2024 was a year marked by stark contrasts in the startup ecosystem. On one side, many startups achieved profitability, received funding revivals, and even made it to the IPO stage, showcasing resilience and innovation.
However, the other side of the spectrum brought challenges: numerous startup shutdowns, corporate scandals, and widespread layoffs aimed at optimizing profitability and embracing advanced AI-driven technologies.
Amid these highs and lows, the year carried a solemn undertone as the nation mourned the loss of iconic business personalities whose legacies deeply impacted their industries and communities.
These leaders, often called visionaries and pioneers, left an indelible mark that continues to inspire generations.
One of the most heartbreaking moments of the year was the passing of Ratan Tata, a legend whose legacy transcended industries and epitomized the spirit of Indian entrepreneurship.
Alongside him, seven other remarkable leaders departed, leaving behind a void in their respective domains.
Also Read: 2024 Startup Shutdowns: 13 Businesses That Couldn’t Survive the Year
Here’s a tribute to 8 stalwarts whose contributions will forever resonate in the world of business:
1. Ratan Tata (1937–2024)
The business tycoon and former chairman of the Tata Group, Ratan Naval Tata, passed away at the age of 86, leaving behind a profound and transformative legacy.
Tata assumed leadership of Tata Sons in 1991 and, over two decades, turned the Tata Group into a global powerhouse.
He was instrumental in some of the group’s most remarkable acquisitions, including Jaguar Land Rover, Tetley Tea, and Corus Steel.
Born on December 28, 1937, Ratan Tata was the great-grandson of Jamsetji Tata, the founder of the Tata Group.
Under his guidance, the group ventured into diverse industries such as technology, steel, chemicals, and automobiles, surpassing $100 billion in revenue by the time he retired in 2012.
Beyond his business achievements, Tata was deeply committed to corporate social responsibility. Through Tata Trusts, he led philanthropic efforts focusing on education, healthcare, and rural development, positively impacting millions of lives across India.
Renowned for his humility and integrity, Ratan Tata’s demise marks the end of an era in Indian industry.
His extraordinary contributions and values will inspire future generations of leaders to dream big and lead responsibly.
2. Preetish Nijhawan (1968-2024):
A Silicon Valley engineer-turned-Venture Capitalist, Preetish Nijhawan passed away on August 31 at the age of 56 due to a heart attack. His demise is a significant loss for both the technology and investment sectors.
Preetish co-founded Cervin Ventures in 2011 alongside Neeraj Gupta, focusing on early-stage enterprise software startups with innovative market strategies.
His passion for entrepreneurship and early-stage investing became the cornerstone of Cervin’s success, with its team working on over 100 investments in enterprises, some of which were acquired by giants like Intel, Oracle, Akamai, and others.
After graduating from MIT, Nijhawan was part of the founding team at Akamai Technologies in 1998, a global leader in content delivery, cybersecurity, and cloud services.
Over the years, he held leadership roles as the CFO for companies such as JME Software, Scalable Software, and Neon Enterprise Software.
Additionally, his career journey spanned impactful stints at McKinsey & Company, Neon, BMC, and iVita, an asset management software startup he co-founded.
His contributions to enterprise technology and venture capital have left an indelible mark.
Nijhawan’s untimely passing leaves a void in the tech world and serves as a reminder of the human aspect behind industry success.
3. Raghunandan Srinivas Kamath (1954–2024)
Known as the ‘Ice Cream Man of India’, Raghunandan Srinivas Kamath passed away on May 18, 2024, at the age of 70, following a brief illness.
The founder of Naturals Ice Cream, Kamath’s life exemplified how determination and innovation could transform a humble beginning into a remarkable success story.
Born to a mango vendor in a small village in Mangaluru, Karnataka, Kamath’s journey began with modest dreams. At just 14 years old, he left his studies to work at his brother’s restaurant, carrying with him the vision of creating handcrafted ice cream made with real fruit pulp.
In 1984, Kamath took a bold step, launching Naturals Ice Cream with only four employees and 12 flavors, relying on his unshakable belief in natural ingredients and quality.
Over the decades, his hard work and commitment to innovation elevated Naturals into a household name.
Today, Naturals Ice Cream boasts 165+ outlets across 15 states in India with a turnover of Rs. 300+ crore.
Valued at approximately Rs. 400 crore, the brand symbolizes Kamath’s visionary approach to blending traditional techniques with modern preferences.
His contribution to the food and beverage industry in India is unforgettable. His untimely passing leaves a void, but his legacy—a brand built on flavor and integrity—continues to inspire entrepreneurs nationwide.
4. Rohan Mirchandani (1983–2024)
Visionary entrepreneur Rohan Mirchandani, founder of Epigamia, passed away on December 21, 2024, at the young age of 41 due to cardiac arrest. His loss leaves a lasting void in the world of healthy snacking and dairy innovation.
In 2013, Mirchandani co-founded Drums Food International, initially launching the ice cream brand Hoki Poki. However, it was under his transformative leadership that the company evolved into Epigamia, a brand synonymous with innovation and quality in the dairy and plant-based snacks sector.
