India’s defence sector is entering a new chapter—one where the focus is not just on protecting our borders, but on building the strength to do so with homegrown technologies. An apt example of this shift is the newly inaugurated BrahMos Aerospace Integration and Testing Facility in Lucknow, part of a larger national effort to ramp up indigenous manufacturing under the ‘Make in India’ banner. The trend presents an unprecedented opportunity for Indian startups to enter the defence ecosystem, innovate rapidly and shape the future of national security while building globally competitive, cutting-edge defence solutions right here at home. Startups like ideaForge, whose UAVs are now a staple for the Indian Armed Forces, and Tonbo Imaging, which provides advanced imaging and sensor systems for night vision and battlefield awareness, have already demonstrated that Indian startups can deliver mission-critical technologies. Sagar Defence Engineering has developed autonomous marine systems that aid in maritime security, while Big Bang Boom Solutions is working on anti-drone technologies; its Vajra Sentinel Systems being famously deployed by the Indian Air Force during Operation Sindoor. These instances exemplify the capacity of Indian startups in the high-stakes defence sector.

But are we doing enough? Despite the wins, India still does not have a single unicorn in the defence startup space. In contrast, the United States, Israel and China have several startups surpassing the $1 Bn mark. Nevertheless, going by the current trend, the prospects are high for defence startups. With Defence Industrial Corridors taking shape and policies encouraging domestic innovation, India is steadily reducing its reliance on imports and stepping up as a serious player in global defence exports—a development that’s poised to create a nurturing ground for startups in the defence sector.

1. Growing defence market: Valued at $27.1 billion in 2024, the market is expected to double to $54.4 billion by 2033. With ambitious national targets of achieving Rs. 3 lakh crore (approx. $34.7 billion) in defence production and Rs. 50,000 crore (approx. $5.8 billion) in defence exports by 2029, India is poised to emerge as a key player in the global defence ecosystem.
2. Substantial budget allocation: India’s defence budget for 2025–26 has climbed to an impressive Rs. 6.81 trillion ($78.7 billion), marking a 9.5% jump from the previous year. This substantial investment underlines the nation’s commitment to strengthening its military capabilities and modernising its defence infrastructure.
3. Push for self-reliance and import reduction: Historically, India has been one of the world’s largest arms importers. However, recent times have witnessed a significant reduction in imports, with a 9.3% drop in India’s share of global arms imports between 2015-19 and 2020-24. This shift indicates a growing emphasis on indigenous defence production.
4. Increasing defence exports: India’s defence exports reached a record high of Rs. 23,622 crore (approximately $2.76 billion) in the fiscal year 2024-25, reflecting a 12.04% growth over the previous year. This surge demonstrates the global potential of Indian defence products and the opportunity for startups to tap into international markets.

Government initiatives fuelling defence innovation

1. Innovations for Defence Excellence (iDEX): The iDEX programme aims to drive innovation in India’s defence and aerospace sectors by providing targeted financial support to startups, MSMEs, and individual innovators. Through its Advanced Defence Technology Innovation (ADITI) challenge, selected projects can receive product-development grants of up to Rs. 25 crores. Additionally, the iDEX Defence India Startup Challenge (DISC) offers funding of up to Rs. 1.5 crore, while iDEX Prime extends financial support up to Rs. 10 crores. These funds are valuable for developing prototypes, offering an excellent springboard for early-stage startups.
2. Defence Industrial Corridors: India has established two Defence Industrial Corridors, each in Uttar Pradesh and Tamil Nadu, to promote indigenous production of defence and aerospace-related items, thereby reducing imports and driving exports. These corridors offer infrastructure support, streamlined regulations and opportunities for collaboration between private companies, public sector undertakings (PSUs) and international firms. However, startups may not have enough capital bandwidth to invest in such zones. Under the given situation, startups may consider forming consortia with MSMEs or industrial partners to share infrastructure costs.
3. SIDBI Cash Defence: The SIDBI Cash Defence scheme brings an air of respite for defence startups trying to navigate bottlenecks in executing work orders. The scheme provides short/medium-term financial support to eligible defence MSMEs by way of purchase order financing for executing confirmed work orders with financial assistance of up to Rs. 20 crores.
4. Technology Development Fund (TDF): Managed by the Defence Research and Development Organisation (DRDO), the Technology Development Fund (TDF) is a pivotal initiative aimed at fostering the indigenous development of defence technologies by supporting startups, MSMEs and academia. The scheme provides grants of up to Rs. 10 crores per project for the development of niche technologies that the Indian Armed Forces can eventually absorb. TDF is particularly focused on bridging the gap between prototype development and actual defence deployment—a phase where many startups struggle due to a lack of capital or access to testing. For startups, the key is to align their R&D with the problem statements issued under TDF and build proof-of-concept models that demonstrate strategic utility.

Areas to focus on

1. Dual-use technologies: It’s smart for startups to build dual-use technologies with both military and civilian applications. Technologies like AI, drones, autonomous systems and cybersecurity have both civilian and defence use cases. Startups can tap into these dual markets to stay financially sustainable while developing defence-ready solutions. For example:

• ideaForge: Founded by IIT Bombay alumni, ideaForge dominates the Indian UAV market with a 50% market share. Its products are extensively used by the Indian armed forces, state police forces and organisations like the DRDO.
• QNu Labs: QNu Labs is India’s pioneering quantum cybersecurity company that has also established significant collaborations with India’s defence sector, securing multiple procurement contracts with the Indian Army and the Indian Navy, and advancing India’s defence capabilities through quantum technologies.
• Indrajaal: Indrajaal, developed by Hyderabad-based Grene Robotics, is India’s first AI-powered wide-area autonomous drone defence system. Designed to protect critical infrastructure such as nuclear plants, oil refineries, ports, airports and power grids, Indrajaal offers real-time airspace security over areas up to 4,000 square km. It is operational at a naval port in Gujarat and is also deployed at India’s largest naval port in Karnataka.

