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National Startup Day: The great Indian start-up success stories

India’s start-up ecosystem has come up in a big, so much so that it is considered as the third largest in the world (as per the Economic Survey 2021-22) after the US and China. The Startup India initiative, launched by the Narendra Modi Government in 2016, has been giving a strong impetus to the growth of this ecosystem in the country. The Government also launched a Startup India Seed Fund Scheme in April 2021 to provide financial assistance to start-ups.

To celebrate the spirit of the Indian start-up ecosystem and mark this momentous day, the Government of India has chosen January 10 to 16 2023 as Startup India Innovation Week. Several workshops, capacity-building sessions, and events are being hosted by Startup India, with each session dedicated to a particular theme about the entrepreneurial ecosystem in India.

The week-long celebration commenced on January 10 with a Workshop on ‘Alternative Investment Funds’ and ‘ASCEND SAMAGAM’ on Startups in Northeast India. The workshop was organized by DPIIT. The event was followed by a webinar on the topic “Founders of Today, Leaders of Tomorrow” by Startup India.

Day 2 of Startup India Innovation Week witnessed an impressive participation from budding entrepreneurs. Startup India, in partnership with Kerala Startup Mission (KSUM), organized a two-day physical workshop on women for startups, in Kochi, on the 10th and 11th of January 2023 and a webinar on the topic “Bridging the Bridge: Going Global.”

Startup India organized a roundtable on ‘Startups and Innovation with Central Government Ministries and Public Sector Undertaking’ on 13th January 2023, to build upon the existing policies of Ministries to foster innovation and entrepreneurship in India. Over 19 ministries and PSUs deliberated on opportunities and the way ahead for the growth of the Startup ecosystem in India. 

On Day 4, Startup India with the support of Zone Startups organized a MAARG Mentorship Masterclass for Mentors mentoring startups in their entrepreneurial journey.

Startup India with the support of Zone Startups also organized a MAARG Mentorship Masterclass for Mentors mentoring the startups in their entrepreneurial journey.

Webinars, conferences, and hackathons on supporting entrepreneurs were organized on Day 5 of Start-Up India Innovation Week. Atal Incubation Centre at Banasthali Vidhyapeeth organized a 2-day Mega Startup Fest on the 15th and 16th of January to bring creativity, innovation, and entrepreneurial thinking.
The fest will culminate with felicitating the winners of the National Startup Awards on January 16, 2023.

On the occasion of the National Startup Day, some leading Start-up Stars speak about the importance of such an initiative, as well as share their journey and success with Adguly…

Rajagopal Menon, Vice President, WazirX:

“National Startup Day is an important event that celebrates the entrepreneurial spirit and innovation in India. We believe that startups in the crypto industry are playing a crucial role in shaping the future of the internet of value.

PM Narendra Modi announced that January 16th will be celebrated as National Startup Day in 2022. 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. It is a significant step to recognize the contribution of these brave risk-takers. For long, businessmen have long been reviled in India because of our socialist hangover.

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 ecosystem. Indian startups raised $42 billion in 2021, up from $11.5 billion in the previous year, showing how vibrant this sector is.

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

Aakrit Vaish, CEO and Co-founder, Jio Haptik:

“Every part of the nation is experiencing a surge in tech penetration, and every form of organization is transitioning to a digital-first model. Technology and digital were considered just exciting topics till a few years ago, but now we see major adoption of tech everywhere.  The National Startup Day is not only an opportunity to celebrate the groundbreaking ideas of entrepreneurs and inspire budding startups but it also encourages and uplifts the entire community. The times to come will be highly intriguing given the vast future potential available and the number of entrepreneurs stepping forward to seize those opportunities.

Haptik has seen exponential growth while supporting and collaborating with other leading startups like Zoop, CashE, Pepperfry, OYO etc to help them improve their customer service, reach untapped audience, boost revenue and much more through their services. Additionally, over 5000 SMBs have been added to our platform, Interakt, in the previous 12 months.”

