From niche to nationwide: Fortune India's 40 Under 40 panellists share their scale-up journeys

Stories of resilience, vision, and strategic execution echoed at Fortune India's 40 Under 40 awards in Mumbai on Saturday as panellists delved into how they transformed niche ideas into large-scale businesses.

Palak Shah, Co-founder & CEO of Ekaya Banaras, recalled how joining the family business was never her plan. "I was studying in London and came back because my dad wanted me to join—and the real reason was he wanted to get me married,” she said. Inspired by luxury brands like Hermès and Louis Vuitton, she decided Banarasi sarees deserved the same respect and brand positioning. "There's the same amount of craftsmanship and love that goes into it, in fact, a lot more. That's how my journey began."

Ayush Bathwal and Anirudh Sharma launched Third Wave Coffee at a time when cafes in India were known more for their food than coffee. “People would end up having a coffee because they were there, not because they wanted to,” said Bathwal, who was one of the panellists in the session titled 'From Niche to Scale'.

The duo focussed on building a coffee culture, making coffee the hero. "We're proud of the high number of black coffee cups we sell. It shows people have trusted the quality and educated themselves on what they like."

Sagar Daryani, Co-founder & CEO of Wow! Momo faced scepticism from friends, family, and mall owners alike. "My relatives used to tell my dad, your son studied well, and now you want your son to sell momos? I'd say if a tea vendor can become PM, a momo seller can do something," he said. Denied space in malls in Kolkata, Daryani opened his first mall outlet in Bengaluru, outperforming an American sandwich brand. His mantra: "Visualise, manifest, and execute. One rupee saved is five rupees earned."

Saloni Anand, Co-founder of Traya, entered the little-known segment of gut health as a solution to hair loss. "The first time I spoke to investors, they just couldn’t understand what we were doing. They'd ask if we were a shampoo brand or telemedicine," she said. The turning point came when they found backers who believed in their vision. "Raising funds is like marriage—you need the right partner."

On building sustainable businesses, Anand credited frugality and focussing on retention over just growth. Daryani emphasised the importance of team strength, agility, and utilising data to drive profitability. "More than being a food business, we are a learning and development business," he said, citing innovations like momo vending machines and real-time cost tracking.