Kalaari Capital launches report on women entrepreneurship in India

Kalaari Capital’s CXXO initiative has unveiled the 'CXXO State of Female Entrepreneurship in India' report, which highlights systemic barriers to progress in women-led ventures.

Aimed at expanding funding access for female entrepreneurs, the report offers actionable insights to drive inclusion and structural transformation in India’s startup ecosystem.

The report, highlighting the gender funding gap, unconscious biases, and the resilience of women entrepreneurs, found that only Rs 4 out of every Rs 100 invested in startups is allocated to female CEOs. Adding to the bias, it noted that female-led startups receive nearly half the funding amounts of male-led ventures. Only 16% of the total capital raised in the startup ecosystem from January 2022 to October 2024 was allocated to women-co-founded startups.

Moreover, the report noted that 60% of female founders experience imposter syndrome, with 40% citing a lack of role models. Female founders also lacked female role models they could look up to.

Also, female investors are twice as likely as their male counterparts to mentor female founders, highlighting the importance of gender diversity in investment firms. However, the majority of VC firms in India still lack female representation.

Launched in 2021, the CXXO initiative supports and empowers Indian female founder-CEOs by addressing structural barriers in the startup ecosystem. Built on the principles of capital access, community support, and targeted coaching, CXXO aims to create opportunities for women leaders to drive innovation and growth. By fostering an inclusive environment, the programme seeks to amplify the impact of female-led ventures and contribute to the broader evolution of India's entrepreneurial landscape.

Vani Kola, Managing Director of Kalaari Capital, stated, “In the venture capital ecosystem, we're not just confronting a funding gap—we're challenging a systemic infrastructure that has historically underestimated women's entrepreneurial potential. Our data reveals that women-led startups are consistently evaluated through a narrower lens, facing disproportionate barriers in accessing capital, networks, and critical early-stage validation. Investing in women-led ventures plays a pivotal role in driving innovation and progress fuelling India’s alpha and ambition in the entrepreneurial landscape."