$400 Billion in a Decade: Why India’s Startup Golden Age Is Only Just Beginning

In The Lift-Off Nation, Rajan Anandan and Saurabh Srivastava make the case that India’s startup moment is now

India’s startups are now worth more than $400 billion combined, and they got there in about a decade. The country’s entire IT services industry took 35 years to reach about $325 billion.

The Lift-Off Nation: Why We Are Entering the Golden Age of Indian Startups, published by Juggernaut, argues this is just the beginning. It is written by two people who helped build the ecosystem they write about: Rajan Anandan, Managing Director at Peak XV Partners and former head of Google India and Southeast Asia, and Saurabh Srivastava, co-founder of NASSCOM, TiE and IAN Group and a Padma Shri recipient.

Based on more than 180 interviews with founders, CEOs, investors, policymakers and academics, The Lift-Off Nation makes the case that India, which once accounted for 25 per cent of global GDP, can rise again by harnessing its startups.

The authors give five reasons why India’s startup moment is now:

• World-class talent is starting up.India's first big startups like Flipkart, InMobi and Zoho became training grounds. A new generation of founders learned how to build and scale at these “founder factories”, and they're now starting their own. Others are coming home after building products and services at the world's largest companies.
• Innovation is happening in every sector. The authors call it a “Cambrian explosion”. Founders in India today are building in consumer brands, financial services, healthcare, space, AI, semiconductors and more.
• Many founders are building for global markets from day one. 40% of new seed funded startups in 2025 were building for the world from the outset, and this too is happening across sectors.
• The availability of venture capital has increased and public markets are open to startup IPOs. Venture funding has grown sharply over the past decade. There is no dearth of capital today for good ideas. Moreover, startup IPOs, which were once a rarity have become routine. That gives investors a clear way to exit, which brings more capital back into the ecosystem.
• The government is an enabler. Regulatory reforms have made it easier to start and grow a business. Digital public infrastructure like Aadhaar and UPI has given startups a solid foundation to grow and scale. The government has also proactively opened up sectors such as space and defence to private players. The space sector, in particular, has seen tremendous growth: In just six years since opening it to private players (in 2020), India boasts over 400 space-tech startups; the US, in comparison, has 900 space startups but has been open to private players for decades.

What matters is not any one of these forces in isolation. What matters is that, for the first time in India’s history, all five are converging at the same time.

That is what makes this moment different.

The book is equally candid about the speedbumps ahead. Chief among them is research and development, which the authors call ‘quite possibly our biggest Achilles heel’. India spends just 0.65 per cent of its GDP on R&D, compared with 2.6 per cent for China and 3.5 per cent for the US. According to the authors, India must raise this to at least 3 per cent to compete. The authors describe the Anusandhan National Research Foundation (ANRF) and the ₹1 lakh crore Research Development and Innovation (RDI) Fund as ‘bold, promising initiatives’.

Speaking about the book, Rajan Anandan, Managing Director, Peak XV Partners, said, "The time is NOW for Indian innovation and entrepreneurship. The building blocks are in place, and we are ready for lift-off. The next two decades will see an unprecedented rise in Indian innovation - not just across every industry in India, but also as Indian companies build for the world."

Saurabh Srivastava, co-founder of NASSCOM, TiE and the Indian Angel Network, said, "The core argument of our book is that Viksit Bharat is possible by 2047, and it will change the trajectory of India if it happens. There’s no reason today why it should not happen. Our entrepreneurs, who create the economy, are on a roll." 

The Lift-Off Nation is published by Juggernaut Books, is now available in bookstores across India and online on Amazon and Flipkart.

About the Authors

Rajan Anandan is Managing Director at Peak XV Partners, where he focuses on AI and deep-tech investments and leads Surge, the firm’s seed-stage investing platform. He previously headed Google India and Southeast Asia, and led Microsoft and Dell in India. Before becoming a full-time investor, he backed more than 200 startups as an angel investor. He is a member of the National Startup Advisory Council.

**Saurabh Srivastava** is one of India’s leading entrepreneurs, investors and institution-builders. He co-founded NASSCOM, the IVCA, TiE and the Indian Angel Network, India’s first angel investor group, and is a former Chairman of NASSCOM. He chairs TDB’s investment committee for the RDI Fund. He was awarded the Padma Shri, India’s fourth-highest civilian honour, in 2016.

