The participation of women in India’s workforce is just over 25 per cent, which although lower than the global figure of 47 per cent, is rising gradually in urban as well as rural areas. Out of 432 million working age women in India, more than 15 million own their own businesses in the country. Following in the footsteps of former PepsiCo CEO Indra Nooyi and Biocon founder Kiran Mazumdar Shaw, about 15 per cent Indian Unicorns have Indian CEOs.
Future-focused decision making
Speaking of entrepreneurship among women in India, Roshni Nadar Malhotra became the first woman to lead a publicly listed company in the country, after taking control of HCL from her father. Led by her in the post-pandemic era, HCL posted the fastest revenue growth in more than a decade earlier this year. She also has plans for expansion so that HCL can make the most of cloud transformation, and seeks to lead the firm towards net-zero emission status by 2040.
Nadar Malhotra is just one of several women who are preparing the Indian economy for the future by exploring untapped markets. Among them 51-year-old Sharmistha Dubey is the CEO of Match group, a $40 billion group which is powering India’s online dating revolution by operating apps including Hinge, Tinder and OkCupid. While Century Tech CEO Priya Lakhani leads the development of AI-backed educational solutions, edtech platform Byju’s co-founder Divya Gokulnath has stepped up to defend the company’s valuation.
Defying the odds and discrimination
But the ultimate rags to riches story is that of Kalpana Saroj, who defied multiple layers of discrimination in society to create a Rs 750 crore metal engineering firm, Kanmani Tubes. Born in a Dalit family, Saroj was doubly disadvantaged, and was forced into marriage at the age of 12, but left her husband at 16. Ostracised by society, she moved to Mumbai and started a tailoring business with a government loan, which she soon paid off by opening a furniture store as well.
She later opened an NGO, which was approached by the workers union of the bankrupt Kanmani Tubes, seeking help to overcome a 116 crore debt. With her grit and experience, Saroj turned around the ailing firm’s fortunes, and was even awarded the Padma Shri in 2013 for her inspiring achievements. As a woman from a socially disadvantaged background, her success story stands out as one closest to India’s ground reality.
Shining on the global stage
As the country celebrates Indian men being appointed as CEOs in Microsoft, Alphabet and Starbucks among other global firms, female entrepreneurs haven’t been given their due. The list is long and includes the likes of Leena Nair who was named the CEO of global luxury brand Chanel, and Devika Bulchandani who now leads advertising firm Ogilvy as Global CEO. Born to immigrants Anjali Sud reinvented Vimeo into a video platform to compete with YouTube after becoming CEO in 2017, while Mumbai’s Amrapali Gan is now the head of content creation platform Only Fans.
Empowering the startup ecosystem
Speaking of media visibility, Mamaearth founder Ghazal Alagh reached Indian audiences with her appearance as a judge on Shark Tank India, while her company sells 80 personal care products to households in the country. She is joined by Upasana Taku, who created digital payment startup Mobikwik which is all set for its stock market debut this year. Female investors are also playing a major role in the startup ecosystem, with Priyanka Gill supporting platforms including Miss Malini and ScoopWhoop through Good Glamm group.
But these success stories are only the beginning and India still has a long way to go when it comes to bridging the gender divide. As of now only five among Fortune 100 firms in India are led by female CEOs and just 15 per cent of startups that have achieved unicorn status were founded by women.
