Ajai Chowdhry on how he built a $50 Billion company HCL, India's Quantum Mission & Deep-Tech Future ft Shrishti Sahu
We dive deep into his life’s lessons, India’s product and manufacturing opportunity, the rise of semiconductors, and what it really takes to build institutions that last.
Hello everyone, welcome to The India Opportunity Show where you get a front-row seat to people building India’s future. We talk about unlocking the potential of the country with founders, investors, creators, and successful leaders from different fields to bring you real-life stories and behind-the-scenes of what it takes to be at the forefront of building the India Story.
Episode 13, Season 2 of The India Opportunity Show is out now! You can watch it on YouTube or listen on Spotify or Apple Podcasts.
India’s tech journey has many heroes — but only a few visionaries who laid its very foundation. Today’s guest is one such pioneer. Ajai Chowdhry is one of the founding fathers of the Indian IT hardware industry and one of the six co-founders of HCL — a company that started in a Delhi garage and went on to become a multi-billion dollar global enterprise.
From selling calculators door-to-door in the 1970s to building one of India’s earliest indigenous computer companies, Mr. Chowdhry has seen the evolution of Indian tech firsthand — and in many ways, he’s shaped it. He has served on countless policy panels, led the National Manufacturing Competitiveness Council, and has been a relentless advocate for making India not just a consumer but a producer of high-end electronics and semiconductors.
He’s also the author of the book ‘Just Aspire’, a deeply personal account of his entrepreneurial journey, policy battles, and the bold bets that defined HCL and Indian electronics. As an investor, mentor, and thought leader, Ajai Chowdhry continues to shape the future of India’s innovation economy.
Today, we dive deep into his life’s lessons, India’s product and manufacturing opportunity, the rise of semiconductors, and what it really takes to build institutions that last.
Chapters:
00:00 – Intro
02:53 – What did you get right early on without external funding?
04:02 – How did you manage cash flow back then?
06:30 – How can the government support Indian startups today?
07:34 – Why hasn’t the ESOP issue been resolved?
08:17 – What’s missing in India’s startup mentoring?
09:03 – Why do startups fail at finance and sales?
10:48 – What’s the future of deep tech and quantum in India?
12:46 – How does government protect big startup investments?
14:37 – Why is full-stack innovation in semiconductors important? 16:45 – What is tech sovereignty and why does India need it?
18:14 – How urgent is chip self-reliance and tech security?
22:12 – What should India do to not depend on other economies?
23:45 – What can India learn from post-WWII US R&D strategy?
27:39 – Why no global-scale Indian tech giants yet?
30:33 – Where should global-minded founders start?
33:14 – Can India leverage aging global economies?
34:34 – Why avoid Chinese technology?
35:15 – Should India lead an Asian semiconductor alliance?
36:02 – What are key risks from dependency on China?
40:08 – Why aren’t governments buying Indian-made tech?
41:25 – How can AI be made more accessible to Indians?
44:19 – Why must founders adopt AI top-down in companies?
45:32 – What needs to change in India’s startup culture?
47:41 – Why so much investment in e-commerce still?
51:52 – How should family offices approach startup investing?
53:36 – What’s your hope for Indian talent today?
54:29 – What mindset shift does India need to lead?
56:00 – What timeless principles still apply in business?
59:11 – How did people-first leadership help HCL?
01:01:56 – Final thoughts on India’s AI and tech future?
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