US Freezes Microsoft, Adobe & Indian IT Giants from Green Card Program in Sweeping Visa Crackdown

The US Department of Labor has announced suspension of Microsoft, Adobe, and six major IT firms—including Infosys, TCS, Wipro, HCL, Capgemini, and Cognizant—from the Permanent Labor Certification (PERM) program, citing alleged visa fraud and abuse. This halts new and pending green card sponsorships for foreign workers, a move that could significantly impact Indian IT professionals and outsourcing firms.

On October 8, 2026, the U.S. Department of Labor, alongside Vice President JD Vance and Labor Secretary Keith Sonderling, formally declared the suspension of Microsoft, Adobe, Infosys, TCS, Wipro, HCL Technologies, Capgemini, and Cognizant from the PERM green card certification program. The announcement was made during a press briefing in Washington, D.C., citing ongoing investigations into visa fraud and misuse of the H‑1B system.

Indian professionals in the US face heightened uncertainty after the suspension of Microsoft, Adobe, and six IT firms from the PERM program. While existing H‑1B visas remain valid, thousands of workers awaiting green card sponsorships now risk indefinite delays, especially those nearing the six‑year H‑1B limit

Workers whose employers are suspended cannot proceed with new or pending PERM filings, blocking their path to permanent residency. Current H‑1B visas are unaffected, but those close to the six‑year cap face pressure to find alternative immigration routes.

Many Indian professionals who planned long‑term settlement in the US must now reassess timelines and options. Notably, delays in green card processing affect dependents’ visa security, education, and healthcare access.

TCS has downplayed impact, noting its PERM filings were in “single digits” over the past two years, and reaffirmed hiring 15,000 US jobs through local recruitment.

India’s IT industry body NASSCOM has stressed that immigration and skilled talent mobility should be treated separately, highlighting reduced dependence on H‑1B visas and increased local hiring.

Key Facts

• Announcement Date: October 8, 2026
• Authority: US Labor Secretary Keith Sonderling, backed by VP JD Vance and Attorney General Todd Blanche
• Companies Suspended: Microsoft, Adobe, Infosys, TCS, Wipro, HCL Technologies, Capgemini, Cognizant
• Scope: Suspension applies to new and pending PERM applications. Existing approvals remain valid
• Reason: Alleged misuse of the H-1B visa program and green card sponsorships

What is PERM?

PERM (Permanent Labor Certification) is the first step for employer-sponsored green cards.

• Employers must prove no qualified US workers are available
• Hiring foreign workers won’t harm wages or conditions of American workers

Impact on Indian IT & Workers

Impact Area	Details
Indian IT Firms	Infosys, TCS, Wipro, HCL, and Cognizant face disruption in sponsoring employees for US permanent residency
Microsoft & Adobe	Criticized for layoffs while filing thousands of H-1B and PERM applications
Indian Professionals	Thousands awaiting green card filings may face indefinite delays, increasing uncertainty for long-term US careers
US Workforce	Administration claims this protects American jobs, especially after 131,000 tech layoffs in 2026

Political & Regulatory Context

• Vice President JD Vance accused Microsoft of “abusing the system,” citing 6,000 layoffs in 2025 while filing 6,300 H-1B visas and nearly 3,000 green cards
• Trump Administration’s “Project Firewall” is intensifying scrutiny of H-1B and PERM programs, with over 200 active investigations
• The Department of Labor claims to have uncovered $22 billion worth of visa fraud

Risks & Challenges

• Talent Retention: Indian IT firms may struggle to retain skilled workers in the US
• Project Delivery: Long-term contracts could face disruption due to workforce instability
• Legal Exposure: Companies risk reputational damage and penalties if fraud is proven
• Worker Anxiety: Thousands of Indian professionals face uncertainty about their immigration status

What’s Next?

• No timeline announced for lifting suspensions
• Existing approvals remain valid, but new sponsorships are frozen
• Indian IT industry bodies (like Nasscom) are lobbying to distinguish talent mobility from immigration fraud

MoneyTruVa Gets Backing from Sunil Singhania (in personal capacity) and Raj Shamani to Build a Structured Financial Information Platform for Indian Investors

Shareholders include Amar K. Ambani, Ajay Thakur, Kirtan Shah, Sonia Shenoy Platform to be unveiled in Mumbai on 22 October for pre-registration

MoneyTruVa, a structured financial information platform for Indian investors, has raised an undisclosed amount in a seed round.

MoneyTruVa brings together financial information that is scattered across exchange filings, media and social platforms, and presents it in a structured format with context. It aims to bring together investors and stakeholders across the financial ecosystem, enabling them to discover information, understand it and make better-informed decisions. The platform is designed to bring greater clarity to an information landscape that is often fragmented across multiple sources and formats.

