National Startup Day: Entrepreneurs reflect on the road ahead

January 16 marks an important date in the calendar for the startup ecosystem in India. It was in the year 2022 that Prime Minister Narendra Modi had announced January 16 as the National Startup Day. The first National Startup Day was observed that same year. In 2024, January 10-18 is being observed as the Startup India Innovation Week. India’s vibrant startup ecosystem takes centre stage for celebration of inspiration, knowledge exchange, and growth.

As per the Startup India website, from 340+ startups in 2016 to 115,000+ startups in 2023 – the Startup India initiative has played a pivotal role in shaping the startup ecosystem in India. Multiple initiatives like the Seed Fund Scheme, Fund of Funds Scheme, Credit Guarantee Scheme for Startups, MAARG mentorship platform, National Startup Awards, State Ranking Framework are some of the key pillars driving the spirit of entrepreneurship.

On the occasion of National Startup Day today, some of India’s leading entrepreneurs reflect upon the achievements of the startup ecosystem and the road ahead for this sector...

Rajagopal Menon, Vice President, WazirX:

“National Startup Day, celebrated on January 16th, is a tribute to India’s entrepreneurial spirit.

We in the crypto space believe that startups are playing a crucial role in shaping the future of Digital India. This day provides a reminder for all of us to acknowledge the importance of entrepreneurship. One entrepreneur provides jobs to at least 5 others besides generating jobs for an entire allied eco-sytem. PM Narendra Modi announced that January 16th will be celebrated as National Startup Day. He stated that startups will be the backbone of the new India and will have an important role to play as the country completes 100 years of independence. India has become the third largest startup ecosystem in the world. The Indian government has actively fostered this environment, recognizing over 98,000 startups by April 2023, eligible for benefits under the Startup India scheme. Initiatives like the Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme provide multifaceted support.

Prime Minister Narendra Modi envisions startups as the cornerstone of India's progress, particularly as the nation approaches its centenary of independence. This aligns with India's emergence as the third-largest startup ecosystem globally. To nurture this growth, the government has recognized over 98,000 startups by April 2023, extending benefits under the Startup India initiative. Supportive measures like the Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme bolster these enterprises at various developmental stages.

We live in a time when industry is rapidly evolving and startups are at the forefront of driving this change. As entrepreneurs, we must firmly resolve to contribute to make India a 5 trillion dollar economy and work towards making that dream a reality.”

Nitya Sharma, Founder and CEO, Simpl:

“In the era of Unbundling of E-commerce, startups play a vital role in creating a level playing field and bringing market access to millions for small businesses led by MSMEs and D2C merchants in the country. They also help in building customers’ trust on merchants online or offline, resulting in a significant acceleration in the trade of goods and services and contributing to India’s objective of achieving a $5 trillion economy by 2028. This National Startup Day should set the tone for the growth of this ecosystem over the next 10 years where governments, industry and the academia pool their knowledge and resources together to build a truly digital first nation, powering the world’s economy.”

Shailendra Singh Rao, Founder & MD, Creduce:

“National Startup Day is an unprecedented endeavour that will significantly contribute to the promotion of entrepreneurship-related consciousness and enthusiasm. Inspiring individuals and attracting a greater quantity of talent and ideas into the ecosystem, it will also draw attention to the realm of entrepreneurship. Entrepreneurs, investors, mentors, and other stakeholders will have additional opportunities to network and collaborate as a result. This can encourage the entrepreneurial spirit and resiliency of established startups while boosting morale. In summary, it is anticipated to have a beneficial effect on society. It is imperative to exercise caution in order to avoid reducing the effort to a spectacle and oversimplification through mere commendation and demonstration of achievement.”

Pranav Dangi, Founder & CEO, The Hosteller:

“The travel and hospitality industry is expected to experience a dramatic increase in Direct-to-Consumer (D2C) startups that use cutting-edge technology in 2024. These innovative startups are changing the way the industry looks by providing services that are immersive and offer unmatched value for money. As we commemorate National Startup Day, we must acknowledge the critical role that these innovative businesses have played in transforming the travel experience. These startups, with their AI-powered personalised itineraries and seamless booking platforms, are leading the way in revolutionising the traveller experience. Let's celebrate the creativity that is causing this significant change in the tourism industry and look forward to an unprecedented year of expansion and connectivity in the true spirit of entrepreneurship.”

Greg Moran, CEO and Co-Founder Zoomcar:

“Zoomcar, a homegrown success story that is currently listed on NASDAQ, is celebrating its journey with pride on this National Startup Day. A pioneer in the car-sharing industry, Zoomcar has revolutionised mobility solutions in emerging markets. Not only has our creative approach been a game-changer for travel, but it has also greatly aided in the expansion of the sharing economy. Being listed on NASDAQ underscores our unwavering dedication to quality and openness and demonstrates investors' faith in our mission. Zoomcar reaffirms its commitment to influencing urban mobility in the future, encouraging entrepreneurship, and bringing about positive change in the global transport system as we commemorate this occasion.”

