How We Build Soonicorns At Our Startup Accelerator, Scale-Up

Most startups face the risk of failure, but the few that succeed share a common secret: good mentorship. 33% of startup founders mentored by successful entrepreneurs and industry experts went on to achieve incredible success in their fields.

In-depth mentorship is a substantial priority at Scale-Up, Marico Innovation Foundation’s (MIF) exclusive no-equity accelerator program for Indian startups dedicated to solving critical issues in plastics, waste, clean technology, food, and agri-technology. From treasured access to experts and a vast peer network of like-minded disruptors, early-stage startups have no dearth of resources needed on their growth journeys at Scale-Up.

Case in point: S4S Technologies and Atomberg Technologies – two startups that earned the ‘Soonicorn’ tag after crossing Rs. 100 crore in annual revenue during their time at Scale-Up.

S4S Technologies

Can scientific solutions driven by social and environmental impact exist alongside a for-profit business model?

Founders: Nidhi Pant, Dr. Vaibhav Tidke, Swapnil Kokate, Ganesh Bhere, Dr. Shital Somani Kasat, Tushar Gaware, Ashwin Pawade

In 2019, S4S Technologies joined Scale-Up with a revenue of Rs. 60 lakh per annum. By 2023, they had scaled up to Rs 100 crore per annum. Here’s what changed.

Unique Selling Point

S4S was inducted into Scale-Up for its unique agri-tech product that reduced food wastage: a solar-powered dehydrator that could dehydrate foods while maintaining 85-99% nutrition levels. At the same time, the product lowered the cost of solar dehydration by around 45% in comparison to traditional dryers.

The S4S business model is equally unique and operates at the intersection of agriculture, gender energy access, and financial inclusion. The startup works with micro-women entrepreneurs, which helps decentralise the food produce dehydration market and has, so far, created a livelihood for over 1,200 women. Additionally, S4S works with 60,000 smallholder farmers in Maharashtra, Tamil Nadu, and Odisha.

Support and Interventions

At Scale-Up, S4S received support from MIF in various areas, including setting up a fulfilment centre, pivoting from a B2C to a B2B business, launching new product lines, improving packaging, brand positioning, and mentorship on fund-raise rounds.

• Key improvements to manufacturing capacity, supply chain management, quality processes, sales, packaging, and human resource management resulted in a 10x increase in manufacturing capacity, a 50% expansion in revenue, and the shelf life of farm produce rising by 4x. The pilot trial to product launch timeline was reduced to just four months, customer complaints dropped to zero and S4S onboarded three new, major B2B  clients.

• Guided tweaks to procurement procedures improved tracking and analysis of metrics at S4S, as well as more robust management of finances, exports, and taxes. The result? In just 10 months, savings hit over 7% of the total procurement spend, and S4S became eligible for direct and indirect tax benefits, including 5% duty drawback on exports.

• Other key milestones achieved by S4S during its time at Scale-Up included foraying into the ‘Copra Dehydration’ space, raising $1.5 million as pre-series A round within the target timeline of six months, and rolling out oil & pulses as a new product which raised revenue potential by Rs 100 crore per annum over the next two years.

Atomberg Technologies

How can energy-efficient products thrive in a high-competition market?

Founders: Manoj Meena , Sibabrata (Shibam) Das , Arindam Paul

In 2016, Atomberg Technologies joined the Scale Up cohort with an annual revenue of Rs. 4 crores. By 2020, they had scaled up to Rs. 160 crore per annum. Here’s what changed.

Unique Selling Point

Atomberg Technologies was inducted into Scale-Up for being one of the first movers in Brushless Direct Current Motor (BLDC) fans. It also provides a range of other energy-efficient and cost-effective products that utilise its brushless DC contact motor, and consume 70% less electricity than appliances with traditional motors.

Support and Interventions

At Scale-Up, Atomberg Technologies received support from MIF in various areas of business refinement, including opening up B2C as a business model, increasing online awareness and sales, pricing optimisation, developing integrated marketing campaigns, optimising distribution, enhancing retail training, and implementing sales IT systems. As a result, it crossed several noteworthy milestones.

• The startup received in-depth mentorship & and implementation support to pivot from a B2B to a B2C model. As a result, online sales now make up 60% of its revenue.

• Atomberg Technologies also set up four new regional warehouses in Bengaluru, Delhi, Kolkata, and Mumbai to improve delivery time and cater to an expanded local demand.
• Scale-Up mentors worked with Atomberg Technologies to exponentially grow its on-ground retail staff count. As a result, the startup increased its sales by seven times, and its revenue by 10 times—from Rs 16 crore per month to Rs 23 per month. This progress is entirely scaleable in the future, thanks to new Salesforce Automation and Distributor Management Systems now live across 60 of its distributors and 70 Area Sales Executives and managers.

At Marico Innovation Foundation, we pride ourselves on our ability to recognise and de-risk disruptive innovators with the powerful potential to create long-lasting impact in India. Start-ups that match our values of innovation, sustainability, and social impact receive extensive tailored support to increase their chances of success and scale.