22 March 2025 | BW BUSINESSWORLD | 101 ports over 15 pre-IPOs and 20 anchor investments to drive equity financing and growth. “At Chanakya Fund, we focus on investing in promoters who understand their business but are held back due to financial constraints. Our investments provide them with the capital they need to grow, and being part of an AIF portfolio not only gives them financial support but also enhances their credibility and visibility in the market,” she adds. Sustainable Investments In India, a key trend is the growing investor enthusiasm for sustainability-driven businesses. There is a clear shift in the mindset of investors actively seeking opportunities in sectors like renewable energy, electric vehicles, recycling, and infrastructure, recognising their long-term potential. As for AIFs, the sector has witnessed tremendous growth. In 2020, there were around 680 registered AIFs, and by August 2024, that number had doubled to over 1,300. This surge reflects increasing investor confidence in alternative assets and recognising that AIFs can bridge capital gaps in high-growth sectors like SMEs. With significant participation from banks and major investment firms in SME-focussed funds, the SME ecosystem is poised for major growth. Of course, the sector comes with its risks, but with careful due diligence and a long-term vision, AIFs can help unlock the potential of SMEs. Moving Forward StepTrade Share Services has launched a Rs 1,000-crore India fund at GIFT City to provide foreign investors with seamless access to the Indian capital market. By leveraging the opportunities offered by GIFT City, the fund is expected to channel global investments into India’s growing financial ecosystem. “Steptrade is about creating impact, proving that even small businesses can play on a big stage with the right capital. Over time, as we showcased strong returns and the growth potential within this segment, we started shifting the traditional investment mindset,” Gupta asserts. Over the next year, StepTrade will focus on boosting its position in SME investments. The platform is committed to identifying and scaling high-growth SMEs listed on the SME Exchange, unlocking their potential, and ensuring strong returns for our investors. [email protected] “AT CHANAKYA FUND, WE FOCUS ON INVESTING IN PROMOTERS WHO DEEPLY UNDERSTAND THEIR BUSINESS BUT ARE HELD BACK DUE TO FINANCIAL CONSTRAINTS. OUR INVESTMENTS PROVIDE THEM WITH THE CAPITAL THEY NEED TO GROW, AND BEING PART OF AN AIF PORTFOLIO NOT ONLY GIVES THEM FINANCIAL SUPPORT BUT ALSO ENHANCES THEIR CREDIBILITY AND VISIBILITY IN THE MARKET”
102 | BW BUSINESSWORLD | 22 March 2025 SPOTLIGHT WOMEN ENTREPRENEURS F ROM A few nascent companies to over 73,000 startups under the Startup India Initiative, the country has cemented itself as a global entrepreneurial hub. India has seen an increase in women founders, particularly those leading unicorns and launching ventures from Tier-2 and Tier-3 cities. Yet, despite the headway made by women entrepreneurs, they continue to be hobbled by a stark gender gap in funding. Women continue to face significant barriers such as biased evaluations, limited access to networks and a smaller funding pool. As Vani Kola, MD, Kalaari Capital notes, “WomenWhy Investing In Women Is An Economic Imperative? India’s thriving startup ecosystem may boast a growing number of women-led ventures, but barriers to equal funding and recognition abound for women entrepreneurs By Resham Suhail led startups often face challenges in securing seed cheques, fair evaluations and getting the benefit of the doubt, making it difficult to get their first break.” The Funding Paradox According to Kalaari Capital’s State of Female Entrepreneurship in India Report, only 16 per cent of all capital raised was allocated to women-founded startups. According to another recent industry report, women-led startups raised more than $930 million in 2024, nearly double the previous year’s $480 million. This surge in funding still does not match the potential of these businesses. Investors often view them as high-risk ventures subjecting them to scepticism and a more stringent vetting process compared to their male counterparts. As of 2023, women hold fewer than 10 per cent of decision-making roles in venture capital firms, as per a recent report by IVCA. This gender imbalance has a direct impact on funding dynamics, as venture capitalists, predominantly male, tend to lean towards Photograph by Annanefer661
22 March 2025 | BW BUSINESSWORLD | 103 male-led businesses. Women entrepreneurs often face an outdated narrative, where the idea of ‘balancing business and personal life’ is used as a subtle, yet significant, barrier to their success. Initiatives such as the Stand-Up India Scheme have made strides in offering financial support to women entrepreneurs but they are far from enough. According to Data Labs report, only 30 per cent of women-led businesses are even aware of these initiatives and an even smaller percentage benefit from them. The government has played a role as a catalyst by offering policies that move beyond quotas to create long-term, sustainable access to capital, mentorship and networking opportunities. The government has implemented several flagship schemes to promote women-led startups (see the table listing the schemes). Beyond Tokenism The government’s efforts through these schemes are commendable but just the starting point. Jaya Vaidhyanathan, CEO of BCT Digital, argues that women still struggle with access to funding, business networks and policy support. She recommends establishing women-centric venture funds and introducing collateral-free credit options. “Entrepreneurs need real help, not just advice,” says Sairee Chahal, Founder, Mahila Money and Appreciate Capital. “Invest in early-stage, risk capital and support the broader ecosystem to create sustainable success.” According to a Women in Tech 2024 survey, the respondents said that they lacked a voice at the table and often had to work harder to prove their worth. The gender disparities in leadership are also stark; 92 per cent of startups are led by male CEOs with only 8 per cent having a female CEO, the survey showed. Additionally, women-led startups receive nearly half the funding of male-led ventures. Action Steps The theme of this year’s International Women’s Day, ‘For ALL women and girls: Rights. Equality. Empowerment and Accelerate Action,’ calls for decisive steps forward. Investors and founders alike must recognise