The Indian start-up ecosystem is currently undergoing a significant transformation, with the definition of success evolving from solely focusing on capital raised to prioritizing sustainable growth. To address and explore this pivotal shift, Mint, in collaboration with Fairfox EON, recently hosted the second edition of ‘The Unstoppables,’ a dedicated Founders’ Meetup and Learning Series. Named in recognition of the resilient founders driving India’s innovation economy, the series aims to consolidate and disseminate extensive knowledge within the ecosystem, making high-level insights accessible to those actively building and scaling their start-ups in an ever-evolving environment.

The event commenced with a high-impact panel discussion titled ‘Bootstrapped or Funded: Choosing the right growth path for your start-up.’ This session was designed to decode the critical moments when a founder must strategically decide if, when, and why to raise capital. Moderated by Aayesha Varma from Hindustan Times, the panel featured diverse perspectives from seasoned industry veterans: Anisha Singh, Founder and Managing Partner at She Capital; Amit Kumar, Founder and CEO at Dropty; and Amal Sivaji, Founder at Draavi. Through their real-world experiences, the discussion thoroughly covered the delicate trade-offs between maintaining absolute control through bootstrapping and accelerating growth through external funding.

Anisha Singh, who has observed the ecosystem from both a founder’s and an investor’s vantage point, highlighted that the distinctions between bootstrapping and funding are increasingly becoming blurred. She suggested that ‘sequencing’ – the strategic approach of proving the business model and achieving traction before actively seeking capital – is emerging as a popular and effective strategy in the current funding environment. Offering valuable advice for bootstrapped founders aiming to scale, Anisha Singh stated: “It’s not about fundraising or bootstrapping. Given the environment, which is a bit hard, I am seeing that bootstrapped founders sequence it out and then go out and raise money. If you really believe in what you are doing, a no is not a definite no.”

The conversation then shifted to address the specific challenges inherent in the Indian venture capital market. Amit Kumar underscored the distinct differences between the investment cultures of the West and India, noting that Indian investors often harbor extremely high expectations for immediate and substantial '10X' returns. Kumar expressed his view that it is generally simpler to raise funds in markets like the US, unlike in India. He cautioned, “In the Indian scenario, every investor looks for a 10X return. It will not be possible in the future,” suggesting a crucial need for both founders and investors to realign their expectations towards fostering long-term sustainability rather than immediate exponential gains.

The discussion also focused on scenarios when founders should meticulously avoid raising money. The panel issued a collective warning against succumbing to the 'Fear Of Missing Out' (FOMO) culture, where founders raise funds simply because their peers are doing so. Amal Sivaji emphasized that entering the venture capital cycle represents a significant commitment that fundamentally alters the 'DNA' of a company. He cautioned, “You need a clear reason to raise as against just that everybody else is raising.. there are compelling market reasons, product stage reasons. Once you start fundraising, you can’t go back. It is a one-way ticket.” Sivaji additionally provided insights on how early-stage founders can strategically build a strong fundraising runway and approach pre-seed and seed fundraising with confidence.

While the panel primarily focused on financial capital, the event also touched upon the critical importance of physical infrastructure in a start-up’s journey. Bhupesh Nagarkoti, Senior VP - Sales & Strategy at Fairfox IT Infra, shared valuable insights into the residential and commercial landscape of the Delhi NCR area. Nagarkoti highlighted a significant mindset shift among modern entrepreneurs, noting that founders are now viewing office spaces not merely as a monthly expense, but as a crucial strategic asset. In the relentless race for high-quality human resources, a thoughtfully designed and strategically located workspace serves as a critical tool to attract and retain the right talent.

In conclusion, ‘The Unstoppables’ session served as a powerful reminder that there is no universal, one-size-fits-all roadmap for a start-up’s journey to success. Whether a founder opts for the self-reliant grit of bootstrapping or the high-octane fuel of venture capital, the ultimate decision must be driven by genuine product readiness and authentic market demand, rather than being swayed by external pressures. As the Indian start-up narrative continues to mature, these invaluable learning sessions continue to provide an essential blueprint for the next generation of resilient builders and innovators. This edition of Mint's The Unstoppables workshop for early stage founders was presented in partnership with Fairfox EON.