2. Fast, frugal innovation: Startups can identify micro-challenges faced by jawans, officers and logistics units. These could be as specific as better grip gloves for cold climates, portable charging solutions for long treks, or faster tools for field medical assessment. These seemingly small pain points often go unnoticed by large defence players, but solving them can yield a massive impact and open the door to deeper engagements. For example:

• Axio Biosolutions: The startup has designed smart body armour and trauma care kits for soldiers operating in hostile environments.
• Signaltron Systems: The startup develops portable, lightweight, mission-ready communication and navigation solutions tailored for defence and aerospace applications. Last year, the Indian army inducted the first-ever indigenous chip-based 4G mobile base station, procured from Signaltron.

Challenges startups must prepare for

1. Long and complex procurement cycles: Unlike B2B or B2C markets, defence contracts often take years to materialise, often exhausting the financial runway and patience of startups. Many get trapped in repetitive trials, feedback loops and “wait-and-watch” situations without any purchase commitments.

To avoid exhaustion, startups may try and validate their innovations with adjacent markets like police and paramilitary forces (e.g., CRPF, BSF), etc.

Example: ideaForge initially collaborated with Indian police forces and disaster management agencies to deploy their UAVs, building credibility and operational experience. These deployments facilitated subsequent contracts with the Indian Army, including a significant order for SWITCH UAVs.

2. High-risk funding environment: Many venture capitalists are wary of defence startups due to long R&D cycles, limited commercial crossover and complex regulations. This creates a funding gap, especially at the post-prototype, pre-scale stage.

To bridge the funding gap, defence startups can explore a combined option of grants, defence-focussed investments and strategic partnerships. Government schemes like iDEX, TDF, etc., can offer crucial early-stage support, especially for high-R&D technologies. At the same time, startups should look beyond traditional VCs and approach defence-focused investors or strategic partners such as Bharat Electronics Limited (BEL) or Hindustan Aeronautics Limited (HAL).

Example: Eastern India’s biggest UAV startup and IIMCIP-incubated venture, Drones Tech Lab, collaborated with state governments, disaster management agencies and corporates in the oil and energy sectors even after securing its first major order with DRDO. This approach not only strengthened their credibility and on-ground experience but also ensured steady revenue while awaiting the lengthy defence procurement process. Simultaneously, the startup capitalised on defence innovation grants under iDEX initiatives like ADITI 1.0 and DISC 9. Taking its vision further, Drones Tech Lab launched EduRade, a dedicated training wing offering top-notch drone pilot training to enthusiasts from diverse backgrounds.

The Indian defence sector represents more than just a growth opportunity; it is a national imperative. For startups, it offers a unique platform to develop technologies that can safeguard lives and secure the borders. While Indian startups possess the grit and the potential, what’s needed now is a full-fledged ecosystem that nurtures long-term, capital-intensive and strategically critical innovations with the seriousness they deserve. Though government policies and pilot funding are suitably set in place, achieving scale will require concerted efforts to mobilise institutional support and private capital. If India is to truly become a defence manufacturing hub, steeped in the ambitious vision of Atmanirbharta (self-reliance), building deep-tech unicorns in this space isn’t just desirable; it’s a necessity.

The 5th edition of CONNECT.X, a flagship startup networking event organised by IIM Calcutta Innovation Park (IIMCIP), in collaboration with TATA Sons, concluded with resounding success today at Hotel Palacio, Guwahati. The event witnessed an energetic gathering of nearly 100 participants, including startup founders, angel investors, venture capitalists, industry leaders and ecosystem enablers, reaffirming CONNECT.X’s status as one of Assam’s most impactful startup networking platforms.

This edition was packed with thought-provoking conversations, meaningful networking and keynotes from seasoned professionals. A major highlight of the evening was the presence of Mr. Ajay Jain, Chairman of the Board at IIMCIP and Member of the Board of Governors at IIM Calcutta. Drawing from over four decades of experience across the corporate world, academia and entrepreneurship, Mr. Jain offered invaluable insights to the audience. Highlighting the immense potential of North East India, he emphasised that the true success of an entrepreneur lies in their mindset, not external conditions. “By 2047, a Viksit Bharat will be led by job creators, not job seekers,” he remarked with conviction.

Mr. Jain also lauded the Tata Social Enterprise Challenge (TSEC) – a joint initiative of the TATA Sons and IIM Calcutta, and India’s most prestigious hunt for promising social enterprises – as a unique and timely opportunity for entrepreneurs in the North East to harness their region’s strengths and build sustainable, high-impact ventures.

An engaging panel discussion on startup investments brought together investors and experts from across sectors. The panel featured Prasanta Kumar Talukdar, Deputy General Manager (Investment) at NEDFi Venture Capital Limited; Pranta Pratim Singha, Chief Manager of Corporate Planning at Numaligarh Refinery Limited; Joutishman Dutta, Managing Trustee of down town Charity Trust and a prominent angel investor; and Pankaj Baruah, Head of Portfolio, IIM Calcutta Innovation Park. The discussion explored a range of funding opportunities available for startups in North East India, with insights into initiatives by NRL, NEDFi Venture Capital Ltd., IIM Calcutta Innovation Park and Assam down town University. The panellists also shared their views on the prospects of deep-tech ventures in the region and unpacked what investors really look for when evaluating early-stage startups.

During the Q&A round, the IIMCIP Board Chairman, Mr. Ajay Jain, offered a crucial insight, drawing a compelling distinction between invention and innovation, emphasising that an invention becomes innovation only when it is commercialised for widespread use. He further noted that globally, only a handful of patented innovations actually make it to market, underscoring the importance of viability in the innovation journey.

Since its inception, CONNECT.X has consistently delivered on its mission to bring together key stakeholders from across the startup value chain. Over its previous four editions, the event has hosted a dynamic mix of 100+ attendees per session, including startup founders, VCs, angel investors, industry veterans and professional service providers. Notable personalities who have participated in earlier editions include Shri PVSL Murty, CMD, NEDFi; Mr. Nagaraja Prakasam, Partner, Acumen Fund & Founding Angel, IAN Impact; Dr. Ringo Rajagopal, Executive Officer, uMobi Solutions Corporation and Visiting Faculty, IIM Calcutta; Pratap TP, Founder, QwikCilver Solutions; Himanshu Acharya, Head of New Business Development, Mitsubishi Corporation India; and Anjan Pathak, Co-Founder, Vantage Circle, among others.