that the momentum is here but to truly ignite change, it is crucial to fast-track support, ensure equal access to resources and commit to empower women-led ventures at every level. As India’s startup ecosystem continues to mature, the question remains, can it evolve to meet the needs of women entrepreneurs? The answer lies in creating a more inclusive environment at every level, from funding to decision-making. The ecosystem needs to view women-led startups not as a niche but as an indispensable force for economic growth and innovation. Pranav Rai, Founding Partner of 3one4 Capital, sums it up perfectly, “The future of India’s prosperity is inextricably linked to the continued empowerment and advancement of its women.” The question now is whether India’s investment ecosystem is ready to move beyond its biases and embrace women-led startups at eye level. The future of India’s economy depends on it. [email protected] Flagship Schemes For Women-led Startups n Rs 3,107.11 crore invested in 149 women-led startups through Alternative Investment Funds (AIFs) n Startup India Seed Fund Scheme (SISFS): Rs 227.12 crore in funding for 1,278 women-led startups since its inception in April 2021 n Credit Guarantee Scheme for Startups (CGSS): Rs 24.6 crore guaranteed in loans for women-led ventures since April 2023 JAYA VAIDHYANATHAN, CEO, BCT Digital “Women still struggle with access to funding, business networks and policy support. Women-centric venture funds should be established along with collateral-free credit options” VANI KOLA, MD, Kalaari Capital “Women-led startups often face challenges in securing seed cheques, fair evaluations and getting the benefit of the doubt, making it difficult to get their first break” Photograph by Brgfx
104 | BW BUSINESSWORLD | 22 March 2025 T he past five years have seen a notable increase in womenled companies and women in leadership roles in venture capital in India. Women-led startups raised over $930 million in 2024, a 94 per cent increase from $480 million the previous year. While promising, these numbers highlight the large gender gap in funding and leadership opportunities. Despite the sizeable jump in funding for women-led startups, it still is a small percentage of India’s total VC funding pool. At Orios, we believe diverse perspectives lead to better investment decisions and outcomes. We have reinforced this belief by maintaining gender-balanced teams across all functions, including our partnership. A study by IFC found that private equity and VC funds with gender-balanced senior investment teams generated 10 per cent to 20 per cent higher returns than those with predominantly male or female leaders. The Challenges Women Face Despite these positive developments, several critical challenges hold women back from achieving parity in the entrepreneurial and investment ecosystem. Access to funding and investment biases: Women-led businesses still struggle with MOVING BEYOND PERFORMATIVE INCLUSIVITY access to capital, with some investors holding unconscious biases that favour male founders. Studies show that female entrepreneurs often receive less funding and lower valuations than their male counterparts, even when pitching identical business models. Investors tend to ask male founders “growthoriented” questions while asking female founders “risk-oriented” questions. One way to address this is by increasing the number of women in investment roles. When more women sit on funding committees and lead investment decisions, the bias diminishes, and women-led startups get a fairer chance at securing capital. The challenge of building networks and breaking into male-dominated spaces: Women in tech may encounter a “bro culture,” which can be alienating and hinder their progress. This culture manifests in subtle ways—such as missing out on networking opportunities that are predominantly malefocussed. Knowledge is shared in informal settings, and when women are excluded from these circles, they miss out on valuable opportunities. A solution would be to organise more mixed-gender networking events and women-centric meet-ups. Women-focussed accelerators, such as SheEO, Women Who Tech, and WinPE, are helping bridge this gap by providing tailored mentorship, funding, GUEST COLUMN REHAN YAR KHAN Critical challenges, milestones, and the way forward for women entrepreneurs and investors
22 March 2025 | BW BUSINESSWORLD | 105 The author is Managing Partner, Orios Venture Partners and networking opportunities. Balancing professional growth with personal responsibilities: One of women’s most significant challenges in entrepreneurship and investing is balancing career ambitions with societal expectations and personal responsibilities. Women often find themselves shouldering a disproportionate share of caregiving and household duties, which makes career growth more challenging. As leaders, there is much more we can do to design systems that meet the needs of every employee. Offering more flexibility for new mothers and remote or hybrid work options can make a significant difference in retaining experienced female professionals. At Orios, we have implemented these systems, and they have proved to be highly successful. The Way Forward While the challenges are accurate, the past few years have also seen significant milestones in improving gender representation in the tech and investment world. Rise of women-led startups: Women-led firms are proving their mettle across industries. Startups like Nykaa, MobiKwik, and Zivame are testaments to the success of female entrepreneurs in India. Increasing women in VC & investment leadership: The number of women in investment roles is growing steadily. Women now hold 15-20 per cent of partner positions in Indian VC firms, a marked improvement from just 5-7 per cent a decade ago. Government and corporate support: Initiatives such as Startup India, NITI Aayog’s Women Entrepreneurship Platform (WEP), and corporate-backed diversity programmes actively support women-led businesses. However, the real transformation will happen only when we move beyond performative inclusivity and actively challenge biases at every level. What Needs to Change? VC firms must evaluate businesses from a gender-neutral perspective: Investors must consciously eliminate biases when evaluating startups. This means asking equally growth-focussed questions to male and female founders and judging them based on business merit. Increased mentorship and sponsorship for women entrepreneurs: More successful female entrepreneurs and investors should actively mentor and sponsor aspiring women leaders. More women in decision-making roles: The presence of women in decision-making positions has a multiplier effect, paving the way for a more balanced, inclusive industry. At Orios, we remain committed to fostering an equitable entrepreneurial ecosystem. By investing in diverse leadership and creating a workplace that supports all, we can drive real change for women and the entire business community. “When more women sit on funding committees and lead investment decisions, the bias diminishes, and women-led startups get a fairer chance at securing capital” Photograph by ArtBoy
