A BOOK ON INDIAN STARTUPS AND VENTURE CAPITAL
A BOOK ON INDIAN STARTUPS AND VENTURE CAPITAL
How India Built It's Startup Ecosystem
How India Built It's Startup Ecosystem
A Billion Bets traces the history of Indian startups and venture capital, from liberalisation and the internet to scaled founders, funding booms, market corrections, IPOs and the opportunities ahead.
A Billion Bets traces the history of Indian startups and venture capital, from liberalisation and the internet to scaled founders, funding booms, market corrections, IPOs and the opportunities ahead.
By Aviral Bhatnagar
By Aviral Bhatnagar
Founder of ajvc • Investor • Writer
Founder of ajvc • Investor • Writer
ABOUT THE BOOK
ABOUT THE BOOK
ABOUT THE BOOK
The making of India's startup system
The making of India's startup system
The making of India's startup system
The book is on India’s startup ecosystem and the history of venture capital in India. It explains how liberalization, technology, ambitious founders and patient capital transformed a nascent ecosystem into one of the world’s most important entrepreneurial markets.
From India’s first technology companies and venture capital funds to Flipkart, Zomato, the unicorn boom, painful market resets and the rise of AI, the book connects three decades of people, companies and capital into one historical narrative. All of this in an easy-to-consume 200 pages.
Combining history with Aviral Bhatnagar’s first-hand perspective as an investor, writer and founder, A Billion Bets explores what entrepreneurs and venture capitalists can learn from India’s evolution, where the next generation of startup opportunities may emerge, and why its entrepreneurial story may only be beginning.
The book is on India’s startup ecosystem and the history of venture capital in India. It explains how liberalization, technology, ambitious founders and patient capital transformed a nascent ecosystem into one of the world’s most important entrepreneurial markets.
From India’s first technology companies and venture capital funds to Flipkart, Zomato, the unicorn boom, painful market resets and the rise of AI, the book connects three decades of people, companies and capital into one historical narrative. All of this in an easy-to-consume 200 pages.
Combining history with Aviral Bhatnagar’s first-hand perspective as an investor, writer and founder, A Billion Bets explores what entrepreneurs and venture capitalists can learn from India’s evolution, where the next generation of startup opportunities may emerge, and why its entrepreneurial story may only be beginning.
The book is on India’s startup ecosystem and the history of venture capital in India. It explains how liberalization, technology, ambitious founders and patient capital transformed a nascent ecosystem into one of the world’s most important entrepreneurial markets.
From India’s first technology companies and venture capital funds to Flipkart, Zomato, the unicorn boom, painful market resets and the rise of AI, the book connects three decades of people, companies and capital into one historical narrative. All of this in an easy-to-consume 200 pages.
Combining history with Aviral Bhatnagar’s first-hand perspective as an investor, writer and founder, A Billion Bets explores what entrepreneurs and venture capitalists can learn from India’s evolution, where the next generation of startup opportunities may emerge, and why its entrepreneurial story may only be beginning.
Reviews
What founders and investors are saying
The first book I've read that has taken such a deep and nuanced view of India's start-up ecosystem
Sumir Chadha
Co-founder and Managing director,
WestBridge CapitalAviral has been a hat ke thinker since his time in college. His approach to entrepreneurship and venture capital is similar to his insights—straight from the heart and first principles
Ashish Gupta
Founder and Managing Partner,
Helion Venture PartnersAviral has stood out as one of the few Indian investors consistently putting out rigorous, data-driven, big-picture thinking on India's start-up and technology ecosystem
Samidha Sharma
Editor, ETtech,
Economic TimesThis may well be the only book on Indian start-ups combining such a wide lens with first-hand experience and insight
Neeraj Arora
CEO India, MENA and
Managing Director, General CatalystAs a venture capitalist himself, Aviral brings a great depth to his understanding of the start-up ecosystem in India, and that depth is well-articulated in the book
Vishwanath Pingali
Professor,
IIM Ahmedabad
WHAT THE BOOK COVERS
WHAT THE BOOK COVERS
From India's first startups to its next billion
From India's first startups to its next billion
From India's first startups to its next billion
The Foundations
The Foundations
The Foundations
How economic liberalisation, telecom, the internet and India’s information technology industry created the foundations for a startup ecosystem.
How economic liberalisation, telecom, the internet and India’s information technology industry created the foundations for a startup ecosystem.
How economic liberalisation, telecom, the internet and India’s information technology industry created the foundations for a startup ecosystem.
