Building Billion Dollar Product Companies from India - Management report by Jyotiramnath

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Building billion dollar product
companies from India
A research paper outlining the challenges faced by product start-ups in India and
providing recommendations to improve the entrepreneurship ecosystem and
position India as a product nation on the global map
Author: Jyoti Ramnath, MBA 2014, London Business School
5/23/2014

BUILDING BILLION DOLLAR PRODUCT COMPANIES FROM INDIA May 23, 2014
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Contents
Executive Summary.................................................................................................................................3
Problem Statement .............................................................................................................................4
Research Methodology........................................................................................................................4
Terminology Definitions.......................................................................................................................5
Entrepreneurship in India: General Trends and Observations...................................................................6
Hypothesis ............................................................................................................................................11
Research Findings: Testing the hypothesis .............................................................................................14
Recommendations ................................................................................................................................22
Conclusion.............................................................................................................................................31
Bibliography..........................................................................................................................................32
Appendix 1: Questionnaire to test the hypotheses ................................................................................34
Appendix 2: List of participants..............................................................................................................35

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Executive Summary
India has been a well known global IT services hub. Most of the technology entrepreneurs in
India during 80’s and 90’s started companies providing offshore services to the global world.
Entrepreneurship in India has seen an impressive growth over the last 10 years. In year 2013,
$1.6b was invested via 293 deals1
compared to year 2003 when roughly $124m was invested in
24 deals2
. Currently India has more than 3000 active startups with around 1000 being added
every year3
. Many Silicon Valley VCs such as Sequoia Capital, Silicon Valley Bank, DFJ and Accel
Partners have local offices in India and have been actively investing in Indian startups.
India has a huge technical talent pool, entrepreneurial drive and investor ecosystem –
ingredients required to be a driver of product innovation. On the surface it seems as if India
would have a strong start-up and innovation ecosystem, however scratching that surface
reveals many shortcomings. On a global map Indian start-up ecosystem lags way behind. As per
Startup Ecosystem Report 2012 by Startup Genome, Bangalore (also known as India’s Silicon
Valley) ranks at 19th
position. Though services start-ups have been able to build traction, there
is a still a long way to go before we see globally recognized billion dollar product companies
emerging from India. Difficult to penetrate market with barriers to access government
contracts, lack of sufficient angel & VC funds directed to product firms, and difficulty attracting
and retaining talent are some of the challenges product startups face.
1
Source: YourStory : http://yourstory.com/2013/12/1600mn-invested-in-indian-startups-in-2013/
2
Source: www.ventureintelligence.in
3
Source: Indian Software Products Industry Roundtable (iSPIRT)

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This management report uses primary & secondary research to identify these gaps and
proposes recommendations for ecosystem players, investment community and policy makers.
Problem Statement
The key problem statement this research is trying to address is “Why India does not have many
billion dollar technology product companies?” Indian Software Products Industry Roundtable
(iSPIRT), India’s software product industry think-tank estimates that the country has the
potential to build $100b software product industry by 2025 up from current $2.2b4
. But how do
we realize that potential? What are the challenges faced by product start-ups in the current
ecosystem? What changes are required to reach $100b goal? These are some of the questions
that this report is seeking to address. Solving this problem would help contribute significantly to
the nation’s current account and fuel the growth of tomorrow’s Indian economy especially at a
time when a new government has been elected and country is eagerly looking for growth.
Research Methodology
The report follows a hypothesis based research and testing. An initial research was conducted
to derive hypotheses of the reasons for lack of billion dollar product companies in India. This
initial research was followed by in-depth personal interviews with product startups, investment
community, ecosystem players and organizations such as NASSCOM that represents and sets
the tone for public policy for the Indian software industry. The insights from in-depth research
were further used to test the hypotheses and derive a final set of recommendations.
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Source: “Need for Software product Companies for India’s Economic Growth” – presentation by NASSCOM
Product Conclave

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Terminology Definitions
Following are some of the terminologies used regularly in the report and their meanings as
interpreted in this report:
 “Product”: Refers to software product either for consumers or for enterprise. Note
eCommerce is not considered a product.
 “Start-up”: A company, a partnership or temporary organization designed to search for
a repeatable and scalable business model5
. For the purpose of this report, “start-up”
includes technology companies and not vegetable vendor or retail store owner.
 “Accelerator”: Seed accelerators are fixed-term, cohort-based programs, that include
mentorship and educational components and culminate in a public pitch event or demo
day. E.g 500 startups and Morpheus in India.
 “Incubator”: Incubators are usually run by educational institutes that provide office
space, mentoring and other facilities to start-ups. Start-ups can usually stay from 6
months - 2 years. E.g NSRCEL, an incubator at Indian Institute of Management (IIM-B).
 “Seed fund”: Very early stage investment (sub $100k) made by individual investors,
incubators or accelerators.
 “Angel Fund”: Early stage investment (typically $100k to $2m) made by either angel
investors (those investing their own money) or venture capitalists (those investing
others money).
 “Venture Capital”: Venture Capital investments are made by well established VC firms
investing others money and invest around $2m to $20m.
5
http://en.wikipedia.org/wiki/Startup_company

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Entrepreneurship in India: General Trends and Observations
Brief History of technology entrepreneurship in India6
1991 saw the growth of software industry in India. By 1992, internet and mobile telephony
arrived. Between 1996 and 1999, ITES7
industry in India started picking up. India grew as the
outsourcing hub answering calls from the developed world. Most companies were services
based and there was hardly any innovation or software products being built from India. The
startup mania during 1999 dot-com boom sowed the seeds for a new ecosystem of
entrepreneurship in India. Companies started dreaming of building their own products and
moving away from services. However the market crash of 2000 halted new investments. Post
dot-com blues were felt from 2000 to 2005 when “failure” and “start-ups” were reinforced as
bad words. But, the seed of entrepreneurship was sown. From 2005 onwards many angel funds
such as “Mumbai Angels”, “SIDBI Venture” and “Seedfund” started investing in the range of
$100k - $800k. The entrepreneurship landscape evolved further from 2010 with a new breed of
first time entrepreneurs experimenting with diverse sectors and new business models.
Current Trends
The current entrepreneurship landscape in India is fast changing with many new trends
emerging. The following pages outline some of these general trends of the ecosystem.
6
All given facts have been derived from the presentation “Entrepreneurs and Opportunities in India” by Paula
Mariwala
7
ITES stands for Information Technology Enabled Service

