Why (almost) Every Indian Startup is Losing Money!

Inside India’s Startup Mirage: The Unicorns Built on Losses

From billion-dollar valuations to billion-rupee losses, this is the story of India’s unicorn ecosystem, where growth often overshadows profit. In this episode, we break down the hidden economics behind India’s 100+ unicorns and uncover why so many celebrated startups still struggle to make money despite sky-high valuations.

The conversation dives deep into how India’s funding culture, discount wars, and consumer psychology shaped an ecosystem that rewards valuation over viability. From ONDC’s crash after subsidy cuts to Flipkart’s Big Billion revolution, to the rise of paper profits and “adjusted” metrics, this episode exposes the unseen cost of chasing scale too fast.

Learn how investor expectations, RTO losses, and the copycat startup wave cripple long-term growth, and how outliers like Zoho prove that profitability, culture, and patience can outlast hype.

Watch till the end for grounded insights on building sustainable companies in a market obsessed with instant success.

What’s Inside This Video
00:00 – What’s in the pack!
00:00:39 – The Illusion of India’s 100+ Unicorns
00:01:03 – The Valuation Problem: Growth That Burns Cash
00:02:05 – Flipkart’s Big Billion Days: When Profit Stopped Mattering
00:03:09 – The Discount Trap: How Startups Trained Indians for Deals
00:04:44 – ONDC’s Reality Check: What Happens When Subsidies End
00:04:56 – The Revenue Deficit: Why Indian Customers Don’t Pay Enough
00:07:07 – The RTO Nightmare: When Every Order Becomes a Loss
00:09:03 – Paper Valuations: How Failing Startups Look Profitable
00:11:01 – The Copycat Problem: India’s Obsession with Being the Next WeChat
00:13:34 – The Bureaucracy Trap: When Founders Fake Success for Funding
00:15:15 – The Zoho Example: Profits Without Investors
00:16:21 – The Future: Will Indian Startups Finally Choose Profit Over Hype?

Stay till the end. The smartest insight might come when you least expect it.
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About Ayush Shukla
Ayush Shukla is the founder of Finnet Media, an influencer marketing and talent management agency that manages most of the country’s top influencers and is an entrepreneur at heart. He has worked with 250+ creators and 100+ brands including Amazon, CRED, StockGro, IND Money, Slice, etc. Besides this, Ayush is also an Angel investor interested in sectors like FMCG, Fintech, Creator economy etc.

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