Spotlight interview with...
Karan Gupta
Co-founder of Odore
Spotlight interview with...
Karan Gupta
Co-founder of Odore
Please tell us about Odore and your fundraising journey so far?
So far, Armaan and I have raised $8.5m in venture capital. In the lead up to our investment rounds, we spent time researching and looking for the right partners by networking, leveraging our network, and conducting research into the most aligned firms. For us, this upfront work was critical in making sure we were reaching out to the right investors for our business. We felt that VCs were the right route to go down given our ambitions and the stage of growth that we were at.
How important is the profile of the founding team while building investor relations?
Throughout our fundraising efforts, we’ve found that crafting a compelling story of how you ended up in the position you’re in and the problem you’re solving goes a long way in building credibility as founders and a figurehead for your business.
Investors want to understand why you’re the best person to solve the specific problem your solution addresses, how you’re set up for success and what your strategy is for attracting and retaining talent. We found that addressing those points head on helped us to instil confidence in investors that we had the ability to sell into our target customers, hire and retain the right talent and also ensure a cohesive company culture. Being able to talk authentically around all of these points ultimately helped to convey who we are as reliable and trustworthy business leaders.
“Crafting a compelling story of how you ended up in the position you’re in and the problem you’re solving goes a long way in building credibility as founders and a figurehead for your business."
Karan Gupta, Co-founder of Odore
What do you think investors are initially looking for in a business and the founders?
Evidencing traction is vital – investors need to be confident in your ability to onboard large brands as paying customers. Often that means evidencing your experience in the industry you are entering, but that’s not to say that without a long history in that specific market you won’t be successful. What’s most important is that you’re able to demonstrate a deep understanding of your target audiences, their challenges, opportunities and ways of working. In our case, we tend to work with customers in the beauty sector, such as L’Oréal and LVMH, though neither of us had an extensive CV in this space Regardless, Armaan and I were able to demonstrate our extensive knowledge of the space and how it works, along with a clear roadmap of where we needed help and support, and where there’s optionality to grow, expand or pivot if we needed to. It’s an industry we’ve become deeply entrenched in and understand all the nuances of, which is something investors look for.
"We see the importance in transparent communication with all of our investors, we share the good, the bad and the ugly with them. For any startup there are going to be challenges to overcome, and being open about that has always been well received by the people we work with.”
Karan Gupta, Co-founder of Odore
Beyond commercial and traditional metrics, how do you showcase growth to your investors?
Building brand values and culture is as much a part of your growth story as commercial traction. Naturally, investors want to see revenue growth, client retention and new business, but the importance of creating a culture and an environment that enables your team to thrive and grow within the company shouldn’t be overlooked. That’s why Armaan and I have made a conscious effort in building the internal culture at Odore, whether that’s through celebrating team wins, individual achievements or investing in our shared workspace.
While founders often act as the figureheads for brands, we believe that our wider team are our biggest brand advocates. Involving them in our growth story is a very compelling endorsement, not to neglect the fact that it’s extremely rewarding for us personally when we empower our team to achieve their goals and see that come to fruition. We truly care about building a business that puts our people first.
How do you manage your investor relationships?
Investors can deliver so much value beyond capital, whether that’s through introductions they’re able to make, insights they’re able to share or experience they’re able to draw from. We’ve found it beneficial to understand from them how they see the market going as they’ll understand aspects that you might not be aware of and can act as a great soundboard as well. That’s why we have regular investor touchpoints to present and brainstorm ideas, and make sure that we’re involving them in our journey appropriately.
Similarly, we see the importance in transparent communication with all of our investors, meaning we share the good, the bad and the ugly with them. For any startup there are going to be challenges to overcome, and being open about that has always been well received by the people we work with. It also helps to prove our resilience, something all entrepreneurs need to have, when we find the solution.
About Karan Gupta
Karan Gupta is the co-founder and CEO of Odore, a customer engagement platform for direct-to-consumer brands. He launched Odore in 2018 with his co-founder Armaan Mehta after graduating from the London School of Economics. Under Karan’s leadership, Odore has raised $8.5 million in venture capital across three rounds and secured major beauty brands like L’Oréal and LVMH as clients. Prior to Odore, Karan worked in business development at Kasko and briefly in marketing at Zomato. His background in management and entrepreneurship has helped drive Odore’s innovative approach to modernizing product sampling and customer engagement in the beauty industry.
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