Bengaluru, June 29, 2026: Over the last two
decades, entrepreneurship has emerged as one of the most powerful forces
shaping modern economies. In India, founders have built category defining
companies that have transformed how millions live, work, transact, travel, and
consume. Yet, behind every celebrated success story lies a less visible journey
marked by uncertainty, failure, resilience, and the determination to begin
again.
Capturing these rarely documented stories, Subrata
Mitra, Founding Partner at Accel, and Pankaj Mishra, entrepreneur, journalist
and Founder of FactorDaily, have co-authored Down
But Not Out: Gritty Comebacks of India's Diehard Founders, a
compelling exploration of the human side of entrepreneurship.
Drawing from extensive conversations with founders across sectors,
the book chronicles the journeys of entrepreneurs behind companies
including BlueStone, Tejas Networks, Ninjacart, GreyOrange, Capillary
Technologies, HyperVerge, Zolve, Uniqode, and ZopNow.
At a time when conversations around entrepreneurship are often
dominated by valuations, funding rounds, and exits, Down But Not Out shifts the
focus to the less visible realities of building companies.
Here are just some of the key moments detailed in the book:
- How
BlueStone went from cutting its team from around 150 staff to just six in
2017 to scaling into one of India's leading jewellery platforms, later
backed by Ratan Tata.
- How
TaxiForSure went from an idea scribbled on a tissue at a Bangalore pub
(~2011) to a ~$200 million sale to Ola in 2015.
- How
MobStac went back to square one in 2015 after six years, then pivoted to
Beaconstac - which became one of FedEx India's larger SME customers.
- How
Tejas Networks survived Lehman's crash, Nortel's bankruptcy, a 2G freeze,
a flood, and a fire that gutted its R&D labs - revenue collapsing from
₹676 crore to ₹208 crore — before listing in 2017 as India's first pure
deep-tech IPO and powering BSNL's 100,000-base-station 4G rollout.
- How
HyperVerge turned down a $10–12 million acquisition offer with just six
months of cash left, then went on to verify over a billion users for 75+
banks and lenders.
The book also reflects on Subrata Mitra's own
entrepreneurial and investing journey, including lessons from failure,
conviction and what he describes as the pursuit of "truth and long-term
greed" - the belief that enduring value is built through patience, trust
and long-term thinking rather than short-term gains.
Commenting on the book, Subrata Mitra, said: "Over
the last two decades, I've had the privilege of working closely with founders
through some of the highest highs and lowest lows of their journeys. What
struck me was that the defining moments were rarely the successes that made
headlines, but the setbacks, doubts, and failures they quietly endured. Down
But Not Out is an attempt to bring those untold stories to light. It is a
tribute to the resilience of founders who chose to keep going when walking away
would have been easier. In entrepreneurship, as in life, success is rarely a
straight line. What matters is the courage to take one more turn, stand up one
more time, and remain, in every sense of the phrase - Not Out."
Pankaj Mishra, co-author of the book, “I’ve
always thought of entrepreneurship as a trapeze act — you let go before you
know if anyone will catch you. I’ve lived a version of that myself with
FactorDaily, which is partly why these stories pulled at me. Working on this
book with Subrata was a gift. He’s spent over two decades with founders in
their hardest hours, and learning to read those moments alongside him taught me
more than I expected.”
Combining candid founder accounts with personal reflections
and visual storytelling, Down But Not Out explores the decisions, setbacks and
turning points that shaped both individual entrepreneurs and India's startup
ecosystem. The book offers insights not only for founders and investors but for
anyone seeking to build, persevere and adapt in the face of uncertainty.
Published by Harper Business, Down But Not Out: Gritty
Comebacks of India's Diehard Founders is now available across leading online
and offline bookstores.
Amazon link: https://www.amazon.in/Down-But-Not-Out-Comebacks/dp/9365693357