Divya Jain, Co-founder, Seekho:

“In the past few years, India has emerged as one of the largest hubs for young startups, given its massive youth population and vibrant consumption economy there is an opportunity to experiment and solve problems differently. This Startup Day is exciting to celebrate our startups, and give them the encouragement and support they need as in their growth lies the future of our country.”

Pramod Kathuria, Founder & CEO, Easiloan”

‘The biggest adventure you can ever take is to live the life of your dreams.’ – Oprah Winfrey.

This quote is incredibly fitting for startup day, as starting a business is a huge undertaking and a true adventure. It takes courage, determination, and a willingness to take risks. It’s not just about having a great idea or product, it’s also about having the drive and passion to see it through to fruition.

So, if you’re thinking about starting your own business, remember that it’s not just about the destination, it’s about the journey. Embrace the adventure and enjoy the ride. And remember, the biggest adventure you can ever take is to live the life of your dreams.

Entrepreneurs and startup founders need to stay true to their passion and not settle for anything less than their best work. Finding our true calling in life and pursuing it with love and dedication is the key to success and fulfillment.

We, at Easiloan, are truly aligned with this thought and hence are working towards solving the home loan problem in India. Easiloan is India’s 1st unified digital marketplace for home loans, which brings together all key stakeholders of the ecosystem on a single platform.”

Abhimanyu Bisht, CEO, Venture Catalysts:

“National Startup Day is a great testimony as well as inspiration for all the stakeholders of the Indian start-up ecosystem – Entrepreneurs, Start-ups, their employees, VCs, and angel investors. The current government has taken some quick and prudent steps to promote entrepreneurship and make start-ups the “backbone” of our economy. Currently, startups are contributing about 3% to the overall GDP and that is likely to become 10% in the next decade this gives us even more confidence in working towards creating the proper infrastructure to fuel the growth of early-stage start-ups and those entrepreneurs building in Bharat. Tier 2, 3 city-based start-ups contribute about 50% to the National data on start-ups, since the last three years we have been consistently seeing a spike in the proportion of start-ups applying to us for funding. In 2022, we had almost 30% of the start-ups came from towns beyond the metros.”

Krutika Lal, Co-Founder & CMO, Aretto:

“The start-up ecosystem has seen a shift from skepticism to nationwide adoption in the past decade, and we are now entering a new phase of exponential growth as e-commerce, digital payments, and data democratization continues to shape the future of business. It has blossomed into a thriving community where collaboration and support are at the forefront. New designs, innovations, and ideas are constantly emerging and the audience is more open than ever to embracing local, homegrown startups. Together, we are growing as a unit and propelling the future of entrepreneurship.”

Vicky Dodani, Founder, Agrizy:

“The declaration of National Startup day is symbolic. This announcement has not only validated the efforts put in by entrepreneurs and budding start-ups from across sectors, but also encourages them to come up with new and exciting innovations shortly. Leveraging tech to disrupt the agriculture sector, agritech in India is developing exponentially. Indian agritech start-ups are utilising rising technologies like ML/ AI and IoT etc. across the Agri value chains. It will also lead to developments in the digital landscape, thereby actively fueling the growth of the Indian start-up ecosystem.”

Zaiba Sarang, Co-founder, iThink Logistics:

“India has the fastest-growing and one of the most innovative start-ups globally. Simultaneously, the end-user segment is also evolving with changing demographics and a dynamic business environment. This has strengthened the role of start-ups over the years in the growth of the Indian economy. The celebration of National Start-Up Day was the icing on the cake. This gave a boost to entrepreneurs, which accelerated the foundation of 69,000 start-ups last year. We, as a start-up, have received tremendous support in terms of new scheme launches and smoother regulations for a stronger future.”