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Multiple start-up hubs emerging with Bangalore still holding the top position
Bangalore has traditionally been known as the Silicon Valley of India and is the top choice for
people to start-up in India as shown in the chart below. In 2013, Bangalore saw the most
investment activity with 28% of all VC and Angel deals falling in its lap8
. However over the last
few years, multiple other startup hubs are emerging in India as shown in the chart below. Powai
an eastern suburb of Mumbai and home to IIT-Bombay, India’s premier technology institute is
fast emerging as an attractive destination for many companies. Avnish Bajaj, co-founder & MD
of the US-based VC firm Matrix Partners India, says this mirrors what happened in the 80s and
90s in Silicon Valley. "There was Stanford, there was Xerox Palo Alto Research Center (PARC)
and then VCs started flocking to the Valley seeing the number of start-ups that were coming up
there. Then a second hub got created in Boston as it had Massachusetts Institute of Technology
(MIT). I see the beginning of a trend here. Powai could be the start-up centre for India feeding
into the talent coming out of IIT-B."9
8
Source: http://yourstory.com/2013/12/1600mn-invested-in-indian-startups-in-2013/
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http://timesofindia.indiatimes.com/business/india-business/Welcome-to-Powai-Valley-Indias-new-start-up-
hub/articleshow/29126534.cms
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62
83
136
149
203
237
591
Ahmedabad
Kolkata
Hyderabad
Mumbai
Pune
Chennai
Delhi (NCR)
Bangalore
Distribution of start-ups across
different hubs
Bangalore,
34.78%
Mumbai,
20.90%
NCR, 9.09%
Hyderabad,
9.88%
Chennai,
9.09%
Ahmedabad,
6.71%
Pune, 1.97% Other,
7.58%
Best city to start-up
Source: Data from a survey conducted by YourStory.comSource: World Startup Report:
http://www.slideshare.net/WorldStartupReport/india-startup-report

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eCommerce and Enterprise products seem to be the most attractive sectors
India is seeing a boom in eCommerce in the last two years. There have been many online travel
websites in the early 2000’s but online retail was very much non-existent. With rapid growth of
Flipkart, India’s biggest e-commerce company and entry of Amazon into India, the industry is
seeing a lot of action and positive outlook. India’s e-commerce market (sans travel sites) is
currently worth $3.1 billion annually - just 1.5% of the value of China’s e-commerce sales, which
is approaching $200 billion.10
With 20% internet penetration, India is projected to have 243
million people online by June 2014.11
India’s eCommerce market is projected to grow sevenfold
to $22 billion in the next five years. 10
In terms of products start-ups, Enterprise
and SaaS products take the lead. The
domestic market for software products in
India currently stands at $2 billion however
is projected to be $10 billion by 2020
provided companies get the right kind of
support from government12
. With organizations such as NASSCOM and iSPIRT working actively
to boost the software product ecosystem in India, there is an increased interest from
entrepreneurs to tap on to new opportunities and build companies solving enterprise
problems.
10
Source: Techcrunch Article: http://techcrunch.com/2014/03/26/inside-indias-e-commerce-boom-growing-base-
of-mobile-internet-users-women-shoppers-and-several-infrastructure-bottlenecks/
11
Source: Internet And Mobile Association of India (IAMAI)
12
Source: NASSCOM Data
Enterprise
35%
SaaS
25%
Consumer
10%
Mobile
8%
Other
22%
Distribution of product start-ups
Source: Data from a survey conducted by ISPIRT

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0
20
40
60
80
100
120
140
160
2000 2006 2012
No. of VC Investments by Sectors within IT
Other
IT Services
BPO
IT Products
Mobile VAS
EnterpriseSoftware
Online Services
VC Investment in India is growing with increased investment in Consumer Web and Internet
Services however it still lags way behind compared to other start-up ecosystems
In early 2000s, most of the money
invested by VCs in Information
Technology (IT) Industry was directed
towards Online Services, IT Services
and BPO. By 2012, the number of
investments in Online Services grew
4x along with an increased shift
towards Enterprise Software and
other IT products.13
India still lags when compared with the other global startup ecosystems. Below table shows
2013 statistics comparing VC investments in India with those in US, China, Israel & Europe.14
India US Europe Israel China
Invested Capital (US $b) 1.8 33.1 7.4 1.7 3.5
Invested Rounds 222 3480 1395 166 314
Median Round Size (US $m) 4.00 4.20 1.98 4.43 7.00
No. of VC backed IPOs 1 74 15 2 15
Dollars raised (US $b) 0.01 8.2 0.6 156 2.0
No. of VC backed M&As 13 436 157 10 20
Median M&A valuations (US $m) 46.5 57.5 63.8 143.1 87.5
Median time to M&A (years) 2.6 5.0 6.3 7.5 3.5
13
Source: “Entrepreneurs and Opportunities in India” – a presentation by Paula Mariwala, Seedcamp
14
Source: Global Venture Capital Insights and Trends by E&Y (Investments across both product and services )
http://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/$FILE/EY_Global
_VC_insights_and_trends_report_2014.pdf

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A third of the total VC investment in 2013 was directed to companies at the profit making
stage, more than double the proportion in 2012.15
This indicates that investors are more
cautious about early stage investments. Though VC activity seems rather slow, angel funding
ecosystem seems to be evolving at pace. Over the last two years proportion of funds invested
by angels and incubators in Indian startups has reached 16% up from 3% in 2011.11
However
going forward in 2014, angel investments could slow down. Most of the angel investments
made since 2011 have not shown considerable returns with only 20% of the angel funded
companies raising Series A.16
Compare this with US where 39.4% of angel funded companies go
onto raise follow-on financing.17
Even accelerators have been observing similar trends and are
experimenting with new models. Morpheus, one of the early accelerators in India recently
announced that it is planning to move away from its existing model and even stopped taking
applications for its next batch. Accel India scanned around 1,000 companies across 62 different
accelerators and incubators in India over last few years, and the results speak for themselves -
only 30 of them went on to receive Series A funding18
.
15
Source: Global Venture Capital Insights and Trends by E&Y
http://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/$FILE/EY_Global
_VC_insights_and_trends_report_2014.pdf
16
Source: http://www.nextbigwhat.com/angel-investing-in-india-is-broken-297/
17
Source: https://www.cbinsights.com/blog/seed-investing-report
18
Source: http://techcrunch.com/2014/02/06/accelerators-in-indias-nascent-startup-ecosystem-face-a-reality-
check/

