Ten years ago, on an INK stage, I delivered a talk titled “Why India shouldn’t be succeeding, but is.” In it, I called out NASSCOM for what it considered an ambitious target: 10,000 startups by 2020. Honestly, that number was a joke. Chile—yes, Chile—had more startups in a single city than NASSCOM projected for all of India. I said, quite bluntly, that if 10,000 startups were all the country could aim for, it was in serious trouble.
At the time, I was dismissed by some as an outsider stirring the pot. But here we are, a decade later, and the truth is undeniable: India’s startup ecosystem has exploded. Not only did it exceed NASSCOM’s modest projections, it has become one of the world’s most dynamic engines of entrepreneurship. Startups are no longer fringe in India—they’re central to the national narrative.
It’s now cool to be an entrepreneur in India. I am told that founders get better marriage proposals than software engineers at Infosys! What was once seen as a high-risk, unstable career path is now celebrated as bold and visionary. Parents who once begged their children to play it safe now beam with pride when their sons or daughters pitch investors or appear on a startup podcast.
This cultural transformation has unlocked something powerful. Indian entrepreneurs are building not only for their local markets but for the world. They are gaining experience, confidence, and—most importantly—resilience. They are learning how to scale, how to pivot, and how to fail forward. That is the real story of the past decade.
A New Generation Pays It Forward
We’re also witnessing a vital trend: successful founders becoming investors and mentors to the next generation. This is how ecosystems mature. Silicon Valley didn’t become a powerhouse because of venture capital alone. It was successful entrepreneurs reinvesting time, capital, and wisdom that made the Valley what it is today.
India is now seeing the same pattern emerge. Founders like Bhavish Aggarwal of Ola and Ritesh Agarwal of Oyo, despite the many challenges they’ve faced, are launching second ventures and backing ambitious young startups. Bhavish, in particular, has shown remarkable boldness—pushing into electric vehicles, semiconductors, and even cloud infrastructure. His ambitions may seem audacious, especially given the setbacks Ola has endured, but that’s exactly what makes them powerful. He’s betting not just on himself, but on India’s ability to lead in the next wave of deep tech.
Kris Gopalakrishnan, co-founder of Infosys, has been instrumental in supporting science-driven innovation and generously helped my own startup, Vionix Biosciences, which is working to transform medical diagnostics using spectral AI.
The Kamath brothers, Nithin and Nikhil, who bootstrapped Zerodha into India’s leading fintech company without raising a single rupee of venture capital, are now funding startups through Rainmatter Capital and the Rainmatter Foundation. Their focus goes beyond finance: they’re backing climate tech, public health, and sustainability initiatives that aim to solve foundational societal problems, not just create convenience.
Kunal Bahl and Rohit Bansal of Snapdeal are doing the same through Titan Capital, which has invested in over 200 startups including Urban Company, Mamaearth, Razorpay, and Bira91. These are not just investments—they’re endorsements of a new generation of entrepreneurs.
And there is Nandan Nilekani, Infosys co-founder and architect of Aadhaar. His commitment to digital public goods like ONDC and investments in open ecosystems reflects a vision that sees beyond individual companies to nation-scale infrastructure that empowers everyone.
Another key figure is T.V. Mohandas Pai, former CFO of Infosys, who has become one of India’s most active and vocal supporters of the startup ecosystem. Through Aarin Capital and other initiatives, he has backed a wide range of ventures in education, healthcare, and deep tech. His advocacy for better policy, governance, and startup-friendly reforms has also made a real difference.
The Wake-Up Call
That is why I appreciated Union Minister Piyush Goyal’s recent critique at Startup Mahakumbh. He did not mince words:
“Are we happy being delivery boys and girls?”
“Kids of billionaires are making fancy cookies and calling it a startup.”
“Dukaandari hi karni hai?”
He went on to note that while China is building semiconductors and EV batteries, India has only about 1,000 deep-tech startups.
He is right to sound the alarm. India has the raw material for greatness—talent, tenacity, and timing. But it needs to stop glorifying superficial consumer startups and start backing ambitious problem-solvers. India must become a builder of core technologies, not just a service provider.
But I would also add: this shift will happen if the government and industry give entrepreneurs the support they need. First they had to learn to walk—and they are doing that. Soon, they will fly.
India’s Hidden Strength
What many in the West fail to understand is that India’s greatest strength may lie not in its cost advantage, but in its deep intellectual tradition in mathematics and science. This is a country that produced Aryabhata, Brahmagupta, and Ramanujan. That legacy continues today through its world-class engineering institutions and space program.
India recently landed a rover on the Moon with Chandrayaan-3 for a fraction of NASA’s budget. Its ISRO scientists have mastered the art of doing more with less—a trait entrepreneurs would do well to emulate. This capability did not appear overnight. It came from decades of investment in human capital and scientific rigor.
When I began working on a diagnostics platform in India, I expected it would take two to three years to build the hardware and develop the software. But the speed and ingenuity of Indian scientists and engineers took me by surprise. What I thought would take years was developed in a matter of months. From plasma-based hardware design to AI integration, the capabilities I encountered far exceeded what I had seen even in well-funded labs abroad. It reinforced what I have long believed: that given the right challenge and the opportunity, Indian talent can not only match the best in the world—it can leapfrog them.
To truly unlock this potential, India must clear the barriers that still constrain innovation. That means slashing bureaucratic red tape, rethinking education to emphasize creativity and critical thinking, funding more deep-tech R&D, scaling public digital infrastructure like ONDC and UPI, and creating a legal environment where contracts are honoured and intellectual property is protected.
As I said at INK a decade ago, India is succeeding not because of its systems, but in spite of them. But that model is unsustainable. Now is the time to build systems that match the ambition and brilliance of the people.
The world needs what Indian entrepreneurs can offer. Not just more apps, but real solutions to climate change, disease, and inequality. Not just unicorns, but enduring, world-changing companies.
They have learned to walk. Now let us help them fly.
(Vivek Wadhwa is the CEO of Vionix Biosciences and has held academic appointments at institutions including Harvard Law School, Stanford, and Duke University.)
Views are personal and do not represent the stand of this publication.
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