Founders and Capital
Founders and Capital
Founders and Capital
How pioneering entrepreneurs, returning Indian talent, angel investors and venture capital funds changed the possibilities of building companies in India.
How pioneering entrepreneurs, returning Indian talent, angel investors and venture capital funds changed the possibilities of building companies in India.
How pioneering entrepreneurs, returning Indian talent, angel investors and venture capital funds changed the possibilities of building companies in India.
Boom and Resets
Boom and Resets
Boom and Resets
What the dot-com crash, Flipkart era, funding cycles, unicorn boom, startup corrections and public-market listings reveal about how ecosystems mature.
What the dot-com crash, Flipkart era, funding cycles, unicorn boom, startup corrections and public-market listings reveal about how ecosystems mature.
What the dot-com crash, Flipkart era, funding cycles, unicorn boom, startup corrections and public-market listings reveal about how ecosystems mature.
What comes next
What comes next
What comes next
How AI, economic formalisation, rising incomes and distinctly Indian problems could create the next generation of startup opportunities.
How AI, economic formalisation, rising incomes and distinctly Indian problems could create the next generation of startup opportunities.
How AI, economic formalisation, rising incomes and distinctly Indian problems could create the next generation of startup opportunities.
WHO SHOULD READ IT?
WHO SHOULD READ IT?
A book for anyone building in India
A book for anyone building in India
A book for anyone building in India
For
For
For
founders building companies
founders building companies
operators working inside startups
operators working inside startups
operators working inside startups
investors seeking context
investors seeking context
investors seeking context
students exploring entrepreneuship
students exploring entrepreneuship
students exploring entrepreneuship
and anyone who
and anyone who wants to
and anyone who wants to understand
wants to understand how technology and Indian ambition came together.
how technology and Indian ambition came together.
how technology and Indian ambition
came together.
AVIRAL'S NOTE
AVIRAL'S NOTE
Why I wrote the book
Why I wrote the book
Why I wrote
the book
In 2020, I wrote Long India to explain why I remained optimistic about the country I had chosen to stay and build in. Its response made me realize that India’s startup story deserved a fuller telling.
A Billion Bets is that attempt. It traces the people, technologies, institutions, capital and cycles that turned a nascent ecosystem into one of the world’s most consequential. My own journey runs through it, from growing up as India opened to working in venture capital, writing about startups, and eventually founding ajvc.
I have tried to be both a historian and a participant: to explain not only how we arrived here, but also what the past tells us about where Indian entrepreneurship could go next.
Aviral Bhatnagar
ajvc Founder, Investor
In 2020, I wrote Long India to explain why I remained optimistic about the country I had chosen to stay and build in. Its response made me realize that India’s startup story deserved a fuller telling.
A Billion Bets is that attempt. It traces the people, technologies, institutions, capital and cycles that turned a nascent ecosystem into one of the world’s most consequential. My own journey runs through it, from growing up as India opened to working in venture capital, writing about startups, and eventually founding ajvc.
I have tried to be both a historian and a participant: to explain not only how we arrived here, but also what the past tells us about where Indian entrepreneurship could go next.
Aviral Bhatnagar
ajvc Founder, Investor
In 2020, I wrote Long India to explain why I remained optimistic about the country I had chosen to stay and build in. Its response made me realize that India’s startup story deserved a fuller telling.
A Billion Bets is that attempt. It traces the people, technologies, institutions, capital and cycles that turned a nascent ecosystem into one of the world’s most consequential. My own journey runs through it, from growing up as India opened to working in venture capital, writing about startups, and eventually founding ajvc.
I have tried to be both a historian and a participant: to explain not only how we arrived here, but also what the past tells us about where Indian entrepreneurship could go next.
Aviral Bhatnagar
ajvc Founder, Investor
FAQ's about the book
What is A Billion Bets about?
A Billion Bets explains how India’s startup ecosystem and venture capital industry evolved, from economic liberalization and the internet revolution to unicorns, IPOs, AI and the opportunities ahead.
Is it a history of Indian startups?
Yes. The book traces the people, companies, technologies, investors and economic cycles that shaped Indian entrepreneurship over more than three decades.
Who should read it?
The book is written for founders, investors, startup operators, students and anyone interested in entrepreneurship, venture capital or building companies in India.
Does the book explain how venture capital works?
The program continues for as long as you need. The weekly time commitment will be a few hours at most.
Has the program been useful for founders?
Yes. It explains the origins of venture capital in India, how startup funds operate, why investors make high-risk bets and how funding cycles influence companies and founders.
