We See Surat Producing Unicorns; The City Has The Potential For Long-Term Growth: Avinya Ventures

It is the only VC firm in Surat, the city known for textiles and diamonds, which has started rising as a start-up hotspot now. And Gaurav VK Singhvi, Co-founder of Avinya Ventures, a SEBI-approved VC firm, has already invested in as many as 110 startups with his portfolio including the likes of OYO, Beardo, Pharmeasy, to name a few. Avinya Ventures seeks out start-ups with founder market fit, which entails founders who possess a profound comprehension of the problem they are addressing, relevant expertise, exceptional execution skills, and a commitment to integrity. The start-ups must also have the potential for scalability, market acceptance of their product, and unique product differentiation. He is also the national director of CorporateConnections(CC) - India , Sri Lanka, Nepal - a global community of successful business entrepreneurs and also the Executive Director of BNI Greater Surat chapter.

Speaking to Bizz Buzz exclusively, Gaurav VK Singhvi, Co-founder of Avinya Ventures, explains why and how they are committed to positioning Surat as a significant player in the global startup ecosystem

Surat has long been known for textiles and diamonds, but it is also rising as a startup hotspot. How did you recognise this potential, and what role does Avinya Ventures play in this transformation?

Surat’s transformation is fuelled by its strategic location near major business centres and its access to skilled talent from institutions like NIT and IIIT. As the first venture capital fund based in Surat, Avinya Ventures plays a pivotal role in this shift, driving funds raising awareness and investment opportunities. Through our extensive network and resources, we are committed to positioning Surat as a significant player in the global start-up ecosystem.

My more than 25 years of experience of working in Surat, helps me in identifying emerging opportunities for innovation and entrepreneurship here in Surat. By organizing key events like start-up summits, mixers, and investor meet-ups, we have actively created platforms that connect start-ups with investors, fostering a collaborative and dynamic environment for growth.

What are your ambitions for Surat's entrepreneurial environment, now that Avinya Ventures is driving venture capital efforts? Do you envision a ‘startup culture’ developing here in the same way that Bengaluru or Mumbai or some other vibrant cities have?

Surat, often referred to as India’s Manchester and India’s Guangzhou is a significant hub for textile exports as well as for diamond cutting and polishing, with approximately 90 per cent of the world’s diamond processing taking place here. This presents a unique opportunity for start-ups to thrive in an environment rich in resources and talent.

At Avinya Ventures, we envision Surat becoming a thriving hub of innovation, with over 2,530 startups already operating in Surat, collectively having raised $224 million, we believe this city has the potential to produce several unicorns. Our goal is to foster a strong start-up culture that not only attracts more venture capital but also sustains long-term growth.

Surat's entrepreneurial environment is uniquely positioned for success, thanks to a supportive ecosystem that includes incubators, accelerators, and co-working spaces. The local Gujarati community's strong business acumen, developed through thriving industries like diamond manufacturing and textiles, gives startsups here a distinct advantage by focusing on sustainable, positive unit economics from day one. Unlike many startups that chase valuations, Surat’s focus is on building businesses with solid fundamentals and long-term value creation, a mindset we believe will drive the city's start-up culture to new heights.

What essential aspects do you believe make Surat a desirable choice for entrepreneurs, and how does Avinya Ventures use these criteria to identify scalable opportunities?

While we are based in Surat, we maintain a geographically agnostic approach, evaluating and investing in start-ups globally. Surat presents several compelling advantages for entrepreneurs. The city boasts robust infrastructure development, including an upcoming metro system and healthcare facilities, lower cost of living making housing, food and transportation relatively affordable, lesser traffic and congestion compared to larger cities, -factors that enable start-ups to scale while minimizing operational expenses.

Additionally, Surat's strategic location near business hubs like Ahmedabad and Mumbai, coupled with its status as one of the fastest-growing cities (with an expected annual GDP growth rate of 9.2 per cent according to the World Economic Forum), makes it an ideal choice for entrepreneurs seeking growth opportunities. At Avinya Ventures, we leverage these unique attributes to identify scalable opportunities and help start-ups thrive in a cost-effective and dynamic environment.

