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From Medimix to Apsara Ice Creams — scions of family-run businesses are done building just another ‘parent’s brand’
Apr 9, 2025
Family-run businesses play a massive role in India's economy, contributing over two-thirds to the GDP. Young entrepreneurs are stepping up to redefine their brands, moving beyond old legacies. The challenges they face include modernizing iconic names while maintaining their heritage. Stories of innovators like Ashok Mani and Arjun Vaidya reveal how they're blending tradition with fresh ideas. Investment strategies also come into play as new leaders look to attract funding, showcasing a dynamic transformation in the entrepreneurial landscape.
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Quick takeaways
- Indian family businesses contribute significantly to the economy, evolving from traditional models as younger leaders seek innovative growth strategies.
- Next-generation entrepreneurs face challenges in modernizing their family brands, balancing legacy advantages with the need for adaptability in a changing market.
Deep dives
The Impact of Family Businesses on India's Economy
Family-run businesses significantly contribute to India's economy, accounting for over two-thirds of the country's GDP, a statistic that is poised to rise to 85% within two decades. This dominance is evident not just in large conglomerates, but also in numerous smaller, long-established brands that have become household names throughout generations. However, many of these companies are currently at a turning point, realizing that traditional business strategies are no longer viable in a rapidly evolving market. Brands such as Medimix and Beidyanat are recognized but increasingly viewed as outdated, pushing the next generation to explore innovative approaches instead.
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