India is witnessing an unprecedented surge in startup ventures, commonly called “unicorns.” Despite this economic boom, women leaders find themselves significantly underrepresented. A recent Aon survey on gender and pay equity reveals progress in sectors such as Global Capability Centers (GCCs) and technology consulting services. However, substantial gender disparities persist.
Gendered glass walls remain a formidable obstacle, confining women to roles perceived as “soft” and limiting their upward mobility within organizations. Women often face prolonged and costlier paths to success than their male counterparts. The necessity to conform to existing, male-dominated business structures compounds these issues, making it increasingly difficult for women to break through the proverbial glass ceiling.
Venture capital funding continues to be a male bastion, often described as a “boys’ club,” which further stifles the growth and participation of women-led startups in the innovation economy. Consequently, India’s rapidly growing tech landscape remains governed by antiquated gender norms, hindering equal opportunities for aspiring female entrepreneurs and leaders. By the end of 2024, over half (50.2%) of all recognized startups in India had at least one female director.
This is a significant increase from just over a third in 2017. Under the Startup India initiative, the number of recognized startups reached 157,706 by 2024, creating more than 1.7 million direct jobs.
Women are still underrepresented in unicorns
Despite the rise in female directors, their overall share in Board of Directors (BoD) roles increased marginally, from 26% in 2017 to 29% in 2025. Male directors rose from 1.29 million in 2017 to 2.26 million in 2025, while female directors nearly doubled, from 450,000 to 910,000. Women’s presence in senior management grew from 14% in 2017 to 17% in 2025.
The share of women in other management positions increased from 26% to 29%. However, according to data shared by the staffing consultancy firm Longhouse, women hold only 7% of executive positions across 121 unicorns. These roles include founders, cofounders, and C-suite leadership positions such as chief product and technology officers.
SaaS (software-as-a-service) and deeptech ventures are leading the way, with women holding 31% of leadership positions. E-commerce and D2C startups follow with 28% representation, and fintech emerges as the third-largest sector with 17% representation of women leaders. However, industries such as foodtech (8%), media & entertainment (7%), and travel (5%) have comparatively lower representation.
This systemic gender imbalance calls for a concerted effort to dismantle barriers and foster an inclusive environment where everyone, regardless of gender, can thrive and contribute equally to the nation’s economic dynamism. India’s startup boom presents a tremendous opportunity for economic growth and innovation. However, ensuring women’s participation and success in this sector remains a critical challenge that must be addressed for truly inclusive progress.