106 | BW BUSINESSWORLD | 22 March 2025 The narrative of India’s economic expansion towards $5 trillion in GDP and beyond is increasingly intertwined with the remarkable rise of women’s participation across various sectors. Since the economic liberalisation of 1991, the inclusion of Indian women in the national discourse has surged, marking a significant shift after decades of policy neglect and underinvestment in women’s education. The journey has been transformative, overcoming historical setbacks to unleash the potential of half the nation’s population. In the decades following independence, progress in women’s literacy was slow. In the 1950s, women’s literacy stood at a mere 9 per cent, inching up to only 39 per cent by 1991. Since then, we have witnessed an unprecedented acceleration in women’s literacy rates, reaching 72 per cent in 2022. This progress is not merely a social statistic; it’s a powerful driver of economic and demographic evolution. The correlation between women’s literacy and declining Total Fertility Rates (TFR) is undeniable. As literacy rates climbed from 43 per cent to 72 per cent, TFR plummeted from 3.4 to 2. India’s population is now below replacement level, an organic demographic shift primarily attributed to women’s empowerment through education. WOMEN LEADING INDIA’S ECONOMIC EXPANSION Government initiatives like ‘Beti Bachao, Beti Padhao’ have further contributed to positive social transformation, improving the gender ratio in the country now from 991 per 1000 males in 2015 to 1020 in 2021. The impact of this educational awakening is vividly reflected in the workforce. Between 2017-18 and 2023-24, India witnessed a dramatic surge in the Female Labour Force Participation Rate (LFPR) from 23.3 per cent to 41.7 per cent, and the Work Participation Rate (WPR) for women climbed from 22 per cent to 40.3 per cent. Women’s enrolment in higher education institutions has been growing at an impressive 5 per cent year-on-year since 2011-12, outpacing the 3 per cent growth rate for men. Notably, in FY19, women’s Gross Enrolment Ratio (GER) surpassed that of men for the first time – 26.4 per cent for women compared to 26.3 per cent for men. This trend has continued, with women’s GER reaching 28.5 per cent in FY22, exceeding men’s at 28.3 per cent. In medical sciences, women’s enrolment is 58 per cent of the total student population, significantly higher than men as per the latest AISHE report. This surge in higher education enrolment among women is a panIndia phenomenon. Today, Indian women are making their mark across the socioeconomic spectrum. In traditionally maleGUEST COLUMN PRANAV PAI
22 March 2025 | BW BUSINESSWORLD | 107 Women in panchayats are promoting selfreliance through renewable energy projects and mobilising women’s Self-Help Groups (SHGs) for community betterment The author is Managing Partner, 3one4 Capital dominated Science, Technology, Engineering, and Mathematics (STEM) fields, women are increasingly visible, contributing to cutting-edge innovations in biotechnology, life sciences, space exploration, and more. The women of ISRO, for example, have become iconic figures, integral to India’s remarkable achievements in space. This extends to the country’s startup ecosystem, where women are actively founding and co-founding tech ventures across diverse sectors – e-commerce, fintech, artificial intelligence, life sciences, media, manufacturing, and healthcare. Corporate India, too, is witnessing greater participation of women at all levels. Grassroots empowerment is also flourishing. The Panchayat Raj system has emerged as a powerful platform for women’s leadership. Starting with a 33 per cent reservation, now increased to 50 per cent in many regions, women in Panchayats are taking ownership of rural development. These women are driving impactful changes – from promoting self-reliance through renewable energy projects to mobilising women’s SelfHelp Groups (SHGs) for community betterment. The rise in the number of female Sarpanchs is a testament to this transformative change. This pattern of increasing women’s leadership is mirrored across administrative services, political roles, entrepreneurial ventures, agriculture, dairy production, and manufacturing. Government initiatives are playing a crucial role in supporting this rise. Programmes focused on providing clean water, ensuring paid maternity and paternity leave, expanding maternal and child immunisation, providing free LPG cylinders to rural women, and promoting sanitation through Swachh Bharat have collectively contributed to the health and overall upliftment of Indian women. Furthermore, India’s digital revolution, leveraging the India Stack and Jan Dhan accounts, has facilitated unprecedented women’s empowerment on a massive scale. While the journey towards gender parity is ongoing, the rise of the Indian woman is undeniable. The foundation has been laid. The future of India’s prosperity is inextricably linked to the continued empowerment and advancement of its women. Photograph by Indiapicturebudget