Mirchandani was an alumnus of prestigious institutions NYU Stern and The Wharton School, combining academic brilliance with an entrepreneurial mindset to launch a revolution in consumer food products.
Epigamia quickly gained popularity for its cutting-edge approach to dairy, offering products that are Plant-based, lactose-free and completely free from preservatives, with a focus on health and natural flavors.
Board members from the company described Mirchandani as “not only a visionary leader but also an inspiration to everyone who had the privilege of knowing him.” His legacy endures through the brand’s continued innovation and dedication to quality.
5. Ramoji Rao (1936 – 2024)
Ramoji Rao, the celebrated businessman and media mogul, passed away at 87, leaving behind a monumental legacy in the fields of media, cinema, and business. As the founder of the Ramoji Group, his pioneering vision redefined the Indian media landscape.
Born into modest beginnings, Cherukuri Ramoji Rao demonstrated extraordinary grit and determination to build an empire that spanned multiple sectors.
Rao’s remarkable journey included several path-breaking ventures:
- Media: The Eenadu newspaper became one of India’s most prominent vernacular publications, reaching millions. He also established the ETV Network, offering a wide array of television channels that reshaped regional entertainment and news broadcasting.
- Film: Usha Kiran Movies, his production house, contributed significantly to Indian cinema.
- Tourism: The iconic Ramoji Film City, the world’s largest film studio complex, became a global destination for filmmakers and tourists alike.
- Business Diversification: His enterprises extended to agriculture, hospitality, food, and retail, solidifying his position as a visionary entrepreneur.
In 2016, Rao was conferred the prestigious Padma Bhushan for his exceptional contributions to journalism, literature, and education.
Ramoji Rao passed away while undergoing treatment at Star Hospital in Hyderabad.
As his extraordinary journey comes to an end, his legacy of innovation, integrity, and impact continues to inspire countless individuals across industries.
6. Shashi Ruia (1943 – 2024)
Shashikant Ruia, the Chairperson and Co-Founder of the Essar Group, passed away at 81 on November 25, after a prolonged illness.
A first-generation industrialist, Shashi Ruia’s vision and tenacity shaped Essar into a global conglomerate spanning diverse industries.
His professional journey starts in 1965 and co-founded Essar with his brother, Ravikant Ruia (Ravi Ruia), in 1969.
The group’s first milestone came with the construction of an outer breakwater at Chennai Port, marking the foundation of what would later become a world-renowned metals-to-technology empire.
Under his leadership, Essar grew exponentially, expanding its operations into steel, oil refining, exploration and production, telecom, power, and construction.
In addition to his business acumen, Shashi Ruia will be remembered for his humanitarian contributions.
Today, Essar Group remains a force to be reckoned with, led by his brother Ravi Ruia and his sons, Prashant and Anshuman Ruia.
As Shashi Ruia’s remarkable journey comes to a close, his indelible impact on Indian industry and society will continue to inspire.
7. Rohan Malhotra (1988–2024)
Rohan Malhotra, co-founder and managing partner of Good Capital, passed away on October 1.
His profound impact on the entrepreneurial ecosystem and his enduring legacy in the venture capital world will be remembered for years to come.
From a young age, Rohan demonstrated a keen interest in business. After earning an M.A. in Business Management from the University of St. Andrews and attending Yale University, he began his professional journey with an internship at HSBC. However, his true calling lay in nurturing startups and supporting innovative ideas.
In his early career, Rohan co-founded Investopad, a startup incubator aimed at fostering early-stage entrepreneurs and driving innovation.
In 2019, Rohan co-founded Good Capital with his brother, Arjun Malhotra, to champion early-stage startups and help them scale. The New Delhi-based micro venture capital firm gained recognition for its sharp investment strategies and its role in empowering entrepreneurial talent.
Under Rohan’s stewardship, Good Capital made pivotal investments in Meesho, Orange Health, Solar Square Energy, HyperTrack.
Rohan’s sharp investment acumen and dedication to entrepreneurship left an indelible mark on the startup landscape.
8. Subhash Dandekar (1938 – 2024)
Subhash Dandekar, the pioneering force behind the iconic stationery brand Camlin, passed away on July 15 at the age of 86.
Known for his visionary leadership, Dandekar transformed Camlin into a household name and a cornerstone of India’s stationery industry. At the time of his passing, he served as the Chairman Emeritus of Kokuyo Camlin.
Camlin’s journey began in 1931 when Digambar Dandekar and GP Dandekar—Subhash’s father and uncle—established the company as Dandekar & Co., an ink manufacturing business.
The enterprise became a private entity in 1946, and later, under Subhash Dandekar’s leadership, Camlin expanded its offerings to include art materials, writing instruments, and office supplies.
Subhash Dandekar was instrumental in Camlin’s growth, especially during a time when the Indian market was heavily reliant on imports.
In 2005, the company entered a new chapter when Kokuyo of Japan acquired a majority stake, leading to the rebranding as Kokuyo Camlin.
Through decades of hard work and innovation, Subhash Dandekar ensured that Camlin became synonymous with quality and creativity. His contributions not only revolutionized the stationery sector but also solidified Camlin’s place in the hearts of millions across India.
