Cover Story

Early Years

Adrija believes in the continuous pursuit of learning, laying great store by the imbibition of knowledge, be it by way of academics, taking up new courses, attending workshops, embracing new technologies, or simply by reading voraciously---all of which, she feels, have contributed immensely to shaping her journey. “To me, education isn't just about degrees; it's about growth, it's a lifelong adventure,” she says. Adrija considers herself fortunate to have studied at Ivy League institutions like the Cornell University, where she majored in Biological Engineering, and then earned her Master's in Management from London Business School, finally rounding it all up with an MBA from Kellogg School of Management, Northwestern University.

Armed with a panoply of degrees, it was time to get down to careering, which took Adrija to Mumbai-based global management consulting firm Bain & Company to gain some work experience. This was followed by a stint at The Blackstone Group in Hong Kong, a renowned investment firm. Eventually, it was time to step into the family business.

Learning Curve

Adrija's initial years at Sattva Group saw her working with her father, gaining valuable knowledge and exposure by shadowing him and attending every meeting. Simultaneously, she also began to understand her core competencies. The going wasn't easy though. “Starting out in the world of real estate was a bit like diving into uncharted waters,” recalls Adrija. “It was also challenging to establish credibility and find my own voice as a young woman in a field that was predominantly led by males and people with long years of experience.”

The way to go, she realised, was to ask questions, leave behind inhibitions, express her thoughts clearly, be genuine and take time to build professional trust, all of which helped her better understand the nuances of the real estate industry. “What was truly empowering was the vision of staying focused on building a sustainable, profitable business year on year and project by project, as that is where I really found a natural alignment with my thinking and learning,” she says.

The upshot was her valuable contribution in a string of successful projects, which included converting a 48-acre land parcel into a 294-key, five-star luxury resort property, in collaboration with the renowned Taj Group. The project showcases India's largest banquet and offers branded villas for sale.

With her active involvement, the group also acquired a majority stake in Simpliwork, a prominent flexi-office space player in Bengaluru, thereby adding four million sq ft to the Sattva portfolio. Sattva also invested in Co-live, a Bengaluru-based co-living space provider, holding an inventory of 15,000 beds across Bengaluru, Hyderabad, Chennai and Pune.

Adrija also played a pivotal role in building Sattva Knowledge City in Hyderabad which is counted among Asia's finest tech parks. Designed with future global workforce needs in mind, every aspect from building materials to architecture and technology was meticulously planned to provide optimal work-life balance for its occupants.

Adrija's current engagements in the real estate space include preparing for the listing of Sattva REIT in 2024, which is poised to become India's largest commercial REIT (Real Estate Investment Trust), covering around 40 million sq ft. It will also be the largest REIT in Asia in terms of square footage.

The World Of Investing

Adrija's Adrijaat Bain & Company endowed her with a deeper understanding of finance and business strategy. While advancing her learning curve at Sattva, her passion for investing led her to gravitate towards the world of investing. Finding support from her husband and inlaws in this direction, the desire to start her family office took shape, leading to the founding of Sattva Ventures together with her brother, Shivam Agarwal, in 2020.

“The idea of founding Sattva Ventures was driven by a desire to leverage my expertise for something I truly believed in, which was to create a platform that could provide not only financial support but also strategic guidance to start-ups,” says Adrija.

The timing seemed propitious too, given a rapidly changing economic landscape, where departure from traditional modes of investment was a rising trend among investors, especially HNIs (High Net-Worth Individuals), UHNIs (Ultra High Net-Worth Individuals), and the wealthy, resulting in a burgeoning family office industry.

But what prospects do family offices hold given competitive sources of funding such as venture capital, angel investors, banks, and so on? Adrija holds an optimistic view regarding the rapidly evolving Indian family office landscape and a rise in the affluent class.

Family offices are embracing professionalisation and customisation of portfolios based on family needs and risk appetites.

However, she found that there was more to investing in start-ups than met the eye. “During my in-depth research for the initial business plan, I identified a significant gap in the market for start-ups, particularly in securing early-stage funding. This led to awareness of the plethora of opportunities that lie within the family office space,” explains Adrija.

She found that there were basically three gaps in the current ecosystem of early-stage capital. Firstly, start-ups needed a high level of support from their investors such as industry connections, legal support and even business advice and so they preferred strategic capital over dead money. Secondly, venture capitalists were conflicted in their interests due to the finite duration of their funds. Thirdly, opportunities in the start-up world were closely guarded secrets, with access limited to those within the ecosystem and often filled in by foreign funds, resulting in Indian families receiving funding opportunities much later---often at the pre-IPO stage, with limited upside.

Sattva Ventures was created to address these issues by being an early-stage fund built on the fundamentals of offering more by connecting founders with strategic partners who would bring value beyond capital. Thus, it combined the patient capital of a family office with the business support of a strategic partner. The move paid off, as Sattva has completed 35 investments since!

When asked about her investment strategy, Adrija says, “At Sattva Ventures, we use a well-designed and diversified asset allocation strategy in order to

minimize risks and maximize profit at the same time.” Further, convinced that equity markets, though characterised by their natural fluctuations, have enormous growth prospects in the long run, particularly in an expanding economy such as India, a notable part of Sattva's portfolio also consists of listed equities.

A Multitasker

Playing multiple roles and handling multiple tasks can be trying for even seasoned entrepreneurs. However, Adrija does a remarkable job for her age---she is 30 now---and experience. Though it had all seemed challenging at first, slowly and steadily she found her rhythm in the chaos, she reveals. Being a multitasker helped too, as did nurturing simple habits like note-taking, maintaining a to-do list, having positive intentions, dividing and delegating tasks---all of which ensured smooth functioning with higher productivity. Family support also played an important role in her journey to success, considering that she grew up in a gender-neutral household that fostered an environment of equality. And, of course, there was support from her husband and in-laws as well, who have been her biggest cheerleaders. Summarising,

Adrija says, “One needs to be clear about two things: building a work environment that champions flexibility and takes everyone's well-being to heart and dedicating time to yourself, your family and friends to ensure a sound work-life balance

Dwelling further on her career, Adrija adds that though her privileged socioeconomic background has undoubtedly empowered her and given her a head start, it has been deeply humbling too, motivating her to establish a high standard for herself and filling her with a sense of responsibility to channel her resources and opportunities into making a positive impact. “I firmly believe that it's not just about having the privileges, but also about how you use them. In the end, success is a blend of many factors---it's about striving to be the best we can be, while also lifting others up along the way,” she says.

Women's Empowerment

Having accomplished much as a woman, Adrija feels deeply about women's empowerment. Drawing lessons from her own journey, she offers an inspiring message to women encouraging them to embrace their dreams, overcome stereotypes, overcome the fear of failing or being judged, ask for help without hesitation or shame, channelize women's inherent traits like multitasking and saving to secure the futures of both self and the family. As for wealth creation, her advice is to challenge the traditional mindset associated with wealth creation and begin one's journey towards financial prosperity with a willingness to ask, learn and create opportunities for both themselves and others.