108 | B W BUSINESSWORLD | 22 March 2025 As India’s only woman leader in e-Bus manufacturing, what challenges have you faced, and what leadership lessons have you learned? Leadership creates impact through competence, making decisive decisions and fostering innovation. Entering the automobile and public mobility sector presented challenges, from breaking norms to driving large-scale operational change. However, expertise, vision and perseverance outweigh biases. Staying results-driven and focusing on innovation has helped me navigate these challenges. A key lesson has been the power of building strong, diverse teams. Empowering people and fostering collaboration leads to a performance-driven culture rather than one bound by stereotypes. What advice do you have for young women entering the automobile industry? Trust in your ability to lead, innovate, learn and adapt to secure your position. Stay positive, as external factors will continue to change and impact your contribution. The automotive industry, particularly in electric mobility, is experiencing a significant shift, making it an ideal time for women to engage. Cultivate technical skills and business knowledge, remain curious, and embrace challenging roles. Additionally, establish a strong network of mentors and peers. Your confidence, competence and reliability will set you apart. Who are your biggest influences and mentors in leadership? Throughout my journey as a leader, I have been fortunate to have inspiring mentors and role models who have shaped my perspectives on business, innovation, and impact. My father has been one of the most significant influences in my life. His unwavering vision to enter the electric bus manufacturing sector—leveraging decades of experience in bus body building—has been instrumental in PMI’s success. His dedication to creating high-quality products and relentless pursuit of excellence have influenced my leadership approach. If you could implement one policy change to accelerate India’s EV transition, what would it be? A comprehensive, long-term policy for transitioning to electric vehicles in public transport is essential to strengthening public transportation infrastructure and the adoption of EV buses, providing the necessary infrastructure for efficient and sustainable mobility. To further enhance this approach, I would advocate for developing a robust supply chain for auto parts and accessories, particularly for the commercial EV sector. How do you define success beyond business metrics regarding legacy and impact? Achieving success extends beyond market dominance or profit maximisation; it is about making a meaningful impact on people’s lives and industries. PMI Electro’s influence is evident in the millions of commuters who benefit from safer, cleaner, and more reliable public transport due to our electric buses. Our success is measured by how many towns we help become sustainable, the job opportunities we create, and our role in India’s electric vehicle revolution. A true legacy is formed when your contributions extend beyond your lifetime, creating a ripple effect that fosters enduring change. IN CONVERSATION AANCHAL JAIN, CEO, PMI Electro Mobility, talks to BW Businessworld’s Utkarsh Agarwal about leadership, challenges and innovation in e-bus manufacturing Breaking Barriers in e-Bus Leadership AANCHAL JAIN, CEO, PMI Electro Mobility
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110 | BW BUSINESSWORLD | 22 March 2025 IN DEPTH WOMEN & MEDIA NDIA’S MARKETING and advertising industry has transformed over the years, with women breaking stereotypes to lead and drive inclusivity, reshaping brand engagement and representation. This transformation has fundamentally altered media narratives across platforms. While traditional media initially pioneered more authentic representation, digital media, on the other hand, have accelerated this change by democratising storytelling opportunities and enabling women-led content creation. Entering 2025, the sector finds itself at a critical juncture—balancing progress against stubborn barriers to equality. This follows decades where Indian entertainment predominantly confined women to limiting roles—submissive homemakers, glamourised love interests or self-sacrificing figures. Recent findings from the Geena Davis Institute illuminate the same: professional women appear in merely 10 per cent of Indian advertisements, while I nearly two-thirds (62 per cent) continue to portray women primarily as homemakers. SHIFTING NARRATIVES, UNFINISHED JOURNEY Exploring the evolving portrayal of women in Indian media, from breaking stereotypes to driving inclusivity - while traditional media pioneered change, digital platforms accelerated representation and diverse storytelling By Reema Bhaduri & Soumya Sehgal
22 March 2025 | BW BUSINESSWORLD | 111 Women on the Rise According to the 2023 Gender Diversity Benchmark Report by the Advertising Agencies Association of India (AAAI), women comprise over 40 per cent of the workforce across leading agencies and approximately 30 per cent of leadership roles as national and executive creative directors. This upward trajectory continues in 2025, with women holding 36 per cent of leadership positions nationwide, exceeding global averages. The shift is statistical and represents a fundamental change in how advertising narratives are conceived and executed. The impact of increased female representation is perhaps most visible in advertising content. An analysis of over 2,000 ads in 2022-2023 revealed that nearly 52 per cent featured women in central roles, an increase from 32 per cent in 2018. The transformation began accelerating around 2015 as traditional media, challenged by digital competition and consumer scrutiny, began adapting to evolving societal attitudes. For instance, the Aditya Birla Group’s ‘Change the Game’ film in 2024 utilised mainstream platforms to showcase women leaders breaking workplace barriers. Similarly, Dove’s ‘Real Beauty’ campaign utilised print media, television and OOH—traditional advertising channels—
112 | BW BUSINESSWORLD | 22 March 2025 IN DEPTH WOMEN & MEDIA to challenge conventional beauty standards long before digital platforms amplified its message. Consumers as Catalysts The changing role of Indian women as consumers has been instrumental in driving this transformation. Today’s Indian women purchase groceries and make and influence major purchasing decisions for themselves and their families. Brands that fail to recognise this shift risk becoming irrelevant. Several campaigns have marked turning points in how women are portrayed in Indian advertising. Ariel’s ‘Share the Load’ campaign, broadcast extensively on television and print media, questioned traditional gender-based roles by asserting that household chores are not exclusively women’s responsibility. Also, Vim’s ‘Equal Vows’ campaign, featuring actors Rajkummar Rao and Patralekhaa, leverages mainstream media to redefine marriage by promoting shared household responsibilities. Through partnerships with Satchikitsa Prasarak Mandal, Swiggy Instamart and Bharat Matrimony, the campaign used traditional advertising channels to foster a cultural shift toward balanced partnerships. The evolution in consumer behaviour has prompted brands to prioritise