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Hypothesis
To understand the needs and challenges of the product startups in India, a preliminary research
was done using existing blogs, debates and discussions over online media and various forums.
Based on the learnings from that research, following are some of the initial hypothesis that
answer the research question – “Why India does not have many billion dollar product
companies?”
1. India offers a small local market: The software product industry is a $1.2trillion
opportunity globally however in India it is just $2.2billion19
. Many of the successful
product startups from India such as Zoho Corp, inMobi and Fusion Charts have grown
their business by acquiring an international customer base. The bulk of Indian products
have a very low presence in global packaged software market as such distant
relationships are hard to establish and sustain for most of the small start-ups.
2. Lack of early adopters of technology in India: India has been a late adopter of
technology. Bangalore-based “1Click”, a company that enables video conferencing
through a browser, started off with an India focus. However it is slowly changing its
focus to US and European markets. As per Hrishikesh Kulkarni, founder and CEO of
1Click, he would have loved iClick to be an India-focused product. But there were no
19
Source: “Need for Software product Companies for India’s Economic Growth” – presentation by NASSCOM
Product Conclave

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early adopters.20
Another entrepreneur Tarak Nagar’s company built a product called
Abhaya, SME ERP solution targeting the Indian ERP market, focusing on manufacturing
companies with $2 million to $15 million in revenue. The segments of manufacturing
that Abhaya is working with - textiles, dyes, garments, leather goods - tend to be very
backward from a technological standpoint. Thus, for every customer, Abhaya has to
conduct extensive training to plant the seeds of adoption. Also his training cannot be
conducted online. He has to run in person trainings making the adoption cycle longer
and more expensive21
. Many companies such as Dhruva, Thinkflow and others also have
similar stories to share.
3. VC and Angel money is not directed to product companies: Most common complaint
from product start-ups is that investors are risk averse especially when it comes to
investing in a product company. Product companies need at least 2 years of gestation
period before they can acquire their first customer and investors often don’t have the
patience to wait that long. Many start-up founders resort to offering services to fund
their product R&D as they are unable to raise external funding22
.
4. Lack of role models and mentors: India is yet to see many billion dollar exits from
product start-ups. As per Shirish Deodhar, CEO & Founder of Sapient Analytics, there are
20
Source: Quotes from the article : http://economictimes.indiatimes.com/news/emerging-
businesses/startups/indian-tech-startups-find-few-takers-among-big-it-companies/articleshow/35151352.cms
21
Source: http://readwrite.com/2010/07/15/strategy-roundtable-a-market-of-late-
adopters#awesm=~oEN1icyttUS6N5
22
Observations made from reading online blogs and forums such as this: http://nasscom-
emerge.groupsite.com/beta/discussion/topics/374050/messages

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very few role models who have built successful product companies, which limits access
to mentors, who can provide guidance.
5. Lack of relevant talent for building products: 78% of product startups in India have
homogenous founding partners. Though the founding team is well experienced with
close to 40% of founders coming from R&D section of MNCs such as Yahoo, Intel, IBM
etc, rest of the employee base is fairly young23
. The reason for this is inability to pay
competitive wages and lack of brand reputation. As per iSPIRIT’s Product Industry
Monitor, the most difficult talent to hire is product management and sales.
23
iSPIRT Product Industry Monitor Report 2014

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Research Findings: Testing the hypothesis
To test the hypothesis, primary research was conducted through personal interviews with
founders of product start-ups, Venture Capitalists, Angel Investors and ecosystem players. The
questionnaire used for the interviews is given in Appendix 1. Following are the findings from
that research:
Hypothesis 1: “India offers a small local market”
The hypothesis, as worded above is not true. Instead two market related issues exist:
1. Indian market is difficult to penetrate: Though in comparison Indian Market size is less than
US and other developed countries, it is interesting to note that many start-ups struggle to tap
even the existing $2.2 billion software product market. This is due to issues such as customer’s
price sensitivity, hesitation in buying from start-ups, long sales cycle and competition from large
tech firms. This assertion is supported by the following quotes by the entrepreneurs
interviewed:
“Indian enterprise customers are very price sensitive. The prices they demand is one fourth of what
we can get selling to US based customers. Customers are cutting down their IT budgets but need to
innovate is even higher. In such a case they are more willing to engage with startups for higher
innovation but given their risk perception they seek a much lesser price to reduce their risk.” –
Sumeet Anand, Founder & CEO, i-nable Solutions
“Local market is big but difficult to crack. We lost big deals to traditional large players such as
Microsoft and IBM as the perceived risk with a startup is much higher than these companies in terms
of longevity and financial viability. So only way to grab a deal with a large customer and large
competition is not just tech innovation but the right price at which risk perception is low.” – Sumeet
Anand, Founder & CEO, i-nable Solutions
“Local Market is big but they are not buying from start-ups. To test a new player, customers ask for
recommendations, references or case studies. As a start-up it is difficult to provide all that.” – Varoon
Rajani, Founder & President, Blazeclan

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Apart from the difficulty presented by enterprise customers, even government has built entry
barriers for start-ups. In many countries with mature startup ecosystems, government spends a
considerable amount in procuring from SMEs. This is a great way for start-ups to establish their
credibility which in turn helps them secure further private contracts. For e.g US government
awarded 22.25% of its contracts to small businesses in 201224
. Though Indian government is
estimated to spend close to $6.4 billion on IT products and services in 201425
, Indian product
start-ups would hardly get any share of this spend because small firms are often unable to
satisfy the bidding criteria laid out by the government. Following are some evidences for this
claim26
:
In summary, India is not a small market as a whole but is a difficult market to penetrate with no
favorable buying policies even from government.
Hypothesis 2: “Lack of early adopters of technology in India”
The hypothesis holds true. Indian consumers are late adopters of technology. This assertion is
supported by the following experiences shared by entrepreneurs in the interviews:
24
http://www.entrepreneur.com/article/227283
25
http://www.channelworld.in/news/government-it-spending-india-reach-64-billion-2014-gartner-500552014
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Source for the quotes: http://articles.economictimes.indiatimes.com/2014-02-14/news/47336777_1_software-
product-industry-ispirt-government-contracts
“We've sold to global banks and Indian private banks, but we haven't got to the government. In their
tender process the bar is set so high and it is not based on technical capability. It's all about age, size,
profitability and past experience. And because these (the tenders) are influenced by global players,
they are the only ones who win on this." – Vivek Subramanyam , CEO of banking product firm
iCreate that counts Bank of America and HDFC Bank as its clients
"Indian PSU and government buying norms have been hijacked to provide support to foreign product
companies. This is done by requiring membership in Gartner's Leadership Quadrant or by specifying
global size requirement," ISpirt said in a paper analyzing the industry