Mehak Srivastava, Head of Marketing, SahiBandhu, a gold loan aggregator platform:

“National Startup Day celebrates India’s entrepreneurial vigor, honoring the innovative spirit that fuels startups, fostering employment, and propelling economic growth. SahiBandhu Gold Loan’s unique phygital concept, which combines physical outreach along-with digital end to end tech integration, drove the company to new heights. SahiBandhu’s vision extends to tier-1, tier-2, tier-3 and beyond cities in the upcoming year. Our commitment to leveraging technology, coupled with a doorstep gold loan service model, offers a unique and fully digitized experience. In collaboration with KBL, our latest venture unlocks new possibilities, delivering secure, user-friendly, and hassle-free digital-led doorstep gold loan solutions. We extend gratitude to the invaluable contributions of investors, mentors, and supporters, recognizing their vital role in the success of Indian startups. On National Startup Day, let's celebrate the boundless potential of entrepreneurship and innovation shaping Bharat’s future.”

Sarvjeet Virk, Co-founder & MD, Finvasia:

“Setting up a startup comes with a host of challenges. In our case, setting up a business in a supposed 'small town' like Chandigarh had people doubting us. We faced challenges with limited infrastructure, networking opportunities, and partnerships. However, by hiring and nurturing local talent, we turned these challenges into strengths over time. With proper guidance and opportunities, we found that the local talent was as skilled as their counterparts in bigger cities. After COVID, with more people working remotely, we had access to a broader talent pool. Stay focused on the problem statement, with new technology and innovation as the foundation for your growth.”

Poshak Agrawal, Co-Founder, Athena Education:

“In 2014, my co-founder Rahul Subramaniam and I set out to make a meaningful impact within the Indian education landscape. Mentors at heart, we interacted with the children of acquaintances and reflected on the gaps in their academic experiences. We discovered that they lacked structured avenues for academic and extracurricular exploration. Beyond that, we learned that there were far more Indian applicants to foreign universities than there was guidance available to them. Thus, we started Athena, a holistic education consultancy modeled after the interdisciplinary, liberal arts ethos of our alma mater, Princeton University.

Our approach was far from conventional for the Indian market at the time–we went straight to the heart of each student’s deep driving desire to understand what makes them truly unique. We believe that every child has the innate potential to attain excellence, yet they require strategic guidance to build an outstanding profile and mindset that will make them stand out in the highly competitive admissions process. We discarded the one-size-fits-all approach, embracing tailored strategies for individual students. We believe in not just shaping scholar profiles, but also nurturing holistic development. Our team of mentors’ hail from prestigious institutions like Princeton, Williams, Michigan, and the Bhabha Atomic Research Centre, and bring unparalleled expertise to the students’ personal transformation.

Athena’s innovation is enabled by our 360-degree experiential Academies. Our in-house robotics lab, design atelier, and state-of-the-art recording studio empower scholars to learn by doing. The future is AI, and we're at the forefront, producing top-tier projects and research papers and exposing our students to the best. Athena’s mission is to build the scholars of today into the leaders of tomorrow. Guided by our core values of integrity, growth, synthesis, and impact, we are confident that Athena scholars will usher in a better future for us all.”

Nishith Rastogi, Founder, and CEO, Locus:

“National Startup Day is a powerful testament to the boundless potential of entrepreneurship, which is instrumental in creating jobs, driving innovation, and fueling economic growth in India. As an entrepreneur, I am deeply thankful for the consistent support extended by the Government of India to our entrepreneurial landscape. The success story of the ONDC (Open Network for Digital Commerce) is particularly inspiring in the logistics field, demonstrating how innovative startups can transform entire industries. At Locus, we firmly believe that the government's visionary initiatives, exemplified by programs like Digital India, act as ideal launch pads for Indian entrepreneurs. These initiatives encourage them to push boundaries, making a significant impact continually. We actively promote a culture that nurtures entrepreneurship and innovation for the greater good.”

Ravinder Goyal, Co-founder, Erekrut HR Automation Solution:

“On this National Startup Day, amidst a funding winter, India’s HR tech landscape shines with resilience. Despite global headwinds, 2023 witnessed nearly 1,000 HR tech startups raising over $11 billion, underscoring the vast potential in transforming workplace operations. This success is attributed to a focus on fundamentals, with 60% of founders reporting increased revenues, validating the resilience fostered by timely innovations such as AI in recruiting and flexible work policies.

However, challenges persist, including regulatory hurdles and the need for guidance in navigating market access and scaling funds. Addressing these could solidify India’s position as a global HR tech powerhouse. The future blueprint involves the nimble evaluation of emerging work models and addressing ecosystem-specific pain points. As work paradigms and employee expectations evolve, HR tech must drive disruption while enhancing organizational health.

At such a crucial juncture, the key to innovation lies in understanding and responding quickly to the unique needs of India’s startups. By learning from the past year’s progress and strategically investing in problem-solving for tomorrow, we can reshape global workforces.”

