This interview originally appeared in the DealStreetAsia DATA VANTAGE report Female Founders in India 2024.
When capital constraints arise, good businesses innovate—whether through product development or unique business models. I haven’t observed a gender-specific bias in fundraising, but if some VCs do hesitate to invest in female founders, it likely reflects the limited exposure of decision-makers within that fund, rather than an industry-wide trend, says Amrita Malik, co-founder and president, Innoviti Technologies.
“In any startup, founders meet a diverse range of people—some who contribute significantly and others who later claim credit without meaningful input. If a startup grows rapidly, some individuals step forward to associate with its success. If challenges arise, the same individuals distance themselves and criticise the founders. For female founders, the scrutiny is often higher, with additional layers of judgement,” said Malik in an interview for DealStreetAsia’s recent report titled Female Founders in India 2024.
Payment gateway and point of sales (PoS) provider Innoviti closed its Series E round worth Rs 70 crore ($8.5 million) in a combination of equity and debt in August last year. The round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures.
Edited excerpts:-
What inspired you to start your own business, and how did you identify the gap in the market?
Entrepreneurship was always in my DNA—my father was a businessman, and I inherited a strong business acumen from him. Right from the start of my career, I was clear that I wanted to build something impactful. I’m grateful for certain qualities that have helped me on this journey—fearlessness, resilience, high commitment levels, and fairness towards both customers and our organisation. When I joined Innoviti, we were a 15-member team, navigating both market exploration and product development simultaneously. Customers expected high levels of commitment, which is natural for any startup. For me, this was an opportunity to build not just a business, but a company with a strong foundation, alongside our promoter.
What were some of the biggest challenges you faced as a woman co-founder when starting Innoviti?
My primary focus has always been on building the organisation. While there were occasional obstacles—such as resistance from some senior male colleagues—I never let them become distractions. Rather than viewing these as challenges, I saw them as minor irritants that I would naturally overcome. My focus on business growth and customer trust kept me moving forward, ensuring that these issues never derailed my vision. Customer support has always been my biggest source of confidence.
What was your contribution as far as fundraising for the venture is concerned? What challenges did you face?
Fundraising is primarily led by our founder, Mr. Rajeev Agrawal. However, I actively participate in business discussions with VCs, particularly when they seek a deeper understanding of our business model, market landscape, and challenges.
In the current environment, when funding is difficult to secure for most startups, do female founders find it tougher to raise capital?
I believe strong companies will always find a way. When capital constraints arise, good businesses innovate— whether through product development or unique business models. I haven’t observed a gender-specific bias in fundraising, but if some VCs do hesitate to invest in female founders, it likely reflects the limited exposure of decision-makers within that fund, rather than an industry-wide trend.
When capital constraints arise, good businesses innovate.
Do you think that investors tend to have different expectations or standards for female founders versus male founders? Can you share any specific questions that are typically asked to female founders?
We’ve been fortunate to have professional and growth-oriented investors like Catamaran, FMO, and Bessemer, who evaluate us based on business performance, GTM strategies, and governance strength—not gender. From my experience, investors care more about scalability, execution, and profitability than the gender of the founder.
“Investors care more about scalability, execution, and profitability than the gender of the founder.”
Have you ever experienced any gender-based biases in your journey as an entrepreneur? How did you address or deal with them?
In any startup, founders meet a diverse range of people—some who contribute significantly and others who later claim credit without meaningful input. If a startup grows rapidly, some individuals step forward to associate with its success. If challenges arise, the same individuals distance themselves and criticise the founders. For female founders, the scrutiny is often higher, with additional layers of judgement.
“For female founders, the scrutiny is often higher, with additional layers of judgement.”
My approach was to ignore distractions. I focus on engaging with two types of people: those with strong intellectual insights, and those who stood by us during tough times.
Have things become any easier for women founders today than say five years back?
Yes, things are changing. The acceptance of women in leadership roles has significantly improved. However, there are still areas where progress is needed. I believe as more young professionals with fresh mindsets take charge of industries, these changes will accelerate.
What were some key mistakes or learning moments you encountered in the initial years?
We’ve had several key learnings:
Hiring approach: Earlier, we would hire highly experienced candidates with premium pay, assuming it would accelerate growth. We later realised a startup needs a team with an entrepreneurial mindset—people who experiment, own failures, and adapt quickly while keeping costs in check.
Product vs. market readiness: Initially, we launched technology-driven solutions, assuming they were complete products. Over time, we learned that technology is just one part of a product. Without a well-defined GTM strategy, even the best technology can fail.
Fundraising approach: Startups should raise extra capital to accommodate learning cycles and unexpected pivots. Just raising “sufficient funds” isn’t enough—a buffer allows room for experiments without jeopardising survival.
Choosing the right investors: A like-minded investor is critical. Misalignment can consume founders’ bandwidth, affecting long-term growth.
As a woman founder, do you feel there are unique qualities you bring to leadership that might differ from your male counterparts?
Absolutely. In my case, I believe the following qualities contribute to our business success:
Direct & decisive communication: My to-the-point approach with internal and external stakeholders saves time in decision-making.
Inspiration for young female employees: Many young women in our team find confidence and motivation seeing a female leader at the forefront.
Simple and relatable communication: It helps me building emotional connects with aspirational people.
Passion for customer experience: I am driven by the vision of delivering the best possible product for our customers.
How do you manage the balance between your personal life and the demands of being a founder? How important is it to have a support system (family, mentors, peers, etc)?
Balancing both is extremely difficult. For founders, work becomes life, so the traditional concept of work-life balance doesn’t always apply. But if someone chooses to be part of a founding team, they are aware that it’s a lonely journey. A strong support system of well-wishers and customers who believe in your vision is critical to staying motivated.
How do you envision your company evolving over the next 5-10 years?
We are very close to EBITDA profitability and are planning to go public within a year. Currently, we operate three business lines: One is already profitable, one is close to profitability, and the third is scaling rapidly. Over the next 5-10 years, we aim to expand these lines and launch 2-3 new verticals, which are currently in the conceptualisation stage.
What would be your key advice for women who want to start their own businesses in India today?
Stick to the dream. There will always be challenges from competitors, team dynamics, and investors, but if your customer believes in your product and is willing to pay for it, everything else will eventually align.
