Meet Sanjeev Bikhchandani, The Father of Indian Startups

CNBC TV18 Access The Leadership Language 61:22 mins | September 11, 2025, 9:38:15 PM ISTIn this episode of Leadership Language, we dive into the remarkable journey of Sanjeev Bikhchandani, the father of Indian startups, who has invested in over 140 companies. “Main thoda darpok hoon,” Sanjeev Bikhchandani’s honest admission sets the tone for a conversation rooted in honesty, pragmatism, and realism.

Awarded the Padma Shri in 2021 for his contributions to trade and industry, Bikhchandani’s journey, from launching Naukri.com in his father’s garage to backing iconic startups like Zomato and Policybazaar, offers timeless lessons for young entrepreneurs and investors alike.

His own early days were far from glamorous. He recalls, “I was trying to run several businesses out of my father’s garage and paid him ₹800 as rent.” “When we launched Naukri in 1997, we had no clue about the internet’s future, VC funding, or market growth,” Bikhchandani shares. Yet, this uncertain beginning laid the foundation for what is now India’s largest online employment marketplace. He explains, “I didn’t have a vision for Naukri, I had a sales target as a company focused only on vision remains in loss, but one with a target breaks even.”

He shares the story of his early investments in Zomato and Policybazaar with compassion. Bikhchandani, who holds over 13% of Zomato through his company Info Edge, recalls being impressed by founder Deepinder Goyal’s clarity and focus, who was only 28 at that time. “Zomato’s winning product feature was built on deep customer insight, and that was the real magic,” he says. Speaking of Policybazaar, he adds, “Founder Yashish Dahiya had exceptional market insight and a deep understanding of his sector.” Yet, Bikhchandani humbly admits he could never have predicted the scale of success these ventures would ultimately achieve.

One of Bikhchandani’s most cherished relationships was with the legendary investor Rakesh Jhunjhunwala, who tragically passed away in 2022. “If you find a good company, stay invested forever,” was Jhunjhunwala’s advice that resonated deeply with him, which is why he continues to hold Zomato and Policybazaar. However, Jhunjhunwala was also never shy about holding up a mirror. “Rakesh told me I had done a good job, but Info Edge’s IPO was overpriced and he wasn’t buying it,” Bikhchandani recalls, mimicking and remembering the ‘Big Bull of India.’

He believes, “An entrepreneur, by nature, is an optimist,” adding, “Their growth is governed by imagination, ability, and ambition.” Yet, success requires more than optimism. He underscores the importance of being the first mover, “We have succeeded each time we backed a first mover. There is risk, but entrepreneurs must be the first movers to win.”

For all the wins, Bikhchandani admits there were tough losses. Meritnation, despite being a first mover in edtech, failed due to a lack of hustle and funding. “Meritnation was a better product than Byju’s. But they didn’t hustle,” he reflects. Opening up about his personal setbacks, he shares, “My first investment crashed from ₹68,000 to ₹2,000 in just one week, after which, from 1990 to 2016, I didn’t buy a single listed share.” Info Edge’s IPO journey wasn’t smooth either. “After filing the DRHP, we dealt with threat calls, blackmailing, and a false case,” Bikhchandani reveals. Despite hurdles, the company triumphed, becoming the first Indian internet firm to go public.

On setbacks, he stresses resilience. “You are not a failed entrepreneur until you quit,” he says, voicing the words he lives by. Jeevansathi, Bikhchandani’s digital matrimony platform, was another long saga that bled money for 18 years. At one point, he even let it go entirely, only to buy it back years later. His patience, belief, and focus on customer feedback eventually paid off, turning it into a profitable business.

On his ‘theory of 5 wins,’ he explains, “The entrepreneur, the company, and earlier, new, and retail investors must win,” adding, “In India, hurting retail investors is bad karma.” This reflects a core principle he stands by, which is, “If customers don’t like your product, you are dead!”

“Customer validation makes me happy and keeps me motivated,” Bikhchandani says while stressing on ‘meeting customers, taking feedback, and building better products.’ He emphasizes that a successful startup needs ‘a visionary, a hustler, and a hacker.’ When asked which one he identifies with, he smiles and says, “I am a mix bag. I am a bit of a jugaadu,” illustrating the ingenuity and frugality that remain his trademarks, even at 62.

On the U.S. pushing crypto with full zeal, he says, “Washington D.C. has realized that if the dollar loses ground, it needs a backup currency. If the Yuan becomes the reserve currency, it would be a disaster for the U.S. That’s why the primary reserve remains the dollar, and the backup is Bitcoin.”Read more

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