Fortune India hosted its 40under40 awards ceremony at the Taj Lands End hotel in Mumbai on Saturday. The 40 Under 40 list is a compendium of the most successful, trailblazing people under the age of 40 in business.

The proceedings began with the opening remarks by Sourav Majumdar, the editor-in-chief of Fortune India. “The power of young minds to come up with groundbreaking ideas is limitless,” he said. He also highlighted the fact that India has the largest young population in the world, with nearly 70% of the people under the age of 35. “It is hardly surprising that young minds will be critical in powering India’s journey towards a developed economy status,” he added.

With the stage set by the editor-in-chief’s address, the event kicked off with the first panel discussion titled ‘From Niche to Scale’. In the discussion, entrepreneurs shared their journeys from niche ideas to large-scale businesses. Palak Shah elevated Banarasi sarees to luxury status, Ayush Bathwal built a coffee culture with Third Wave; Sagar Daryani overcame scepticism to expand Wow! Momo and Saloni Anand talked about the importance of gut health to overcome hair loss. Their stories highlight resilience, vision, and strategic execution.

The panel discussion was followed by a fireside conversation titled ‘AI: Made in India’ with Pratyush Kumar of Sarvam AI. He highlighted the urgency for India to catch up in the AI race. He called for increased investment in R&D and innovation, urging leaders to reinvest profits to bridge the gap and create high-quality AI solutions that cater to Indian consumers.

Fortune India’s 40under40 list also featured a group of next-generation leaders of storied business houses, who gathered to participate in a panel discussion titled, ‘Reinventing Legacies’, which spotlighted next-gen entrepreneurs reshaping legacy businesses. Torrent Pharmaceuticals' Aman Mehta spoke about the ongoing tariff war and how the industry can deal with it. Keshav Reddy’s Equal is enhancing digital infrastructure, and Avantika Saraogi’s Balrampur Chini Mills is leading bioplastic production from sugarcane, reflecting a new wave of business innovation that moves away from convention, reflecting their risk-taking appetite.

The event reached its climax with three enriching fireside conversations. The first, titled ‘Entrepreneurship Masterclass’, witnessed veteran entrepreneur Ronnie Screwvala talk about his entrepreneurial journey, to throw light on the challenges of scaling businesses, urging entrepreneurs to evaluate their readiness and focus on market needs rather than just profitability. He also touched on governance issues, emphasising that integrity and clarity are crucial for any business to succeed.

Speaking on a panel discussion titled, ‘Building Sustainable Businesses,’ Sanjiv Mehta, an FMCG veteran who has led various leadership positions across Unilever, emphasised the need to prioritise people and lead with purpose. Drawing from his experiences during the Arab Spring and the Bhopal gas tragedy, he advised startups to treat employees as family and adapt quickly to build sustainable businesses.

The final panel discussion, titled ‘The Challenge of Public Markets,’ saw Ashish Chauhan, MD and CEO at NSE, underscore the importance of performance in public markets over promises. He advised entrepreneurs to deliver results and emphasised the stock market’s meritocratic nature of success, regardless of one’s background. Chauhan also highlighted the rise in middle-class investors, marking a significant economic shift in India, especially in the last decade.

The event drew to a close with Rajshree Birla, Chairperson of The Aditya Birla Centre for Community Initiative and Rural Development, along with Ashish Chauhan, Sanjiv Mehta, and Sourav Majumdar, felicitating the winners for this year.