authentic representation. As women continue to enter the industry in greater numbers, they bring fresh ideas and creativity that challenge traditional mindsets and persistent misogyny. Traditional media’s transformation hasn’t been linear. There has been considerable push and pull, with advocacy groups, female industry leaders and changing consumer expectations all pressuring for more authentic representation. The Digital Dimension With the rise of digital platforms, not only are the existing patterns being disrupted by introducing characters who defy outdated norms, but narratives around what a woman of today looks like are also reshaping—they are fierce, undaunted, independent and commanding. With a more dynamic and inclusive representation, women in digital content are rising above the stereotypical homemakers or beauty symbols to exhibit more substantial roles—entrepreneurs, athletes, decision-makers and disruptors. With digital’s arms stretching wide in its ambit (OTT, social media, influencer marketing, brand storytelling, and more), it has become a powerful tool in redefining the perception of women in India. Digital’s Darling: OTT OTT, one of the most flourishing areas under digital today, is a juggernaut of modern realities, where a space for more nuanced, independent, and diverse female characters appears. Some characters are no longer just objects of beauty or symbols of virtue. Instead, the new narratives are fuelled by changing audience preferences, growing female-led content Professional women appear in merely 10 per cent of Indian advertisements, while nearly two-thirds (62 per cent) continue to portray women primarily as homemakers
22 March 2025 | BW BUSINESSWORLD | 113 creation, and a demand for more realistic and empowering narratives, allowing for a grey area where female characters can be flawed yet strong, vulnerable yet ambitious. “In Paatal Lok, Sacred Games, and The Family Man, women are no longer just supporting characters—they drive the narrative. Even Richa Chadha’s Nagma Khatoon is fierce and resilient, while Rasika Duggal’s Beena Tripathi manipulates power dynamics to her advantage. Paatal Lok presents layered female characters, from Gul Panag’s quiet strength to Swastika Mukherjee’s journey of self-agency. Priyamani’s Suchitra in The Family Man defies the ‘protagonist’s wife’ trope with her own ambitions and conflicts,” says Karan Kumar, Chief Marketing Officer, Hero Realty. The Reverberating Impacts Brands prudently leverage digital platforms to address deeper social issues, using real-life stories and interactive content to create meaningful engagement. Some standout digital campaigns, such as Nike’s #DaDaDing, Dove’s #StopTheBeautyTest, Tanishq’s ‘The Marriage Conversations’, and L’Oréal Paris’ ‘I’m Worth It’ campaign, prove that brands are moving towards progressive, feminist storytelling, reflecting the changing aspirations of Indian women. Another significant evolution in digital media is the rise of women-led content creation. Social media platforms have given women the tools to tell their stories, free from traditional media gatekeepers. These influencers represent real, diverse women and challenge societal expectations, encouraging younger audiences to break stereotypes. One of the other pivotal impacts of this digital boom is the birth of a bright breed of women entrepreneurs creating new rules for the digital commerce game. Brands like Sugar Cosmetics by Vineeta Singh and Falguni Nayar’s Nykaa exemplify how digital-first, women-led businesses have thrived in India. Push for Genuine Picture Despite significant progress, challenges remain in how women are portrayed in the media. Issues like token feminism, unrealistic expectations, and the under-representation of older or plus-size women still exist. Moreover, trolling and online harassment pose barriers to women’s free expression in digital spaces. However, with the increasing emphasis on gender-inclusive advertising and intersectional representation, the future of women in media looks promising. The digital revolution has certainly given women a voice like never before—and now it’s time to amplify it further. [email protected]; [email protected] 30 %
114 | BW BUSINESSWORLD | 22 March 2025 F or years, I have enjoyed reading Raja Sen’s Stream of Stories, where cinema and content meet everyday human aspirations and mirror our society. Movies magnify societal stories, and when they push boundaries, advertising follows. Just as women’s roles in film have evolved, so has their portrayal in advertising. As women gain greater representation in filmmaking— directing 31 per cent of streaming content and claiming 51 per cent of lead roles in the OTT era—the industry shift highlights their rising influence as equal powerhouses. Brands are making significant inroads in female representation. Despite the recent DEI rollback by global voices, it is fantastic to see brands like Apple visibly holding on to their stance on diversity as it makes business sense. Campaigns are now increasingly celebrating women beyond traditional roles, reflecting their ambitions, struggles and triumphs, be it a sports brand featuring female athletes or beauty brands redefining fairness. Strides like Anita Dongre’s Diwali Barbie with Mattel, Cadbury tweaking their iconic 1990s advertisement, with now a woman cricketer hitting the winning shot or Tanishq, for its progressive portrayal of women in their advertisements. The work of new=age brands like Fae Beauty, Bliss Club, Buttchique and Manetain have energised the category, avoided unrealistic portrayals of beauty, and instead celebrate women. Kudos for the progressive stance! FROM TOKENISM TO TRUE EMPOWERMENT Disrupting D&I Dialogue Similarly, influencer marketing is another area of positive impact on female perceptions and purchase patterns. We are seeing these mediums disrupting the D&I dialogue. Studies reveal that 86 per cent women use social media for purchasing advice and the surge of female influencers has broadened the spectrum of women’s voices in India for lifestyle, wellness, body positivity and other categories. These diverse voices have empowered many women to establish personal brands and entrepreneurial ventures. Even during my time at Intel, female influencers were a big part of the campaign mix to promote women and tech. While I will not deny that all mediums come with challenges, we have seen new businesses, product lines and collaborations with major brands, redefining traditional career paths for