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Another theory that supports the above hypothesis is outlined by Mukund Mohan, Director,
Microsoft Ventures27
in his personal blog. As per Mukund, Indian markets do not follow
traditional diffusion characteristics laid out by Geoffrey Moore’s “Crossing the Chasm” in which
first innovators buy, then early adopters, then the early majority, and then the late majority
and finally the laggards. In India there are only 2 market adopters – those that are early and
those that are not. The Innovators (less than 1 % of the population or 12 Million individuals) in
India (entrepreneurs mostly) who conceive and develop these products for the Indian market
and the early adopters (less than 5% of population or approx 60 Million individuals) together
make up the entire “early adopter” category. Unfortunately less than 30% of this group has
both the interest, and the desire to be early adopters of technology. This prevents the Indian
startups from building an early market at home. For e.g. A B2B SaaS company will quickly
(within 3-6 months) get 10+ customers and over 30 in the pipeline, only to find that the next 50
and the next 100 or the next 1000 are either non-existent or will come in 3-6 years.
27
http://bestengagingcommunities.com/2012/03/26/the-two-speed-state-of-indian-market-adoption/
“Initially when we started selling our products, we never targeted the Indian market as the market
was not ready for the product. We could have sold the product here but it would have required a lot
of effort in educating the customer” – Anup Tapadia, Founder, TouchMagix
“There is hardly any innovation in India. We see a lot of me-too products. Most enterprise startups
started here are focusing on US and most of their growth has come through international sales.
Initially lead generation was quite difficult for us as we had to spend a lot of time in educating
customers regarding our product space and innovation but recently we have started seeing an uptake
and more informed and clear needs being articulated by them.” – Sumeet Anand, Founder & CEO, i-
nable Solutions
“Indian enterprise customers are late adopters of technology. They look for references from other
users before trying a new product”- Varoon Rajani, Founder & President, Blazeclan
“Companies in India are risk averse. They want to see validations from US market before adopting a
new product” - Sanjoe Jose, CEO, Interview Master, an online video interview tool

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Hypothesis 3: “VC and angel investments are not directed to product companies”
The hypothesis is true. The hypothesis is supported by the following quotes by product
entrepreneurs, Angel Investors and ecosystem players.
As per the survey done by iSPIRT28
, on average 75% of the funding raised by product start-ups is
founders own money. Around 14% comes from Angels and only 2.5% comes from VCs (rest
from debt and some influx of PE money). Around 80% of these startups have raised $200k to
$1m and the rest 20% have raised $1m to $2m. Even if we take this well funded 20% pool of
entrepreneurs and do the math, Angels & VCs have together invested an average of $250k per
28
iSPIRT’s Product Industry Monitor 2014
“There is no shortage of funds as we have enough investors available in the market. However they
are cautious while investing in product start-ups and are not investing blindly. They do look for
traction before investing in a company.” - Avinash Raghava, Fellow at iSPIRT Foundation
“When I spoke to few investors in the initial phases of building my venture, they looked at my product
and said that no one in India would fund the product as it looks experimental. It is suited more for Bay
Area. India lacks experimental capital. Here VCs go behind something that has worked in US. Oculus
Rift kind of startup would never get funded here. ” – Anup Tapadia, Founder, TouchMagix
“Indian investors look for traction, an attractive team and prospects for quick exit. It is difficult to
raise funds for product companies as very few qualify this criteria.” – Sumeet Anand, Founder & CEO,
i-nable Solutions
“In India, the appetite to finance risky software is less. We would have struggled to raise seed finance
in India” - Joydeep Sen Sarma, Founder, Qubole
“Product startups need extended runway. Investors need to be patient which is not the case in India.”
– Manish Singhal, Angel Investor and Founder of LetsVenture
“Indian VCs have to identify the right company and take the risk to back it in order to be successful.
For instance, InMobi, which today is rated highly successful, has no Indian investor making an
investment in the company. In fact, a company like Zoho has still not able to find any Indian VC
showing faith in it so far.” – Sharad Sharma, Co-Founder iSPIRT Foundation

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company or $5m in total into the top 20% pool. Compare this with the money pumped in to
consumer web ($187m) & eCommerce ($880m) in 201329
. We can clearly see that VC and Angel
money is not directed to product companies.
Though the hypothesis is valid, the reason for lack of funds is not just investor’s risk aversion.
Multiple other reasons stood out in the research:
1. Lack of fundable product ideas: As per Arpit Agarwal, Director, Headstart Network
Foundation,
“Entrepreneurs in India tend to be too product focused and often have no sense of what
customers need. They are mostly from engineering background and often tend to
imagine customer use cases and stay away from interacting with a real customer until
their product is almost ready. This results in a product that no customer wants to buy.
The first thing I look for while evaluating a startup is what problem they are trying to
solve. The way they define the problem explains a lot about their approach to the
business.”
This issue was also iterated by Manish Singhal, an angel investor.
2. No good way to discover good start-ups: As per Manish Singhal, Co-Founder of
LetsVenture.com and an angel investor,
“There are good product companies around but they are not getting discovered. We are
losing good product people as they either move to providing services to fund their R&D,
or leave India chasing US markets or join large companies.”
Manish Singhal is currently building a platform called LetsVenture.com similar to
AngelList of US to enable start-ups and investors to connect in a seamless manner.
29
http://yourstory.com/2013/12/1600mn-invested-in-indian-startups-in-2013/

