A growing number of former operators— seasoned professionals who once scaled teams and built platforms at marquee startups— are now turning founders themselves. In the last two years, nearly 250 operators started their own ventures, making it one of the most active periods for operator-led ventures in India, according to a report by venture capital firm RTP Global and Tracxn.
So far, a host of senior professionals from high-profile startups such as Flipkart, Freshworks, Paytm, Zomato and Inmobi have quit to launch their own ventures. For instance, audio streaming platform Pocket FM was co-founded by Rohan Nayak, a former product manager at Paytm; Park+ was founded by Amit Lakhotia, a former business head of Paytm wallet; and Groww was founded by Lalit Keshre and three of his former colleagues at Flipkart.
These operator-founders are now outperforming their peers on multiple fronts, the report said. In 2024, operator-led startups raised $101 million, a 243% jump from the previous year, and accounted for 11.5% of all early-stage startup funding in India, more than the 6% share in the year ago.
These companies reach seed funding faster, raise larger rounds, and command higher valuations than other tech startups.
For instance, an operator-led startup founded in 2022 was 23 times more likely to reach Series A compared to a typical startup in the broader Indian tech ecosystem, with average valuations for operator-founders raising Series A at $38.5 million, as against $21.8 million for rest of the ecosystem.
Of all operator-led startups founded in 2022, 11.2% raised a seed round, compared to just 4.4% for the rest of ecosystem. That gap widened for startups founded in 2023— with 12.6% for operator-led startups versus 2.7% for the rest of the ecosystem—and held steady even during 2024’s tougher fundraising climate.
While there are several factors driving this wave, most importantly, these founders have a wealth of insider experience. Many have led teams at unicorns, giving them the playbooks and networks to go independent.
Liquidity events like ESOP buybacks—more than $170 million in 2024—have also given them the financial runway to build independently. Many are also leaving mature, structured organisations in search of fresh challenges, while there is also wave of returning tech talent from the US.
Additionally, mass layoffs in 2022 and 2023 also had an influence on this trend. Generous severance packages provided the financial cushion these operators needed to jumpstart their own ventures.
This trend is also being fueled by global investors, who stung by a few high-profile stumbles by first-time founders, are now prioritising operational experience. “In contrast to the growth-at-all-costs mindset of the past, operator-led ventures are more likely to pursue profitability and build with resilience,” the report added.