‘Unicorn’ is a term coined by an American venture capitalist in the American context and entrepreneur and investor Kunal Bahl has said that India can achieve this by celebrating ‘Indicorns’ or retaining Indian businesses built as startups on the back of real revenues and profits. Will perform better. Said.
In a wide-ranging conversation during the NDTV World Summit on Tuesday, the Snapdeal and Titan Capital co-founder also praised Prime Minister Narendra Modi’s contribution to the startup ecosystem and recalled an anecdote about Ratan Tata, who, he said, Shows greatness. Titan of Indian industry.
On the term ‘Indicorns’, which was coined by him, Mr Bahl said, “We have been celebrating unicorns for many years. The term was invented by a venture capitalist in the US, in reference to the US, where Companies worth more than $1 billion are called unicorns, named after a mythological figure who, after creating a unicorn, funded several companies that became unicorns, I asked Why are we celebrating this when what our country needs right now is sustainable businesses where startups are built on real revenues and real profits.”
The entrepreneur said that even 10 years ago the ecosystem was too small for companies to become profitable relatively quickly, but that has changed. India has grown from 100 million internet users to more than a billion and income levels have also increased, he said.
“We are looking at companies that want to be profitable in two to three years from the starting point. So, why so much obsession with a currency that is not ours? An amount that is irrelevant in our context – why Rs 8,300 crore , because that’s what a billion dollars means?” Mr. Bahl said.
“Isn’t it better that we build businesses with the intention of being sustainable and sustainable and aim for goals that will enable us to get there – like a Rs 100 crore revenue business, which is profitable, because As soon as a company gets Rs 100 crore in revenue and is making profits, it is very likely that it will not go out of business and will continue to grow strongly,” he said.
Mr Bahl argued that instead of having 300 or 500 unicorns in India, it is perhaps better to have 10,000 ‘Indicorns’ that can serve as the base of the startup ecosystem and become large, listed companies.
changing times
The investor said there was no knowledge about startups when he started his journey in 2007 and Prime Minister Modi has left an “indelible mark” on the startup ecosystem.
“When I started my startup journey in 2007, I was 23 years old. There was no such thing as a startup. The word came into the national language around 2015, when the ‘Startup India’ initiative was publicized and the Honorable Pradhan Launched by the minister. And, because of this, the startup gained legitimacy and recognition,” he said.
“Suddenly, parents in small towns are no longer surprised when their 23-year-old child, who got into IIT after much struggle on the part of the parents, says he will not join McKinsey or Goldman Sachs or Microsoft or Google, And some will start out, making zero money for the next few years and possibly being in debt during that period, and that contribution, I think, goes to the Prime Minister and, obviously, the role model that he now has for the younger generation of founders. Have become available.” He added.
‘Enduring Legacy’
Praising Tata Group’s late Chairman Emeritus Ratan Tata, who died earlier this month, Mr Bahl said he left behind a lasting legacy of contribution and wisdom.
The entrepreneur also shared an anecdote about his meeting with Mr Tata in 2014 and the fact that even after many years, he remembers the promise he made.
“When I met him for the first time in 2014, I was in his office in South Bombay and when we had a short discussion about his business, he said, ‘If you would join me I would really like to invest. Would like.’ This was his humility, he did not think that I would take his investment just because he is Ratan Tata, of course I would take it, but he never thought that at the end of the meeting he asked me if I had any And question, and I said I would love for him to meet our team at some point because it would change his life, he said OK,” Mr. Bahl recalled.
“About three years ago, I met him at a wedding. I went up to him and introduced myself and he said, ‘Of course I remember and, by the way, I’m still grateful for that visit of yours.’ So that was the greatness of Mr. Tata. Imagine that over the years he still remembers the promise he made to me in 2014. And I think it is a lasting lesson for everyone. “