19
In summary, it is true that a larger proportion of VC investment is focused on services and
eCommerce companies and VCs are much more risk averse while evaluating product start-ups.
The issue is enhanced further due to lack of fundable ideas and no good way to discover the
good product start-ups.
Hypothesis 4: “Lack of role models and mentors”
This statement is partially true in the sense that there is a lack of role models in India however
mentorship does not seem to be a big issue. The assertion is supported by the following quotes
from the interviews:
The role model gap is slowly getting filled up with new successful entrepreneurs emerging in
the ecosystem. In a survey conducted by YourStory, India’s top media platform covering startup
news, many names such as Alok Kejriwal, CEO and Co-Founder of Games2Win.com, Deep Kalra,
“Yes I agree that India doesn’t have many success stories of product start-ups. I found it difficult to
find a mentor earlier and really missed having a mentor. But now we have a mentor and found his
guidance very useful.” – Varoon Rajani, Founder & President, Blazeclan
“Yes we do have lesser role models and mentors. But we are slowly seeing a rise in products
companies that are making it big for e.g inMobi, Zoho etc. Media has started to play its part in
establishing role models by highlighting these companies.” - Avinash Raghava, Fellow at iSPIRT
Foundation
“There is a lack of role models however we have been able to find mentors. Since we were new in the
recruitment space, we found few experts from the recruitment industry to guide us. Some of our
initial customers continue to guide us. We also learn from people in the valley. The only area where
we lack guidance is start-up law.” - Sanjoe Jose, CEO, Interview Master
“I come from a business family. So my father has been my mentor from childhood. In addition, we
also have some industry experts as mentors. Nowadays you can also get paid mentors. In terms of
role models, yes there is a lack of role models in India. I would like to fill this gap and be a role model
in the coming future.” – Anup Tapadia, Founder, TouchMagix

20
Founder & CEO of MakeMyTrip, Naveen Tewari, Founder of inMobi and Phanindra Sama,
Founder and CEO or redbus emerged as role models30
.
It was also interesting to note that none of the entrepreneurs interviewed for this research
quoted “Mentorship” or “lack of role models” as a deterrent in their start-up journey. While no
formal mentorship model exists, entrepreneurs seem to reach out to certain experienced
people when required and most of the successful entrepreneurs are quite forthcoming in
helping and guiding upcoming entrepreneurs.
Based on the above evidence gathered, I would claim that though there is a lack of role models
but this is not a critical issue that is stopping entrepreneurs from building product companies.
Hence the hypothesis stated as a reason for the lack of billion dollar product companies in India
does not hold true.
Hypothesis 4: “Lack of relevant talent for building products”
The hypothesis is not true. Every year close to 1.5million students graduate with an engineering
degree in India. There is also an interesting trend of “reverse brain drain”, Non-resident Indians
returning back to India. A study conducted by human resource and recruiting firm Kelly Services
India in 2011 estimated that 300,000 Indian professionals working overseas will return between
2011 and 201531
. As per a study done by Harvard Law School, 50% of the NRI’s returning to
30
http://yourstory.com//2013/01/top-10-indian-role-models-in-the-startup-domain/
31
http://www.hindustantimes.com/india-news/reverse-brain-drain-young-indian-professionals-are-returning-
home/article1-1157720.aspx

21
India plan to start new ventures32
. With this pool of technical and senior talent, one cannot say
that there is a lack of talent. Hence this hypothesis does not hold true.
However it is important to note that other talent related issues exist - Start-ups have difficulty
retaining talent and also struggle in attracting experienced people to join early stage
companies. Some of the quotes from the interviews that support these assertions are:
In summary, there is no lack of talent however entrepreneurs struggle to retain young talent
and to match the compensation of larger tech firms. In addition, bringing in experienced people
is also a challenge.
32
http://www.law.harvard.edu/programs/lwp/people/staffPapers/vivek/Vivek_Losing_the_best_and_brightest.pdf
“Finding talent has been a big issue for us as the good people are not affordable. It is difficult to find
good sales and marketing people as well. We have mostly been hiring fresh graduates and grooming
them but they often leave as soon as they learn and join large tech firms at 2x salary.” – Sumeet
Anand, Founder & CEO, i-nable Solutions
“We could find technical talent however it does take a lot of time to find the right people who are
motivated to work in a startup. It is also difficult to retain that talent. Entry level employees don’t
understand the value of stock options. We find it difficult to find people for senior roles such as
Product Management and ended up taking care of it ourselves. Even for sales & marketing role, we
spent close to 6-8 months to find the right person. Key issues are lack of trust in start-ups and risk
aversion.” - Bala Venkatachalam, CEO, CereBrahm Innovations
“I don’t think talent is a big issue any more. We are noticing a new trend of reverse brain drain as
many Indian are returning back to India after working in US for long. Not everyone looks for money.
In case we don’t have a specific talent in house, we hire consultants. For e.g., we worked with a
product designer from Apple on contract basis.” – Anup Tapadia, Founder, TouchMagix
“In India, we struggle to find talent with a strong depth of knowledge. If one were looking for hands-
on systems engineers with 15 or more years of experience - it would be very hard, if not possible, to
find such people in India. The US and Silicon Valley remains the go-to place to hire experts” - Joydeep
Sen Sarma, Founder, Qubole

22
Recommendations
As per the research findings following are the main issues that Indian product start-ups face
currently:
1. Difficult to penetrate Indian market especially the enterprise and government sectors
2. Small early adopter market
3. VC and angel investments are not directed to product companies due to reasons
including risk averse investors, lack of fundable companies and no good way to discover
good product companies.
4. Difficulty attracting and retaining talent
The above issues cannot be fixed by one entity. Instead the entrepreneurship ecosystem as a
whole needs to take multiple steps to address the specific problems. Below are some of the
recommendations to resolve the above issues.
Issue 1: Difficult to penetrate Indian market
Ecosystem players can play a huge role by bridging the gap between product start-ups and
enterprise and consumer buyers.
 Bringing Enterprises & start-ups closer: Many of the B2B product start-ups mentioned
difficultly in penetrating the enterprise market as one of their biggest pain points. The
ecosystem players should focus on bridging this gap by organizing events or creating
virtual platforms for start-ups to connect with enterprise clients. iSPIRT has taken the

