"While we've seen tremendous success in areas like e-commerce, food delivery, quick commerce, and D2C, we need to move beyond simply replicating existing models and creating truly novel technologies to solve global challenges."
Your career spans mentoring startups to advising Government Organisations and Startup Stakeholders. What’s one defining moment that shaped you as a leader?
Yeah, over the last 14 years, I have had the opportunity to enable support for thousands of entrepreneurs and personally mentored some. A defining moment for me was witnessing a startup I had mentored directly overcome a seemingly insurmountable obstacle – a funding crisis and a significant product flaw that required immediate correction. Seeing the founder’s resilience, their ability to rally the team, and their willingness to adapt their strategy on the fly was incredibly inspiring. It taught me the importance of providing advice and fostering a culture of perseverance and adaptability within the startups we support.
It shaped my leadership style to be more empathetic, more focused on enabling solutions, and more committed to being a true partner to the entrepreneurs I work with. And the realisation that it gives me immense joy in helping others succeed, especially young entrepreneurs. This experience reinforced that leadership is about empowering others to overcome challenges and achieve their vision.
Building ecosystems is gritty work. What’s the biggest challenge you’ve faced, and how did it refine your strategy?
You’re right. Indian Startup Ecosystem is at a very nascent stage (though it’s been 9-10 years since Startup India launched). One of the biggest challenges in startup ecosystem building is aligning the diverse interests of various stakeholders – startups, investors, government agencies, academic institutions, and corporates, as many are new to the entire startup world, and we are still learning the ways to build the processes and SOPs for a successful support ecosystem
I remember when we were trying to launch a new mentorship program to cater to growth-stage startups at scale, we faced a challenge in identifying the right set of Startups for the program and that too at scale.
This also involved engaging and involving different stakeholders, such as Incubators, Accelerators, and State Startup Missions, to drive the application process during the program deployment and during mock pitches and demo days with Investors, as everyone had their priorities and concerns.
This experience forced us to refine our strategy to create a scalable solution led by a technology platform to streamline the manual process and engage all stakeholders. This required a lot of listening, negotiation, and compromise, but ultimately, it led to a much more collaborative and sustainable ecosystem. It taught me that successful ecosystem building is not about imposing a vision but facilitating collaboration towards shared objectives.
India’s startup ecosystem is booming, yet survival rates remain low when compared. What’s the single biggest structural flaw you see holding us back?
So, overall, I see the three most significant gaps in the startup ecosystem, especially in cities other than Bangalore, Mumbai, and Delhi-NCR, namely market access, talent access, and funding access. I believe the single biggest structural flaw holding us back is a lack of early-stage, sector-agnostic, and patient capital. Many startups fail not because their ideas are bad but because they run out of runway before they can achieve product-market fit or secure follow-on funding. We need more investors who are willing to take a chance on early-stage ventures and provide them with the time and resources they need to grow.
This requires a shift in mindset from short-term returns to long-term value creation. We also need to encourage more corporate participation in early-stage funding, as they can provide capital, valuable market access, and mentorship.
Tier-2 and Tier-3 cities are showing entrepreneurial intent, but the ecosystem there lags. What’s your take on why this gap persists?
The gap in Tier-2 and Tier-3 cities persists due to a combination of factors: limited access to quality mentorship, lack of awareness of government schemes and funding opportunities, and underdeveloped infrastructure (both physical and digital). In my experience working with startups in Tier 2 and Tier 3 cities, while I see a storing entrepreneurial intent, these cities often lack the support systems necessary to translate that intent into successful businesses. To bridge this gap, we are focusing on building local ecosystems by empowering regional incubators and accelerators, connecting entrepreneurs with mentors from both within and outside the region and creating awareness of available resources, relevant expert connects, right market access and ensuring availability of talent. Successfully demonstrating a few success stories from these regions will also have a significant multiplier effect in the years to come.
AI and tech innovation are at the heart of Wadhwani’s mission. How do you balance pushing cutting-edge solutions with ensuring inclusivity for startups that might not have the resources to compete at that level?
At Wadhwani Foundation, we believe that technology should be a tool for empowerment, not a barrier to entry.
At the heart of all our initiatives, we use technology to drive scale and impact. We balance pushing cutting-edge solutions with inclusivity by focusing on solutions that are accessible and affordable for startups of all sizes.
This means democratising the support, providing mentoring and expert connections at the fingertips and resources to help startups grow, and fostering a culture of collaboration. We also actively support startups that are developing solutions to address the specific needs of underserved communities. We believe that by levelling the playing field, we can create a more inclusive and vibrant startup ecosystem.
Looking ahead, what’s the boldest shift India’s startup ecosystem needs to dominate globally?
The boldest shift India's startup ecosystem needs is a greater focus on deep tech innovation and intellectual property creation. While we've seen tremendous success in areas like e-commerce, food delivery, quick commerce, and D2C, we need to move beyond simply replicating existing models and creating truly novel technologies to solve global challenges.
This requires increased investment in research and development, stronger collaboration between industry and academia, and a more supportive regulatory environment for innovation. By becoming a global leader in deep tech, India can not only dominate the global startup landscape but also create a more sustainable and prosperous future for all.
About Ankit Machhar:
Ankit Machhar is a seasoned professional in India’s startup ecosystem, currently serving as Director – Ecosystem at the Wadhwani Foundation. In this role, he leads the Liftoff Program, supporting early-stage startups through mentorship, partnerships, and access to resources that enable sustainable growth. Ankit has spent over a decade creating technology entrepreneurship ecosystems, fostering innovation, establishing incubation spaces, especially in Tier 2 and Tier 3 regions across India, to enable support to early stage startups.
With 15 years of experience as an entrepreneur, mentor, advisor, investor, and active ecosystem enabler, Ankit has worked across key sectors of the entrepreneurial landscape—incubation, policy, and innovation. At iCreate, a government-backed technology incubator in Gujarat, he played a strategic role in building partnerships and shaping startup-focused initiatives like the Vibrant Gujarat Startup and Technology Summit. He has also been associated with platforms such as Startup India and Atal Innovation Mission, and regularly mentor founders at various top incubators.
Ankit is a Gold Medallist in MBA (Entrepreneurship and Family Business) from Nirma University and a BE in Electronics and Telecommunication from Pune University. His work reflects a grounded understanding of what startups need to thrive in a complex and evolving market.
