Kunal Bahl Advocates for Thousands of Indicorns in India
On October 22, Kunal Bahl, a renowned entrepreneur and investor, spoke at the NDTV World Summit 2024 in New Delhi. Bahl, co-founder of AceVector Limited, the holding company for Snapdeal, emphasized the need for India to focus on creating thousands of Indicorns rather than a few hundred Unicorns. He questioned the obsession with Unicorns, companies valued at over USD 1 billion, and suggested that Indicorns, which generate over Rs 100 crore in revenue and are profitable, would better support the startup ecosystem.
Bahl described the Unicorn valuation as a “mythical figure” and argued for building businesses with lasting goals. He believes that a large number of Indicorns would form the foundation of the startup ecosystem, leading to a steady flow of companies that could become large businesses. India currently has over a hundred Unicorns, but Bahl sees greater potential in nurturing Indicorns.
The concept of startups gained popularity in India with the launch of the Startup India initiative by the Modi government in 2016. This initiative aims to foster innovation and create jobs. As of June 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 140,803 startups, which have generated over 15.53 lakh direct jobs.
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Kunal Bahl -: Kunal Bahl is a businessman from India. He is known for co-founding Snapdeal, an online shopping platform, and AceVector Limited.
Indicorns -: Indicorns are companies in India that are profitable and generate over Rs 100 crore in revenue. They are different from Unicorns, which are valued at over USD 1 billion.
Unicorns -: Unicorns are companies that are valued at over USD 1 billion. They are often seen as very successful startups.
NDTV World Summit 2024 -: The NDTV World Summit 2024 is an event where important people discuss global issues and ideas. NDTV is a popular news channel in India.
Startup India initiative -: The Startup India initiative is a program launched by the Indian government in 2016. It aims to support and encourage new businesses in India.
AceVector Limited -: AceVector Limited is a company co-founded by Kunal Bahl. It is involved in various business activities, including technology and e-commerce.
Rs 100 crore -: Rs 100 crore is a large amount of money in Indian currency. It is equal to 1 billion rupees.
15.53 lakh jobs -: 15.53 lakh jobs means 1,553,000 jobs. ‘Lakh’ is a term used in India to denote 100,000.