women. A 2024 report highlighted that 78 per cent of influencers are female, indicating their leading role in the industry, driven by their increasing purchasing power. Gender Equality As An Imperative While messaging and deep reach are imperative, what will move the needle is the increased participation of women in the workforce. This is not a new suggestion, but it needs repeating. Today, only 36 per cent of roles in senior management are held by women, but almost 70 per cent of those senior management roles are CMO roles held by women, indicating progress in marketing leadership. Emma Walker became the first female Master Blender for Johnnie Walker in 2021, disrupting the stereotype. The numbers tell their own story; women reinvest 90 per cent of their earnings into their families, driving societal growth (World Bank). Gender-equal countries see lower violence, higher equality in domestic labour and stronger innovation, with diverse leadership boosting revenue by 45 per cent (Boston Consulting Group). Closing workforce gender gaps could elevate global GDP GUEST COLUMN ROSHNI DAS Shaping the future of women in marketing and advertising
22 March 2025 | BW BUSINESSWORLD | 115 Some brands still cling to traditional, ‘macho’ advertising narratives. The change has to be continuous by setting ethical guidelines, auditing inclusivity, diversifying hiring beyond marketing, having flexible work policies, and setting red flags messaging around control and conformism The author is the former vice president of global marketing at Intel and among BW Top Marketers 2024 by 35 per cent (International Monetary Fund). Remember, the portrayal of women is not the job of advertising alone. Brands must drive change across policy, leadership, workplaces and advocacy for real impact. AI & Inclusion Is AI a boon or bane for D&I progress? As Gen AI becomes essential for targeting and personalisation, we need to be cautious more than ever. In its current stage, AI by design relies on existing data reflecting ‘what was’. A Geena Davis Institute report found that 10 per cent of Indian ads historically showed women in professional roles, while 62 per cent portrayed them as homemakers, misrepresenting their growing economic impact. To create more inclusive and progressive advertising, we must ensure that AI is built to represent ‘what can be’. AI itself isn’t biased; it reflects its training data. A futurefocussed approach means training AI to recognise and amplify diverse expressions of femininity and success, as part of the marketing brief. We have a long way to go, but the change is real. While there has been significant progress, there is a lot left to achieve. Some brands still cling to traditional, ‘macho’ advertising narratives. The change has to be continuous by setting ethical guidelines, auditing inclusivity, diversifying hiring beyond marketing, having flexible work policies, and setting red flags messaging around control and conformism. Finally, it’s vital to recognise the responsibility that brands have in shaping a more inclusive world. With women participating in all spheres, economies will see significant GDP and revenue growth, as it has in developed nations.
116 | BW BUSINESSWORLD | 22 March 2025 L et me start with the good news—according to the latest Geena Davis study, diversity in representation of women in advertising has increased over the past 18 years. From campaigns that spotlight women in leadership and non-traditional roles to those that celebrate body positivity and genderneutral narratives, advertising is gradually becoming a space where women are portrayed as strong, independent, and multidimensional individuals. But let’s accept that we have only just gotten started and have a long way to go. Start From The Start When we talk about diversity in representation, it has to start from the inception. It can’t just be an afterthought in the execution stage; it has to be embedded from the very beginning. That means being conscious of gender bias right from the insight to the brief to the script to the casting and final execution. As a writer, when you are writing a script by changing the gender of the cast, does the script still work? Or does the story change? Even something as simple as a joke can tell you a lot about who has UNDOING YEARS OF STEREOTYPING — ONE CAMPAIGN AT A TIME written it—was this a male writer writing for a woman or a woman writing for a woman? The perspectives shaping the campaigns must be diverse. If only one gender is crafting the messaging, unconscious bias seeps into the work. Having women equally represented behind the scenes leads to more inclusive and authentic storytelling. I was talking to one of the top directors of India—he said if two women are talking onscreen, from the dialogues of the discussion, chances are we can guess who has written the story. And this is the change we have to bring from the inception stage. Insight Vs What’s Not In Your Sight Traditionally, advertising has shown that the primary earning member of the family is the one who takes the financial decisions. But, if you look more closely, the true decision-making of the family’s well-being, whether it is about what school the children should attend or how much money will be needed for the future or healthcare, the decision-making always happens on the dining table between both the parents. It is an equal decision-making process that for years we have been misrepresenting or missing in our storytelling. In fact, in a lot of business communities, the big decision-making is always done by the woman. The face could be anyone, but the grandmother or the elderly women of the family always have the final say in the financial choices. This insight really helped us shape the narrative for one of our financial insurance brands as we started having a conversation with the family and not just the primary earners by bringing stories that underscore the importance of women and their positive influence in financial decision-making. Not only did this help the brand’s business, but it has also helped build a strong relationship with its audiences. Breaking Stereotypes The world is full of stereotypes, and most GUEST COLUMN RAJDEEPAK DAS Women’s representation in advertising is improving, but true inclusivity demands breaking stereotypes, embedding diversity early and challenging biases
