'Bharat consumer' is driving India's digital and startup boom: India Inc
Digital revolution is sweeping across India, particularly among consumers in smaller towns and lower-income segments, startup leaders say at BS Manthan
 "'Bharat consumer' is driving India's digital and startup boom: India Inc")
The rapid evolution of funding, digital commerce, and consumer behaviour in the country is top of mind for industry leaders from India’s startup ecosystem at the BS Manthan thought leadership summit in New Delhi.
Speaking at the event, Puneet Singh Jaggi, co-founder of BluSmart and Gensol, Anshoo Sharma, CEO & co-founder of Magicpin, and Achint Setia, CEO of Snapdeal, shared insights into their entrepreneurial journeys, the role of technology in shaping business models, and the changing expectations of the ‘Bharat consumer’.
Digital democracy and the Bharat consumer
Commenting on consumer trends, Snapdeal CEO Achint Setia highlighted that the digital revolution was sweeping across India, particularly among consumers in smaller towns and lower-income segments — often referred to as the Bharat consumer.
“The aspiration of small-town India has always been high. But today, we are seeing a shift in how they value digital technology and global trends, while still keeping their needs local,” Setia said.
He observed that brand loyalty is taking a backseat to quality and affordability, with many consumers prioritising value over labels.
“Digital democracy has changed everything. Customers are more informed, they have access to global trends, and they make smarter purchasing decisions. Businesses need to understand and cater to these new expectations,” he said.
Building biz in a nascent funding ecosystem
Reflecting on the early days of Gensol, Puneet Singh Jaggi emphasised that capital availability was limited when the company launched. Unlike today’s robust funding landscape, most startups had to be bootstrapped or rely on savings from friends and family to get off the ground.
“Back then, the ideal startup was one that could generate profits from day one, without requiring external funding. We were one of those companies,” Jaggi said.
Jaggi acknowledged the interdependence of players in emerging industries, stating that Uber and Ola paved the way for BluSmart. “We learn from each other, but we also create new markets together. Without them, a company like ours would not exist,” he said.
Jaggi further advised entrepreneurs on maintaining quality while scaling business, dismissing the idea that growth inherently compromises excellence. “Quality isn’t about the amount of time spent on a task -- it’s a state of mind. If you demand excellence in everything you do, quality naturally follows. It’s not scale that kills quality; it’s the complacency that does,” he said.
Offline retail, q-commerce & golden age of startups
Speaking about India’s trillion-dollar retail market, Anshoo Sharma of Magicpin stressed that while only 10 per cent of retail is online, the vast majority, around 90 per cent, continues to be offline. He pointed out that small and medium-sized merchants, who form the backbone of Indian retail, were slow to embrace digital advertising. While some of its services overlap with Zomato, he clarified that Magicpin’s core focus remains on enabling offline retailers, rather than direct competition in food delivery.
“Quick commerce is accelerating offline retail’s move towards delivery. Large stores – whether in apparel, food, or other categories – now recognise its importance,” Sharma said.
Sharma further highlighted that capital always flows where value is being created, and India is currently in a ‘golden age’ for startups. “While markets may experience short-term fluctuations, the long-term trend is clear — India is in a transformative phase for startups. There is a deep hunger for technology adoption, and the capabilities within Indian teams to build innovative solutions are stronger than ever,” Sharma said.
According to him, investors recognise these shifts and are keen to back companies that deliver meaningful technological advancements.