From having to face early questions about survival to blockbuster IPOs, Indian startups have come a long way in the past decade. The 11th edition of The Economic Times Startup Awards (ETSA) in Bengaluru on Friday turned into a celebration of this remarkable journey.
With Urban Company, which went public in September, being picked as ET Startup of the Year 2025, and Lenskart founder and chief executive Peyush Bansal — currently steering the eyewear firm through its IPO book-building process — taking centre stage in a fireside chat, this year’s event was held against the backdrop of eagerly watched public market debuts by new-age companies.
The guest of honour, Union minister for commerce and industry Piyush Goyal, acknowledged the growing influence of the tech ecosystem in strengthening India’s negotiating position in global trade deals. “Today, listing in India is far more profitable and exciting than listing anywhere in the world,” he said.
“The fact (is) that many Indians from across the world are now looking to re-engage with the Indian market — it is the sheer demand that 1.4 billion people create,” said the commerce minister.
The government’s keen interest in this ecosystem was also evident when Goyal, while presenting the Social Enterprise award to Chakr Innovation, mentioned that his office had recently hosted a team from the company to showcase its air pollution control technology.
Conversations at the event also revolved around how founders are adapting to the transition from scrutiny by a few venture investors to that of millions of shareholders, and what an initial public offering truly means for a startup.
“IPO is an important milestone, but it is a pit stop in a longer journey,” said Bansal of Lenskart, which won the Startup of the Year award in 2024.
Urban Company cofounder Abhiraj Singh Bhal offered his own take on the public versus private valuation debate. “What better way to do value discovery than millions of people, not voting with their opinions, but voting with their money,” he said.
At a panel discussion on ‘Decade of Disruption: What Will Define the Next Gen of Indian Startups,’ speakers said that as listed startups operate at scale, there would always be disruptors keeping incumbents on edge. “There will always be a new kid on the block who is aggressive and wants to disrupt you, so, as entrepreneurs, we have to constantly keep going,” said Bhal.
Indian founders, meanwhile, take comfort from the vastness of the market.
“The opportunity is really big. If I speak of fashion, it’s a $120-billion market,” said Nandita Sinha, chief executive of Myntra. “Coupled with that, we have 400 million Gen Z consumers who are truly defining what fashion is going to be. They are disrupting us.”
Aravind Sanka, cofounder of Rapido, which challenged the Uber-Ola duopoly in ride-hailing and is now eyeing the food delivery segment, also spoke about new opportunities. “We don’t see it as a duopoly or aim to disrupt. We just see a large market opportunity and believe we are better positioned to serve it,” he said.
Urban Company took home the coveted Startup of the Year award, joining past winners such as Lenskart, Zerodha, Swiggy and Freshworks for building a category creating business while achieving significant customer delight.
Ashish Agrawal, managing director of Peak XV Partners, won the Midas Touch award for his early bet on wealthtech startup Groww, expected to list at a $7 billion valuation.
Mumbai-based Qure.ai won the Top Innovator award for leveraging artificial intelligence to improve healthcare diagnostics in India and other countries. Minfy Technologies was Bootstrap Champ for scaling to Rs 913 crore in revenue in under a decade, without external funding. Capillary Technologies was named Comeback Kid for turning around its fortunes after Covid wiped out 80% of its revenue. The company rebounded by focusing on global markets.
Woman Ahead winner Prukalpa Sankar was recognised for her second venture, Atlan, which helps enterprises adopt AI in their workflows. At a time when Delhi-NCR is battling severe air pollution, Chakr Innovation received the Social Enterprise award for its technology to cut emissions from diesel generators. Nawgati won the Best on Campus award for digitising fuel retail operations and reducing wait times at petrol pumps.
Upgrad chairman Ronnie Screwvala highlighted the importance of such recognition for founders, for whom building ventures is an otherwise lonely affair.
“If there is one thing that an entrepreneur needs in the lonely world of scepticism is periodic validation, and the ET Startup Awards — into its 11th year — does that very well,” he said. “This is also a year to celebrate the scale that startups have achieved, more than large corporates, and this is just the beginning.”
Growthstory founder and serial entrepreneur Krishnan Ganesh said, “Normally, we talk about big tech, large funding, unicorns and valuations, but grassroots entrepreneurship often gets ignored. Having categories like campus startups, bootstrap, comeback, women entrepreneur and social enterprise is extremely praiseworthy.”
Kalyan Krishnamurthy, chief executive of Flipkart Group, said platforms such as ETSA celebrate and strengthen the vibrant ecosystem by bringing together entrepreneurs, investors and policymakers. “Recognising new ideas and talent while fostering dialogue is critical to building solutions that reinforce India’s position as a hub for inclusive growth and global innovation,” he said.
Meanwhile, the IPO buzz was infectious among attendees.
“Today, there are dozens of companies that have listed in India, and their strong debuts reflect the tremendous appetite both retail and institutional investors have for these IPOs,” said Rohit Bansal, cofounder of Snapdeal and Titan Capital.
