At the sidelines of the India Economic Summit, CNBC-TV18’s Shereen Bhan spoke to Guruprasad Mohapatra, secretary of DPIIT; Aditya Ghosh, CEO - South Asia at OYO; Ankiti Bose, co-founder and CEO at Zilingo and Shailendra Singh, managing director at Sequoia Capital (India) and discussed startups in the Asian century.
Ghosh said, "Whether it is OYO or any other startup, or a successful business, I think what is at the core of it is that whether we are all trying to solve a fundamentally hard problem. The hotels business is not new, hospitality is not new, but what I think we are trying to do is to approach it differently whether it is with our problem-solving skills or whether it is technology."
On the apparel industry, Bose said, "It constitutes 5 percent of the global GDP. “It is $3.8 trillion if you include fabrics, textiles and garments. It is one of the most broken supply chains in the world unlike electronics, unlike pharmaceuticals, and unlike so many others. At every step of the supply chain, lack of technology is leaking margins at unprecedented levels."