People often ask me, “Mr. Anklesaria, where do you think India’s next phase of growth will come from?” For years, the focus has been on two ends of the spectrum. On one side, the large conglomerates with deep capital reserves and global reach. On the other, the energetic world of start-ups, driven by bold ideas and venture funding. But in between lies a powerful, often overlooked segment that I believe holds the key to India’s economic future. The mid-market.
These are companies with annual revenues typically between ₹250 crore and ₹3,000 crore. Many are family-owned, professionally managed, and deeply rooted in local communities. They are scaling fast, creating employment, investing in technology, and building out supply chains. If India is serious about becoming a $5 trillion economy, it is this segment that will do a significant share of the heavy lifting.
The mid-market sits in a sweet spot.
These firms are large enough to make an impact but still small enough to remain flexible and move quickly. They are ambitious, growth-hungry and often deeply entrepreneurial. But they are also navigating legacy systems, uneven access to capital, and gaps in strategic expertise. They are too big to be considered small and too small to be treated like corporate giants. This in-between space presents both their greatest strength and their biggest challenge.
Right now, a series of structural and economic tailwinds are aligning in their favour. Formalisation is accelerating through GST, e-invoicing and digital compliance. Digitisation is becoming more affordable and accessible. Government incentives are encouraging domestic manufacturing. Global supply chains are being redrawn, and India is increasingly seen as a credible alternative. New forms of capital are also emerging through private equity, venture debt and structured finance.
All this creates a unique moment. But the window will not stay open forever. In my conversations with mid-sized business owners across sectors, I find a familiar theme. They know there is opportunity, but they are unsure how to fully seize it. Many are stuck in what I call transformation limbo. They have the ambition but not always the roadmap. They have the capability but not always the systems to scale.
The firms that are pulling ahead are making bold, deliberate choices.
Many companies are now professionalising leadership, investing in governance, and preparing themselves for the rigours of scale. They are digitising not just customer-facing functions but also their core finance and operations. They are building cultures that value data over instinct. Some are exploring global partnerships. Others are getting IPO-ready with clean books and structured reporting.
These companies are behaving like they are twice their size because they know the future will not wait for them to be ready. And that mindset, in my view, is what sets them apart.
But even the best-run mid-market businesses cannot succeed in isolation. This is where the ecosystem needs to do more. What these firms need is not just capital but intelligent, context-rich advisory. They need financing solutions that go beyond traditional debt or equity. They need public digital infrastructure that is designed to scale with them. And perhaps most urgently, they need access to talent that can translate ambition into execution.
This is not simply a story about business growth. It is about nation building.
Thanks to my job, I have met founders and second-generation leaders from all around the country. They do not always speak the language of valuation multiples or term sheets, but they understand the value of grit, resilience and long-term thinking.
The next generation of Indian multinationals will not come only from glass towers in Mumbai or Delhi NCR or Bengaluru. Many will come from industrial estates and export hubs across India, led by people who have built quietly, learned continuously, and now want to grow globally.
India’s mid-market is not just a segment in our economy.
India’s mid-market is a movement gaining momentum. And those who understand its potential today will help shape the economic landscape of tomorrow. The future is not waiting. It is already being built by those who are scaling now.
As I often say, the next global giants will not be born with fanfare but will emerge from the quiet discipline of those building with purpose. That is where the real story of India’s growth will be written.