Startups need to adopt a more frugal business model, say top experts at GVFL’s Annual Investors Meet

During the meet, experts stressed on finding business models that will cater to the middle and the bottom of the pyramid and not just the top of the pyramid. They also emphasised the need for innovation, ideas that help in solving real-world problems, and the right execution. Delivering the keynote address, Piruz Khambatta, CMD, Rasna Group, urged startups to find innovative solutions that reach the grassroots level and help in promoting inclusive growth and nation-building. 

In his address, Sunil Parekh, who is advisor to leading corporates and works extensively in promoting startups, said, “Indian startups have had an enormous impact on us as consumers and citizens, but have tech startups and unicorns developed any innovative technologies, done some foundational technological research? The answer is a big no.” He also said that India is home to 91,000 registered startups, 108 unicorns, and the third-largest startup ecosystem in the world. He, however, noted that almost no unicorn in India has been formally incubated in an incubator, and called upon the audience to deliberate why the most successful ventures are outside the formal incubation ecosystem.

In his remarks, Mihir Joshi, President, GVFL said, “There is certainly a cash crunch. Investors are being cautious. But is this the funding winter? No, we are back to normal from the unsustainable, high startup valuations had touched.”

Nine startups, in which GVFL is an investor, also made presentations about their business, their growth, and their plans. The startups include Zero Cow Factory, Video SDK, Saarthi Pedagogy, Zoivane, Pivoting, PetPooja, All that Dips, Qarmatek and Eronkan.

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.