Rohan Shravan, Founder and CEO, Tresa Motors:

“India has demonstrated tremendous entrepreneurial talent, with startups at the forefront of transformative change across industries. National Startup Day celebrates this spirit of innovation that enables ideas to become reality. We at Tresa Motors applaud India's vibrant culture of innovation and entrepreneurship. As pioneers in the EV sector, we are proud to be part of the startup ecosystem that is propelling our nation towards a $5 trillion economy.

Our mission aligns with the promise of this day - to revolutionize and lead India's medium and heavy commercial EV market while also setting global benchmarks for auto sector innovation. We firmly believe startups will steer India's journey to becoming a cardinal leader on the world stage. We hope this day serves as an inspiration to turn promising visions into tangible ventures that elevate India. Together, we can unleash the power of startups and shape the future of our nation.”

Hemanth Vasudevan, the Head of Marketing at Ninjacart:

In the ever-evolving startup landscape, Growth is not merely measured in numbers but in the innovative strategies that shape the journey. As we witness the dynamic interplay of content diversity, Hyper personalisation, disappearing content, and transformative influence of AI in marketing, startups like Ninjacart are not just adapting; they are pioneering these trends.

Ephemeral content is poised to emerge as a potent tool for marketers in 2024, especially for executing time-limited promotions and fostering real-time engagement. This trend signals a shift towards more content that is inclusive and culturally reflective, catering to diverse consumer backgrounds thereby elevating the relevance of brand messaging in a short span.

Marketers are anticipated to leverage advanced AI algorithms extensively, enabling meticulous analysis of customer data. This data-driven approach empowers marketers to deliver highly personalized, real-time content, ensuring a more targeted and resonant connection with their audience.

The startup ecosystem thrives on agility and resilience, about the impact our strategies are making, and we at Ninjacart are redefining values in marketing and steering the brand toward new horizons."

Shreedha Singh, Founder and CEO, TAC- The Ayurveda Co:

"On National Startup Day, we celebrate the shift from seeking jobs to creating them—a change powered by technology and accessibility, particularly through the Internet of Things (IoT).

I am glad to witness the increasing role of the youth and the government in taking charge and fostering a conducive environment for innovation. This is crucial in nurturing a new generation of entrepreneurs and turning startups into engines of economic growth and job creation.

India now stands as a symbol of innovation and entrepreneurial spirit on the global stage. As the Founder of The Ayurveda Co., I am proud to contribute to this vibrant ecosystem. Our startups are not just local success stories; they are setting global benchmarks. Let's continue to drive this spirit of innovation, making India a hub for groundbreaking startup developments."

Saurav Kasera, Co-Founder, Clirnet (Creators of DocTube):

"On National Start-Up Day, we proudly celebrate the entrepreneurial spirit of India. In recent times, the startup industry has faced numerous challenges due to various factors. Despite these challenges, India remains a major hub for startups. The government's support has played a crucial role in boosting the startup ecosystem; however, the sector continues to grapple with significant challenges, including securing funding, navigating regulatory complexities, transforming health habits, and bridging technology gaps.

At Clirnet, we recognize our pivotal role in healthcare innovation. As leaders in the sector, our primary focus should be on creating social impact and fostering continuous innovation, prioritizing these goals over financial gains. It is essential to instill a culture of perpetual innovation within our teams, ensuring that every project not only enhances the quality of life for the underserved but also showcases cutting-edge solutions in healthcare.

Our commitment to providing affordable and accessible care contributes positively to society and upholds ethical standards. For every healthcare startup, true success is measured by the number of lives improved through our collective efforts. We are dedicated to making a meaningful impact and continuously striving to better the lives of those we serve."

Hyder Khan, CEO of Godawari Electric Motors:

"On this auspicious Start-Up Day, I am humbled and inspired by the incredible journey of innovation and perseverance that defines the spirit of entrepreneurship. At Godawari Electric Motors, we believe in the power of dreams and the relentless pursuit of excellence. The growing urge to move towards sustainable business models in startups is also helping the EV ecosystem to grow at a robust pace. As we celebrate Start-Up Day, let us forge ahead with unwavering determination, embracing challenges as opportunities, and lighting the path to a future where innovation knows no bounds."

Parth Shah, Co-founder and Chief Revenue Officer at Smart Node Automations Pvt, Ltd.:

"As we celebrate National Startup Day, I reflect on the incredible journey of Smart Node and our commitment to shaping a smarter, connected future for all. Smart Living is not just a concept for us—it's a guiding principle. Every challenge has been an opportunity, and every milestone a testament to our team's dedication. Today, we not only celebrate innovation but the spirit of resilience that defines the startup ecosystem. Here's to dreaming big, working hard, and creating a smarter, connected future for all."

Ankit Agrawal, CEO and Co-Founder InsuranceDekho:

"India's startup ecosystem is booming, driving transformative change in the nation's economy and society.  With a government encouraging entrepreneurship, a robust digital infrastructure fueling innovation, and a dynamic workforce. Boasting over successful startups valued at $340 billion, India's startup economy, which holds the third position globally is not just making waves but reshaping the country's growth. The true game-changer, however, lies in the startups' evolution as they actively build for Bharat, extending their reach beyond major urban centers to address the unique needs of previously underserved populations."