Excellence is not a culture yet in India: Cred founder Kunal Shah
Cred founder Kunal Shah called out India’s tendency to chase comparisons over core innovation, and warned that adaptation will be key in a tech-driven future.
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Fintech entrepreneur and Cred founder Kunal Shah on Wednesday offered a sharp critique of India's startup landscape, stating that a lack of deep-rooted excellence continues to hamper the ecosystem's long-term potential, as per a media report.
Speaking at an event in Bengaluru on May 22, Shah said many companies in India are built on comparisons rather than genuine innovation.
"We like to compare ourselves too early before we drive ourselves to excellence... Excellence is not a culture yet in India," Shah remarked.
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He stressed that while India has immense potential, innovation often emerges not from abundance but from working within constraints.
Shah predicted a shift in how Indian companies approach the market, suggesting that distinct business models tailored to local conditions could help define a competitive edge, the report added.
Pointing to the trajectory of China’s industrial growth, Shah questioned whether India could replicate such a path by delivering quality at reduced costs. He also underlined the urgency of building companies on differentiated principles rather than mimicry.
Shah also highlighted the transformative role of technologies like artificial intelligence, especially for legacy industries such as BPO and IT services. “The same companies do not appear in the top 100 or 200 every five or seven years. The kind of people who will survive are those who can adapt to change and constantly innovate,” he said in the report.
Commenting on how ambition is shaped, Shah said it often reflects one’s environment. “Our ambition is a function of what we see around us,” he said, emphasizing that without exposure to excellence, even aspirations remain limited.
Reiterating a point he has made in previous forums, Shah cautioned against the culture of premature glorification of entrepreneurs in India. “India has a problem of worshipping founders like gods; we do ‘visarjan’ when things go south,” he quipped, referring to the ritual immersion of idols, highlighting the volatility of public opinion and media scrutiny.
