Oyo CEO Opinion: The Journey of Indian Entrepreneurship

Oyo’s founder and group CEO, Ritesh Agarwal, recalls the day in 2016 when the federal government launched the Startup India initiative. He also took part in the opening ceremony, which helped India become the world’s startup capital.
On his official Twitter account, the Oyo CEO took a brief moment to discuss the development of Indian entrepreneurship.

“I have happy memories of being a part of the first Startup India programme in 2016, which solidified India’s emergence as the world’s startup capital. I recently took a moment to reflect on the growth of Indian entrepreneurship as we celebrated Nationwide Startup Day,” Agarwal tweeted.

“Indian startups have had a terrific last ten years. In 2000, the startup ecosystem needed 18 years to generate $100 million in revenue. In response to RedSeer, this has been reduced to five years in 2017,” he added in a subsequent tweet.

He also included a chart listing the countries and their respective unicorn populations. According to the data, India is third in the global unicorn race.

60% of Indian unicorns appeared between 2021 and 2022, a turbulent period. The actual narrative is still developing! The next generation of unicorns, will come from Tier 2 and Tier 3 cities, the Oyo CEO said in a tweet.

“The resilient entrepreneurs, merchants, a sizable talent pool, a supportive government, and the partnership between public & private sectors have been a huge enabler in India’s startup ecosystem success”, he continued.

Despite the difficulties facing the global economy, Oyo’s Agarwal believes that “Construct in India, for the world” can serve as the most powerful motivating force for entrepreneurs across India.

He also thanked Prime Minister Narendra Modi, the Startup India Initiative, NITI Aayog, and the Indian Government for making India the global epicentre of it.

On January 16, India observed “National Startup Day”. The country is known as a startup powerhouse and government efforts like these promote innovation across all industries.