From Molbio’s pharma triumph to NAO Spirits’ Diageo deal, India’s beach paradise has emerged as a meaningful platform for new venture creation, writes Varsha Adusumilli
In December 2025, Goa’s first unicorn, Molbio, which specializes in point-of-care diagnostics, received SEBI approval for its IPO. Molbio had earlier raised over $124 million from institutional investors Temasek and Motilal Oswal Alternates, valuing the enterprise at $1.6 billion. This marks a turning point for India’s smallest state.
Fintech unicorn Turtlemint, a platform offering a tech-enabled insurance advisory network, has also received SEBI regulatory nod for a Rs 2,000 crore IPO. Turtlemint’s co-founder Anand Prabhudesai is from Goa, and in 2022, the firm established a software development center in Panjim, to nurture talent in Goa while complementing their Mumbai headquarters. Aviation startup Fly91, founded by Manoj Chacko, which aims to make air travel accessible to Tier-2 and Tier-3 cities, bagged a launch investment of Rs 200 crores from Convergent Finance to spearhead operations from Goa.
Goa’s consumer brand landscape refused to play second fiddle and scored two massive wins last year. Bill Gates was spotted wearing Goa-made Coco Leni eyewear during his India visit in 2025, as shared by the company. The brand, founded by Arjun Sagar, designs and manufactures all its eyewear at their factory located in Pilerne. Goa-based NAO Spirits, known for pioneering craft gin brands Greater Than and Hapusa, sold a majority stake to Diageo India for Rs 130 crore. In fact, Diageo India is doubling down on Goa, announcing a startup incubation center in Ponda to nurture alco-bev entrepreneurship.
The Goa Advantage
After completing his tutelage under German eyewear technician Matthias Haase, Coco Leni’s Arjun Sagar returned to India to establish an eyewear company focused on high-taste and superior craftsmanship — and instinctively chose Goa as his base. The decision raised eyebrows among friends and family. Why set up a factory in a beach state? For Sagar, the answer is rooted in first principles: Goa offers clarity of thinking, a sense of calm, and creative freedom that enable him to focus on product excellence that’s an essential cornerstone for Coco Leni’s success.
Committed Government Support & Programs
With robust, tangible, and consistent support, Goa’s Startup and IT Promotion Cell (SITPC) has established itself as a hub friendly to new enterprises. SITPC awards grants of up to Rs 10 lakh to startups with good ideas, and 100 startups are eligible each year. It also offers salary reimbursements to encourage local hiring, R&D reimbursements, and office space — all designed to foster venture creation in the state.
The Startup and IT Promotion Cell (SITPC) recently also announced that the Department of IT, Electronics & Communications and Moira’s Makers Asylum are coming together to set up a Design Village to back designers, businesses, innovators and creative founders with infrastructure, space, L&D, and government support. This is positive development aimed at strengthening innovation in Goa.
Policy and Sustainability Leadership
Goa’s slow and reflective pace of life makes it an ideal launchpad for policy and sustainability programmes. Tech and AI policy expert Urvashi Aneja, recognized by TechCrunch and MIT as one of the influential leaders shaping AI policy globally, runs her policy think tank Digital Futures Lab from Aldona. Banking professional Nitin Sukh launched Materia Verde, a biomaterials R&D center and startup studio dedicated to decarbonizing industrial materials. The studio has been making meaningful strides by establishing a collaborative relationship with BITS Pilani Goa Campus and boosting creation of new material companies.
The Geography Reality, Challenges
For newcomers, Goa can take time to navigate. It’s not a city, it’s a state, and the ecosystem is geographically dispersed. Unlike the connected ecosystems in bigger cities, Goa’s startup scene is scattered across the state from Ponda to Pilerne to Panjim. Navigating Goa’s startup landscape takes time, intention, and commitment. The state also acts as a transitional paradise for many seeking breaks, navigating life’s stages, or looking for a temporary change of scene. This makes it harder to build the long-term relationships that sustain startup ecosystems.
Community, Culture, & Access to Local Networks
Sanjeev Khandelwal, a businessman from Mumbai, an investor and a sustainability advocate who now calls Goa home, hosts regular meetups at the Living Labs space in Salvador do Mundo. Quicksand Studio’s Avinash Kumar launched a buzzing activity space called Unbox Labs in Panjim which serves as both office space for startups and event space on topics that benefit young businesses and creatives. Community organizer Insia Lacewalla runs the WE Group, a community of 60+ women who gather twice a month around events and educational talks. Nilankur Das at the Museum of Goa (MOG) is the go-to person for all arts and culture events. His Sunday programming at MOG is intellectually stimulating, tastefully curated, and a Sunday trip is a great way
to meet people.
Sonal Jain Baid, founder of Maayu, an organic innerwear label from Goa, organizes talks on topics important to women entrepreneurs, coordinated via her WhatsApp group. Snigdha Manchanda, founder of D2C brand Tea Trunk, has built a consumer brand from Goa before it became fashionable; she recently launched Heritage Goa to celebrate Goa’s cultural heritage and integrate communities into the true spirit of Goa. Michelle Bambawale, author of the book Becoming Goan, keeps people informed via Instagram on local issues worth tracking. Creative Community of Goa organizes a monthly networking meetup called First Fridays to bring Goa’s design and product talent under one roof.
Senior corporate leaders Neisha Grace Fernandes, former Country Manager, Hermes India and Nihal Fernandes, HR Leader, Microsoft Asia now call Siolim home and offer mentorship to first generation entrepreneurs building companies from Goa. Kavita Nair, a Vodafone veteran, former CXO, and independent board member based in Goa, does the same.
Looking Forward
While Goa is harder to navigate because access is widely spread, in pockets you’ll find extraordinary human connection and deep desire to help each other out. Goa is where Bangalore was 20-25 years back. As India’s tier-2 cities make their way to build IPO-bound companies, Goa state will produce its share of Unicorns. They won’t make noise, but they’ll be there — like Molbio. The tailwinds for Goa’s growth as India’s creative and consumer capital are strong, and the ecosystem is just getting started.
(The writer has 14 years of experience in venture and entrepreneurship and is a keen observer and supporter of Goa’s emerging landscape)