India's investor base has crossed 13 crore unique accounts, supported by progressive regulation, robust market infrastructure, exchanges, intermediaries and listed companies. As participation continues to broaden and deepen across the country, one of the most important enablers for the next phase of growth will be access to structured financial information that empowers investors to make smarter decisions. MoneyTruVa aims to address this need by transforming fragmented financial information into a structured, accessible and decision-oriented experience for investors.

The platform will be unveiled at an invite-only event in Mumbai on 22 October 2026 and will be open for public pre-registration.

MoneyTruVa's shareholder base includes prominent names from India's financial ecosystem, as well as leading business and finance educators and thought leaders, who share the company's vision of democratising financial information and knowledge for investors across India.

Shareholders from India's financial ecosystem include Sunil Singhania (lead investor, investing in his personal capacity), along with Abhijit Bhave – Former CEO, Equirus Wealth; Ajay Thakur – CEO TGIsmE, Former Head of BSE SME; Amar K. Ambani – Executive Director, Yes Securities; Dhiren Shah – MD, Moneybee Securities; Jayesh Parmar – Managing Partner, Mudita Growth Partner; Kirtan Shah – Founder & CEO, Truvanta Wealth; Kunal Bothra – Market Expert, SEBI Registered Research Analyst, Trainer, Mentor; Rakesh Rathod – Evangelist, smallcase / CASE Platforms; Vikram Kotak – Investor, Former CIO Birla Sun Life Insurance; Vinit Jain – Co-founder, Promore AIF and Broking and others.

The shareholder base also includes leading business and finance educators, entrepreneurs and thought leaders, including Raj Shamani – Entrepreneur, Investor, Author and Founder – Figuring Out Media; Anant Ladha – Creator; Avanne Dubash – Former Anchor ET Now; Dr. Sanjay Arora – Brand Consultant, Author, Founder - Shells Advertising; Karunya Puligadda – Co-founder Cogent Media Labs, Former Anchor & Research Analyst ET Now, News Editor Moneycontrol; Kushal Lodha – Entrepreneur, Finance Podcaster; Mubina Kapasi - Co-founder Cogent Media Labs, Former Anchor & Research Analyst - ET Now; Rahul Malodia – Founder Malodia Business Coaching; Sanjay Kathuria – Financial Educator, Entrepreneur; Sonia Shenoy – Independent Business Journalist, Podcaster, former Anchor CNBC and others.

All shareholders named above have invested in their personal capacity; their investment does not represent an endorsement by, or an association with, any organisation with which they are connected.

Jigish Sonagara, Founder and CEO of MoneyTruVa, said, “We are deeply grateful for the trust and support of some of the most respected names across India's financial and business ecosystem.

Our vision is to democratise access to financial information and knowledge and make it more useful and accessible to every investor, irrespective of their investment journey, location, size of investment or level of knowledge of financial markets. We believe better access to relevant information can play an important role in deepening participation in India's financial markets and contributing to greater financial inclusion. This is just the beginning, and we are excited about the journey ahead.”

About MoneyTruVa

MoneyTruVa is building India's first Structured Financial Information Platform for Smarter Decisions, designed to bring financial information together in a structured and accessible format to help investors discover, understand and make better-informed decisions.

Founded by Jigish Sonagara, who has led technology initiatives for financial market institutions including MCX, IEX and MSE, and has been involved in the conceptualisation of technology platforms spanning exchange systems, risk management, surveillance, market infrastructure and MSME finance. The company also has Sameer Vasani on its Board. Sameer is a TOGAF-certified enterprise architect with extensive expertise in enterprise technology architecture, trading systems and large-scale digital infrastructure.

MoneyTruVa's vision is to democratise access to financial information and knowledge and make it more structured, accessible and useful for investors across India. 

Citi Helps Indian Firms Raise $16bn YTD, Eyes Continued Deal Momentum

Bank has doubled IB revenues YTD, including market share of 28% in M&A [Dealogic data]

Citi's Investment Banking business has supported Indian companies in completing dozens of landmark transactions across mergers and acquisitions (M&A), equity capital markets, and debt capital markets, securing the leading market share in India.

Year to date Citi is ranked top for Investment Banking revenues in data provider Dealogic's League Table, with a market share of 7% with revenues up close to 100% year on year according to Dealogic data. (Reported Dealogic revenues up from US$29m to US$52m).