The 5th edition of CONNECT.X not only underscored the vibrancy of Assam’s entrepreneurial talent but also reinforced IIMCIP’s ongoing commitment to driving innovation-led development in the region.

The first COHORT of the Bengal Business Accelerator Program—a flagship initiative by the Government of West Bengal in collaboration with IIM Calcutta Innovation Park (IIMCIP) under the World Bank-aided RAMP Scheme—was launched with an inaugural bootcamp in Kolkata from April 24-26, 2025. The 3-day bootcamp marked the official beginning of a transformative acceleration journey for 25 high-potential startups or MSMEs, selected from an overwhelming 266 applications received across sectors.

Designed to equip entrepreneurs with the knowledge, tools and mindset required to scale, the bootcamp brought together a power-packed lineup of mentors, industry leaders and startup experts.

Day 1: The opening day set the tone with a welcome session by Mr. P Choudhury, Jt Director, Department of MSME&T, Government of West Bengal, and Mr. Srinivas Gadhavilli, Head, Ecosystem Development at IIMCIP. They introduced the RAMP Scheme, the structure of the accelerator program and its vision to make Bengal a startup powerhouse. Following this, Mr. Gaurav Kapoor, CBO at IIMCIP, led an engaging ice-breaking session, helping founders to bond and set collaborative energy for the days ahead. The day progressed with Dr. Subhrangshu Sanyal, CEO of IIMCIP, decoding the traits of fundable startups—insights to help participants align their business models with investor expectations. The afternoon sessions saw Dr. Ringo Rajagopal, CEO of uMobi Solutions, guide startups in building robust business roadmaps, followed by Mr. Kaustav Majumdar, Professor of Practice, who offered a deep dive into developing a compelling Customer Value Proposition. From customer research to refining product features, it was all about building lovable solutions that truly address user needs.

Day 2: Day two began with a masterclass by Mr. T. P. Pratap, Founder of Qwikcilver, on achieving product-market fit, validating offerings, segmenting customers and preparing for scale. A key highlight of the day was the entrepreneurial story shared by Mr. Madan M. Mohanka, Chairman of Tega Industries. His presence, along with Smt. Jayashree Mohanka, Member of the IIMCIP Board, brought immense value and gravitas to the programme, serving as a testament to Bengal’s legacy of innovation and leadership. This was followed by a session on lean manufacturing practices by Sri Manish Chandra Vinay, Dy Director of the National Productivity Council, giving startups a taste of operational efficiency. Mr. Sanjoy Sen, IIMCIP Mentor, led the next session on Customer Experience Journey Mapping, helping founders understand how to identify customer pain points and design for delight. The day concluded with a dynamic Diagnostics Panel, where a team of experts engaged directly with startups to evaluate their readiness and offer tailored advice. Panellists included Jayashree Mohanka TP Pratap, Sanjoy Sen, Suman Mukhopadhyay, Debapratim Das, Namami Ghosh, Srinivas Gadhavilli, Anil Bajaj, Sandip Bhatia and Supratik Bhowmik.

Day 3: The final day zoomed in on branding, marketing and pricing strategy. Prof. C. D. Mitra, Founder & CEO of Pipalmajik and Visiting Professor at IIM Calcutta, led a thought-provoking session on Branding and Promotion, covering everything from defining brand identity to executing promotional campaigns with consistency. This was followed by a highly relevant session on Pricing Strategy by Dr. Ritu Mehta, Professor at IIM Calcutta. The bootcamp wrapped up with a networking session, fostering peer-to-peer learning and open dialogue with mentors. The day ended with an interactive & networking session with MBA-Ex students in the Start Up Garage hackathon hosted by IIM Calcutta.

The bootcamp brought clarity, inspiration and momentum to the Cohort, laying the groundwork for what promises to be a powerful acceleration journey. As the accelerator programme moves into deeper mentorship and investor connects in the coming months, these 25 startups now stand better equipped with more sharpened acumen and clarity in ambitions.

How often do we see startups pouring money into marketing right from day one? And yet, despite the spend, the results often fall short of expectations. Why? Because many chase flashy gimmicks instead of nailing the basics—like truly understanding who their customers are and what they need. Enter Kusha Kapila and Vimarsh Razdan’s UnderNeat, the latest shapewear brand taking the nation by storm even before revealing it was a brand! With Kusha’s deep understanding of the audience and her effortless content game, UnderNeat skipped the hard sell and focused on building real connections. Riding on Kusha’s cult following and her sharp understanding of the audience, UnderNeat gave its heart (and funny bone) to strike a chord with the audience and create an organic community that would love, trust and be loyal to the brand.

Kusha spun up a separate Instagram profile, dishing out hilariously insightful “gyan” on intimate wear—keeping the story fun, functional and refreshingly real. Curiosity soared as followers wondered why a sudden spotlight on shapewear. The result? Just 8 videos, around 4 months and a whopping 123K organic followers! Kusha got the people talking! And then, boom, came the big reveal: her very own shapewear brand was on the way! With buzz in the bag and a founder who clearly knows the game well, it’s no shocker that the brand has already closed an investment deal with Fireside Ventures, with Mamaearth co-founder Ghazal Alagh also jumping in as a mentor and investor.

The secret behind UnderNeat’s viral buzz goes way beyond just scroll-pausing content. Customers are kings and UnderNeat hit the ball out of the park in understanding customers’ pulse and crafting every strategy around it. Here are some power-packed takeaways every new D2C startup must bookmark from UnderNeat’s viral success.

1. Aligning with the trending vibe: Before getting into Kusha’s viral content marketing strategy, the first striking thing to take note of is the segment selection. ‘Fashion-loves-body-positivity’ is the sweet song that Gen Z and millennial women love to chorus along. UnderNeat tapped on this trending vibe to come up with a product line that would let women of all shapes and sizes flaunt their dream outfits without discomfort or hesitation. Kusha, an unapologetic millennial woman and the face of the brand, has a follower base mainly comprising Gen Zs and millennials. Connecting the ‘influencing’ dots?

