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<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul class="summary-list"><li>Rohan Bhide always knew he wanted to be an entrepreneur.</li><li>He worked at Meta right after his 2018 graduation.</li></ul>This as-told-to essay is based on a conversation with Rohan Bhide, who moved from New York to Pune, India in 2024 to launch his startup. It has been edited for length and clarity. Business Insider has verified his employment history.I always knew I wanted to build something of my own.I came up with my first idea in my second year of college, when I was studying overseas at the University of Pennsylvania. During a trip back home to India, I built a version of a learning management system and reached out to schools to try to get them to adopt it.It didn't work out, but I learned an important lesson about myself. I realized that I loved how <a target="_blank" class="" href="https://www.businessinsider.com/why-everyone-in-tech-talking-founder-mode-paul-graham-chesky-2024-9">founders end up wearing so many hats</a>. You're not just an engineer or a product designer, but you're also a content creator, lawyer, and accountant.That drove every single other career decision I made in my professional career.<h2 id="4f8c8e65-9eb7-42ad-afb1-519b1bff5078">Step 1: Take a job with Meta</h2>I'm a risk-averse person, and launching a business straight out of college didn't feel like an option. So I started preparing to be a founder and collecting experiences that would help down the line.Even early on, I was sure I wanted to work on building consumer products. When it was time to look for jobs, I only <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">applied to Meta and Google</a>, companies well known for developing products for the masses.I <a target="_blank" class="" href="https://www.businessinsider.com/how-to-write-big-tech-resume-google-meta-product-manager-2024-6">interned with Meta</a> and landed a full time role at the company after graduating in 2018. The offer was a huge deal for me, and I remember calling my parents back home to share the news right away.My family knew my long-term goal was to work for myself, and they worried that the years would pass and I would never leave Big Tech and its comforts.At Meta, I was careful to select projects that would enable me to become a jack of all trades. I was taking on projects where I could work across several different domains instead of specializing in computer vision or machine learning, for example. I earned a reputation for being an engineer that could get things out the door — whether it was by learning the technology myself or by putting together other engineers for the project.<h2 id="5a48931f-43ad-49e7-9b5a-c1c1087c0cbc">Step 2: Quit Meta to see how startups work</h2>After four years at Meta, I understood that big companies have a way of pigeonholing employees into one role, and I felt like my learning had stagnated.I quit Meta in 2022 and moved to the ticketing platform StubHub, a smaller company. I had an engineering role there, too, but I was also tasked with cross-functional roles like product management and data analysis. I learned how startups had to iterate quickly and work with limited resources. It gave me my first experience leading a team, which I really enjoyed.Besides gaining technical skills, I was also saving so that I could eventually bootstrap my own company. After work, I took online courses to learn accounting and finance and spent time with my brothers, who have experience in management and venture capital.<h2 id="4fb93422-62bd-4fb5-8c57-a5dc6210ae62">Step 3: Moving to India</h2>Living in the US, launching a startup in Silicon Valley felt like an obvious choice, but I was more <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">excited about business prospects back home in India</a>. Internet adoption had skyrocketed since I left in 2014; the population size made it a hotbed for a consumer tech product; and government initiatives like an instant payments system and acceptance toward greater tech adoption made doing business a lot easier. I knew that if I were to set up my own business, it would be for the Indian market.I finally made the call to move home last year after my fiancée proposed to me. We knew we wanted to settle down in India, and our wedding next year became a deadline to get the ball rolling. We decided I would return first, and I quit my job at StubHub and moved back in January this year.My friends had bets on whether I would ever leave the US or a salaried job, and I managed to shock them and collect some money when I announced my decision to quit.I left behind $580,000 in total compensation at the company.<div type="image" title="Two startup founders standing in front of a background with a world map." height="1869" width="2491" msid="113444544" hostid="261" sizebytes="307874"></div>Since then, I have brought on a cofounder, a high school friend who also moved back from the US a couple of years ago. We are working on launching a consumer tech product in the next few months.I love being back, especially because it means being close to my family and my culture again. There are challenges, too — I've had to get used to driving on India's busy roads.Even though I'm glad to be back in India, I definitely think the US is my second home now. I was visiting my fiancée in New York this summer and felt a bit sad when I got on a plane back to India. It's a strange situation, because I always felt upset every time I got on a plane to the US over the years.Are you a startup founder and have a story to share about your unique career journey? Please reach out at shubhangigoel@insider.com

I always knew I wanted to launch a startup in India — so I made 2 key career moves in the US first to minimize the risks     

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Automaker <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> lndia has invested about Rs 1.99 crore in <keyword id="21061376" type="General" weightage="20" keywordseo="amlgo-labs-private-limited" source="keywords">Amlgo Labs Private Limited</keyword>, a technology-led startup. The startup operates in the area of data analytics, cloud engineering, machine learning (ML) and artificial intelligence (Al), to assist companies in data driven decision making. With this, Maruti Suzuki will own an equity stake of over 6.44 per cent in the startup, the automaker informed stock exchanges on Saturday. The investment is being made through the Maruti Suzuki lnnovation Fund, an initiative to undertake strategic investments in startups which exhibit high levels of technological innovation. This is the second such investment by the company. Earlier, the company invested in <keyword id="21061374" type="General" weightage="20" keywordseo="sociograph-solutions-private-limited" source="keywords">Sociograph Solutions Private Limited</keyword>, specialised in AI, in June 2022. "We have been working with startups since 2019, as a part of the Maruti Suzuki lnnovation Program. Aligned with the government's Start Up India initiative, we are actively working to help strengthen the startup ecosystem and encourage innovation to develop solutions relevant to the automobile industry," HisashiTakeuchi, Managing Director and CEO, Maruti Suzuki India. "Our investment in Amlgo Labs Private Limited will help us to further strengthen quality of new models, using advanced analytics and machine learning," Takeuchi added. According to <keyword id="20693796" type="General" weightage="20" keywordseo="ajay-yadav" source="keywords">Ajay Yadav</keyword>, Founder, Amlgo Labs Private Limited said, "Our collaboration with Maruti Suzuki has proven to be fruitful, helping our company augment and scale up operations. Combining our expertise in Data Analytics, Machine Learning and Artificial Intelligence based solutions, with mentorship and networking opportunities offered by Maruti Suzuki, we will be able to further refine our offering." Started its journey in July 2017, the startup firm has offices in Gurugram and Bengaluru in lndia and Delaware in the US. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

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Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

Shubhangi Goel,Charissa Cheong

I always knew I wanted to launch a startup in India — so I made 2 key career moves in the US first to minimize the risks

Shubhangi Goel

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Shubhangi Goel

Maruti Suzuki invests in machine learning, artificial intelligence startup Amlgo Labs

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