23
lead here and had recently organized a meet-up of product startups with Chief
Information Officers( CIOs) of global companies such as Citigroup, Procter and Gamble
Co. 33
etc. We need more such events across the country.
 Increasing the trust between start-ups and enterprise customers: Enterprise buyers
often are reluctant in trying products from start-ups as they have had few bad
experiences in the past. To solve this issue, start-ups should be educated on how to
approach enterprise customers, how to draw contracts and what level of service to
offer. On the other hand Enterprise companies need to be educated on the pros & cons
of buying from start-ups to set the expectations right. They also need to be trained on
how to evaluate a start-up vendor.
 Open the doors to start-up firms to apply for government contracts: As mentioned in
the research section, start-ups are often left out of the government contracts due to
bidding criteria that favor large firms. Government should work towards either relaxing
the requirements for bidding for government contracts or initiate a separate program
to award contracts to start-up firms. Another way to resolve this issue would be to
allow companies to compete for contracts based on their innovation and not be stifled
by impossible high qualifying hurdles. With a new pro-development Prime Minister Mr.
Narendra Modi been elected recently, the expectations are much higher. NASSCOM
and iSPIRT intend to begin lobbying government this year to level the playing field.
33
http://www.livemint.com/Industry/7g6Ylj2XgqQcfN9o2GGFEL/50-startups-to-showcase-software-products-
before-global-CIO.html

24
Issue 2: Small early adopter market
India currently has an urban population of 27.8%34
with an internet penetration that stands at
20%35
. The country is still evolving especially from technology perspective. Increase in early
adopter market would take its natural course of time as more people start adopting technology
in their daily lives and are open to try new products. Though the issue of small early adopter
market cannot be solved directly, in the meantime, more opportunities should be created for
Indian product companies to sell to the global world. Currently only a few selected product
start-ups such as Fusion Chart or inMobi have been able to establish a global presence.
Following are some recommendations to create avenues for start-ups to sell to global markets:
 Bridge the gap between Indian start-ups and international customers: If we look at
Israel startup ecosystem which has a small local market, we notice that they focus on US
markets solely. India also can gain advantage of the large markets in US & Europe by
creating avenues for start-ups to sell to global markets. These avenues could be either in
the form of international treks taking selected Indian companies to US & Europe to
meet potential buyers or bringing international companies to India and showcasing India
product companies. In May 2014, Ravi Gururaj, Chairman of NASSCOM Product Council
led NASSCOM InnoTrek 2014, a first of its kind event that took a delegation of India’s
top product and entrepreneurial founders/CEOs to Silicon Valley. Apart from interacting
with product leaders, corporate development and business development executives, the
delegation also got an opportunity to showcase their products to US based companies.
34
Source: http://www.indiaonlinepages.com/population/india-current-population.html
35
Source: Internet And Mobile Association of India (IAMAI)

25
This is great initiative and first step towards putting Indian product companies on the
global map. More such opportunities would open the international markets for Indian
product companies.
 Build sales office in international markets: Most start-ups cannot afford to have their
own international sales office. To resolve this issue, a common international sales and
marketing body should be established in locations such as US and UK. This common
sales office could help all India based product companies to reach out to International
customers by acting as their own sales office.
Issue 3: VC and angel investments are not directed to product companies
Before we get to the recommendations, it is important to understand why Indian investors are
risk averse especially when evaluating product companies. A deeper analysis reveals multiple
issues - Limited growth opportunities for product companies due to market issues addressed in
previous section and lack of enough M&A exits36
. We already addressed the market challenges
above. To solve the issue with M&A exits, investors should focus more on smaller sub $40m
exits. As Sharad Sharma 37
described it, for every Billion dollar startup (e.g InMobi) there should
be 10-12 $100m startups (which is the case right now). For every $100m startup there should
be 10-12 $50m startups; and for every $50m startup there should be 10-12 $10m startups. A
healthy power law distribution is a sign of a healthy ecosystem. In India, many believe that this
power law distribution is broken. Looking deeper one can see that it is not broken at the top as
36
As per Global Venture Capital Insights and Trends by E&Y, in 2013, India had just 1 IPO and 12 M&A exits with a
median valuation of $46.5m. Compare this with China (15 IPOs and 20 M7A exits with medium valuation of
$87.5m) or Israel (2 IPOs and 10 M&A exits with median valuations a whopping $143m)
37
Former VP of Yahoo India, Active Angel Investor and Co-Founder of iSPIRT Foundation

26
we can see many $100m companies rising up slowly. It is broken at the bottom! There are too
few small-value (sub $40m) exits. Fixing this situation by catalyzing more small value exits will
improve the entire distribution. We can visualize it as cyclic process - many sub $40m exits
would pump in more money in the ecosystem which in turn would translate to more companies
getting funded.
Some of the recommendations to resolve this issue are:
 Create more M&A exit opportunities: Enabling more M&A opportunities for startups is
highly essential to set motion in the above cycle. iSPIRT has taken up this cause and had
drafted an elaborate M&A connect action plan in 2013. As part of iSpirt’s M&A Connect
Programme, they have been organizing multiple roundtables to showcase Indian
product companies to potential acquirers in Silicon Valley. This is a step in the right
More M&A
exits
More Money in the
hands of the
investors
More money
invested back into
the ecosystem
More product
companies
get the funds
to scale up
Better
Growth
Better
companies
1
2
3
4
5

27
direction and we need more such initiatives to increase the volume of M&A in the
Indian start-up ecosystem.
 Increase seed stage money through government innovation funding programs: Indian
government needs to fuel more seed money to fund innovations. Government currently
provides funds through bodies such as Department of Science and Technology (DST).
However the process to acquire these funds is extremely complex and often outweighs
the benefits. Moreover these programs are not well marketed and most software
product start-ups are not even aware of these funds. The government needs to have
much more transparent process to fund product innovations. One good way of doing
this could be to set-up government funded incubators in all engineering schools to
encourage student entrepreneurs and help them take their innovations to next stage.
Israel’s technological incubator program which was started by the government in 1991,
provides funding and know-how to people to become successful entrepreneurs. Since
the first companies emerged from the incubator program in 1993, 61% have secured
follow-on funding and 40% are active to this day38
. Apart from that there should be
single window clearance for anyone seeking to obtain funding from government.
 Bring more investors into the ecosystem: Another way to increase the early stage
capital available to startups is to bring in more angel investors into the ecosystem.
Platforms such as LetsVenture.com have recently sprung up to enable successful
entrepreneurs and HNI (High Net worth Individuals) to participate in angel investing
38
http://www.oecdobserver.org/news/fullstory.php/aid/3546/Start-up_nation:_An_innovation_story.html