2. Knowing customer mindset before the ride: Rather than jumping straight into launching a marketing campaign, it’s important to understand the customer mindset and the possible challenges that could come with it. In India, conversations on intimate wear are largely tabooed, and customers mostly remain hesitant, often ending up unacknowledging their own needs. Before bringing the product to the market, UnderNeat decided to address this mindset by calling out the elephant in the room. That’s exactly the thought that shaped their pre-launch marketing campaign as well.

3. A quirky, honest and inclusive positioning: While the market is flooded with choices, brands need to find a voice and positioning that stands out. UnderNeat has nailed it with bold transparency and a wink of quirk! Carving a niche in the shapewear segment, the brand has positioned itself as that honest, no-judgement friend who speaks to women of all ages and shapes, solving real wardrobe woes with premium quality minus the premium price tag. All served with a dash of sass and quirk—never bland, nor solemn. This transparency and quirkiness were deliciously communicated in their pre-launch campaign.

4. A campaign to spark conversations: Who better than Kusha Kapila to lead a campaign whose very core was to spark candid conversations on innerwear challenges? Kusha’s cheeky video series, “What are you wearing under?” ditched the awkwardness and served up straight talk peppered generously with humour. Here are a few reasons why this campaign is considered a masterclass:

a) Hyped the headache before pitching the cure: The campaign didn’t just spark conversations; it gave women the confidence to acknowledge the gaps and recognise the need. Just what the brand wanted!

b) Conversational marketing done right to validate the need: No regular AMAs. No tediously long podcasts. No boring surveys. UnderNeat used short videos as tools to compel people to share their woes and request similar video tutorials addressing those woes. This not only validated the need, but the brand also gathered real insights on what consumers really wanted–the data that shaped the product range.

c) Focussed on building trust, not hyping the brand: Instead of dropping flashy ‘Coming Soon’ promos, UnderNeat focussed on earning trust through useful content. Kusha’s content offered much-needed hacks for women who hesitate to wear their dream outfits simply because they aren’t sure about the right innerwear. Never for once did she reveal that she was building a brand, all while seamlessly showcasing her products in her tutorials.

d) Built an organic community to establish connections that last: No paid promotion, no PR. Why shell out a fortune when real potential customers could be won over with relatable, no-frills-attached storytelling? Kusha’s narrative was honest and refreshing, making her audience feel the gaps, laugh at their own struggles and trust her solutions. And thus, the community started growing—proof that great stories sell better than ads! Think the impact was possible only because it was Kusha, the influencer? How about crediting Kusha, the content creator?

UnderNeat’s success corroborates that understanding consumer pulse is still the key to crafting viral products. By doing the basics right and putting trust and engagement above those gusty marketing gimmicks, the brand has proven that research, relevance and relatability are keys to winning over customers. In an era where consumers crave transparency, UnderNeat’s success underscores a vital lesson—when brands focus on solving real problems with real conversations, they don’t just sell; they stay.

IIM Calcutta Innovation Park organised the Annual Incubatee Meet 2025 at IIM Calcutta from February 27 to March 01, 2025. The Meet brought together startups incubated under various IIMCIP programmes, creating a dynamic platform for entrepreneurs, mentors and industry experts to exchange insights. The 3-day event featured a carefully curated agenda blending theoretical knowledge, practical strategies and interactive discussions, equipping startups with the tools to navigate their entrepreneurial journey confidently.

DAY 1 Highlights

The first day commenced with a warm welcome from Gaurav Kapoor, CBO, IIMCIP, who introduced the purpose and objectives of the Meet. An engaging ice-breaking session followed, where startups transformed into investors, placing bets on their favourite ventures based on a 20-second elevator pitch. This interactive activity not only fostered connections but also set the tone for meaningful discussions and collaborations.

Dr. Subhrangshu Sanyal, CEO, IIMCIP, then led a session on key success factors for investable startups, offering founders a deep dive into what investors seek when funding startups. This was followed by an insightful session on goal setting by Bibash Mondal, Startup Mentor, helping participants align their business aspirations with structured growth strategies. Post-lunch, Ananatika Singh from Pernod Ricard India Foundation delivered a thought-provoking talk on entrepreneurship as a tool for social impact, highlighting how startups can drive sustainable solutions to pressing social and environmental challenges while ensuring financial viability. The day concluded with a diagnostic session, where startups were grouped for an in-depth business assessment, equipping founders with valuable insights into their strengths, operational efficiencies, and scalability potential.

DAY 2 Highlights

The second day focused on discussions around establishing Product-Market Fit (PMF) and enhancing Customer Experience and Engagement (CXE). The day commenced with an in-depth session on PMF led by Sachin Oswal, who provided valuable strategies on aligning product offerings with market demand and sustaining market alignment. The focus then shifted to CXE, with IIMCIP mentors and experts Sanjoy Sen and Manimala Hazarika guiding participants on enhancing customer interactions, building long-term relationships and offering advanced insights into customer engagement strategies.

DAY 3 Highlights

The final day of the Incubatee Meet centred around branding and digital marketing. Prof. C.D. Mitra, IIMCIP Mentor & Advisor|Founder, PipalMajik, delivered an impactful session on branding for startups, emphasising the importance of creating a strong identity and emotional connection with customers beyond just logos and taglines. Key takeaways included brand positioning, storytelling, consistency and building a customer-centric approach. This was followed by a session on leveraging digital media for scaling up, where Manimala Hazarika highlighted the role of social media strategies, SEO, content marketing, performance marketing, influencer engagement and analytics in startup growth. Real-time case studies provided actionable insights for enhancing online presence.

The event concluded with a prize distribution ceremony, recognising outstanding startups from DST, MeitY and PRIF programmes for their innovation and contributions. This ceremony also facilitated networking and inspiration for budding entrepreneurs, marking the end of a successful and enriching three-day event.

In recent years, an increasing number of large corporations have been buying out successful startups instead of attempting to replicate their success. So, why are corporations opting for acquisitions rather than innovating from scratch? Let’s dive deep into the key factors driving this trend and explore how startups have been able to achieve remarkable success, often faster than their corporate counterparts.

