'Bharat consumer' is driving India's digital and startup boom: India Inc

Industry leaders from India’s startup ecosystem gathered at the BS Manthan thought leadership summit in New Delhi to discuss the evolving landscape of funding, digital commerce, and consumer behaviour. Co-founder of BluSmart and Gensol, Mr. Puneet Singh Jaggi, Chief Executive Officer (CEO) & co-founder of Magicpin, Mr. Anshoo Sharma, and CEO of Snapdeal, Mr. Achint Setia, shared insights on their entrepreneurial journeys, the influence of technology on business models, and the changing expectations of the ‘Bharat consumer.’   

CEO of Snapdeal, Mr. Achint Setia, highlighted the growing impact of the digital revolution, particularly in smaller towns and lower-income segments. He noted that while aspirations in small-town India have always been high, there is a stronger emphasis on digital technology and global trends, with consumers prioritising value over brand loyalty. Co-founder of BluSmart and Gensol, Mr. Puneet Singh Jaggi, recalled the early days of BluSmart when startups largely depended on personal savings due to limited capital availability. He acknowledged that companies like Uber and Ola helped spur BluSmart’s growth. Chief Executive Officer (CEO) & co-founder of Magicpin, Mr. Anshoo Sharma, stressed that offline retail still dominates India’s trillion-dollar retail market despite the rise of online commerce. He highlighted that quick commerce is accelerating the shift towards delivery. At the same time, investors continue to back startups driving technological transformation in the country. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.