Nishant Behl, Founder, and CEO, Expand My Business:

“The declaration of 16 January as the National Startup Day has been a truly inspiring initiative for the Indian start-up sector. Tech adoption is booming in each nook and each form of enterprise is turning into a digital-first sector. A single concept can extrude the route of your career. Digitalisation has opened up several avenues and opportunities that were completely unheard of before technology set foot in the startup segment. However, there are numerous demanding situations that one has to stand at the same time as constructing a startup like monetary management, group constructing, fierce competition, guidance, consulting, and training. But with the proper facts, help, and the right IT solutions, this may be tackled easily.”

Chetan Rexwal, Co-founder, Ekank Technologies:

“The year 2022 was a year of realization for startups. On one hand, we witnessed the size of startups increasing rapidly, and on the other hand, we witnessed dried-up funding due to a major ‘funding winter’ amid a decline in investor confidence. The future of startups would be more about how startups can identify problems or core areas that have remained untouched from an accessibility perspective, and grow that sustainably using tech.

In 2023, we can expect startups to be more focused on profitability and unit economics, which is an economically sustainable and profitable business model. Unit economics will help them to understand whether the investment made in acquiring a customer is returning any marginal profit, and if so, how much and or how fast it is going to be.”

Imthiaz, CEO & Co-Founder, Raaho:

“National Startup Day marks a historical period in the development of India’s economy. The government has leveraged the national platform for start-ups to be recognized, and appreciated, and find the appropriate opportunities to build partnerships and grow together. We applaud this initiative and take pride in being part of India’s vibrant startup culture. Logistics functions as the bridge between various industries, and its contribution to the development of the Indian economy has been enormous. The widespread prevalence of entrepreneurship in India is spearheading change, growth, and evolution across industries, and logistics will play a prominent role in making India’s start-up ecosystem rise to the top!”

Sagar Agarvwal, Co-Founder & Managing Partner, Beams Fintech:

“India’s rising Internet active population, a deeply penetrated digital financial infrastructure, and a top-tier tech talent pipeline make it a unique growth cradle for digital-first companies. What makes it more special is the support these companies get from the Indian government, the Rs 10,000 crore fund of funds, UPI growth initiatives and now the “National Startup Day” to name a few. Amidst macroeconomic challenges globally, we believe India will carve its own unique growth story. By 2025, we expect Indian Startups to contribute at least 4-5% of the country’s GDP, employing ~3-4 million people. Indian Startups have come a long way, today, we have the third highest number of unicorns in the world, and over the past few years, we have even also seen IPOs from the likes of Zomato, Delhivery, PolicyBazaar, Five Star Business Finance, etc. Today, start-ups are not just ecosystem partners to the more traditional industry, but are evolving into industry leaders themselves. We at Beams Fintech fund, also believe that startups are critical to reaching India’s $5 Tn GDP target, and look forward to supporting quality companies and driven founders with growth capital, hoping to create Fintech market leaders of the future.”

Nishith Rastogi, Founder, and CEO, Locus:

“National Startup Day is a reminder of the boundless potential of entrepreneurship to create employment, drive meaningful innovation, and enable strong economic growth for the progress of our nation. Being an entrepreneur myself, I am extremely grateful for the tireless support extended by The Government of India to the ecosystem. It motivates entrepreneurs to pursue relentless innovation with grit and determination. I believe the government’s visionary initiatives, such as Digital India, are ideal launchpads for Indian entrepreneurs to keep pushing boundaries to make a difference. We at Locus promote a culture of entrepreneurship and innovation for good that empowers young guns within our organization to apply and file for patents. By doing so, we want to support them in their commitment to solving the challenges of the global last-mile logistics industry.”

Jitendra Chouksey, Founder and CEO, Fittr:
“PM Narendra Modi’s announcement of National Start-Up Day to holistically support startups through ideas and guidance has given assurance to aspiring entrepreneurs like us. Embarking a day to startups educates individuals about our critical role in the economy.

The support and motivation that we have received from the government have helped us utilise our profound knowledge to our full potential & thereby enhance public health and fitness solutions through our services and scientifically backed nutritional education tools around the globe. It has also enabled us to tap into our indigenous resources and create employment for many people. We hope our government continues to support young entrepreneurs and the start-up ecosystem by believing in their vision.”

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