January 2, 2025
Abhimanyu must get out this time
Stepping into the entrepreneurial world takes courage and skill, but successfully navigating its challenges and achieving a successful exit requires a blend of strategy, adaptability, and support.
Ashish Bhatia
Founder & CEO, India Accelerator
Index
Mahabharata War
The Mahabharata War involved a total of 3,936,600 warriors from the Pandava and Kaurava armies. Out of these, only a handful warriors knew how to exit the Chakravyuha, a complex military formation. Seems the challenge of achieving successful exits has been a longstanding issue, one that has consistently posed difficulties across industries and eras. The analogy to the Chakravyuha underscores a timeless truth: entering the battle arena is formidable, but orchestrating a successful exit demands strategic acumen, resilience, and often, a touch of good luck.
Startup Ecosystem
Cut to the present & to a different kind of warfare i.e. startup ecosystem, exits continue to be a massive challenge while the battlefield has changed. It is so heartening to finally see the number of exits picking up last year. That to me was the highlight for 2024 - the surge in IPOs within the Indian startup ecosystem raising almost Rs. 30,000 cr. It marks a pivotal moment for both investors and the broader economy and shows public market readiness for tech startups. When startups go public, they not only reward early investors with liquidity and potential wealth creation but also validate the company’s business model on a global stage.
Clearing Backlogs
But the pipeline must open up. Let’s look at some data. 13 start-ups IPO’d in India last year. Only 5 did in 2023. There are 100+ unicorns as of Dec 2024. Assuming (and it is a BIG assumption) these Unicorns will eventually grow & mature enough to be listed & assuming the recent rate of 13 Tech IPOs this year is maintained (highest in last 5 years), it will take another 8 years to clear the backlog! While strategic acquisitions and secondaries also provide the exits, the new unicorns that will be minted every year and get added to the list are also not being factored in to keep the narrative simple.
Unicorns Journey
BTW the largest & most successful ecosystem in the world is no different. In last twelve months, just 13 venture-backed unicorns have gone public in US. 1000+ unicorns still working towards an exit – it will take 76 years to clear the backlog at this rate. Even if one takes last 5-year average, it will come to 38 per year and another 26 years!
ROI
It is absolutely necessary to see the pace of unicorn IPOs pick up. The shareholders shouldn’t have to wait for decades to get the money back. It is heartening to see that nearly 50 start-ups have expressed intentions to go public in the coming months/years with a few awaiting SEBI’s approval. The momentum is building, but there’s room for more. More IPOs will ensure that wealth created in the private sector is shared more broadly, democratizing access to high-growth businesses. Additionally, a robust IPO pipeline strengthens the economy by driving innovation, job creation, and economic resilience.
Summary
The Chakravyuha metaphor elegantly captures the multifaceted challenges of the startup lifecycle. It reminds us that while entering the entrepreneurial arena requires courage and skill, navigating through its complexities and achieving a successful exit demands strategy, adaptability, and support. Learning the lessons of the past and focusing on disciplined growth and sustainable business models will ensure more startups find their way to successful and impactful exits. Let’s ensure that every startup that enters this Chakravyuha knows the exit plan & no Abhimanyu is left behind.
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Abhimanyu must get out this time
Stepping into the entrepreneurial world takes courage and skill, but successfully navigating its challenges and achieving a successful exit requires a blend of strategy, adaptability, and support.