The Indian startup ecosystem has witnessed an unprecedented level of growth, thanks to key disruptors such as Meesho, Policybazaar, Uber, and Icertis, highlights the TiE BCG Times Report. However, amidst the funding winter and other challenges, entrepreneurs must remain focused on growth and profitability.
Key Disruptors in the Startup Ecosystem
The speed at which ideas are materialising and startups are achieving unicorn status has been unparalleled in the Indian startup ecosystem. The report acknowledges key players who have disrupted the startup ecosystem:
Meesho, which achieved impressive growth in a scalable manner, demonstrating the potential for small-town entrepreneurs to succeed.
Policybazaar has not only achieved significant growth but has also fostered a culture of entrepreneurship and the creation of multiple organisations, including Paisabazaar.
Uber is a great example of scalability of a tech platform on a global level.
Icertis which has forged strategic partnerships that has allowed it grow rapidly.
Lessons For Entrepreneurs
Despite the challenges faced by the startup ecosystem in India, Alok Mittal, Co-Founder & CEO of Indifi Tech, believes that 2021 has been a strong year for growth and profitability. Mittal points out that while the last year had seen a downturn it was 2021 that witnessed the “blip” and that despite the funding winter “these are healthy times”. He also adds that in 2021, the “boom was terrific, it gave a market we didn't know existed and that was good for us”.
Mittal advises, “entrepreneurs can't take this funding winter as an excuse to stop growth. In 5 years, the growth you can drive is important. This is the time to drive leverage. Its growth and profitability, not one or the other.”
Shankar Ram, Chair of the Global Board of Trustees at TiE Global, emphasizes the importance of remaining visible during tough times and keeping people at the heart of any business. He states, “as entrepreneurs, we are eternal optimists”. Ram’s motto is simple: “People are my assets”. This includes employees and customers. In the end, its important to ride out the wave and remain visible because “the future is always there”.
Rohan Joseph, VP & Head of Global Investment & Corporate at Times Bridge, is optimistic about the potential of India's startup ecosystem, citing its recent growth and ability to cater to a wide range of markets. Joseph said, "India’s entrepreneurship and technology landscape has seen enormous growth in recent years, making it the world’s third-largest startup ecosystem.” He adds, “India is ready. The market is ready to pay from the most expensive to low-cost products, it's a big market.”
India's startup ecosystem has seen tremendous growth in recent years, but it's important for entrepreneurs to approach scaling their businesses responsibly. While it's tempting to hyperscale a startup as quickly as possible, the market may not always be ready for that level of growth. As such, it's essential for entrepreneurs to be aware of the market and focus on scaling their startups in a sustainable way that prioritizes growth and profitability. By doing so, startups can continue to thrive and contribute to India's growing entrepreneurial landscape for years to come.