Atul Hegde: The dreamer, the doer, the luxury aficionado, and the people’s person

I was in Jodhpur on Tuesday, July 7, for the wedding of a friend's daughter. At 10 am, I checked out of the Umaid Bhawan Palace, sat in the car, and called my wife, Niti. We spoke about Atul Hegde. There was something Atul had promised to accomplish for us, and Niti asked when I would speak to him. I said I would call him in 10–15 minutes, once I reached Jodhpur airport to fly to Delhi.

I had texted Atul’s partner and Co-Founder of YAAP, Manan Kapur, on another related issue, and at 10:30 am, Manan called me. I thought he was calling me about the same issue. I answered Manan’s call, and he told me that Atul was no more. I said, "what?" and could not believe what Manan had shared. It felt as though I was asleep and having some kind of bad dream. I gathered myself, called Manan back, and asked him again.

Manan shared that Atul had had a fever for two days and was feeling tired, and that early in the morning, at 8 am, he had a heart attack and passed away. I was dismayed and did not know how to respond. Manan also shared that Atul had not been feeling well for the last two days, and that he had suggested Atul cancel his meetings and stay at home.

Once I accepted what had happened and accepted god's wish, Atul’s smile, his voice, and my memories with him all started to come to my mind and before my eyes.

In the last 24-plus years of knowing Atul well, since I started exchange4media 26 years ago and throughout his 31-plus years in this industry, Atul was someone I would meet at least once a month, and often twice a month, whether at the Oberoi in Delhi or Soho House in Mumbai. Atul was warm and always welcoming, always making time for me, being a great host, and pampering and spoiling me.

Atul always trusted me and my ideas and my suggestions.

Atul would share his business plans with me in advance and totally trusted me. Atul had apprised me of his quest for growth, and I was his talent scout, helping him acquire companies. I did help him make a big acquisition, and some other bigger acquisitions were in the works.

Atul would help me whenever I needed any help.

There was a vexatious issue with someone whom I had introduced to Atul, and Atul had promised me last week that he would resolve it nicely and make the person I introduced to him see the value and fairness in what was expected of him.

Last year, I introduced Atul to a friend who is an entrepreneur and runs a super-profitable new ad agency, which would have been a great acquisition for YAAP. Atul told the entrepreneur selflessly that he should do an IPO. That’s Atul for you. Real and selfless.

Atul also had clarity on what he did not want to do.

We would have two-hour or sometimes three-hour versatile conversations every 15 days, and Atul’s convictions came through, as did his clarity of thought.

Atul wanted to create more entrepreneurs.

Atul was great at collaborative work and always built on a leader’s strength.

In one particular case, where I introduced him to an agency founder who ended up selling his agency to YAAP, and instead of his wish of leaving the agency soon, he actually said that he wanted to work with Atul and learn. That was Atul’s persona and charm.

I met Atul in either 2000 or 2001 with V. Ramani. However, it was in 2002 that Atul and I started interacting closely, especially after 2003 and after V. Ramani’s passing away in 2012. Over the last 14 years, Atul and I would exchange ideas, notes, and people’s stories. Atul was always considerate of other people.

Atul could collaborate with giants. Atul brought in his friend Raj Nayak as an advisor.

Atul loved his parents. On two occasions, I met Atul’s parents, and they felt like my own parents.

Atul had the same friends and associates for many years, which showed that he was caring and dependable.

Last year, my wife Niti and my son Prasann were in Mumbai, and Prasann wanted to do his “What Founders Think?” podcast with Atul. Atul made time on a Sunday and made Prasann feel comfortable. Prasann and Atul became friends, talking about perfumes, sneakers, and watches.

On February 25, 2026, when YAAP rang the bell for its IPO, I flew to Mumbai to attend the launch, and he invited me onto the stage. He made me feel special and later invited me for a special dinner with his family.

Affability and trust worthiness were Atul’s rare qualities. Atul delivered on his every big or small promise to me, work or personal.

Atul’s enduring legacy was his dreams and his ability to execute dreams.

I introduced Atul to my friend Nilaya Verma, who had started Primus, and Atul and Nilaya developed a relationship.

Atul went out of his way to care for you. Our common friend Raj Nayak would vouch for that. I also learnt a lot from Atul.

At our recent e4m Goa Business Leaders Retreat, Atul gave me and Nawal Ahuja ideas on how to grow e4m and take it to the next level.

Atul was with me at e4m’s Impact Top 50 Women event on May 26 and told me, “Anurag, this is amongst your best two events. I want to sponsor this every year. I love your Impact 30 Under 30 event. These two are very big and very good. I will—as in YAAP will—sponsor both.”

Atul was forthcoming with accolades and, privately, also shared feedback on what we could do better.

Even with BW Businessworld, Atul was very appreciative of our work and introduced me to his friend and banker Pritesh Jain.

Atul showed that affection and friendship were bigger than business, and that collaboration, internally and externally, is what creates something special.

I will think of you every day and miss you every day.

I will now have to either take a Soho House membership or ask Raj Nayak ji to take me there.

Atul would talk fondly of his friend Sudhir and tell me: Annurag, you must do a big story on Sudhir.

Atul Hegde, buddy, I will miss you. Your unfinished agenda and affection for me will stay on my mind and remain with me.

May your legacy grow, and I will always be grateful to you. Your memories will bring a smile to my face.