22 March 2025 | BW BUSINESSWORLD | 117 The author is CCO, Publicis Groupe - South Asia; Chairman Leo - South Asia of them are gender-related. If you get a chance to break a stereotype, do it. There are a lot of stereotypes about women and driving. I remember when we were working with one of India’s biggest auto aggregators, we found a very interesting insight: a lot of people thought women were bad drivers and forgot about parking properly or reversing the car. We decided to challenge this age-old bias against women drivers on the road. We got one of India’s most influential music composers and a couple of women drivers and orchestrated a synchronised musical drive-off. Of course, this was an interesting advertising stunt, but in that process, we wanted to break the stereotype about women and driving. And guess what? In no time we saw a massive spike in the visits to their site. It is not about standing for something but standing for something that’s been wrong for so many years. Do It Again & Again Don’t just champion women today because it is Women’s Day; do it every day. A lot of gender bias is actually deep-rooted in century-old traditions. So, saying it is wrong once is not going to solve it; you have to be consistent with your message again and again. Until that doesn’t become the new normal. A very good example of this is how one of the biggest detergent brands changed the conversation from laundry to who does the laundry—by asking the nation the question, Is laundry only a woman’s job? And they have been asking this question for almost a decade. Every single communication is designed to keep this message at the centre. And guess what, not only have they changed the narrative on laundry, but today it’s undoubtedly one of the most loved brands in the country. Equal gender representation is a long battle and we have every intent to win. Happy Women’s Day. Don’t just champion women today because it is Women’s Day; do it every day. A lot of gender bias is actually deep-rooted in century-old traditions. So, saying it is wrong once is not going to solve it; you have to be consistent with your message again and again
118 | B W BUSINESSWORLD | 22 March 2025 Display: Poco X7 Pro The X7 Pro has a 120Hz 6.67-inch OLED panel with a 1.5K resolution. For those not familiar with the terminology, this is a good display that will be capable of playing full HD videos and then some. The phone has a peak brightness of 3200 nits which makes it one of the brightest in the segment. The display also has a 1,920Hz PWM dimming refresh rate GADGET REVIEW / POCO X7 PRO T HE POCO X7 PRO comes across as a device that has it all. It kills in terms of design with its classy looks and it has the technology inside that makes it a great candidate for people who desire a performance-focused daily driver. The variant we received is called the Obsidian Black and it looks and feels fantastic. In this review of the Poco X7 Pro 5G, we sum up how this phone performed in various tasks and why this proved to be a much better smartphone than we had expected it to be. Design: Poco X7 Pro 5G The X7 Pro from Poco has a bar-shaped smartphone design which for some reason just works. The flat back and front, the almost regular sized camera modules, the flat sides, the pointy corners and the punch hole front camera, all of this just works. The back is glossy, though and that is why it will become a fingerprint magnet. In terms of protection against the elements, the phone manages to pass with flying colours thanks to IP68 and IP69 ratings. Although the phone feels extremely light, the weight has increased when compared to its predecessor owing to a larger battery in the new iteration. The 6,550mAh battery deserves a separate section. At 8.06mm thickness, this smartphone manages to avoid looking bulky. With its Dimensity 8400 Ultra chipset, 12GB RAM and 6,550mAh battery, the POCO X7 PRO packs quite a punch, says Deep Majumdar THE BRAND’S FINEST MID-RANGER TILL DATE
22 March 2025 | BW BUSINESSWORLD | 119 photograph yet. The reds do pop out more than the yellows, greens and blues. There is plenty of dynamic range that makes the images look very appealing. The 8MP ultrawide camera is decent and captures good photos in daylight. The colours do seem a bit on the undersaturated side but there is plenty of detailing in the photographs. HyperOS 2.0 The Poco X7 Pro comes with Android 15 out-ofthe-box and runs on the newly launched Xiaomi HyperOS 2.0. Saying that the UI is smooth would be an understatement. App transitions, hopping from app to app and running software, all of these activities were exceptionally smooth. The icons and the overall styling are typical Xiaomi, which was expected. We’d like to mention that the Poco X7 Pro is the first phone in India to come with the HyperOS 2 UI. Final Thoughts Starting at Rs 26,999, this smartphone manages to pack a nice punch. On the one hand, we have hardware prowess and on the other, we have a software that compliments it. Overall, this smartphone is a brilliantly crafted device that seems to have been built with the needs of its users in mind. [email protected] We should also point out that the Poco X7 Pro is the first phone in India to come with the Dimensity 8400 Ultra. The chipset makes this phone standout immensely. It is powerful and heats up a bit too, but it gets the job done with a ballistic performance. Cameras: The 50MP Sony LYT-600 Dazzles The primary camera is where the Poco X7 Pro shines. The photographs taken from the 50MP primary Sony LYT 600 sensor are well-exposed, have great colour and possess plenty of detail. The colours are saturated. The images are very sharp and there has been no instance of an unfocused or blurry making it easier to view the screen in low brightness. The display in the Poco X7 Pro comes with Corning Gorilla Glass 7i, the same one you find on flagships like the Oppo Find X8 Pro. Users will also be able to use the phone in the rain, thanks to the Smart Water Touch. Processor: How Good is Dimensity 8400 Ultra? We’d say ‘pretty good’ if The Poco X7 Pro houses a MediaTek Dimensity 8400 Ultra made by TSMC using the 4nm process node. This processor is built on the latest platform out there for smartphone chips. The Poco X7 Pro is the first phone in India to come with the Dimensity 8400 Ultra we had to sum it up in fewer words. The Poco X7 Pro houses a MediaTek Dimensity 8400 Ultra made by TSMC using the 4nm process node. Once again, for those unfamiliar with the terms, this processor is built on the latest platform out there for smartphone chips. The chip has a maximum clock speed of 3.25GHz and utilises a dedicated NPU for AI workloads.
