A new era for start-ups: Kunal Bahl

As India marches towards its centennial in 2047, we stand at the cusp of an unprecedented opportunity—one that demands we fundamentally reimagine how we fund, build, and scale start-ups that can shape the nation’s destiny. This is not just about chasing the next billion-dollar company; it’s about nurturing a generation of founders who will build enduring, profitable businesses that solve India’s most pressing problems and contribute meaningfully to our economy.

Over the last decade, we’ve seen India’s start-up ecosystem grow from a handful of fledgling companies to a vibrant, global powerhouse. The emergence of ‘Indicorns’—Indian start-ups that achieve not just scale but also profitability—marks a pivotal shift. Companies like Ofbusiness, Unicommerce, and Razorpay have proven that it’s possible to build sustainable, capital-efficient businesses that deliver real value. This is the dawn of the Golden Era of Indian Start-ups—where profitability is not an afterthought, but a core metric of success.

I truly believe that the Golden Era of Indian Startups is just beginning. Why?

• Global markets are more accessible than ever, and Indian founders, leveraging the talent density in India are building global products from day one. AI applications seamlessly transcend geographic boundaries.

• Digital rails in India—UPI, ONDC, Aadhaar, Account Aggregator—provide a unique competitive advantage that no other country can replicate.

• Domestic capital is finally stepping up. With sovereign funds, family offices, and large institutions starting to back Indian innovation, we can break free from dependence on global capital cycles.

But this is not enough. For India to unlock its potential, we need to think bigger, bolder, and longer-term.

However, if we are to unlock India’s full potential, the venture investing model itself must evolve. The traditional VC model, which optimised for quick exits and rapid top-line growth, has its merits but it often falls short in addressing the unique needs of a country like India. We must fund long-term bets, deep tech innovations, and Bharat-first solutions that may not fit neatly into the “growth at all costs” narrative but are crucial for our progress. Start-ups working on defence technologies, agritech, healthcare, and climate tech need patient capital, strategic support, and a bold vision for the long haul. The most enduring companies in the world—Apple, Microsoft, Tata, Reliance—were not built in 5-7 years. They took decades. We need venture models that are willing to underwrite 20-year journeys, not just quick exits. India’s next wave of winners will not be copy-paste models of the West. They will solve for India’s unique challenges, and they will need patient capital and technical mentorship.

In a world marked by increasing geopolitical uncertainty, defence technology is not optional for India—it is an imperative. We can no longer rely solely on imported solutions to safeguard our sovereignty. We need Indian start-ups building the next generation of defence technologies—from autonomous drones and AI-powered surveillance systems to space-tech solutions and quantum security infrastructure. This requires patient capital, risk tolerance, and a willingness to back bold, transformative ideas that may take a decade or more to mature.

To build an India that is self-reliant, resilient, and globally competitive, we must also embrace domestic capital as the backbone of this transformation. While global investors have been instrumental in fueling India’s early-stage ecosystem, it’s time for Indian family offices, institutions, insurance companies, retirement funds, and sovereign funds to step up and back the funders and entrepreneurs who are solving for India. We need to see more Indian LPs (limited partnership) in domestic funds and a mindset shift towards long-duration capital. For too long, Indian start-ups have looked at IPOs as the distant dream.

But as we’ve seen with companies like Zomato, Nykaa, Policybazaar, and many more on the cusp, the public markets are now ready for new-age companies. It’s time we encourage founders to build for the public markets, to list in India, and to let Indian retail investors participate in their growth stories. When start-ups IPO in India, they not only access deeper capital pools but also inspire millions of Indians to dream bigger.

As we reimagine venture investing, we must ask: Are we backing visionaries solving India’s toughest challenges or chasing quick exits?

Let’s build a start-up ecosystem that prioritises profitability over hype, impact over vanity, and innovation over imitation—one that is by India, for India, and for the world. That’s the future I am excited about. That’s the future we at Titan Capital are committed to building.

This is our moment to invest boldly, thoughtfully, and with conviction. Let’s build a future where ‘Indicorns’ are the norm, not the exception, and where India@100 is defined by innovation, inclusivity, and enduring value creation.

Views are personal. The author is the Co-founder of Titan Capital and Snapdeal.