Part 17 of 19 in How to Make Your Own Luck: A Guide for Indian Founders← Part 16Part 18 →
This chapter examines how Indian companies used technology, trust, infrastructure, and disciplined risk choices to build their businesses. It also shows how predictive intelligence could have helped failed startups respond sooner when their economics worsened.
- Zerodha used technology and education to lower costs while staying profitable and avoiding the valuation treadmill.
- Nykaa built around rising aspiration, digital comfort, expert content, influencers, and control over brand trust.
- PhonePe treated UPI as government-backed infrastructure and focused on distribution and user experience.
- Some startups failed after ignoring deteriorating unit economics or following growth at all costs.
- Predictive intelligence could have encouraged earlier, smaller bets or cleaner exits.
Zerodha: Low-Cost Clarity and Patient Capital
Nithin Kamath’s big goal was explicit. The game was worth playing because technology could permanently lower costs. They leveraged the wallpaper of rising retail participation and smartphone access. They kept Plan B by remaining profitable. The “it” was clear: technology + education. Domino effects were managed by avoiding the valuation treadmill for years.
Nykaa: Trusted Content as Wallpaper
Falguni Nayar bet on the rising aspiration and digital comfort of Indian women. Content and curation were the high-impact, relatively certain forces. The company built campaign plans around beauty experts and influencers while maintaining tight control over brand trust.
PhonePe and the UPI Wave
The founders treated UPI as wallpaper, a high-impact, government-backed infrastructure shift. They structured risk by focusing on distribution and user experience rather than fighting the rails. Jump bets during COVID accelerated adoption.
Lessons from Failures
Several high-profile Indian startups collapsed because they never clearly answered “Is this game still worth playing?” once unit economics deteriorated, or because they ignored implicit strategy (growth at all costs) until capital dried up. High Predictive Intelligence would have forced earlier, smaller bets or cleaner exits.
Frequently asked questions
How did Zerodha keep its business strategy clear?
Zerodha focused on technology and education to permanently lower costs. It also remained profitable and avoided the valuation treadmill for years.
Why was content important to Nykaa?
Nykaa treated content and curation as high-impact forces. It used beauty experts and influencers while maintaining tight control over brand trust.
How did PhonePe use the UPI opportunity?
PhonePe treated UPI as a high-impact, government-backed infrastructure shift. Its founders focused on distribution and user experience rather than fighting the rails.
Why did some Indian startups fail?
Some failed because they did not reassess whether the game was worth playing after unit economics deteriorated. Others ignored growth at all costs until capital dried up.