A prime example of startup success is Minimalist, a Jaipur-based premium beauty brand that built a Rs. 100 Crore business in just 8 months, which has influenced Hindustan Unilever’s decision to acquire the startup. This kind of growth in such a short span is a feat that even well-established, resource-rich corporations often find difficult to replicate. But why is this the case? Let’s break it down.

Agility over Complexity

Corporates, with their layers of management, red tape and complex processes, often find it difficult to move quickly. In contrast, startups benefit from their lean and flexible structures, which allow them to pivot, innovate and execute faster.

Startups, by design, have less bureaucracy and can make rapid decisions. Corporates buying startups gain access to this agility, which can help them overcome the delays caused by their more complex internal systems.

When Walmart looked to establish its foothold in the Indian e-commerce market, it decided to speed up the process by acquiring Flipkart, arguably, the country’s largest e-commerce startup. Flipkart’s agile, tech-driven approach enabled Walmart to penetrate quickly into the Indian market and compete quickly with giants like Amazon.

Founder’s Passion

The passion and drive of startup founders are often key to their success. Unlike large corporations where leadership is more divided and often disconnected from day-to-day operations, founders of startups are deeply involved in every aspect of their business. This unyielding commitment to their vision often drives the innovation and growth that sets them apart.

When Steve Jobs returned to Apple in 1997, the company was on the verge of bankruptcy. His return marked the beginning of a transformation powered by his passion for innovation. Jobs’ relentless focus on design and user experience led to the creation of revolutionary products like the iPod, iPhone and iPad. Apple’s success, driven by Jobs’ vision, is a prime example of how a founder’s passion can turn a struggling company into the world’s most valuable brand.

For corporations, acquiring startups with passionate, visionary founders gives them the opportunity to tap into the passion of the founders, which is difficult to cultivate from within.

Mission-Centric Focus

Startups are often driven by a single, clear mission that guides every decision they make. Unlike large corporations, where multiple divisions may have competing priorities, startups are united by the founder’s vision. This stringent focus enables them to remain nimble and fast-moving, which helps them outpace their larger competitors in areas like product development, customer service, and innovation.

Tesla, under Elon Musk’s leadership, is a perfect example of a mission-driven startup. Musk’s vision of creating sustainable energy solutions has been at the core of Tesla’s rapid growth. While other automakers were slow to embrace electric vehicles, Tesla was focused on one goal: revolutionising transportation through innovation in electric cars. This clear, singular mission has made Tesla the leader in electric vehicles, while traditional car manufacturers struggle to catch up.

When a corporation acquires a startup with a strong, clear mission, it gains the ability to drive faster innovation and maintain a laser-sharp focus on its goals.

Team & Motivation

Startups build strong, motivated teams that are deeply committed to the company’s mission and vision. By hiring intelligent and passionate individuals and often offering them ownership through Employee Stock Ownership Plans (ESOPs), startups create a sense of ownership and responsibility that drives employees to work harder and smarter.

In its early days, Google faced the challenge of competing with well-established tech giants to attract and retain top talent. To address this, the company introduced ESOPs, ensuring that employees had a vested interest in Google’s long-term success. Unlike traditional corporate structures, Google fostered a flat hierarchy, empowering even junior employees to take ownership of major projects and contribute meaningfully. One of its most famous policies, the “20% time” policy, encouraged employees to dedicate a portion of their work hours to passion projects, leading to groundbreaking innovations like Gmail, AdSense, and Google Maps. Further, fostering a transparent culture, founders Larry Page and Sergey Brin conducted weekly TGIF meetings, where they openly discussed company progress and future plans, reinforcing trust and alignment among employees. These strategies created a highly motivated, innovation-driven workforce, transforming Google into one of the most influential companies in history.

Corporates, on the other hand, may struggle with employee motivation, especially in large, hierarchical environments where individuals may feel disconnected from the broader mission. By acquiring startups, corporations gain access to highly motivated teams who are often more passionate and driven than employees at larger companies.

Startups are thriving not just because of their innovative ideas, but because they embody the values of agility, passion and mission-focus—qualities that are often difficult for larger corporations to replicate. For corporations, buying out successful startups isn’t just about acquiring products—it’s about gaining access to a culture of innovation, flexibility and passion. So, is buying a startup the shortcut to staying ahead in today’s fast-paced market? It seems that for many corporations, this is the most effective way to maintain competitiveness and drive the kind of innovation that the market demands.

The Direct-to-Consumer (D2C) model has transformed the retail industry, enabling brands to connect directly with consumers. It has allowed companies to retain control over manufacturing, marketing and distribution, making them more agile and responsive to evolving market trends. The popularity of D2C brands stems from factors like advancements in digital infrastructure, shifts in consumer preferences and the appeal of personalised shopping experiences. Companies like Bombay Shaving Company, boat and Sugar Cosmetics, to name a few, have effectively leveraged this trend to rule the Indian market.

Despite these advantages, D2C brands face notable challenges. The market’s intense competition requires brands to stand out through unique offerings and memorable customer experiences. Supply chain management poses another hurdle, particularly for smaller brands struggling with logistics and inventory. Additionally, in the absence of a built-in audience like established retailers, D2C brands often need to spend more on marketing and advertising to build brand awareness and acquire customers. Overcoming these obstacles requires strategic planning and innovative solutions to sustain and forge growth in a rather crowded marketplace.

In order to succeed, D2C brands must take a holistic approach—one that integrates smart marketing strategies, a data-driven approach and strategic partnerships, among others. In the following sections, we explore key solutions that can enable D2C brands to overcome challenges and succeed in a rapidly evolving market, citing a few strategic decisions that have helped leading brands establish their dominance in the D2C space.

Differentiation and Storytelling

D2C brands must offer unique products that resonate with their target audience in a crowded market. Clearly defining and communicating the unique value proposition, whether in materials, product design or cause, are extremely important. A meticulously crafted story incorporating the company’s well-defined values, unique origins and USPs can set a D2C brand apart from the rest.

