestone for Pumpkart but would also give a great boost to the MSMEs of Punjab by giving them an easy access to the domestic market. He also says that this one step was probably the tipping point which led him to invest in Pumpkart.

Pumpkart which is a bootstrapped organization is currently scaling and is spreading its wings to states beyond Punjab. Dua specifically mentions this as the strength of a startup as a boot strapped organization is more careful with an external investment. Bhatia, Co-founder and CEO of Pumpkart announced that Dua shall be joining the board of Pumpkart and under his mentorship, Pumpkart would scale new heights.
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