As Surat's only VC firm, Avinya Ventures is in a unique position. What initiatives are you undertaking to build Surat as a leading startup hub, and how do you plan to engage local businesses and stakeholders in this vision?

At Avinya Ventures, while we operate as a geography-agnostic fund, we are committed to positioning Surat as a leading start-up hub. We host quarterly events like investor meets and start-up summits, inviting investors to Surat and offering global networking opportunities for local start-ups. These initiatives foster connections and put Surat on the map for venture capital and entrepreneurship.

Additionally, through our accelerator programme, EvolveX, we support early-stage start-ups by providing capital and mentorship at the ideation stage. As these companies gain traction, our angel fund and VC fund are available to further fuel their growth. This structured support helps build a thriving start-up ecosystem in Surat, engaging local businesses and stakeholders in our shared vision.

Your career, from corporate employee to investment banker and angel investor, has been inspiring. How did your early experiences shape your aim to create entrepreneur-friendly communities?

My early corporate experiences laid the foundation for my entrepreneurial journey and deepened my understanding of what founders truly need. When I began angel investing in 2016, I realized the importance of not just capital, but the need for a supportive ecosystem that fosters growth, mentorship, and collaboration.

As the Co-founder and CFO of We Founder Circle (WFC), and through Avinya Ventures, I’ve focused on building communities that provide start-ups with seed funding, strategic guidance, and access to global networks. It’s a community of 14,000 to 15,000 members, investors and mentors worldwide having presence in 63 countries. We have helped raise funding of Rs 10 crore in span of 1 year for We Founder Circle’s network of start-ups.

Having invested in over 100 start-ups and seen 17 successful exits, I’ve developed a keen understanding of the entrepreneurial landscape. My aim has always been to empower founders by creating environments where innovation thrives, and entrepreneurs can learn from industry leaders. By nurturing promising ventures, we contribute meaningfully to India’s dynamic startup ecosystem and help them accelerate their growth.

Can you describe the distinguishing characteristics of Surat entrepreneurs in comparison to those from other metropolitan areas? What distinguishes the various business techniques or problem-solving strategies?

Surat entrepreneurs stand out due to their deep-rooted expertise in traditional industries like diamond polishing and textiles, which they have honed over generations. Unlike other metropolitan areas where tech, finance, or services dominate, Surat's business leaders focus on mastering these sectors from an early stage, allowing them to maintain a competitive edge.

What truly distinguishes Surat’s entrepreneurs is their agility and ability to swiftly adapt to changing market trends, particularly in fashion and consumer preferences. They frequently innovate within traditional industries while leveraging local resources and established supply chains to create new products or services.

Additionally, Surat's vibrant business community fosters a collaborative environment that accelerates growth and knowledge-sharing. With many businesses exporting globally, Surat entrepreneurs often adopt distinctive marketing and operational strategies, blending global perspectives with local expertise, setting them apart from their counterparts in other cities.

As India moves closer to becoming a successful startup nation, what role do you envision business networks like Corporate Connections and BNI having in influencing the country's entrepreneurial landscape?

Business networks like Corporate Connections® and BNI play a pivotal role in shaping India’s entrepreneurial landscape by fostering crucial connections between entrepreneurs, investors, and mentors. These networks create opportunities for partnerships, funding, and meaningful collaborations, helping startups gain valuable insights and resources for growth.

Through workshops and seminars, members exchange experiences and best practices, with successful entrepreneurs guiding new businesses on market strategies and operations. This knowledge-sharing is particularly valuable in helping startups avoid common pitfalls and accelerate their development.

With over 1,650 members, BNI Surat is the fastest-growing region globally, exemplifying how these networks build a supportive community. By celebrating each other’s successes and encouraging collaboration over competition, they cultivate an ecosystem that boosts motivation and long-term success for entrepreneurs across India.