Why Startups Should Become “Indicorns”: Insights from Kunal Bahl and Saurabh Nigam

What does it take to build a startup from scratch and how do you navigate the chaos of early entrepreneurship to build Indicorns for long-term success?

Kunal Bahl, Co-founder of Titan Capital & Snapdeal, shared insights during an exclusive session on the Masters’ Union campus. Adding to the excitement, we celebrated the launch of People Powered Startups, a book authored by Saurabh Nigam, Founder & CEO of ProGrowth People Solutions.

Unicorn vs Indicorn: Different ways of looking at value-creation

We all know the startup world’s obsession with unicorns. These are companies valued at over a billion dollars. But does sky-high valuation guarantee long-term and sustained success?

Questioning this status quo, Kunal introduced the term Indicorn.  An Indicorn is a revenue-driven startup generating over ₹100 crore in revenue within 15 years of its inception in India. 

He shared that India needs startups that aren’t just chasing billion-dollar valuations but are built to become the bedrock of our economy. Indian entrepreneurs must focus on profitability and long-term value creation rather than getting caught up in the unicorn hype.

The ‘Pride Quotient’

True leadership is about building trust. High-performance teams don’t thrive on fear. They flourish when people feel secure, valued, and empowered to take ownership.

 Saurabh Nigam introduced the Pride Quotient, explaining that employees should feel that their work has purpose beyond their day-to-day tasks. “When employees believe in the company’s mission, they’ll stay committed even during tough times”, he says.

With motivated and purpose-driven employees, companies can go through the toughest phases of business building as every employee is united by the mission that their job matters.

The startup rollercoaster: Real talk with Kunal Bahl

When it comes to building a startup, Kunal Bahl does not sugarcoat things. He says:

“Early days for an entrepreneur are tough. Especially if you do not have resources in the early stages. But you have got to just keep going and never lower the bar.”

The road to success is not paved with hustle alone. Kunal emphasised that hustle culture is often wrongly glorified. He said what sets entrepreneurs apart is intellectual humility. This means recognising what you do not know and surrounding yourself with the right people who do.

The secret to leadership: Makes a successful founder?

Forget the stereotypical image of a leader issuing commands from the top. True leadership, according to Kunal, is about creating an environment of trust. A high-performance team does not thrive on fear. It flourishes when people feel secure, valued, and empowered to take ownership.

If there were a formula for startup success, it would boil down to these three qualities:

• Focus: Great founders are focused on their vision.

• Discipline: Execution is everything. A great idea without disciplined execution is just wishful thinking.

• Resilience: The ability to weather setbacks and keep moving forward is what separates winners from the rest.
  
  Kunal also emphasised that founders should have deep conviction in their product. While the big picture (macro) is important, the small, everyday decisions (micro) define a business’s success.
  
  

Progress over perfection: The startup mindset

Students at Masters’ Union shared their concerns about launching their startups.

Kunal shares that Founders often want to be perfect before they launch their product. Soon they realise that progress is more important than perfection.

Saurabh adds that startups must focus on launching, iterating, and adapting based on real-world feedback. The key is to start, learn, and refine along the way. 

With invaluable insights from Kunal Bahl and Saurabh Nigam, Masters’ Union students walked away with a refreshed perspective on what it truly takes to build a startup. 

Now, the real question is: Will you take the leap?