The current lot would be the third generation mafia, with the first being the likes of Flipkart and Paytm, and the second Oyo, Ola and Udaan. In this generation, payments firm Razorpay leads, having produced 39 founders, closely followed by fintech Cred with 38. Value commerce platform Meesho has hatched 27 entrepreneurs, while digital payments major PhonePe has birthed 22.
“Startup Mafia 3.0 reflects a more mature and expansive entrepreneurial ecosystem, compared with earlier waves,” said Anshuman Das, chief executive and founder, Longhouse.Wider Backing“The investor landscape has also expanded significantly, with a wide range of funding sources including angel investors, family offices, early-stage venture capital firms and specialised thematic funds,” Das said, adding that founders no longer need to rely solely on large global investors; smaller and more specialised funds are willing to back niche ideas.
While the trend has long existed, executives are now confident of building in new domains. Many are building in niche segments such as AI-native products, cross-border payments, gaming and services tailored for India’s tier II markets.
The current generation includes a broader mix of founders, both younger professionals and seasoned operators with 15-20 years of experience.Investors said employees from hyper-growth startups understand early on how to build and scale companies. “When you have been on the inside of a company growing fast, you don’t need to learn the basics; you already know what great looks like,” said Rahul Taneja, partner at Lightspeed Venture.
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