India has gone through three distinct waves in the last three decades of its startup evolution: IT and services led in the 1990s and 2000s, consumer and digitization led in the last decade and currently morphing rapidly towards deeptech and Innovation led product wave. India, once viewed as only a chop-shop where cost-arbitrage based business models dominated and consumer Internet models were copied and adapted en masse from the west, is currently paving its way to be an innovation-first nation.
