Year-Ender 2023: Notable executives take entrepreneurial plunge into startup abyss this year

2023 turned out to be a dry year for India's startup ecosystem as global venture funding hit a seven-year low this time. However, the current funding scenario did not discourage high-profile leaders from leaving their lucrative jobs and entering the startup world in the country. Senior executives plunged into entrepreneurship across various sectors including fintech, healthcare, and stealth startups. 

The surge in entrepreneurship in India can be attributed to the expanding opportunities fuelled by the country's growing economy as the rapid development in tech has created a favorable environment for diverse niche products, said Rohit Gajbhiye, Founder and MD, LEO1. 

“The availability of venture capital, the rise of incubators, and a pool of talented individuals further contribute to the flourishing entrepreneurial landscape,” he told LiveMint. 

Also Read: What entrepreneurs expect from FM Sitharaman's Budget 2024? 

Rise of Startups in India: Top high-profile executives donned founders hat in 2023

1) Sachin Kataria: Leading many responsibilities at Nykaa, Sachin Kataria has experience at Unilever and Tata Consultancy Services. He was instrumental in guiding Nykaa's global expansion and strategic relationships by utilizing his skills. Kataria held prominent roles at First Principles and UDAAN before joining Nykaa, which added to his all-encompassing knowledge in various business domains. He moved on from beauty e-retailer Nykaa in September 2023 and co-founded “The Healthspan Co.". 

2) Dale Vaz: Dale Vaz joined Swiggy in 2018 as the Head of Engineering and Data Science, and in early 2020 he took on the position of Group Chief Technology Officer. He oversaw a broad portfolio of technologies and oversaw the state of technology for several Swiggy verticals, such as Dineout, SuprDaily, Minis, Meat, Swiggy Genie, Swiggy Food, Swiggy Instamart, and the alcohol delivery business. This September, he launched his wealth tech startup called ‘Aaritya Tech’. 

3) Siddharth Mehta: In March 2023, Siddharth Mehta quit the Axis Bank-owned payments wallet company ‘Freecharge’. He was the CEO and Managing Director of Freecharge who demonstrated experience in financial services while holding the role of VP and head of Merchant Acquiring and Transit at Axis Bank before taking on his current leadership role at Freecharge. He later launched his fintech startup called ‘Kiwi’ with Mohit Bedi (ex-Axis Bank and PayU) and Anup Agrawal (ex-business head, LazyPay). 

4) Utkarsh B: After spending more than 12 years at Flipkart, Utarkash B quit India's one of biggest the e-commerce platforms in April 2023. As a Chief Architect of the company, he anchored technology and architecture strategies for Flipkart. He was driving end-to-end architecture coherence, investments in fault-tolerant and resilient architectures, and delivering reusable technologies (to foster developer productivity). Later, he launched his own business called ‘Xmplify.tech’, a venture dedicated to elevating tech in startups. 

5) Girish Koppad: With over 20 years of experience in both product development and management, Girish Koppad served as the vice president and engineer at Snapdeal. He had key executive positions at prestigious firms including Google, TiVO, and Motorola before joining Snapdeal. His broad experience highlights his aptitude for navigating a variety of industries and has made a substantial contribution to the development of cutting-edge technologies. Later, he launched his own ‘stealth startup’ this year. 

Also Read: Indian startup funding shrinks by 73% in 2023

Boom of Entrepreneurship in India: How top executives are shifting towards startups? 

Pawan Prabhat, co-founder of Shorthills AI believes that the rise of an entrepreneurial culture is driven by technology and the accessibility of Venture Capital money which has enabled people to take more risks than before. He said it has become easier to raise capital through angel investing, with various angel investing groups and venture capital funds. 

“Another crucial factor is the prevalence of co-working spaces, making it easier for companies to set up operations. I think these three factors—increased VC money, the culture of entrepreneurship, co-working spaces, and cloud infrastructure—have made it easier for people to kickstart their own companies,” Prabhat told us. 

Entrepreneurs are not only drivers of economic growth but also catalysts for transformative change, introducing novel solutions and reshaping industries, according to Tushar Dhawan, Partner, Plus91Labs. 

In addition, the gig economy and remote work trends have also provided the flexibility necessary for individuals to explore entrepreneurial pursuits without the constraints of traditional office settings, said HTS Solutions Director Pallav Agarwal, adding that the rise of entrepreneurship not only contributes to economic growth but also to the overall resilience and adaptability of the global workforce.

Also Read: Startup Outlook 2024, potential rebound expected next year

Startups like BeGig play a crucial role in supporting solopreneurs by handling various business functions, including prospecting, matching aspirations, and managing payments, said the company's CEO Shilpa Jain. 

“For these individuals, freelancing emerges as an optimal avenue to leverage their hard skills and cultivate soft skills, allowing them to function as solopreneurs – which in turn is like running a business independently," Jain said. 

"Engaging in gig work provides individuals with a glimpse into the entrepreneurial landscape while enriching their overall professional experience,” she added.