120 | BW BUSINESSWORLD | 22 March 2025 BOOKMARK SNEAK PEEK FAMILY-OWNED BUSINESSES (FOBs) are the backbone of India’s economy, contributing to more than 75 per cent to the national gross domestic product (GDP) – among the highest globally. These businesses, says author of Family and Dhanda Srinath Sridharan, “hold the potential to not only reach towering heights of success but also transform India into a global economic powerhouse. Yet, sustaining this success across generations is no easy feat”. Family-owned businesses account for two-thirds of publicly traded companies in India and deliver shareholder returns that are twice as high as that of their non-familyowned business counterparts. But what sets the successful ones apart? A strong culture, good governance and a focus on value creation, professionalism and transparency. In contrast, internal family politics, gender biases and succession disputes have derailed many promising legacies, says Sridharan. Apart from being a well-known columnist in many publications in India, Dr Srinath Sridharan has three decades of experience as a corporate advisor and strategic counsel. In Family and Dhanda, he demystifies the art and science of succession planning, crafted specifically for India’s unique cultural and business landscape. Packed with real-world examples, practical insights and an A-to-Z roadmap, this book is an indispensable guide for every family business, big or small, looking to secure its future and thrive across generations. This tome should interest both stakeholders in family businesses, for whom it is a playbook for success, along with academics and their ilk in industry fascinated by the dynamics of business and legacy. SUCCESSION PLANNING Title:Family and Dhanda Author: Srinath Sridharan Publisher: Rupa Publications Price: 695 Pages: 352 GENERATIONS IN INDIA have discovered world history, culture and literature in English translations of masterpieces like Leo Tolstoy’s War and Peace, Johann Wolfgang von Goethe’s Faust, Alexander Dumas’ Count of Monte Christo or Gabriel Garcia Marquez’s Love in the Times of Cholera. While the authors are all household names, do we remember the translators? After all, bringing to life cultural nuances of a distant land, written in a foreign language with its own nuances is no mean task. War and Peace was translated from Russian into English by Richard Pevear and Larissa Volokhonsky, Faust from the original German by Peter Salm, the French novel The Count of Monte Christo was translated into English by Robin Buss and Marquez’s Love in the Times of Cholera was translated into English from Spanish by Edith Grossman. Over the past few decades, an enormous amount of literature originally written in regional languages has been translated into English for a wider readership in a nation of 22 official languages with a plethora of offshoots in the way of dialects. The novel Ram c/o Anandhi is among them. Originally written in Malayalam by novelist and scriptwriter Akhil P. Dharmajan, the novel has been translated into English by Haritha C. K., whose previous endeavours have involved translating popular books in English into Malayalam and subtitling Malayalam short films in English. Her proficiency in both Malayalam and English speaks for itself, for but for the credit on the cover, the novel does not read like a translation at all. Sriram, a Malayalee from the houseboat making district of Alleppey in Kerala, lands up in Chennai to study filmmaking. On his first day in college he meets a feisty receptionist named Anandhi and a story begins in modern times, meshed in modern day situations ( like Sriram sharing a flat with two other young men) and scenarios. The denouement of the plot explodes into a best-selling novel in Malayalam. — Madhumita Chakraborty MALAYALAM BESTSELLER Title: Ram c/o Anandhi Author: Akhil P. Dharmajan Translater: Haritha C. K. Publisher: Harper Fiction, an imprint of HarperCollins Publishers Price: Rs 399 Pages: 303
22 March 2025 | BW BUSINESSWORLD | 121 The Power of Influence Neerja Birla,Founder & Chairperson, LAST WORD Aditya Birla Education Trust & Mpower I n today’s dynamic landscape, women are emerging as influential leaders, courageously challenging conventions and shaping a brighter future for all. This spirit of innovation and resilience inspires me as I reflect on the transformative roles women are playing across various sectors—especially in social impact—where our emotional intelligence and the deep sense of wanting to give back can pave the way for meaningful change. As we step into 2025, the conversation around gender equality has transformed from a mere focus on representation to one that emphasises influence, impact, and the creation of lasting change. In this evolving landscape, it is imperative that we redefine what it means to be an influential woman. Redefining Influence Being an influential woman today means harnessing our power to uplift those around us. True influence is measured not just by personal achievements but also by our ability to inspire, mentor, and create pathways for others to thrive. Women across various industries are demonstrating that leadership transcends traditional molds; it is about breaking barriers and reshaping norms to foster innovation and inclusivity. Gender Equality in Upcoming Years The global movement for gender parity is making strides, as nations and organisations implement more equitable policies. The rise of women-led initiatives and the increasing presence of female executives in boardrooms across sectors signal positive shifts. However, gender equality is not a destination—it is a journey. Achieving true equality requires systemic changes: ensuring equal access to education, supporting women entrepreneurs, dismantling workplace biases, and eradicating deeply ingrained prejudices. True equality encompasses all individuals, ensuring that everyonhas access to opportunities, support, and resources for personal growth. Leaders who possess strong emotional intelligence and dedication to creating positive change in their communities have the potential to transform gender equality into a tangible reality. For example, many successful women leaders actively mentor young girls and aspiring female professionals, sharing their experiences and knowledge to pave the way for the next generation. When women uplift one another, we create a powerful ripple effect that transforms societies, ultimately paving the way for a future where everyone has the opportunity to thrive. Looking Ahead In 2025 and beyond, the question isn’t whether women belong at the table—it’s about building new tables where everyone has a seat. Together, we can lay the foundation for a future where equality is not just aspired to but achieved, fostering an environment where every individual—regardless of gender—can thrive and contribute to a stronger, more inclusive society. NEERJA BIRLA on the need to redefine what it means to be an influential woman in today’s dynamic landscape, gender equality and more When women uplift one another, we create a powerful ripple effect that transforms societies, ultimately paving the way for a future where everyone has the opportunity to thrive
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