The Indian startup story is one of ambition, adrenaline, and astonishing achievements. From bustling co-working hubs to billion-dollar valuations, this ecosystem has birthed 117 unicorns and transformed India into a global innovation powerhouse. But scratch beneath the surface of this glitzy success, and an uncomfortable truth reveals itself — the race to the top remains largely a man’s game.
Despite all the talk of disruption and progress, the boardrooms of India’s most celebrated startups are alarmingly traditional. A recent report by talent solutions firm Xpheno reveals that only 1 in 10 C-suite roles in unicorns are held by women. In a space that thrives on challenging norms and reimagining the future, leadership still clings to an outdated formula: male, homogenous, and resistant to true change.
The Numbers Tell a Stark Story
The study analysed 400 CXOs across India’s unicorn landscape — and the findings are difficult to ignore.
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Only 2% of unicorn CEOs are women.
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Women hold a disproportionate 62% of HR roles among CXO positions.
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Core strategic positions like CTO, CIO, or CFO? Almost entirely male-dominated.
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Just 7% of women CXOs are under 37, compared to 16% of men in the same age bracket.
These are not just numbers. They are symptoms of a deeper malaise — a leadership structure that has simply failed to evolve with the times.
The “Soft Role” Trap
It’s not that women aren’t making it to leadership — it’s where they’re allowed to lead that highlights the real problem.
Across unicorns, women are overwhelmingly siloed into functions perceived as “soft” or non-strategic — primarily HR, communication, and support roles. These positions are important, no doubt, but they are rarely seen as the stepping stones to CEO, CTO, or board-level influence. In contrast, 45% of men in unicorn leadership hold roles such as CEO, CFO, or CTO, the so-called mission-critical roles that steer the company’s vision and valuation.
The glass ceiling? It’s more like a glass maze — women can rise, but only within certain walls.
The Slow Climb to the Top
If climbing to the C-suite is tough for anyone, it’s exponentially tougher for women. According to the report:
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Women CXOs, on average, reach their position later in life, typically in their late 40s, as compared to the mid-40s benchmark for men.
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They also bring more experience to the table — 24 years, compared to men’s 22 years — yet are rewarded less frequently and climb the ladder more slowly.
Why? Career breaks, unconscious biases, and the invisible toll of proving oneself over and over again. In an industry that celebrates hustle and speed, women are running a marathon while men sprint.
Stuck in Place: The Problem of Mobility
Leadership is not just about vertical movement — it’s also about the ability to explore new industries, take bold roles, and relocate when opportunities knock. But here too, women lag behind:
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Only 31% of women CXOs had relocated for roles, compared to 33% of men.
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Fewer women switch industries or functions — a clear indicator of how limited their horizontal mobility is, either due to social constraints or lack of access.
Worse, a whopping 119 of the 400 CXOs studied were also startup founders still holding the executive reins. When those in power rarely change, neither does the culture. It creates a tightly-knit, mostly male leadership loop that recycles power instead of redistributing it.
Elite Degrees, Unequal Outcomes
It’s not that women aren’t qualified. In fact, 90% of the CXOs analysed held postgraduate degrees from elite institutions. But while these degrees seem to fast-track men to leadership, they don’t guarantee the same for women.
Despite ticking all the right boxes — education, experience, performance — women often find themselves at the door, but not quite invited into the room where key decisions are made.
It’s a telling example of how the problem is not in the supply of talent, but in the permission to lead.
The VC Bottleneck: Who Funds the Future?
The imbalance doesn’t stop at the startup level. It trickles into the very foundation of startup success — venture capital.
A March report highlighted the glaring gender gap in India’s VC investment teams. Peak XV Partners stood out with 13 women on its 44-member team. But the rest of the field was bleak:
This matters. When most of the money is controlled by men, so are the decisions about what ideas deserve to be funded — and who gets to lead them. It’s not just an issue of gender equality; it’s about the future being shaped by a narrow demographic lens.
Breaking the Loop of Exclusion
India’s startups have rewritten rules in tech, logistics, fintech, and even space. But when it comes to leadership, they remain tethered to the past. This contradiction — innovation without inclusion — is both ironic and dangerous.
Let’s be clear: Gender diversity is not an HR initiative. It’s a strategic imperative, an economic necessity, and a moral obligation.
It’s time Indian startups go beyond tokenism and address the systemic gaps:
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Redefine what leadership looks like.
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Stop sidelining women into soft functions.
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Create real mentorship, sponsorship, and growth tracks.
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Reimagine the culture from the top — especially in founder-led companies.
The Unicorn Dream Needs a New Face
Startups were born to break rules. To disrupt. To democratize opportunity. But if only a select few are allowed to dream big — and lead — then the very soul of this ecosystem is compromised.
The message must evolve: You can build the next big thing. And yes, you can lead it — regardless of your gender.
Because innovation that excludes isn’t innovation. It’s hypocrisy.
