Aagstus Hightusk Research · Private financing memorandum
A network of commercial applications and infrastructure connecting demand, supply, data and distribution.
Two years of bootstrapped product development led to a different conclusion: the opportunity is not nine individual applications, but the network created between them.
Investment snapshot
You are not investing in nine apps.
The nine products are distribution and data-generating surfaces of one network. They are not nine companies needing nine business models.
What exists today
Labels separate what is built from what is planned and what is a future target.
| Asset | Status |
|---|---|
| 9 product surfaces | BUILT |
| 50+ GB of contact data | BUILT |
| 3 brand mascots | BUILT |
| 5 advertising formats | BUILT |
| Existing application infrastructure | BUILT |
| Central FRYcold network | BUILT |
| Sell: 27 marketplace integrations | BUILT |
| Physical distribution model | PLANNED |
No users, revenue, GMV, conversion or profitability figures are claimed on this page. Operating figures, where they exist, belong in the data room.
Two years of building changed the thesis.
We spent two years building products. The products worked. The economics didn't.
Product success is not economic success. A useful application can still earn too little relative to the cost of building and running it. So the company stopped adding isolated products and looked at the assets the ecosystem was already producing.
THESISThe pivot comes from operating experience, not a business-model exercise.
The network
THESISA denser network creates more opportunities to monetize the same underlying activity through multiple commercial layers. This has not been proven at scale.
Why now
Two years of experimentation produced the foundation. This financing moves the company from building isolated products to building network density and monetization. That transition is what the investor is financing.
How the network makes money
Architecture
ADS
Businesses pay to reach demand inside the network.
- Text and banner
- Video
- Product placements
- Coupons
- Auction / day campaigns
- Device giveaway campaigns
Monetize access to existing demand.
DB
Structured commercial data as an API layer.
- Procurement intelligence
- Commercial contacts, experts, applicants
- Supply and surplus inventory
- Auctions and other demand/supply sets
Subject to privacy, consent, contractual, IP and other legal requirements. Not every record can be sold.
SELL BUILT
One inventory. Sales everywhere. Write a product once and it goes out to all 27 marketplaces, from Amazon to ONDC to Coupang.
- Every channel's orders in one list
- Tracking and returns relayed back for you
- No API, no tokens, no schemas to learn
Includes Amazon, Flipkart, eBay, Shopify, Shopee, Coupang, Zalando, Noon and 19 more. Monetize commerce infrastructure and distribution.
India is the first network. Not the final market.
This financing has two jobs: capture India, and build a base strong enough to expand globally and raise the next $50M at 5%.
PLANNED10-person permanent team: 6 operations, 4 sales. Temporary city contractors run one-month onboarding campaigns.
Where the capital goes
Of the $12M target, $10M is primary and goes into the company. The $2M secondary goes to the founder. The plan below allocates the $10M primary.
| Use of $10M primary | Amount |
|---|---|
| City distribution | $2.50M |
| Sales & onboarding | $2.00M |
| Operations | $1.25M |
| Technology & infrastructure | $1.25M |
| Brand & marketing | $1.25M |
| Data, compliance & security | $0.75M |
| Working capital / contingency | $1.00M |
| Total | $10.00M |
Illustrative planned allocation — subject to operating requirements and definitive financing documents.
The primary capital is not merely funding more development. It funds the move from product experimentation to network-scale commercial execution.
What the investor receives
10% primary
New shares issued by Aagstus. Capital goes into the company.
2% secondary
Existing founder ownership transferred to the investor group, giving founder liquidity after two years of bootstrapping. It provides no capital to the company.
If demand exceeds the target, the price changes.
| Tranche | Ownership | Price | Cumulative | Implied post |
|---|---|---|---|---|
| 1 | 0–12% | $1M / 1% | $12M | $100M |
| 2 | 12–15% | $2M / 1% | $18M (+$6M) | $200M |
| 3 | 15–20% | $3M / 1% | $33M (+$15M) | $300M |
20% is the maximum planned dilution for this financing structure.
The $12M is the target allocation. If demand exceeds it, the company may accept additional capital through the higher-priced tranches, subject to allocation, definitive financing documents and applicable law. This is not a guaranteed first-come-first-served allocation. The primary/secondary split of the higher tranches will be set in the definitive documents.
Pricing logic. Earlier capital enters at a lower implied valuation; later capital is accepted only at higher ones. This explains the mechanism. It does not imply appreciation or returns.
Distributed investor base
Target: 6+ investors, maximum targeted individual ticket $2M.
| 4 × $2M | $8M |
| 3 × $1M | $3M |
| 10 × $100K | $1M |
| 17 investors | $12M |
Illustrative allocation, not a commitment. The financing is not designed around one dominant investor.
Founder control and transfers
Control
The financing is designed to provide growth capital while retaining founder-led operating control. The founder remains the largest individual shareholder. Investor economic, information and governance rights will be defined in the definitive financing documents.
Transfers
If an investor later wishes to transfer shares, the company intends to give the founder a Right of First Refusal or similar transfer right, subject to definitive documentation. This is not a buyback guarantee and not a promise of liquidity.
What could go wrong?
Network density
The physical and digital network may take longer or cost more to scale than planned.
Monetization
Ads, data and marketplace revenue may develop slower than expected.
Data and compliance
Data products depend on legal rights, consent, privacy requirements and regulation.
Marketplace integrations
Third-party APIs, policies and commercial terms can change.
Execution
30 cities and 300 locations require strong sales and operations execution.
Capital efficiency
The company may need more capital than anticipated.
Financing
Future financing, including the $50M target, may not happen on targeted terms or timeline.
Competition
Others may build competing distribution, advertising, data or commerce infrastructure.
The $50M global round
FUTURE TARGETNot a current valuation, a current commitment or a guarantee.
The plan: capture India, build the base to expand globally, then raise $50M at 5% for global distribution. The current financing is intended to be sufficient to put the company in a position to raise that round. That is a target, not a guarantee. The larger round comes later because the company is not yet global and wants evidence first.
Public-market readiness
Long term, the company intends to build toward the operational, financial, governance and reporting standards a public-market path would require. Any listing depends on company performance, eligibility, market and regulatory conditions. No IPO is promised or scheduled.
Founder
Dipesh Bhoir — Managing Director & CTO
Spent the last two years building the company. The financing follows that operating experience.
Don't take the thesis on faith.
Request data room access to verify the claims. Categories requested for review:
- Corporate documents and cap table
- Product documentation and architecture
- Financial information and capital plan
- Data and compliance documentation
- Financing documents and founder information
Contents are provided as available and as relevant to the stage of diligence.
Interested in underwriting the thesis?
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