A prime example of a D2C brand excelling in this area is Paper Boat. Known as, arguably, India’s first commercial traditional drinks brand, Paper Boat jostled its way into the crowded FMCG space to emerge as a leader in the non-alcoholic beverage segment by dint of its unique value proposition that combines the charm and purity of traditional Indian drinks with the convenience of modern packaging. Its iconic brand narrative has created a legacy that instantly strikes a chord with consumers, evoking a strong sense of nostalgia around traditional Indian drinks. At the core of its storytelling is the emphasis on “Indian roots” and “authenticity.” The brand’s narrative revolves around bringing back forgotten recipes from across India, making the drinks a way for consumers to reconnect with their heritage while enjoying the convenience of a ready-to-drink product. This narrative has been perfectly backed by unique packaging that exhibits the brand’s focus on bringing back the childhood memories of its consumers.

Optimising Supply Chain

D2C companies have to handle numerous supply chain challenges, including demand forecasting, inventory management and last-mile delivery inefficiencies. To ensure sustainable growth, investing in technology to optimise and streamline supply chain processes is essential.

Licious is a great example that has optimised its supply chain to deliver fresh meat and seafood directly to consumers. The company has built a robust, end-to-end cold chain infrastructure that ensures freshness and quality from sourcing to delivery.  While it manages the entire process, including sourcing, processing, storage and last-mile delivery, the company leverages advanced technology, such as IoT systems and AI-driven algorithms to track inventory in real-time and accurately predict customer demand.

Notably, its predictive algorithms have reduced wastage from a staggering 40% to just 3%, demonstrating unparalleled efficiency in a rather challenging sector. Processes have been automated, right from demand planning and procurement to manufacturing and logistics planning, which has effectively streamlined the entire supply chain, making it more scalable. Additionally, the company uses geocoding APIs and Google Maps to enhance logistics, streamline farm pickups, calculate accurate delivery times and optimise courier routes for efficient delivery operations.

Smart Digital Marketing Strategies

Investing in digital marketing is essential for D2C brands looking to grow and scale. A well-rounded strategy should encompass various elements such as Search Engine Optimisation (to make brand discovery easier), well-thought-out content marketing (to build trust and showcase the brand’s expertise) and targeted social media advertising (to drive traffic and boost conversion rates). Additionally, collaborating with influencers can amplify brand visibility, helping reach a wider audience and validate authenticity. The right combination of these strategies can significantly increase brand awareness, drive sales and forge a loyal customer base.

For example, mCaffeine has brewed a winning formula in the beauty market with its caffeine-infused, toxin-free and eco-friendly skincare products, carving a unique niche in the crowded beauty market. Social media marketing has been the heart of their marketing strategy, meticulously blending quirky content, user-generated content, influencer partnerships and paid advertising. Discussing mCaffeine’s marketing strategy is incomplete without mentioning their impactful campaigns like #GetHighOnGoodness (emphasising sustainability and ethical product choices), #SkinCaffeine (enlightening consumers on caffeine’s skin benefits through collaboration with influencers), #HairCaffeine (promoting caffeine-infused haircare through video tutorials) and #mCaffeineSquad (community-building campaign encouraging consumers to share their mCaffeine experiences) that have helped the brand successfully reach out to and inspire a younger, trend-conscious audience who value premium, vegan and cruelty-free products.

Data-driven Decisions

For D2C brands, leveraging customer data is essential for making informed decisions in driving growth. By analysing buying patterns, preferences and behaviour, brands can create targeted marketing campaigns, ensuring that the message resonates with specific audiences. Personalised recommendations based on data also improve customer experience and enhance customer loyalty.

Zivame, the popular Indian lingerie brand, uses a data-driven approach to solve the biggest gap in the bra category – finding the right fit. It has devised a proprietary product called FITcode, which collects basic information from customers to identify their body type and fit. Using data science algorithms, Zivame matches customers to its already existing profiles and recommends suitable products. Additionally, the brand has effectively leveraged data science to optimise its supply chain, trying to create an accurate plan for stocking and managing products that ensure customers find what they need.

Community Building

Community building is crucial for D2C brands as it fosters loyalty, trust and engagement. By creating a sense of belongingness, brands encourage repeat customers who feel connected to the brand’s values. Active communities provide direct feedback, amplify reach through word-of-mouth and generate user content, which boosts credibility and marketing efforts. Further, engaging customers through events, co-creation and storytelling can consolidate brand identity.

Nike has successfully created online communities through its apps like Nike Run Club and Nike Training Club, where users can track progress, join challenges and connect with fellow enthusiasts. This has allowed the athletic footwear and apparel brand to engage with customers beyond just selling products, fostering a sense of community around fitness. Additionally, the brand’s regular events, marathons and training sessions have been effectively ensuring persistent engagement with the community.

Collaboration and Partnership

Collaboration and partnership could be game-changers for emerging D2C brands. By partnering with larger companies, D2C brands can steamroll supply chain inefficiencies, reach broader audiences, tap new markets and gain credibility.

For instance, Soulflower, a D2C skincare and essential oils brand, partnered with Nykaa to create exclusive combo kits sold on Nykaa’s platform. This collaboration boosted the visibility of Soulflower through Nykaa’s extensive audience while adding unique products to Nykaa’s portfolio.

While shared marketing campaigns and co-branding are popular options, the sky is the limit when it comes to creative thinking to devise need-specific collaboration opportunities. In an interesting insight, Sagar Daryani, the founder of ‘Wow! Momo’, during an IIMCIP-organised event, shared how a budding D2C spice brand can scale its reach and popularity by first exploring collaboration opportunities with HoReCa to build recognition and then leveraging this popularity to strengthen its D2C model. “You can become a D2C brand by going B2B,” he said.

Ultimately, the long-term success of D2C brands depends on their ability to balance innovation with customer-centric approaches and effective partnerships. By continuously refining strategies, embracing technology and engaging with the communities, these brands can navigate the complexities of the market while driving sustainable growth. As the D2C space evolves, the ones who master these dynamics will lead the next wave of retail transformation.