28
through a trusted platform. We need more such platforms to increase the corpus of
Angel money.
 Provide Tax Exemptions or Tax holidays to start-ups: Start-ups in India start paying
huge amount of taxes the moment they start generating profits. This takes away even
the nominal profits that companies make. On the other hand large tech firms such as
Infosys and Wipro benefit immensely with tax holidays on IT exports. A suggestion given
by YourStory39
was to give startups in India tax exemptions on the line of Singapore tax
exemption scheme for new startup companies. As per this scheme, a newly
incorporated company that meets certain qualifying conditions can claim for full tax
exemption on the first $100,000 of the normal chargeable income for each of its first 3
consecutive assessment years. A further 50% exemption is given on the next $200,000
of the normal chargeable income for each of the first three consecutive assessment
years. Schemes like these would indirectly address the issue of lack of funding by
allowing the start-ups to reinvest more of their earnings.
 Remove the start-up tax: The Finance Act 2012 of India brought in an amendment to
tax the share premium which is above the fair value of investment by the resident angel
investors and not proven satisfactorily to the tax assessing officer. This law makes it
much more difficult to raise early stage funding for start-ups. Instead the new Indian
government under Mr. Modi should follow the Israel model and introduce “Angel’s law”
under which a substantial tax benefit is given to individuals who invest in qualified
Israeli R&D companies. Under that law the investors can deduct their investment from
39
http://yourstory.com/2014/05/namo-entrepreneurship-india/

29
any other income source such as salary, capital gains etc. In 2009, the Israeli
government also removed the capital gain tax for foreign investors.
Issue 3: Difficulty attracting and retaining talent
India is a risk averse country and people always look for stability and security when looking for
employment opportunities. Finding a good employment is not just a concern of the individual
but of his whole family. If a person opts to join a no-name brand start-up, he has to handle the
questions, concerns and taunting of the whole family. On top of this if the start-up’s salary
offering is less than what the individual would earn in other larger tech firm, matters get much
worse. This means that start-ups are at a disadvantage when hiring talented individuals. Solving
this issue requires action by entrepreneurs, the ecosystem & government.
Following are some of the recommendations on how to resolve this issue:
 Organize “Start-up” Hiring events: Ecosystem players such as The Indus Entrepreneurs
(TiE), YourStory.com and others should also conduct regular start-up hiring events.
Recently “Headstart Higher”, a start-up hiring program run by Headstart Network
Foundation was a huge success. Apart from enabling recruitment, these events should
also be a medium to educate both fresh graduates and experienced professionals on
topics such as “benefits of working with start-ups”, “How to evaluate a start-up for
employment”, “Value of stock options” etc.
 Sell the value proposition of working with a start-up: Many of the entrepreneurs
interviewed indicated that the only way they have been able to acquire talent is by
matching the salaries of larger tech firms. While it is good that they are addressing the

30
salary concern but this is not solving the underlying issue as every potential hires would
expect to get that much salary and not all start-ups can afford to pay that much. Instead
entrepreneurs need to do a much better job of communicating the value proposition of
working in a start-up (faster career growth, technical leadership and growth, quality of
work, long-term pay-offs, flexibility of timings etc) rather than trying to compete with
big companies on the strengths of big companies (salary, facilities, etc.).
 Government should work in skill development making young population employable:
As mentioned earlier, close to 1.5million people graduate with an engineering degree
every year in India but only 3 out of 10 are actually employable based on the skill sets.
New government should focus on introducing development & skills programs to develop
skilled talents thus helping entrepreneurs who are always hungry for good candidates.
There are more than 5000 Industrial Training Institutes (ITI) in India40
. However, the
quality of training is not up to the mark. They have poor infrastructure, outdated
curriculum, less qualified instructors and limited interaction with the industry. The
entrepreneurs who hire them spend considerable amount of time to first train them and
then use them. YourStory.com suggests a creative idea - businesses and Government
can work together on this, wherein businesses can train young force on the job and
government can motivate businesses by providing wage subsidy for a defined period.
40
Source: From YourStory Research: http://yourstory.com/2014/05/namo-entrepreneurship-india/

31
Conclusion
Indian start-ups are slowly getting noticed by the global world. Start-ups like Fusion Charts
(used by NASA and US president Barack Obama) and the more recent acquisition of Little Eye
Labs by Facebook are giving a new wave of hope and inspiration to the younger lot of product
start-ups. SaaS companies such as iCreate, Manthan, Druva and Eka have potential market sizes
of thousands of clients. FreshDesk and Wingify are in the 50,000 user range; EmployWise and
ApartmentAdda can hit millions of users soon; and the UID project41
can open up the billion-
user market in India via mashups and applications in areas like tax management. As per Sharad
Sharma, co-founder of iSPIRIT Foundation, former CEO of Yahoo India and an active angel
investor, at least one software product company from India each year is hitting the $1 billion
mark. All these signs indicate that India is moving in the right direction. However to ensure we
see more and more product companies hitting the billion dollar mark, we need to resolve the
core issues such as difficult to penetrate local market, slow adoption of new technology, lack of
risk capital and difficulty attracting and retaining talent. Resolving these issues require equal
effort from government, ecosystem players, investors and entrepreneurs themselves and could
take easily 6-8 years. Keeping the steps in the right direction and as NASSCOM and iSPIRT is
doing would enable India to see a future Facebook, Cisco and Apple seeded right in the
backyard.
41
http://en.wikipedia.org/wiki/Unique_Identification_Authority_of_India

