Will Naukri founder fund Mumbai auto driver earning lakhs outside US consulate? Depends on SME listing, he quips
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and an IIM-Ahmedabad graduate. Weighing in on X, the veteran investor explained why he believes the idea, despite its profitability, is not
venture capital
fundable.
Bikhchandani outlined that the auto driver's model, while impressive in hustle, lacks fundamental characteristics that make a business investable. According to him, it cannot scale unless replicated across multiple consulate locations. It also has low barriers to entry, meaning others can easily copy it and undercut the pricing. Since the setup requires little to no capital, it leaves minimal room for high-stakes investment. Most importantly, Bikhchandani questioned what the eventual exit strategy would even look like. He suggested that perhaps the only way out would be to list on the SME exchange.
— sbikh (@sbikh)
Internet reacts
A user wrote, 'Of course not, but the person is investable for sure, as he is street smart, spotted an opportunity.' Another commented, 'Totally agree. This isn't for VCs, but ground-level innovation like this is the real driver of opportunity in India's cities. Sometimes, the best business ideas come without pitch decks or MBAs.'
What is the story behind the auto driver outside the US Consulate?
This critical lens came in response to the original post by Rahul Rupani, Product Leader at Lenskart. He had praised the driver for identifying a pain point outside the US Consulate, where no bags are allowed inside and no locker facilities exist. The auto driver offered to safely store bags for Rs 1,000 each, directing them to a nearby locker he had partnered with. With up to 30 customers a day, the math quickly added up. Rupani hailed it as a bootstrapped, hyper-local business that nailed product-market fit without tech, funding, or even movement.
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No MBA. Mumbai auto-driver earns Rs 8 lakh monthly through his side-business outside US Consulate
Netizens were impressed by the auto driver's creativity and business sense. Many expressed curiosity about how he managed to build trust with strangers, especially given that new people visit the consulate every day. Others pointed out how a simple yet sharp business idea like this can be life-changing. Several users praised the story as a brilliant example of
real-world entrepreneurship
and street-smart problem-solving.
About SME IPOs in India
After a surge in SME IPOs, India's market regulator SEBI tightened regulations in 2024 to curb excessive valuations and improve transparency. The new rules require small- and medium-sized enterprises to show profitability in recent years before listing. This move came amid concerns from analysts about inflated valuations in the SME segment. SEBI also restricted how
IPO
proceeds can be used, prohibiting the repayment of loans to major shareholders or related parties. In addition, the regulator revamped norms for merchant bankers, mandating a clear separation of their core merchant banking operations from other unrelated business activities.
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