Business Model Innovation in Successful Startups: A Comparative Secondary Study of Indian Unicorns

Author(s)	Durvesh Umesh Sarang
Country	India
Abstract	The rapid growth of the Indian startup ecosystem has driven several privately held enterprises to achieve unicorn status. While substantial venture capital and expanding internet penetration are key drivers, the core engine behind their rapid scaling is continuous Business Model Innovation (BMI). This study presents a comparative evaluation of business model frameworks among prominent Indian unicorns, including platform-based models (Swiggy, Zomato), product-centric Direct-to-Consumer (D2C) and omnichannel frameworks (Nykaa, Lenskart), asset-light hospitality networks (OYO), and quick commerce pioneers (Zepto). Employing a descriptive and analytical research design based on audited secondary data from FY2018–2024, the paper deconstructs value propositions, revenue architecture, customer acquisition channels, and technology infrastructure. The empirical analysis confirms that long-term sustainability relies on transforming hyper-growth models into sustainable unit economics and margin-positive operations.
Keywords	Business Model Innovation, Indian Unicorns, Revenue Model, Operational Strategy, Omnichannel, Asset-Light Model, Scalability.
Published In	Volume 8, Issue 4, July-August 2026
Published On	2026-07-11

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International Journal For Multidisciplinary Research