Home Entrepreneurs startup: ET Startup Awards 2022: India may ride out global storm

startup: ET Startup Awards 2022: India may ride out global storm

by Ozva Admin
Indian startups with a strong economic unit will fare better than their overseas counterparts amid global turmoil, according to founders, investors and lawmakers attending the eighth The Economic Times Startup Awards, the most coveted accolade. from India to Business Excellence. Despite headwinds hitting markets around the world, India has emerged as a bright spot compared to developed economies like the United States and Europe, they said.

At the elite gathering of more than 350 guests from across the country’s vibrant business and start-up community, guests of honor Piyush Goyal, Minister of Trade and Industry, Consumer Affairs, Textiles and Food and Public Distribution; Ashwini Vaishnaw, Minister of Railways, Communications, Electronics and Information Technology, and Karnataka Prime Minister Basavaraj Bommai presented the awards to the winners at a grand ceremony in Bangalore on Saturday.

“Despite the many global challenges, optimism about India’s future was widespread and contagious,” said Nandan Nilekani, non-executive chairman of Infosys, who was present at the high-level event.

online payment company
Razorpay won the prestigious Startup of the Year award, with a stellar cast of jurors who chose the Bangalore-based startup for the strength of its technology and product stack with the potential to take some of its business global. The company, which is the most valued fintech in the country and which currently raised more than $500 million in funding last year, joins a distinguished list of previous winners, including food delivery company Zomato, brokerage firm Zerodha, Delhivery supply chain and logistics services company and hospitality platform. Oyo Hotels and Homes. Past winners include major food delivery company Swiggy, business software maker Freshworks, and ride-sharing app Ola, which took top honors in the inaugural edition in 2015.

This year’s winners included Falguni Nayar, founder and CEO of Nykaa, who
bagged the recently released CEO of the Year award. Shekhar Kirani, a partner at Accel, won the
Midas Touch Award to Best Investor for backing Nasdaq-listed Freshworks with an initial $1 million check that generated returns from multiple exchanges when it went public.

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The prize for the
Bootstrap Champ went to Noisea smart wearable device brand with considerable revenue and profit, while the award for
Top Innovator went to Eyestem, a Bangalore-based cell therapy company. cloud telephony platform
Exotel was chosen as the winner in the Comeback Kid category and Solinas Integrity, a deep tech firm founded at IIT Madras that develops robotic solutions for the plumbing and sanitation industry,
was awarded as the Best of the Campus.

Smita Deorah, co-CEO of LEAD, an educational technology company, was the
winner in the Woman Forward category. While starting up plastic recycling
Banyan Nation was the winner of Social Enterprise.

In line with prevailing sentiment, start-up founders and top CEOs discussed the need for companies to reassess business plans and expectations about valuations amid the deepening funding crisis, even as India appeared to be doing relatively better. situated than other countries.

“I was positively surprised by the level of positivity for India in the discussions. At the same time, issues like the need to create sustainable businesses were very relevant,” said Ananth Narayanan, founder and CEO of Mensa Brands, the e-commerce brand aggregator unicorn.

In a panel discussion: ‘The Great Reset: Tracking the Conundrum of Profitability vs. Growth Amid Tech Winter’, Sumer Juneja, Managing Partner, India & EMEA, SoftBank Investment Advisers, said valuations of emerging companies are will reset. “I think 2023 is going to be tough, companies that get their unit economy in order and have an appreciation of what’s going on and realize very quickly what they have to do will be in a better position,” he said.

Amrish Rau, CEO of payments firm Pine Labs, said sentiment around India has definitely emerged as positive amid global headwinds. “In the long run, that will help Indian startups, even if there may be a funding crisis in the short term,” he said.

As in previous editions, this year also ETSA became the key platform to facilitate dialogue between policy makers and the startup community. On the sidelines of the ceremony, multiple ongoing hot topics in the industry were discussed.

“The ET Startup Awards continue to be the preeminent celebration of startups in India and this year’s event not only congratulated high achievements in entrepreneurship across various categories, but also offered guidance to startups across the country. on how to deal with the current volatility. market environment,” said Kunal Bahl, co-founder and CEO of Snapdeal.

The event also witnessed potential collaborations between the government and startups from a political point of view. “I spoke to Minister Goyal and we discussed boosting exports to markets like the United Arab Emirates, Australia from the perspective of Mensa Brands and how it can help create more jobs,” said Narayanan.

Panelist Harsh Jain, co-founder and CEO of Dream Sports, also echoed the optimism about India, saying that India is well poised to grow with the help of government initiatives and does not need to follow in the footsteps of the US market.

The brimming confidence in the Indian start-up community was on full display and investors hailed this moment as the moment they had been waiting for: digital India on a grand scale.

“The scalability is now proven in all sectors, the profitability is also not far behind unlike what people expect. There is a set of players – founders, regulators, investors – who are in it for the long term, to build institutions that stand the test of time,” said Vikram Vaidyanathan, Managing Director of Matrix Partners India.

The Economic Times Startup Awards 2022 are presented by IDFC First Bank. Supporters of the event include knowledge partner Tracxn, hospitality partner The Leela Palace, Bengaluru and broadcast partner ET Now.

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