For entrepreneurs and innovators in the mobility sector, few experiences are as enriching as a firsthand visit to an industry leader’s manufacturing facility. Recently, the winners of Maruti Suzuki NURTURE Cohort 2.0 had an invaluable opportunity to visit the Maruti Suzuki India Limited (MSIL) Manesar Plant – one of the largest and most advanced automotive manufacturing facilities in India. The visit offered first-hand insights into state-of-the-art manufacturing practices, lean production processes, automation in vehicle assembly and Maruti Suzuki’s approach to sustainability and workforce development. Following is an elaboration of the experiences and the key learnings picked up by the entrepreneurs during the visit.

Advanced Manufacturing Processes: Setting Industry Standards

The Manesar plant exemplifies cutting-edge manufacturing and thoroughly streamlined processes. The visiting entrepreneurs were introduced to Maruti Suzuki’s just-in-time (JIT) production system, which minimises inventory costs, reduces inventory costs and maximises efficiency by ensuring that the parts arrive exactly when needed.

Key learnings:

– Efficiency through Lean Manufacturing: Adopting lean principles can drastically reduce production costs, improve turnaround times and minimise waste, which can be the deciding factors for the success of any mobility startup.

-Automation for Precision: A high level of automation ensures precision, consistency and superior vehicle quality by minimising human error conspicuously.

Sustainable Manufacturing Practices

Maruti Suzuki’s Manesar plant exemplifies its commitment to sustainability with water recycling, zero-waste-to-landfill systems and solar energy usage, reflecting the company’s dedication to green manufacturing and reducing environmental impact.

Key learnings:

-Green Manufacturing: Sustainability is not just a corporate responsibility but provides a competitive advantage as well. Startups that incorporate eco-friendly practices from the beginning—such as using renewable energy or recycling materials—can appeal to environmentally conscious consumers and investors.

-Resource Optimisation: Meticulous management of resources through thoughtful means like water recycling and energy-efficient equipment can effectively reduce wastage.

The Role of Automation and Industry 4.0

The Manesar plant utilises robotics and automation across welding, assembly and quality control, embodying Industry 4.0 principles. Data analytics further helps enhance operational efficiency, product quality and maintenance.

Key learnings:

-Embrace Industry 4.0: The future of manufacturing is data-driven. By integrating IoT and AI-driven predictive maintenance, startups can improve efficiency, prevent costly downtimes and maintain high product quality standards.

-Flexible Automation: Maruti Suzuki’s use of robots extends beyond repetitive tasks, with some programmed to adapt to different vehicle models, demonstrating the flexibility of automation. This highlights the potential of adaptable automation to optimise operations across diverse product lines.

Workforce Development and Training

Maruti Suzuki’s Manesar plant invests in its workforce through dedicated training centres, ensuring employees are regularly skilled, reskilled and upskilled to stay updated with new technologies and processes.

Key learnings:

-Invest in People: In any high-tech production environment, a skilled and adaptable workforce is essential. Entrepreneurs should focus on building a knowledgeable and versatile team that can keep up with technological advancements.

-Encourage Lifelong Learning: With the pace of innovation in mobility accelerating, fostering a culture of continuous learning can help employees stay relevant and contribute meaningfully to a startup’s growth.

Quality Control and Assurance

Maruti Suzuki’s Manesar plant prioritises quality control at every stage, with automated systems inspecting components to ensure defect-free products, upholding the company’s reputation for reliability.

Key learnings:

-Prioritise Quality Control: In a competitive market, quality can be a decisive factor for customers. Entrepreneurs must establish rigorous quality checks from the outset to meet consumer expectations and build trust.

-Leverage Technology for Quality Assurance: Automating quality control tasks minimises errors, speeds up production and maintains consistency. By integrating smart quality assurance tools, startups can achieve higher standards and lower production costs.

Logistics and Supply Chain Management

Maruti Suzuki’s Manesar plant boasts top-class logistics and supply chain management, integrating seamlessly with suppliers and vendors and enabling rapid communication and just-in-time inventory management. This sophisticated supply chain setup helps minimise disruptions, reduce warehousing costs and ensure a steady material flow.

Key learnings:

-Efficient Supply Chain Design: A well-coordinated supply chain is essential for high-output manufacturing. Entrepreneurs should focus on establishing close relationships with suppliers and investing in robust inventory management systems.

-Adaptability: The ability to adapt supply chain processes based on demand and supplier dynamics emphasises the importance of flexibility. Mobility startups must design supply chains that can swiftly adjust to market changes or disruptions.

R&D and Innovation

Maruti Suzuki invests heavily in research and development, resulting in innovation in vehicle design, fuel efficiency and electric mobility. This ensures that the company remains competitive and responsive to consumer needs.  keeping it competitive. Entrepreneurs in the mobility sector are encouraged to prioritize R&D for long-

Key learnings:

-Prioritise R&D Investment: Innovation-driven R&D is key to staying competitive in the mobility space, particularly as trends shift towards electric and autonomous vehicles.

-Consumer-Centric Approach: For startups, building products that solve real customer problems is fundamental to success.

In 2014, a vision was set into motion to transform India’s entrepreneurial landscape, and today, as IIM Calcutta Innovation Park (IIMCIP) celebrates its 10-year milestone, the impact of that vision is undeniably clear. As a DST-recognised Technology Business Incubator under the aegis of the Indian Institute of Management Calcutta, IIMCIP has been at the forefront of nurturing innovation, empowering entrepreneurs and driving social change in the country.

Nurturing Innovations & Startups

From its inception, IIMCIP has been dedicated to fostering startups that not only bring innovative ideas to life but also create tangible societal impact. Over the past decade, the incubator has supported over 1000 startups across 23 states, providing critical business guidance, funding and access to networks that have enabled these startups to thrive in a competitive landscape. 108 startups have received seed funding totalling Rs. 27 Crores. The external funding tally stands at over Rs. 1900 Crores and a combined portfolio valuation exceeding Rs. 7300 Crores.

Empowering the Entrepreneurial Ecosystem

IIMCIP’s influence extends far beyond individual startups, emerging as a trusted partner in fostering a culture of entrepreneurship in the country. By partnering with state governments as a Knowledge Partner for their startup initiatives, IIMCIP has been instrumental in creating environments where entrepreneurship can flourish.