32
Bibliography
Research Reports
[1] iSPIRT Product Industry Monitor Author: Sharique Hasan, Srivardhini K.Jha, Rembrand Koning.
Published in Feb 2014. Available at
http://www.ispirt.in/Media/Documents/iSPIRT%20Product%20Industry%20Monitor%20Feb%202
014.pdf
[2] M&A Connect Action Plan, Version 2.0 by iSPIRT published in Oct 2013. Available at
http://www.slideshare.net/ProductNation/i-spirt-ma-connect-action-plan-2013
[3] Start-up Ecosystem Report Part 1 by Startup Genome Project published in 2012. Available at
http://multisite-blog.digital.telefonica.com.s3.amazonaws.com/wp-
content/uploads/2013/01/Startup-Eco_14012013.pdf
[4] Entrepreneurs and Opportunities in India:The Ecosystem for Startup Growth by Paula Mariwala,
published in Apr 2012. Available at http://asia.stanford.edu/us-atmc/wordpress/wp-
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[5] Adapting and evolving Global venture capital insights and trends 2014 by Ernst & Young.
Available at
http://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/
$FILE/EY_Global_VC_insights_and_trends_report_2014.pdf
[6] The Halo Report –India Update by Silicon Valley Bank and Angel Resource Institute published in
2013. Available at http://www.svb.com/uploadedFiles/Content/Global_Offices/halo-report-india-
2013.pdf
[7] Need for Software product Companies for India’s Economic Growth – presentation by NASSCOM
Product Conclave. Published on Apr 7, 2014. Available at http://www.slideshare.net/nasscom-
emerge/bvr-mohan-reddy
[8] Losing the world’s best and brightest: America’s New Immigrant Entrepreneurs Part V by Vivek
Wadhwa, AnnaLee Saxenian, Richard Freeman and Alex Salkever. Published in Mar 2009. Available
at
http://www.law.harvard.edu/programs/lwp/people/staffPapers/vivek/Vivek_Losing_the_best_an
d_brightest.pdf
Web Articles
[9] http://yourstory.com/2013/12/1600mn-invested-in-indian-startups-in-2013/ by YourStory team.
Published on Dec 28, 2013
[10] http://www.slideshare.net/WorldStartupReport/india-startup-report by Bowei Gai and Benjamin
Joffe published on Mar 19, 2013
[11] http://timesofindia.indiatimes.com/business/india-business/Welcome-to-Powai-Valley-Indias-
new-start-up-hub/articleshow/29126534.cms by Samidha Sharma and Hemali Chhapia. Jan 21,
2014

33
[12] http://techcrunch.com/2014/03/26/inside-indias-e-commerce-boom-growing-base-of-mobile-
internet-users-women-shoppers-and-several-infrastructure-bottlenecks/ by Pankaj Mishra. Mar
26, 2014
[13] http://www.nextbigwhat.com/angel-investing-in-india-is-broken-297/ by Jayadevan P K. July 26,
2013
[14] http://www.nextbigwhat.com/indian-startup-predictions-for-2014-297/ by Ashish Sinha. Jan 21,
2014
[15] http://techcrunch.com/2014/02/06/accelerators-in-indias-nascent-startup-ecosystem-face-a-
reality-check/ by Pankaj Mishra. Feb 6, 2014
[16] http://economictimes.indiatimes.com/news/emerging-businesses/startups/indian-tech-startups-
find-few-takers-among-big-it-companies/articleshow/35151352.cms by Economic Times Bureau.
May 15, 2014
[17] http://readwrite.com/2010/07/15/strategy-roundtable-a-market-of-late-
adopters#awesm=~oEN1icyttUS6N5 by Sramana Mitra. July 15, 2010
[18] http://www.channelworld.in/news/government-it-spending-india-reach-64-billion-2014-gartner-
500552014 by Channel World Bureau. Feb 25, 2014
[19] http://articles.economictimes.indiatimes.com/2014-02-14/news/47336777_1_software-product-
industry-ispirt-government-contracts by Jochelle Mendonca, ET Bureau. Feb 14, 2014
[20] http://bestengagingcommunities.com/2012/03/26/the-two-speed-state-of-indian-market-
adoption/ by Mukund Mohan. Mar 26, 2012
[21] http://yourstory.com//2013/01/top-10-indian-role-models-in-the-startup-domain/ by Team
YourStory. Jan 01, 2013
[22] http://www.hindustantimes.com/india-news/reverse-brain-drain-young-indian-professionals-are-
returning-home/article1-1157720.aspx by Mahua Venkatesh, Dec 01, 2013

34
Appendix 1: Questionnaire to test the hypotheses
Local Market
1. Are you targeting local or international market?
2. Which market is driving revenues for you?
3. Many people say that the local market is very small and that’s why product companies don't
succeed much in India. What is your view?
4. How big is the local market? Can you reach your goals by serving just the Indian market?
Technology Adoption among Indian customers
5. I have heard people say that India is a late adopter of technology. How receptive do you think
Indian market is to new innovative products?
6. How forthcoming are investors to fund new innovative ideas?
7. What challenges do you face when selling innovative products to local market?
State of VC & Angel Investments
8. How did you fund the venture initially?
9. What were the challenges in raising funds?
10. What is the risk appetite of investors?
11. What kind of questions VCs and angels ask when you approached them?
Role Models and Mentors for product companies
12. What is your support network? Whom do you go to in case you need to discuss any challenges
or issues?
13. Do you have any business mentors?
14. Are there people who are experienced in building products who can guide you?
15. Do you feel there is a lack of guidance especially for product startups?
16. Do you feel a lack of role models in India?
Talent Availability for building product companies
17. How easy or difficult has been for you to find the relevant talent to build a product company?
18. Do you see any skill gap? Which skills are difficult to find?

35
Appendix 2: List of participants
As part of the research, comprehensive interviews were conducted with product start-up founders, VCs,
Angel Investors and other ecosystem players. These interviews provided firsthand perspective on the
challenges product start-ups currently face in India.
Product Start-up Companies
1. Joydeep Sen Sarma, Founder, Qubole. Interviewed on May 07, 2014
2. Anup Tapadia, Founder, TouchMagix. Interviewed on May 07, 2014
3. Sumeet Anand, Founder & CEO, i-nable Solutions. Interviewed on May 08, 2014
4. Varoon Rajani, Founder & President, Blazeclan. Interviewed on May 09, 2014
5. Anuj Kumar, Director, Formcept. Interviewed on May 10, 2014
6. Bala Venkatachalam, CEO, CereBrahm Innovations. Interviewed on May 13, 2014
7. Sanjoe Jose, CEO, Interview Master. Interviewed on May 17, 2014
Individuals
1. Avinash Raghava, Fellow at iSPIRT Foundation. Interviewed on Apr 28, 2014
2. Manish Singhal, Angel Investor and Founder of LetsVenture. Interviewed on May 15, 2014
3. Sharad Sharma, Co-Founder iSPIRT Foundation. Exchanged emails on May 27, 2014
4. Amit Singh, Co-Founder & Director Headstart Network Foundation, Founder, Wow Labz.
Exchanged emails on Mar 23, 2014
5. Arpit Agarwal, Principal, Blume Ventures. Interviewed on May 14, 2014
Organizations
1. Yourstory ( www.yourstory.com ).
2. Headstart Network Foundation (www.headstart.in )
3. iSPIRT (www.ispirt.in ).

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