Success Stories: Student-Led Startups That Thrived Through University Incubators
India's startup ecosystem has witnessed a massive transformation over the last decade, with university incubators playing a crucial role in turning student ideas into successful ventures. These incubators offer a unique combination of resources—mentorship, funding, infrastructure, and networking—that enables students to bridge the gap between ideation and commercialization. Many startups that began as student projects within university incubators have now evolved into industry leaders.
In this blog, we’ll explore some of the most successful student-led startups that thrived through university incubators in India, illustrating the immense potential and success that these platforms foster.
1. OYO Rooms – IIT Delhi
Founder: Ritesh Agarwal
University: Indian Institute of Technology (IIT) Delhi
Incubator: IIT Delhi’s Incubation Centre
The Journey: Ritesh Agarwal’s entrepreneurial journey began while he was studying at IIT Delhi. He faced challenges finding affordable and quality accommodation during his travels and identified a gap in the budget hospitality industry. In 2013, he launched OYO Rooms, a platform aimed at standardizing and providing affordable hotel rooms across India.
With the support of IIT Delhi’s incubation center, Ritesh received the guidance, mentorship, and access to resources needed to turn his idea into a thriving business. The IIT incubator provided him with valuable networking opportunities, which helped him secure funding and launch his business. In 2013, OYO received its first round of funding, and it soon became a recognized name in the budget hospitality sector.
Outcome: Today, OYO is one of the largest hotel chains in the world, with a presence in over 80 countries. It’s valued at billions of dollars and is one of the most successful startups to have come out of an Indian university incubator.
2. Zomato – IIT Delhi
Founders: Deepinder Goyal & Pankaj Chaddah
University: Indian Institute of Technology (IIT) Delhi
Incubator: IIT Delhi's Incubation Centre
The Journey: Deepinder Goyal and Pankaj Chaddah, both IIT Delhi alumni, founded Zomato in 2008 as a restaurant discovery platform. Initially a humble website called "FoodieBay," Zomato started with the mission to help people find restaurants and read reviews about them. The idea came to Deepinder while working at Bain & Company when he noticed the difficulty in finding reliable information about restaurants in India.
IIT Delhi's incubation center played a vital role in the early days of Zomato’s growth by offering mentorship and a supportive ecosystem for budding entrepreneurs. Zomato soon expanded to mobile apps, and with continuous mentorship, it received funding from investors, including Info Edge, which eventually allowed it to grow its operations nationally and internationally.
Outcome: Zomato is now a global leader in restaurant search and food delivery, valued at billions of dollars. The company continues to evolve and grow, providing services to millions of users across the world, including restaurant reviews, food delivery, and even online ordering platforms.
3. Unacademy – BITS Pilani
Founders: Gaurav Munjal, Roman Saini, & Hemesh Singh
University: Birla Institute of Technology and Science (BITS) Pilani
Incubator: BITS Pilani Incubation Centre (BIC)
The Journey: Unacademy was founded in 2015 by Gaurav Munjal, a BITS Pilani alumnus, after his earlier YouTube channel gained traction in teaching students for competitive exams. He, along with co-founders Roman Saini and Hemesh Singh, saw a gap in quality online education and launched Unacademy, a platform that provides educational content and courses for students preparing for competitive exams across India.
The BITS Pilani Incubation Centre (BIC) played an integral role in helping the founders refine their business idea, providing access to technical and business resources that helped scale Unacademy. The incubator also connected them with investors and mentors who supported the platform’s early-stage growth.
Outcome: Today, Unacademy is one of India’s largest online education platforms, with millions of users and educators offering courses in various subjects. The startup raised millions in funding from investors such as Sequoia Capital and Nexus Venture Partners. It continues to lead the EdTech space in India and is now valued in the billions.
4. Ather Energy – IIT Madras
Founders: Tarun Mehta & Swapnil Jain
University: Indian Institute of Technology (IIT) Madras
Incubator: IIT Madras Incubation Cell (IITMIC)
The Journey: Tarun Mehta and Swapnil Jain, both IIT Madras graduates, co-founded Ather Energy in 2013, with a vision to create a sustainable, electric two-wheeler vehicle. Their passion for electric vehicles (EVs) led them to build an innovative scooter powered entirely by electric energy. The idea of creating a smart scooter that would contribute to reducing urban pollution and traffic congestion came to life with IIT Madras’s incubation center’s support.
The IIT Madras Incubation Cell (IITMIC) played a critical role in offering guidance, funding, and connecting the founders with industry experts, who helped them refine their product. Ather Energy went on to build India’s first smart electric scooter, the Ather 450, and received significant backing from investors to expand its operations.
Outcome: Ather Energy is now one of the leading electric vehicle manufacturers in India. The startup has built a dedicated ecosystem for EVs, including charging infrastructure and smart vehicle features. It has expanded to several cities and continues to grow rapidly in the Indian market.
5. Chai Point – IIM Bangalore
Founder: Amuleek Singh Bijral
University: Indian Institute of Management (IIM) Bangalore
Incubator: NSRCEL (Nadathur S. Raghavan Centre for Entrepreneurial Learning)
The Journey: Amuleek Singh Bijral, an IIM Bangalore alumnus, founded Chai Point in 2010 with a mission to offer high-quality tea and chai services across India. He recognized a gap in the market for accessible, high-quality tea, particularly for young professionals looking for a refreshing break. With support from IIM Bangalore’s NSRCEL, Amuleek was able to shape his vision and grow his startup into a national chain.
NSRCEL at IIM Bangalore helped Chai Point with critical resources, including business mentorship, strategic advice, and networking with investors. The program also provided Amuleek with valuable market insights and the opportunity to scale his business across multiple cities.
Outcome: Chai Point has become a popular chai café chain in India, with hundreds of outlets across the country. It’s successfully integrated modern retail with traditional tea culture and continues to innovate with its delivery services and subscription models.
6. Dunzo – Sri Sathya Sai Institute of Higher Learning
Founders: Kabeer Biswas, Ankur Agarwal, and Mukul Kumar
University: Sri Sathya Sai Institute of Higher Learning
Incubator: Google’s Launchpad Accelerator
The Journey: Dunzo was founded in 2015 as a hyperlocal delivery service, initially focusing on providing courier and errand-running services for users. What started as a small project evolved into a major player in the delivery services industry, and it quickly expanded to include groceries, food, and other essentials.
While Dunzo wasn’t incubated in a traditional university setting, it did gain support through programs like Google’s Launchpad Accelerator, which connected the founders with mentors and resources from the global startup ecosystem. The founders were able to refine their business model, secure funding, and scale their operations effectively.
Outcome: Dunzo now serves several cities in India and is backed by major investors like Google and Blume Ventures. It is a leader in the hyperlocal delivery space and continues to expand its offerings to consumers across India.
Conclusion
India’s university incubators have proven to be a powerful launchpad for some of the country’s most successful student-led startups. These institutions provide more than just a space to work—they offer comprehensive support, including mentorship, funding, networking, and access to valuable industry resources, which empower young entrepreneurs to transform their ideas into businesses that thrive in the real world.
Whether it’s hospitality, education, electric vehicles, or food services, the stories of OYO Rooms, Zomato, Ather Energy, and others prove that with the right combination of support and resources, student-led startups can rise to the top, disrupt industries, and make a significant impact.