Initiatives like the Egiye Bangla startup contest with Zee Bangla and the Smart Fifty reality show with NDTV 24×7 played a big role in popularising entrepreneurship, inspiring countless individuals to pursue their business ideas. Additionally, IIMCIP’s collaboration with the North Eastern Council to launch the North East Entrepreneurship Development Programme has supported 270 startups from the eight states of Northeast India, further expanding its footprint and impact.

Championing Women Entrepreneurship

A cornerstone of IIMCIP’s mission has been its unwavering support for women entrepreneurs, particularly in rural areas. The NRETP Incubator Program, in collaboration with the National Rural Livelihoods Mission, is a testament to this commitment. This initiative has incubated 450 women-owned enterprises across Assam, Bihar and West Bengal, creating new opportunities and driving economic empowerment in rural communities.

IIMCIP’s partnership with the Pernod Ricard India Foundation further corroborates its dedication to women entrepreneurship, providing funding and business guidance to 17 women-owned startups.

Forging Strong Partnerships for the Future

IIMCIP’s journey has been marked by strategic collaborations with both international agencies and corporates, each adding a new dimension to its impact. Whether it’s the partnership with Tata Sons for the Tata Social Enterprise Challenge, the alliance with Balmer Lawrie to accelerate startup growth, the collaboration with JICA to support revenue-stage startups from Northeast India, the involvement with Villgro to boost the growth of for-profit social enterprises, or the association with PRIF to promote inclusivity in entrepreneurship, these partnerships have been crucial in bolstering IIMCIP’s resolve to drive impactful innovations and shape the nation’s entrepreneurial landscape.

As IIMCIP marks a decade of fostering innovation, empowering entrepreneurs, and driving social impact, its journey is far from over. The next chapter promises to be even more exciting as the incubator continues to build on its successes, forge new partnerships and support the next generation of entrepreneurs who will drive India’s growth and development.

Given the hands-on experience of successfully driving a rural incubation program for the states of Assam, Bihar and West Bengal as part of the NRLM-led NRETP Incubator Program, IIM Calcutta Innovation Park has picked up the baton to pass on the learnings and best practices for supporting rural entrepreneurs to the enablers who are in a position to play crucial roles in supporting enterprises within the rural landscape of the country. Taking the first step towards realising the objective, IIMCIP designed a 4-month capacity building program for the officials from the Tamil Nadu Rural Transformation Project (TNRTP). This strategic program, designed in collaboration with the Government of Tamil Nadu, sought to equip officials with the necessary skills, tools and insights to drive meaningful economic change in rural communities.

The primary objective of the capacity-building workshop was to enhance the ability of TNRTP officials to effectively manage and implement rural development programs. Through a focus on leadership and management development, the program aimed to prepare officials to design and execute initiatives that drive tangible change in rural communities. By the end of the training, participants gained the confidence and skills needed to address complex challenges, mobilise resources and meet program objectives with greater efficiency.

Capacity enhancement through bootcamps

The Capacity Enhancement Workshop was conducted in three distinct bootcamps, held across three batches over three days, from May to September. Each batch was led by its respective facilitators, viz., V. Babu, S. Muruganantham and Jagan Kumar L. Each bootcamp was tailored to different groups of officials, followed by a final session specifically designed for senior executives. For the bootcamps, the participants were trained in essential components for empowering rural entrepreneurs, like leadership, market access and value chain development. From understanding rural business models, the MSME sector and practical insights into rural development, to mastering the intricacies of legal compliance and financial management, TNRTP officials gained comprehensive insights that have built their capacity to enhance rural livelihoods through entrepreneurship and innovation. Experts to lead the sessions were Divvay Chaddha and Nitish Mawkin from Singhania & Co., while Rakesh Singh from S. Sanghi & Co. and Debapratim Das, the IIMCIP CFO took charge of the sessions on financial management.

A significant aspect of the program was its emphasis on market-driven strategies to promote rural enterprises. Officials were trained in value chain enhancement, enabling rural entrepreneurs to connect with broader markets, increase competitiveness and achieve better economic outcomes. This market-oriented approach aimed to improve the viability and profitability of rural businesses, directly contributing to enhanced livelihoods.

Hands-on learning and real-world impact

One of the hallmarks of IIMCIP’s approach is its emphasis on experiential learning. The workshop didn’t just focus on theoretical knowledge—it immersed participants in the realities of rural entrepreneurship. Officials had the unique opportunity to directly interact with entrepreneurs and explore real-life case studies. This hands-on experience allowed officials to apply the theoretical knowledge gained during the workshop to real-world scenarios, deepening their understanding of the dynamics of rural entrepreneurship. The final phase of the program culminated in team presentations, where officials showcased their strategies for rural enterprises. The most innovative and impactful team was awarded for their presentation.

Boosting competencies for sustainable rural transformation

At the heart of IIMCIP’s initiative is the belief that capacity building is key to long-term rural transformation. The workshop introduced innovative tools and methodologies to help officials address key issues related to rural entrepreneurship, livelihood creation and sustainable development. Participants were introduced to methods for streamlining processes, improving communication, and leveraging data for more informed decision-making.

Furthermore, the program placed a strong emphasis on mentorship. IIMCIP’s mentors, including Dr. Subhrangshu Sanyal (CEO), Debapratim Das (CFO), Suman Mukhopadhyay, Gaurav Kapoor (CBO), Prof. C.D. Mitra, Kaustav Majumdar, Dr. Bikash Chandra Mondal and Saumitra Dutta, trained officials towards guiding rural entrepreneurs through challenges, fostering innovation and ensuring the long-term sustainability of grassroots-level enterprises.

The capacity enhancement program was further strengthened by the involvement of Ms. S. Divyadharshini, IAS, CEO of TNRTP and Managing Director of the Tamil Nadu State Rural Livelihoods Mission (TNSRLM), whose presence underscored the significance and impact of the initiative.

IIMCIP’s Capacity Enhancement Workshop for TNRTP officials represents a bold step forward in rural development, with a clear focus on creating a lasting impact. As IIMCIP continues to champion rural innovation and entrepreneurship, programs like this are expected to create agents of change who will lead the way in fostering sustainable rural economies towards achieving the goal of a Viksit Bharat.