Take us through your journey transitioning from a corporate role to becoming an entrepreneur?
After completing my engineering in Electronics from IIT Kanpur, I did my MBA from ISB Hyderabad. Later, I worked with Google heading AdX for India, SEA, and Korea, and leading strategic initiatives across APAC. It was during my stint at Google that my horizon expanded, and I felt inclined towards entrepreneurship. I was working for one of the world's most innovative companies and I realised that there were some fundamental gaps in the market that needed solutions.
That's when I founded Moglix. Moglix aimed to solve the challenge of unorganised procurement. We are on a journey to reimagine procurement and supply chain for the manufacturing sector with a tech-first approach.
Transitioning from a corporate role to entrepreneurship has been an incredibly rewarding journey. It does come with its own set of challenges. Every action one takes as an entrepreneur has a much wider impact than when one works as an individual employee. This also means that as a leader you’ve to act more responsibly. This greater level of responsibility was a new and thrilling challenge for me and proved to be a huge learning opportunity as well. Being an entrepreneur has helped me grow not just as a leader but also as a person.
As a first-generation entrepreneur, what are some of the factors that either attract people to entrepreneurship or dissuade them from pursuing it?
Entrepreneurship, to me, is akin to experimenting and problem-solving—constantly testing new ideas and seeing what works. I come from a non-business family. And while it was natural for me and expected from me, that I’d to follow a secure, well-defined path, I had the entrepreneur’s itch to build something of my own, to solve an unsolved problem. The thrill of building something from scratch is unmatched. There is a sense of purpose and passion in bringing your ideas to life, creating jobs, and potentially transforming industry practices.
There's a steep learning curve that most successful entrepreneurs experience before they can be confident about their venture. The fear of failure can be daunting sometimes. You know a lot is at stake. Because you are responsible for yourself and your employees, you may sometimes lose work-life balance and feel burnt out.
Securing capital is another substantial hurdle, especially for those without established networks. Additionally, navigating regulations can feel overwhelming at times.
Having said this, the deep-rooted passion for solving larger-than-life problems is the primary motivation for many who finally navigate through these challenges. I've observed that successful entrepreneurs possess a similar fire— sense-of-purpose and resilience are two factors that truly make a difference.
India has the world's third-largest startup ecosystem. According to you, how will startups help India's become the third largest economy?
India is on the cusp of an economic transformation. We are poised to become a $7 trillion economy within the next seven years, a “7-in-7” milestone. At the center of this goal are startups that are propelling India towards a high growth trajectory.
There is a growing wave of digitization, transforming both consumer and B2B services. The penetration of the internet in tier-two and tier-three towns is creating huge demand for novel services. We are also witnessing a massive growth in sectors like food delivery, ride-hailing, and e-commerce. These have laid a robust foundation for a vibrant startup ecosystem. A growing middle class with increasing disposable income is also driving demand for superior-quality services and products. This demand is again fuelling a thriving startup ecosystem.
Besides filling market gaps and meeting growing demand, startups are vital in job creation and boosting local economies. Indian startups have generated approximately 12 million jobs and are set to create 50 million jobs by 2030. Moreover, with several startups mushrooming in fields like fintech, healthtech, edtech, EVs etc, startups that excel at emerging technologies can prove to be pioneers in their respective fields with truly transformative impact on industries globally.
As Indian startups expand globally, they are attracting massive capital inflows, further stimulating economic growth.
Entrepreneurship revolves more around technology and services rather than manufacturing. Is this perception changing in the Indian context?
Traditionally, startups in India have focused more on B2C-oriented technology and services. Be it IT, e-commerce, or fintech. However, the landscape is evolving. There is a renewed interest in manufacturing and industrial innovation. These SMEs are vital if India as a country aims to look inward to fulfill its manufacturing needs. Becoming an Aatmanirbhar (self-sufficient) Bharat, in other words.
There is government intent and push for India to become a global manufacturing powerhouse. There are strong tailwinds, including government PLI schemes to boost and nurture entrepreneurship in manufacturing. Given this, B2B marketplaces could be game changers. They streamline procurement for SMEs and large enterprises. Moglix is an example. We were initially an e-commerce site for industrial tools. Now, we have transformed into a comprehensive digital platform for procurement and supply chain management.
Today, we leverage AI and Industry 5.0 to provide efficient B2B solutions to manufacturing and other businesses. The opportunities are immense, and we are merely scratching the surface.
