How Did Snapdeal Land Its First Angel Investor? Here's the Full Story
The story of Snapdeal finding its first angel investor 14 years ago is as much a lesson in entrepreneurship as it is about enterprising. Describing it as a story of “kindness and serendipity,” Snapdeal co-founder Kunal Bahl said he met his first angel investor during a guest lecture at a US college. But it took him a few years to get the person to invest in his startup and he still continues to be an investor at Snapdeal. Outlining the journey in a Twitter thread, Bahl thanked Ken Glass, the professor from Seattle who decided to invest in his firm, saying everyone ever associated with Snapdeal will always bless him.
Bahl began the story with his chance encounter with Glass. One day, Bahl walked into one of his management course lectures in college. And a grey-haired man, dressed casually, was chatting with his regular professor outside the class. “I wondered who this was, guest speaker it seemed,” said Bahl.
This is the story of how @snapdeal got its first angel investor 14 years ago, who still continues to be an investor in the company. A short ????about kindness and serendipity…????
— Kunal Bahl (@1kunalbahl) December 20, 2021
As the class started, the “gregarious, animated, excited” man asked one question that got everyone guessing: “What does the entrepreneur need the most to succeed?” The hint was it started with the letter ‘P’. Several options came up — such as patience, perfection, and persistence — but none made the cut.
The class starts. And completely blows me away. This gentleman is gregarious, animated, excited, running between the rows of the amphitheatre style seating. He is not using notes – talking fast about how innovation in the world works. What entrepreneurship means and what it takes
— Kunal Bahl (@1kunalbahl) December 20, 2021
The class starts. And completely blows me away. This gentleman is gregarious, animated, excited, running between the rows of the amphitheatre style seating. He is not using notes – talking fast about how innovation in the world works. What entrepreneurship means and what it takes
— Kunal Bahl (@1kunalbahl) December 20, 2021
“The right answer was… Passion,” said Bahl, adding he then decided to be an entrepreneur.
The right answer was.. Passion.
— Kunal Bahl (@1kunalbahl) December 20, 2021
I left the class completely and absolutely inspired. I had decided. I wanted to be an entrepreneur.
— Kunal Bahl (@1kunalbahl) December 20, 2021
However, he wanted to make a softer transition after college by taking a job at Microsoft. Bahl recalled that the guest lecturer who visited his college was a former Microsoft executive from the ’80s. “I cold emailed him to let him know that I had attended his class a few years ago and was now moving to the Seattle area. Being a 22-year-old fresh graduate I didn’t expect a response.”
As I knew the guest lecturer was an ex-Microsoft executive from the 80s & lived in the Seattle area, I cold emailed him to let him know that I had attended his class a few years ago & was now moving to the Seattle area. Being a 22yr old fresh grad I didn’t expect a response.
— Kunal Bahl (@1kunalbahl) December 20, 2021
But he got a response within 30 minutes. Their meetings, accompanied with laughter and humour, continued for some months, when Bahl’s visa got shockingly rejected, which meant he must leave the US.
I got a response in 30 mins with an offer for a Malaysian food lunch at Malay Satay Hut, near Microsoft’s campus. We met a few weeks later, had a fun conversation and decided to stay in touch. Bear in mind this was someone 25 years older than me and I had nothing to offer him. pic.twitter.com/WJCBF1GI6E
— Kunal Bahl (@1kunalbahl) December 20, 2021
Now, Microsoft had recently applied for my H1B visa which got shockingly rejected (lots of info on Google about this incident so skipping details here) and that meant I had to suddenly leave the US as I wouldn’t have a valid visa status to stay in the country.
— Kunal Bahl (@1kunalbahl) December 20, 2021
So Bahl decided to have a last lunch with his “friend” before leaving the US.
It was time for the final Malay Satay Hut lunch. We had a great conversation and while walking out of the restaurant, I mentioned to my friend (yes we were friends now) that my visa application was rejected and I will be leaving the US soon, and likely won’t be back.
— Kunal Bahl (@1kunalbahl) December 20, 2021
During the conversation, Bahl told him his plans to start a coupon book business in India.
He paused. And then, leaning against his Prius, asked me what my plan was when I go back to India. I told him my friend from high school and I were planning on starting a coupon book business, which we felt would have a lot of potential in India.
— Kunal Bahl (@1kunalbahl) December 20, 2021
Glass smiled and told Bahl, “Let me know if I can help in any way in your journey.”
He smiled and just said, “Let me know if I can help in any way in your journey.”
I didn’t really understand how someone who had never been to India, was not of Indian origin, had no context of the non-existent Indian coupons market, could be helpful.
— Kunal Bahl (@1kunalbahl) December 20, 2021
It was 2007 and there was no angel investor ecosystem in India.
There was no angel investor ecosystem in India in 2007. Very few VCs had setup shop at that point in India.
Suddenly that conversation in the Malay Satay Hut parking lot flashed in front of my eyes. I emailed my friend and requested for a call.
— Kunal Bahl (@1kunalbahl) December 20, 2021
Bahl called Glass and explained in detail what he was up to and sought ideas who he should approach for funds. Glass said he wanted to support the venture.
On the call, I explained in more detail what we were doing (things were mostly conceptual at that point), and mentioned that we need to place an order with the printer now and needed some ideas around who we could approach for funds. He listened silently.
— Kunal Bahl (@1kunalbahl) December 20, 2021
I finished & don’t think a second passed that I heard back from the other end of the line. “I want to support you. I will invest.”
A long pause at my end. Not only because I was surprised. But also I couldn’t talk while I had an ear to ear smile on the face and tears in my eyes.
— Kunal Bahl (@1kunalbahl) December 20, 2021
“There was no negotiation, no back and forth. We agreed on simple terms and within a couple of weeks we had the money that we needed to get our entrepreneurship journey off the starting blocks,” said Bahl.
There was no negotiation, no back and forth. We agreed on simple terms and within a couple of weeks we had the money that we needed to get our entrepreneurship journey off the starting blocks.
— Kunal Bahl (@1kunalbahl) December 20, 2021
At the end of the thread Bahl shared an image of Glass, who visited India for the Snapdeal co-founder’s marriage in 2012.
(and yes, Ken did visit India for the first time in 2012 for my wedding! 5 years after he had first invested!) pic.twitter.com/AIJR69Uw6H
— Kunal Bahl (@1kunalbahl) December 20, 2021
“And yes, Ken did visit India for the first time in 2012 for my wedding! 5 years after he had first invested!” wrote Bahl as he ended his thread.
