Fintech entrepreneur and Cred founder Kunal Shah delivered a pointed critique of India’s startup landscape during an event in Bengaluru on Wednesday, emphasizing that excellence is still not embedded in the country’s entrepreneurial culture.
“We like to compare ourselves too early before we drive ourselves to excellence,” Shah stated.
“Excellence is not a culture yet in India.”
His remarks reflect a growing concern among industry leaders that many Indian startups are built on mimicry and market comparisons rather than true innovation.
Citing the example of China’s industrial evolution, Shah questioned whether India could chart a similar path by focusing on delivering quality at scale while maintaining lower costs. He argued that innovation often flourishes not from abundance but from working within constraints, and that India must embrace this mindset to succeed globally.
Innovation, Adaptation, and the Role of Tech
Looking ahead, Shah forecasted a shift toward more adaptive, locally tailored business models, which he believes will be key to gaining a long-term competitive edge.
He highlighted the transformative impact of technologies such as artificial intelligence, especially in sectors like BPO and IT services, where legacy models are at risk of obsolescence.
“The same companies do not appear in the top 100 or 200 every five or seven years.
The kind of people who will survive are those who can adapt to change and constantly innovate,” he said.
Ambition and the Influence of Environment
Shah also reflected on the origins of ambition, noting that it is largely shaped by one’s surroundings.
“Our ambition is a function of what we see around us,” he said.
Without exposure to high standards of excellence, he warned, even aspirations remain limited.
Caution Against Premature Glorification
Reiterating a concern he has voiced in the past, Shah criticized the tendency in India to idolize founders prematurely.
“India has a problem of worshipping founders like gods; we do ‘visarjan’ when things go south,” he quipped,
likening the sudden fall from grace to the ritual immersion of idols.
The remark pointed to the volatile nature of public opinion and media narratives surrounding entrepreneurship in the country.
Kunal Shah’s comments serve as a sharp reminder that sustainable success in India’s startup ecosystem must be built on the foundations of consistency, innovation, and long-term excellence-not just short-term wins or borrowed playbooks.
