The recent remarks of Kunal Bahl related to India needing Indicorns and not unicorns bring to light a much-needed conversation about the way success is measured in the Indian startup ecosystem. The obsession with unicorns has dominated global venture capital discussions. Bahl is the co-founder of Snapdeal. He argues that it is time to redefine success for Indian startups by celebrating Indicorns. He defined it as such businesses which align with India’s specific economic realities as well as long-term goals.
Unicorn term was coined in the US and signifies such companies which are valued more than USD 1 billion. It is viewed as an achievement that is worthy of applause in a market that is built on scale and global reach. Bahl’s critique has struck a chord and argues that Indian startups should not chase a currency and valuation holds different weight in the Indian economy.
The income levels of India have been rising in recent years and the country is pregnant with more than a billion internet users. The startup arena today is different compared to a decade ago. India earlier witnessed limited internet access and disposable income. These created significant hurdles for entrepreneurs. Today, things are totally different and reverse. The opportunities are enormous and even the competition. The startup world should not prioritize chasing billion-dollar valuations over building revenue-generating businesses.
Bahl said that it is the time that we start appreciating companies which mainly aim for steady and sustainable growth. Such businesses will form the foundation of the Indian economy and eventually lead to more stable as well as long-lasting enterprises.
He proposed a move toward nurturing 10,000 Indicorns. The Indicorns will reflect India’s economic realities and also ensure that businesses are built to last. The era of blindly chasing unicorn status should give way to a more grounded as well as meaningful pursuit of building companies. This vision of Indicorns is a call for a shift from valuation hype to real and measurable success in Indian terms.
