The Indian startup ecosystem has been scripting a success story over the past decade and has today become the third largest startup ecosystem in the world.
However, gender imbalance continues to plague the Indian startup growth story.
Entrepreneur and investor duo, Deeksha Ahuja and Avneet Kohli state, “Over the past 11 years, as the startup ecosystem has thrived in India, the number of female entrepreneurs has remained comparatively low.” Founders of global startup and angel platform, Encubay, the duo go on to highlight knowledge gaps, networking limitations, and capital constraints as the key issues behind this disparity.
In order to counter the challenges faced by women founders in their entrepreneurial journey, Deeksha and Avneet founded Encubay in 2020. The platform is focused on driving diversity in entrepreneurship and investing. It does so, through a host of initiatives that get women founders access to knowledge, global networks, and capital.
So far, Encubay has engaged nearly 10,000+ women founders, investors and startup ecosystem stakeholders across their 7 active Chapters in India & Middle East.
The Women Entrepreneurs Review team spoke to Deeksha and Avneet about Encubay, its Modus Operendi and the current state of gender imbalance in the Indian startup ecosystem. The duo highlights initiatives such as FEMPRENEURS, FUNDER FOUNDERS, the impact created by such initiatives and their vision for the future. Purse the interview and get a glimpse of how these spirited women are ensuring that women founders build the ventures of their dreams.
The Indian startup ecosystem has grown from strength to strength over the years. However, there continues to be a gender imbalance in the Indian startup landscape. What is your take on this?
Over the past 11 years, as the startup ecosystem has thrived in India, the number of female entrepreneurs has remained comparatively low. This disparity is primarily due to three key issues: knowledge gaps, networking limitations, and capital constraints.
Firstly, many aspiring female entrepreneurs face knowledge gaps. While some may have expertise in areas like finance or technology, they often lack critical skills in branding, marketing, or other essential business functions. Secondly, networking limitations are a significant challenge. Many women lack access to strong networks of peers and mentors, which are vital for finding business opportunities and securing investments. Finally, capital constraints continue to pose hurdles. Despite increasing awareness around Environmental, Social, and Governance (ESG) factors in the West, implicit biases against funding female-led ventures persist, leading to fewer opportunities for financial support.
These challenges—coupled with additional responsibilities such as family and childcare—contribute to the lower number of female entrepreneurs compared to their male counterparts.
Capital is one of the most crucial factors for a startup. But it has been observed that women founders face more challenges when it comes to raising capital than their male counterparts. What insights can you share about the funding disparity that currently exists in the Indian startup landscape? How widespread is the challenge?
Today, a significant challenge for women entrepreneurs is accessing capital. Many women with ambitious visions for global businesses often struggle to secure external funding. From our interactions, we have observed that women, especially in tier 2 and tier 3 cities, are often unaware of the available sources of capital for their ventures.
In contrast, women in tier 1 cities benefit from better infrastructure, support, and awareness, leading to greater engagement with initiatives from organizations like ours. These women are becoming more knowledgeable about financial matters, understanding how capital works, and exploring various funding options. Through our educational programs and partnerships with institutions, we are dedicated to equipping them with the knowledge and resources needed to navigate the financial landscape effectively.
However, despite these efforts, a significant gap remains in capital allocation to women, particularly from venture capital sources. Traditional gender biases—such as concerns over women's availability due to family responsibilities, childcare, and health—often hinder investment opportunities. The pressure and time required for founders to build their businesses are frequently underestimated for women, resulting in fewer opportunities.
Fortunately, awareness around this issue is growing, and more organizations are advocating for equal opportunities. We are pushing for a future where gender does not define a founder's potential, and investment decisions are based solely on the strength of the idea and the individual. We urge capital institutions to set aside specific funds dedicated to supporting women founders.
However, this shift must happen on both sides. Women need to step forward with confidence, demonstrating to investors that they are fully capable of leading successful ventures. This change requires commitment and effort from both investors and women entrepreneurs alike. As awareness grows, we are moving towards a landscape where a good founder is recognized purely for their ability, regardless of gender.
How are you fostering gender diversity in the India startup ecosystem by facilitating investments?
Encubay is actively fostering gender diversity in the startup ecosystem by bringing together various stakeholders and implementing a comprehensive framework to support female entrepreneurs. Their approach addresses multiple aspects of the startup journey, providing targeted support to help women navigate industry-specific challenges and scale their ventures effectively.
Based on extensive interactions with nearly 6,000 female founders, Encubay has developed the FAIR framework, which comprises four key pillars:
- Female Representation in the startup ecosystem.
- Accelerating the number of women in entrepreneurship and investing.
- Innovation Hub for corporate and government support.
- Resources and Data-Driven Insights for informed decision-making.
To implement this framework, we engage in several targeted activities. They conduct advocacy and awareness campaigns to highlight the lack of female representation in the startup ecosystem. Through various events, programs, and initiatives, they accelerate the growth of women founders and investors. Encubay also facilitates Corporate Venture Capital (CVC) deployment through innovation initiatives focused on women founders, regularly reports on diversity metrics, and subsidizes tech and business credits to fast-track growth for women-led startups.
Encubay collaborates closely with governments to refine policies, design initiatives, and facilitate women's economic empowerment programs. They also assist organizations in achieving their startup engagement, diversity, and sustainability objectives.
Throw some light on the various initiatives driven by Encubay for empowering women entrepreneurs.