The Economic Times Startup Awards are presented by IDFC First Bank, with workspace partner Indiqube, knowledge partner Tracxn and hospitality partner The Leela Palace, Bengaluru.
With Urban Company, which went public in September, being picked as ET Startup of the Year 2025, and Lenskart founder and chief executive Peyush Bansal — currently steering the eyewear firm through its IPO book-building process — taking centre stage in a fireside chat, this year’s event was held against the backdrop of eagerly watched public market debuts by new-age companies.
The guest of honour, Union minister for commerce and industry Piyush Goyal, acknowledged the growing influence of the tech ecosystem in strengthening India’s negotiating position in global trade deals. “Today, listing in India is far more profitable and exciting than listing anywhere in the world,” he said.
“The fact (is) that many Indians from across the world are now looking to re-engage with the Indian market — it is the sheer demand that 1.4 billion people create,” said the commerce minister.
The government’s keen interest in this ecosystem was also evident when Goyal, while presenting the Social Enterprise award to Chakr Innovation, mentioned that his office had recently hosted a team from the company to showcase its air pollution control technology.
Conversations at the event also revolved around how founders are adapting to the transition from scrutiny by a few venture investors to that of millions of shareholders, and what an initial public offering truly means for a startup.
“IPO is an important milestone, but it is a pit stop in a longer journey,” said Bansal of Lenskart, which won the Startup of the Year award in 2024.
Urban Company cofounder Abhiraj Singh Bhal offered his own take on the public versus private valuation debate. “What better way to do value discovery than millions of people, not voting with their opinions, but voting with their money,” he said.
At a panel discussion on ‘Decade of Disruption: What Will Define the Next Gen of Indian Startups,’ speakers said that as listed startups operate at scale, there would always be disruptors keeping incumbents on edge. “There will always be a new kid on the block who is aggressive and wants to disrupt you, so, as entrepreneurs, we have to constantly keep going,” said Bhal.
Indian founders, meanwhile, take comfort from the vastness of the market.
“The opportunity is really big. If I speak of fashion, it’s a $120-billion market,” said Nandita Sinha, chief executive of Myntra. “Coupled with that, we have 400 million Gen Z consumers who are truly defining what fashion is going to be. They are disrupting us.”
Aravind Sanka, cofounder of Rapido, which challenged the Uber-Ola duopoly in ride-hailing and is now eyeing the food delivery segment, also spoke about new opportunities. “We don’t see it as a duopoly or aim to disrupt. We just see a large market opportunity and believe we are better positioned to serve it,” he said.
Urban Company took home the coveted Startup of the Year award, joining past winners such as Lenskart, Zerodha, Swiggy and Freshworks for building a category creating business while achieving significant customer delight.
Ashish Agrawal, managing director of Peak XV Partners, won the Midas Touch award for his early bet on wealthtech startup Groww, expected to list at a $7 billion valuation.
Mumbai-based Qure.ai won the Top Innovator award for leveraging artificial intelligence to improve healthcare diagnostics in India and other countries. Minfy Technologies was Bootstrap Champ for scaling to Rs 913 crore in revenue in under a decade, without external funding. Capillary Technologies was named Comeback Kid for turning around its fortunes after Covid wiped out 80% of its revenue. The company rebounded by focusing on global markets.
Woman Ahead winner Prukalpa Sankar was recognised for her second venture, Atlan, which helps enterprises adopt AI in their workflows. At a time when Delhi-NCR is battling severe air pollution, Chakr Innovation received the Social Enterprise award for its technology to cut emissions from diesel generators. Nawgati won the Best on Campus award for digitising fuel retail operations and reducing wait times at petrol pumps.
Upgrad chairman Ronnie Screwvala highlighted the importance of such recognition for founders, for whom building ventures is an otherwise lonely affair.
“If there is one thing that an entrepreneur needs in the lonely world of scepticism is periodic validation, and the ET Startup Awards — into its 11th year — does that very well,” he said. “This is also a year to celebrate the scale that startups have achieved, more than large corporates, and this is just the beginning.”
Growthstory founder and serial entrepreneur Krishnan Ganesh said, “Normally, we talk about big tech, large funding, unicorns and valuations, but grassroots entrepreneurship often gets ignored. Having categories like campus startups, bootstrap, comeback, women entrepreneur and social enterprise is extremely praiseworthy.”
Kalyan Krishnamurthy, chief executive of Flipkart Group, said platforms such as ETSA celebrate and strengthen the vibrant ecosystem by bringing together entrepreneurs, investors and policymakers. “Recognising new ideas and talent while fostering dialogue is critical to building solutions that reinforce India’s position as a hub for inclusive growth and global innovation,” he said.
Meanwhile, the IPO buzz was infectious among attendees.
“Today, there are dozens of companies that have listed in India, and their strong debuts reflect the tremendous appetite both retail and institutional investors have for these IPOs,” said Rohit Bansal, cofounder of Snapdeal and Titan Capital.
The Economic Times Startup Awards are presented by IDFC First Bank, with workspace partner Indiqube, knowledge partner Tracxn and hospitality partner The Leela Palace, Bengaluru.
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