Where can I buy A Billion Bets?
A Billion Bets is available on Amazon, Flipkart and bookstores near you. Use the link below to order your copy.
FAQ's about the book
What is A Billion Bets about?
A Billion Bets explains how India’s startup ecosystem and venture capital industry evolved, from economic liberalization and the internet revolution to unicorns, IPOs, AI and the opportunities ahead.
Is it a history of Indian startups?
Yes. The book traces the people, companies, technologies, investors and economic cycles that shaped Indian entrepreneurship over more than three decades.
Who should read it?
The book is written for founders, investors, startup operators, students and anyone interested in entrepreneurship, venture capital or building companies in India.
Does the book explain how venture capital works?
The program continues for as long as you need. The weekly time commitment will be a few hours at most.
Has the program been useful for founders?
Yes. It explains the origins of venture capital in India, how startup funds operate, why investors make high-risk bets and how funding cycles influence companies and founders.
Where can I buy A Billion Bets?
A Billion Bets is available on Amazon, Flipkart and bookstores near you. Use the link below to order your copy.
FAQ's about the book
What is A Billion Bets about?
A Billion Bets explains how India’s startup ecosystem and venture capital industry evolved, from economic liberalization and the internet revolution to unicorns, IPOs, AI and the opportunities ahead.
Is it a history of Indian startups?
Yes. The book traces the people, companies, technologies, investors and economic cycles that shaped Indian entrepreneurship over more than three decades.
Who should read it?
The book is written for founders, investors, startup operators, students and anyone interested in entrepreneurship, venture capital or building companies in India.
Does the book explain how venture capital works?
The program continues for as long as you need. The weekly time commitment will be a few hours at most.
Has the program been useful for founders?
Yes. It explains the origins of venture capital in India, how startup funds operate, why investors make high-risk bets and how funding cycles influence companies and founders.
Where can I buy A Billion Bets?
A Billion Bets is available on Amazon, Flipkart and bookstores near you. Use the link below to order your copy.
Understand the past. Build what comes next
Understand the past. Build what comes next
Discover the founders, companies, investors and ideas that created India’s startup ecosystem—and the opportunities that could define its next decade.
Discover the founders, companies, investors and ideas that created India’s startup ecosystem—and the opportunities that could define its next decade.
© 2026 ajvc Fund.
Made with <3 by the ajvc design team
ajvc is a pre-seed fund investing in India. ajvc is a VC fund that is regulated by SEBI. Applying to the fund helps you get pre seed funding in less than 3 weeks. Views expressed in "content" (including newsletters, posts, podcasts, videos) linked on this website or posted in social media and other platforms (collectively, "content distribution outlets") are by Aviral Bhatnagar. The posts and newsletters about the startup ecosystem in India are not directed to any investors or potential investors, and do not constitute an offer to sell - or a solicitation of an offer to buy - any securities, and may not be used or relied upon in evaluating the merits of any investment.The content should not be construed as or relied upon in any manner as investment, legal, tax, or other advice. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investments.
Building what comes next?
AJVC backs ambitious Indian founders at the pre seed stage
Building what
comes next?
AJVC backs ambitious Indian founders at the pre seed stage
A Billion Bets traces the history of Indian startups and venture capital, from liberalisation and the internet to scaled founders, funding booms, market corrections, IPOs and the opportunities ahead.
By Aviral Bhatnagar
Founder of ajvc • Investor • Writer
A BOOK ON INDIAN STARTUPS
AND VENTURE CAPITAL
How India Built It's
Startup Ecosystem
Reviews
What founders and investors are saying
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The first book I've read that has taken such a deep and nuanced view of India's start-up ecosystem
Sumir Chadha
Co-founder and Managing director,
WestBridge CapitalAviral has been a hat ke thinker since his time in college. His approach to entrepreneurship and venture capital is similar to his insights—straight from the heart and first principles
Ashish Gupta
Founder and Managing Partner,
Helion Venture PartnersAviral has stood out as one of the few Indian investors consistently putting out rigorous, data-driven, big-picture thinking on India's start-up and technology ecosystem
Samidha Sharma
Editor, ETtech,
Economic TimesThis may well be the only book on Indian start-ups combining such a wide lens with first-hand experience and insight
Neeraj Arora
CEO India, MENA and
Managing Director, General CatalystAs a venture capitalist himself, Aviral brings a great depth to his understanding of the start-up ecosystem in India, and that depth is well-articulated in the book
Vishwanath Pingali
Professor,
IIM Ahmedabad