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India's Global Startup Surge: Bold Ideas, Twin Engines and the Next Frontier
India is no longer just a startup hub- it's fast emerging as a global innovation powerhouse. In Episode 3 of India for the World, a leadership podcast by Mint and BCG, host Ranjani Raghavan sits down with Rajan Anandan, Managing Director at Peak XV, and Alpesh Shah, Managing Director and Senior Partner at BCG, to explore how India's startup ecosystem is scaling new heights.
From twin-engine innovation and manufacturing-led growth to playbooks for building global-first companies, this conversation offers deep insights into India's expanding global footprint in tech and entrepreneurship. 40% of seed-funded startups in India last year were building for global markets from day one
of seed-funded startups in India last year were building for global markets from day one India went from 1 space tech startup in 2014 to 220+ today ; projected to be a top 3 space power by 2030
to ; projected to be a top 3 space power by 2030 27 SaaS unicorns as of 2024; projection of 100+ Saas unicorns by 2030 , including many AI-native
as of 2024; projection of , including many AI-native India's Venture capital investments grew from $1 billion in 2010 to $12 billion in 2024 ; projected to grow to $30-40 billion by 2030 .
to ; projected to grow to . India has 20-25% of the incremental global future workforce expected over the next two decades.
India is among a rare group of three economies, alongside the US and China, driven by a twin-engine model of innovation: building for India and building for the world. India's startup ecosystem has matured well beyond local problem-solving. More than 40% of today's seed-funded ventures are building global-first products, targeting international markets, like the US, right from inception.
This marks a new chapter for Indian entrepreneurship. The first wave of Indian innovation, led by IT services, was service-export focused. The current wave is defined by software products, deep tech, and AI-native startups that are product-export focused. As Rajan Anandan notes, India could be home to over 100 SaaS unicorns by 2030, many of them serving global enterprises and consumers.
'Over 40% of startups that we are investing in, and partnering with, at seed stage now are building for the world. So this is a major engine that has started, and it actually goes back to IT services,' said Rajan Anandan.
What sets successful global startups apart isn't just product innovation but also founder mindset. The most effective founding teams share one common trait: a razor-sharp understanding of a global customer problem. These teams often include a domain expert who leads product development, and a co-founder who focuses on go-to-market strategy.
Rather than retrofitting Indian solutions for overseas markets, these startups are built ground-up for global relevance. And that's a critical shift. Startups that succeed globally don't accidentally land there- they begin with a global hypothesis.
As Rajan Anandan notes, succeeding globally requires more than intent or funding. It demands a clear grasp of customer expectations in each market. For instance, US customers tend to prefer focused point solutions that evolve into platforms over time, while Indian customers often expect bundled features from the outset. Founders building for global markets must reframe their product strategy to match these nuances, rather than assume what works in India will automatically translate elsewhere.
'It is about - do they really want to go global and want to go big? India is a large market… it takes a very different thinking and a different mindset to say- Can I operate on both engines?,' explains Alpesh Shah.
The discussion also highlights how understanding category creation, customer pain points, and market timing are pivotal for Indian startups entering international markets, especially competitive markets like the US.
While software remains a stronghold, India's global startup story is rapidly diversifying. Startups in manufacturing, B2B e-commerce, and deep tech are gaining ground, from JEH Aerospace, which builds for global defence clients, to Ethereal Machines, which exports CNC precision equipment, to many others – the list is long.
This momentum is not accidental. With Western economies grappling with labour shortages, and India projected to contribute 20–25% of the world's incremental future manufacturing workforce over the next two decades, the country holds a powerful demographic edge. As Alpesh Shah notes, 'This is not just a market opportunity but a national imperative: creating quality jobs for India's growing youth population.'
Combined with the rising cost of manufacturing in traditional hubs and growing global confidence in Indian design and engineering capabilities, startups are now well-positioned to anchor global supply chains. India is also emerging as a credible base for B2B commerce and hardware innovation, building competitive operations that serve clients across the US, Europe, and Southeast Asia. The vision is clear: India should not just import innovation but also build and export it. As Alpesh Shah notes, going global for Indian startups is similar to that for traditional businesses – certain categories of products / services are more universal in nature and hence easier to export than those that need a lot of localisation. Hence SaaS, B2B, manufacturing, to name a few are seeing a lot more traction.
One powerful theme that echoes throughout the conversation is: focus on building a product that customers love and value. At the core of every successful global startup is a product/ offering that solves a real problem, exceptionally well. Whether it's an AI tool empowering content creator, an Indian toy brand now stocked in major US retailers, or legal-tech platforms automating complex research, the winning formula starts with wow-worthy utility and user delight.
As Rajan Anandan puts it, great startups aren't created by branding budgets, but by 'insane consumer love.' In many cases, word-of-mouth marketing trumps paid promotions, especially in early-stage growth. Branding follows functionality, not the other way around. Founders are advised to focus obsessively on user experience and iterate until their product speaks for itself.
The episode closes with practical advice for India's next generation of founders: Build for scale, not just survival
Choose global markets strategically, whether that's the US, Middle East, or Southeast Asia
Stay persistent through uncertainty and slow growth periods
The path from startup to global scale-up is rarely linear, but the opportunity has never been bigger. With the right mix of talent, ambition, and execution, Indian startups are poised to not just compete, but lead, on the world stage.
As Shah and Anandan both emphasise, this is India's time to turn innovation into global impact. From IT services to SaaS, and now to AI and manufacturing, India is writing a bold new chapter- one startup at a time.
Note to readers: This article is part of Mint's paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy.
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