In Memoriam: Remembering The Business Pioneers India Lost In 2024

The year so far has been a period of extremes for the Indian startup ecosystem. Amid a prolonged funding winter, corporate scandals, startup shutdowns, and relentless layoffs that tested the resilience of new-age tech ventures, tables turned and Indian startups experienced a funding revival and a growing focus on profitability, all while nurturing the startup IPO wave. 

Amid these highs and lows, 2024 was marked by a sombre note, as the nation bid farewell to several stalwarts who had profoundly shaped their industries.

The nation mourned the passing of over six legendary leaders in the startup ecosystem. Some of the key names included Ratan Tata, Raghunandan Srinivas Kamath and Subhash Dandekar, among others. These individuals were torchbearers of innovation, resilience, and transformation, leaving behind legacies that will continue to inspire generations. 

The most heartbreaking of all was the demise of industry titan Ratan Tata, a loss that marked the end of an era in Indian industry and entrepreneurship. 

The 86-year-old visionary not only transformed the Tata Group into a global powerhouse but also became a guiding light for countless entrepreneurs. Tata redefined what it meant to lead with purpose. 

From shaping industries to mentoring the next generation of entrepreneurs, these titans built legacies that will resonate for years to come. As we reflect on their contributions, here’s a look at the influential business leaders we lost in 2024 as part of the 11th edition of Inc42’s annual “Year in Review” series — 2024 In Review.

Note: The names have been listed in alphabetical order.

Visionaries To Whom We Bid Farewell In 2024

Passing Of Preetish Nijhawan Leaves A Void In The Indian Tech & Investment Ecosystem

Cofounder and managing partner at Cervin Ventures 56-year-old Preetish Nijhawan passed away on August 31 due to a heart attack. He cofounded Cervin Ventures, along with Neeraj Gupta, in 2011 to focus on supporting startups with innovative market strategies.

After graduating from MIT, he joined the founding team of Akamai Technologies, a global content delivery, cybersecurity, and cloud services company, in 1998.

A visionary in early-stage investing, Nijhawan dedicated his career to transforming the enterprise software sector. He served as the CFO for several companies, including JME Software, Scalable Software, and Neon Enterprise Software. His professional journey also included significant roles at McKinsey & Company, Neon, BMC, and iVita, an asset management software startup that he cofounded.

In addition to his entrepreneurial pursuits, Nijhawan was an active investor and a member of the board of directors for companies such as FireCompass, ArmorCode, and Bungee Tech.

An alumnus of BITS Pilani, Nijhawan also served as chairperson of BITSAA International and as a senate member.

Nijhawan was celebrated for his strategic insights and commitment to nurturing entrepreneurial talent. His untimely demise leaves a profound void in the tech and investment sector.

We Bid Adieu To The Ice Cream Man Of India 

Also known as the ice cream man of India, the founder of Naturals Ice Cream, Raghunandan Srinivas Kamath, passed away after a brief illness in May at the age of 75.

The company announced the passing of Kamath through a post on X, “A smile that will never be forgotten. A smile that will keep inspiring us that his era will never end. To the Ice Cream Man of India, who will forever stay in our hearts and yours.”

Born in Mangaluru to a mango vendor, Kamath’s journey began in Mulki, a small town in Karnataka’s Dakshina Kannada district, where he helped his father with the fruit business. At the age of 14, he moved to Mumbai to work at his brother’s restaurant.

It was only in 1984, that he ventured into the ice cream business with just four employees and 12 flavours.

His determination and hard work led him to build the legacy of Naturals Ice Cream, a brand with a turnover of around INR 300 Cr with 165+ outlets across various cities in 15 different states in India

India Mourned The Demise Of Industry Titan Ratan Tata This Year

The loss of Ratan Tata, one of India’s most influential business leaders, has left an indelible void in both the corporate world and the startup ecosystem. His legacy, built over decades of visionary leadership, extends far beyond the conglomerate he helmed, shaping industries and inspiring generations.

The 86-year-old chairman emeritus of Tata Group passed away on October 9 while undergoing treatment for age-related medical conditions.

Born in 1937, to Naval and Soonoo Tata, Ratan Tata was raised by his grandmother, Navajbai R Tata, in the family’s grand residence, Tata Palace in Mumbai. After completing his schooling in Bombay, he earned a bachelor’s degree in architecture from Cornell University in 1962 and briefly worked in Los Angeles before returning to India that same year to join the Tata Group. Over the years, he rose through the ranks, eventually becoming the chairman of Tata Sons in 1991.

