In recent years, the Indian economy has witnessed a transformative shift in its workforce dynamics, with a notable surge in individuals actively contributing to employment generation through various startup initiatives. This paradigm shift is not only fostering economic growth but is also witnessing a remarkable rise in the participation of women entrepreneurs, catalysing robust business development.
The Women in India’s Startup Ecosystem Report for 2023 reveals a significant milestone, indicating that 18% of startups are now led by women, with an impressive 17% of unicorns also being spearheaded by women. Despite these strides, there remains a noticeable underrepresentation of women in boardrooms. However, ongoing initiatives are actively working to bridge this gap and empower women in leadership roles.
The Spark Fellowship by Peak XV Partners, a venture capital and growth investing firm. Launched in 2021, Spark aims to enhance knowledge and facilitate access to capital for women entrepreneurs. The program extends a $100,000 equity-free grant and personalised mentorship from the Peak XV team and founders affiliated with their portfolio in India and Southeast Asia.
Spark stands out as a programme not only for its financial support but also for its commitment to identifying and nurturing future women leaders. The community of women founders under Spark has burgeoned, encompassing 48 founders and 41 startups in less than three years. The dominance of AI and Healthtech in this cohort, with four companies each, underscores the program’s diverse and impactful reach. Beyond these, startups are making strides in SaaS, Consumer, and B2B sectors.
Each startup within the programme is entitled to over $1 million in perks from partner companies, ranging from cloud credits to development tools and analytics. This additional support further enhances the growth prospects for these women-led startups.
The mentors steering this initiative include notable figures such as Peak XV’s Managing Directors Shailendra Singh, Sakshi Chopra, Mohit Bhatnagar, GV Ravishankar, and Rajan Anandan. Founder-mentors, including Ghazal Alagh and Varun Alagh of Mamaearth, Anand Jain of Clevertap, Chaitanya Ramalingegowda of Wakefit, and Vivek Ramachandran, among others, contribute valuable insights and guidance to the program.
With three cohorts completed, Spark has successfully created a curated community of startups spanning 10+ sectors, solidifying its impact on the startup landscape for women entrepreneurs in less than three years. This initiative not only supports individual enterprises but also contributes significantly to the broader goal of fostering diversity and inclusion in the startup ecosystem.
