Kunal Bahl, co-founder of Snapdeal, shared how his failed attempt to get into the Indian Institute of Technology and the rejection of his H-1B visa application while working in the US helped in his journey to become a big tech entrepreneur in India.
"I did not get into an IIT, my family was upset. But I got to a US college which helped me blossom," Bahl said at the NDTV World Summit 2024 held in New Delhi on Tuesday. He did his academics from the University of Pennsylvania.
"I was working at Microsoft (in the US) and applied for H1-B visa and was rejected. I came back and started my journey as an entrepreneur," he said, stressing on the need for persevering through challenges.
Speaking on India's booming startup ecosystem, Bahl said he disagreed with the "unicorn" culture that has a dollar-denominated look at domestic companies rather than local factors.
"We've been celebrating unicorns for many years. This term was coined in the context of the US - to reflect a mythical creature. Why are we obsessed with a currency that is not ours? What India needs is not 200-300 unicorns, but 10,000 indicorns," he said.
The notable angel investor said the concept of startup did not exist about a decade ago.
"In 2007, there was nothing known as a startup - you either did a business or a job. India now has mouthwatering opportunities but eye-watering challenges. Pre-2017, a lot of ideas were business models that were proven. Since then, domestic issues have been identified by founders and have been dealt with," he said.
Kunal Bahl also commended PM Narendra Modi for his "indelible contribution" to the startup economy.
Remembering Ratan Tata
He also shared an anecdote from a meeting with late Ratan Tata a decade ago to highlight his humility.
"I met him in 2014 at his South Bombay office. After a short discussion about the business, he said I would really like to invest if you will have me. He had great humility," Bahl said.
He had requested Tata to visit his team in Delhi, which could not happen due to the latter's work schedule. But, the tycoon acknowledged his unfulfilled promise to Bahl when they met at a wedding years later.
"He remembered the 2014 promise he made to be in passing and that is such an enduring lesson for everyone," Bahl said.
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