Under his leadership, the Tata Group’s revenues soared from $5.7 Bn to nearly $100 Bn, cementing its global presence with major acquisitions like Tetley, Corus, and Jaguar Land Rover. Tata’s tenure transformed the conglomerate into an international powerhouse.

Beyond his corporate achievements, Tata played a pivotal role in shaping India’s startup ecosystem. He was an early backer of successful companies such as Paytm, Snapdeal, Ola, and Urban Company, investing in over 40 startups across diverse sectors. 

Besides investing in new-age ventures over the past 12 years, Tata also served as an advisor and mentor for numerous startups and funds, including Kalaari Capital.

With his support and guidance, many of these startups not only became successful but also achieved unicorn status and even listed on the stock exchanges. 

His investments extended to major names like health and fitness startup CureFit, auto marketplace CarDekho, eyewear giant Lenskart, and B2B ecommerce platform Moglix, among others.

Indian Startups Bid Farewell To Good Capital’s Rohan Malhotra

Rohan Malhotra, the cofounder and managing partner at Good Capital, an early-stage venture investment firm, passed away on October 1. Renowned for his keen investment insights and dedication to supporting startups, Malhotra cofounded Good Capital with his brother, Arjun Malhotra, in 2019.

Under Rohan Malhotra’s leadership, Good Capital launched its maiden fund with a target corpus of $25 Mn to back startups from pre-seed to Series A stages.

His vision has played a crucial role in the firm’s expansion, as it announced its second fund with a target corpus of $50 Mn and a $25 Mn greenshoe option.

Good Capital’s investment portfolio includes startups like Meesho, simsim (acquired by Google), Definitive Intelligence (acquired by Groq) and Autonomic (acquired by Ford).

Malhotra’s journey in the business world began as an intern at HSBC. His talent and vision later led him to serve as an advisor at AngelList India, where he played a pivotal role in supporting the startup ecosystem. Before venturing into venture capital, he cofounded Investopad, a startup incubator.

His academic credentials, including an MA in business management from the University of St. Andrews and a YSS in economics from Yale University, laid the foundation for his successful career in startups and investments.

Essar Group Chairman Shashi Ruia Leaves Behind A Lasting Legacy

Shashikant Ruia, the patriarch of the Ruia family and chairman of Essar Group, passed away at the age of 81 on November 25 after a prolonged illness.

A first-generation entrepreneur and industrialist, Shashi cofounded the metals-to-technology conglomerate Essar with his brother Ravikant Ruia (Ravi Ruia) in 1969. Shashi began his career in 1965. In 1969, he laid the foundation of Essar by constructing an outer breakwater at Chennai Port, marking the beginning of a long and successful journey.

Over the years, Essar has expanded into multiple sectors, including steel, oil refining, exploration and production, telecom, power, and construction. The group’s diverse portfolio grew significantly under Shashi’s leadership, positioning Essar as a global conglomerate with a strong presence across industries. 

Ruia’s legacy extends far beyond his business achievements. He played a pivotal role in transforming Essar Group into a global conglomerate, significantly influencing India’s corporate landscape.

Today, the Essar Group continues to be led by his brother Ravi and his sons Prashant and Anshuman.

Camlin Founder Subhash Dandekar Passes Away At 86

Subhash Dandekar, the founder of the iconic stationery brand Camlin, passed away on July 15 at the age of 86. At the time of his passing, he was serving as the chairman emeritus of Kokuyo Camlin.

Established in 1931, Camlin was founded by Subhash Dandekar’s father, Digambar Dandekar, and his uncle, GP Dandekar. The company was initially started as an ink manufacturing business known as Dandekar & Co.

It transitioned into a private entity in 1946 and became a public limited company in 1998. Under Subhash’s leadership, Camlin expanded its product range to include art materials, writing implements, and office goods and grew to become a household name in India.

In 2005, Kokuyo of Japan acquired a majority stake in the company, leading to its rebranding as Kokuyo Camlin. 

Subhash’s vision and contributions revolutionised the stationery industry in India, especially when the country was largely dependent on imports.

[Edited By Shishir Parasher]