Indian companies have continued to expand their international presence and raise cost effective financing to support their growth ambitions, largely across the tech space.

Citi has been at the heart of this trend, leveraging its leading global network to help Indian companies access global capital markets and advise on transformational strategic transactions.

Year to date Citi has raised close to US$16bn for local clients, including landmark financings and has advised on US$36bn of M&A involving key Indian companies. The bank is currently top in Dealogic's M&A league table with a market share of 28%.

Citi remains committed to helping Indian companies strengthen their international competitiveness amid a complex and evolving business landscape.

"Citi is growing with our clients in India as we deliver the full power of the franchise to clients both locally and across Citi's global network. India is a key market for Citi globally, home to a range of world class companies who we are supporting both at home and abroad. We have a very strong pipeline of business ahead and we are excited by the growth opportunity with our clients," said Rahul Saraf, India Head of Investment Banking, Citi.

India IB Revenue by Bank (YTD)

2026 YTD				2025 YTD
Rank	Bank	Net Revenue USD (m)	% Share	Rank	Bank	Net Revenue USD (m)	% Share
1	Citi	52	7	1	JPMorgan	66	8
2	JPMorgan	43	6	2	Morgan Stanley	61	8
3	Kotak Investment Bank	35	5	3	Kotak Investment Bank	32	4
4	HSBC	35	5	4	Jefferies LLC	30	4
5	Jefferies LLC	30	4	5	Citi	29	4
6	Axis Capital Ltd	29	4	6	HSBC	28	4
7	ICICI Securities Ltd	28	4	7	JM Financial Ltd	26	3
8	IIFL Capital Services Ltd	27	3	8	Standard Chartered Bank	23	3
9	Standard Chartered Bank	27	3	9	Axis Capital Ltd	22	3
10	JM Financial Ltd	26	3	10	ICICI Securities Ltd	21	3
	Subtotal	332	43		Subtotal	339	43
	Total	780	100		Total	796	100

[Source: Dealogic]

India M&A Volume by Advisor ex Fairness Opinion (2026 YTD)

Rank	All Advisor ex Fairness Opinion (Parent)	Deal Value at Announcement USD (m)	No.	% Share
1	Citi	36,810	10	28
2	Arpwood Capital Pvt Ltd	25,048	9	19
3	JPMorgan	17,552	6	13
4	Goldman Sachs	15,052	4	12
5	Jefferies LLC	14,714	4	11
6	Morgan Stanley	14,548	8	11
7	Rothschild & Co	10,845	5	8
8	Barclays	4,965	6	4
9	Ernst & Young	4,046	34	3
10	Kotak Investment Bank	3,532	13	3
	Subtotal	69,691	82	53
	Total	130,571	1,019	100

Tata Power’s TP Solar Hits 1 GW Module, 0.9 GW Cell Output in Q2 FY27, Driving India’s Net‑Zero Manufacturing Push

TP Solar Limited (TP Solar), the solar manufacturing arm of The Tata Power Company Limited (Tata Power) and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), achieved a strong manufacturing performance in Q2 FY27 (July - September 2026), producing 1 GW of solar modules and 0.9 GW of solar cells.

In H1FY26, i.e. from April to September 2026, TP Solar manufactured 2 GW of Modules and 1.8 GW of Cells. This production performance underscores TP Solar’s consistent capacity ramp-up and improving operational efficiency. The modules are compliant with Domestic Content Requirement (DCR) norms and approved under the Approved List of Models and Manufacturers (ALMM).

TP Solar operates one of India’s largest single-location state of the art, 4.3 GW Solar Cell and Module manufacturing facility in Tirunelveli, Tamil Nadu.

The facility is also distinguished by a workforce comprising nearly 80% women, reflecting the Company’s strong commitment to inclusive workforce. Tata Power, through its subsidiary, TPREL, has invested nearly ₹ 4,300 crore in establishing this facility. The investment represents a significant milestone in advancing indigenization across the solar value chain and reinforces the Tata Power’s strategic focus on achieving self-sufficiency in solar cell and module manufacturing.

Equipped with advanced TOPCon and Mono PERC technologies, the plant produces ALMM - certified modules as also DCR modules using Made in India Cells in this plant. The plant also features cutting-edge AI/ML-driven systems and Automated Guided Vehicles (AGVs), and exemplifies next-generation manufacturing through intelligent automation and superior operational efficiency.

The facility aligns with Tata Power’s commitment to supporting India’s vision for a Net-Zero carbon future with local manufacturing capabilities.