Encubay has launched a suite of initiatives designed to empower and support women entrepreneurs at every stage of their journey. These programs address various aspects of entrepreneurship, from skill development to funding opportunities:
- SoarUp Challenge: A quarterly initiative that offers investment assistance through live pitching demo days, providing exposure to corporate venture arms and the Encubay Angel Network to secure crucial funding.
- FEMPRENEURS: Led by industry experts, this program helps women understand the nuances of fundraising and scaling their businesses, offering insights and strategies tailored to their unique challenges.
- NETWORK HER: An exclusive platform for female founders to connect, gain insights from accomplished entrepreneurs, and access the female founder ecosystem, fostering networking, mentorship, and collaboration.
- FUNDER FOUNDER: Creates a relaxed environment for investor interactions, where women entrepreneurs can pitch their ideas, build relationships with investors over casual cocktails, canapés, and conversations.
- Encubay's Power Circle has expanded to seven chapters, fostering a strong network of women entrepreneurs. Our recent launch in Ahmedabad marks another step in empowering female founders and driving diversity in entrepreneurship.
These programs, along with Encubay's broader efforts to connect with investors and governments, create a holistic support system for women in entrepreneurship. By focusing on skill development, networking, funding, and visibility, Encubay actively works to bridge the gender gap in the startup ecosystem and promote gender parity in entrepreneurship and investing.
Tell us about the impact created by Encubay and its various initiatives so far. Can you share some statistics about the same.
With 7 chapters across two major regions—India (Mumbai, Delhi, Hyderabad, Bangalore, Pune, Ahmedabad) and the Middle East (Dubai)—we have built a dynamic network of over 10,000 stakeholders, including founders, government officials, B2B enablers, and ecosystem partners. Our efforts have raised over $1 million in capital for women founders, facilitated more than 50,000 founder interactions, engaged with 750+ investors, and accumulated over 1,400 hours of meaningful engagement.
Can you take us through the journey of a particular women entrepreneur, highlighting the role played by Encubay in their growth journey?
When we began our collaboration with Ecoratings, our primary objective was to strategically navigate the complex landscape of sustainability. We started by providing them with crucial market insights, enabling them to tailor their approach effectively. This groundwork played a significant role in helping Ecoratings secure their initial round of funding from angel investors and key industry figures.
Our support extended beyond just financial backing. We facilitated vital B2B connections that empowered Ecoratings to forge valuable partnerships and secure significant B2B deals, further enhancing their sustainability offerings. Additionally, we elevated their visibility by providing exclusive event opportunities, including appearances at Encubay events in partnership with Morgan Stanley and the US Consulate.
As part of our continued efforts, Ecoratings also joined our Dubai delegation, where they made impactful connections with key players in the Dubai market. Through our comprehensive support, Ecoratings not only secured funding and partnerships but also gained substantial exposure, setting them on a clear path to success in the sustainability sector.
What is Encubay’s vision going forward? Tell us about the company’s roadmap for the near future?
Our goal is to become the go-to platform that empowers women to scale their businesses, launch new ventures, raise capital, and expand globally. We envision a future where women entrepreneurs no longer "play small," and aspire to be their trusted partner at every stage of their journey. Just as it took years to see trailblazers like Falguni Nair or Gazal Alagh create unicorns in India, we aim to multiply that success and nurture a new generation of groundbreaking entrepreneurs.
After four years of deep engagement with the entrepreneurial ecosystem, we've identified a critical gap: the lack of a continuous, safe space for women to build their ventures with all resources in one place. To address this, we launched a membership program this year offering a comprehensive and personalized experience.
Our membership begins with a tailored consulting phase, where we work closely with each member for six weeks to develop a growth roadmap. We then connect them with industry experts to tackle specific business challenges. For those seeking to raise capital, we help prepare pitch decks and facilitate investor engagements. This holistic offering—spanning mentorship, networking, global exposure, and industry readiness—is now available in our annual membership.
Looking ahead, we’re thrilled to host the Encubay Global Immersion Week from October 13th to 17th, marking our third year partnering with Giant Techs Global in Dubai. Building on past success, where we brought 30 founders, this year, we're taking a gender-diverse delegation of 60 founders to explore business opportunities in Dubai. In association with GITEX Global, the world’s largest tech, trade, and entrepreneurship show, Encubay will lead a delegation from India, reinforcing our commitment to empowering entrepreneurs on the global stage.
What message would you like to give out to aspiring women entrepreneurs of India?
In today's rapidly evolving landscape, women entrepreneurs in India play a crucial role in shaping our economy and society. We recognize the power of visionary women like you who drive innovation and bring about meaningful change. Your entrepreneurial journey begins with a strong belief in your vision—every successful venture starts with a bold idea and the courage to see it through. To build and scale your business, it’s essential to surround yourself with a robust support network of mentors, advisors, and peers.
Resilience is key in navigating the challenges of entrepreneurship and view setbacks as opportunities to learn and keep moving forward with unwavering determination. Innovation is your competitive edge, so stay ahead of trends and continuously seek new ways to differentiate your business. As you grow, remember the importance of empowering one another by sharing experiences, offering support, and celebrating each other's successes, we create a thriving community.
Lastly, focus on creating a positive impact—sustainable ventures that benefit society and the environment resonate deeply with customers and partners alike. Your journey is a powerful narrative of courage and creativity, and at Encubay, we are committed to supporting you every step of the way. Together, we can inspire more women to achieve their dreams and leave a lasting legacy.
