In his new book, 'Made in Fire: Hard-Won Lessons for Believers, Builders and Future Founders,' ixigo Co-founder and Group CEO Rajnish Kumar recounts the company's journey, including a pivotal moment 15 years ago when he and his co-founder chose to walk away from a substantial acquisition offer.
Rejecting the Exit: A Quest for Purpose
Kumar reveals that the decision to decline the acquisition was deeply personal, influenced by observing the experiences of other entrepreneurs. He noted that many friends, despite achieving financial success through company exits, subsequently struggled with a profound loss of purpose. "I know at least three friends in my own network who, despite making significant wealth, ended up seeing psychiatrists because they felt they had lost their purpose in life," Kumar stated.
This powerful lesson resonated with Kumar and his co-founder. While an exit offered financial comfort and the perception of having "made it," they realized it wouldn't bring true happiness. They felt ixigo was only just beginning and believed there was much more to build. Consequently, they made the unconventional choice to unbind the deal, buy back part of their stake, bring in new investors, and continue building ixigo independently.
Forged in Fire: Surviving Crises and Learning Hard Lessons
The book's title, 'Made in Fire,' reflects the numerous challenges that shaped ixigo. Kumar highlights two major near-death experiences: the 2008 global financial crisis and the COVID-19 pandemic. In 2008, a crucial funding round collapsed, leaving ixigo with only months of salaries. Similarly, during COVID-19, bookings plummeted to zero, creating unprecedented uncertainty about the future of travel.
These trials, Kumar explains, were not just about survival but about forging the company's cultural values and his own leadership principles. He emphasizes that while resilience requires setbacks, entrepreneurs can learn from the "scars of others." The book serves as a manual to help new founders avoid common, avoidable mistakes, such as poor hiring decisions or compromising health for success.
Innovation and India's Tourism Potential
Kumar also delves into ixigo's problem-solving approach, particularly in the challenging railway ticketing sector. Recognizing that they couldn't control infrastructure or ticket supply, they focused on providing travelers with crucial insights, like the likelihood of ticket confirmation. For real-time train tracking, they innovated by using anonymized user location data from within the app.
Addressing India's potential as a global tourist destination, Kumar argues that the challenge isn't a lack of attractions but rather the overall ease of travel and global marketing. He acknowledges significant improvements in connectivity and road infrastructure but stresses the need for better global promotion and addressing perceptions of safety. "Our biggest opportunity lies in making that heritage easier to access, easier to experience, and much better known to the rest of the world," he concludes.
Inspiring the Next Generation
Ultimately, Kumar hopes 'Made in Fire' will inspire readers, especially young entrepreneurs, to build something impactful. To further this mission, he announced the 'Made in Fire Fund' at IIT Kanpur, a Rs 1 crore founder fund to support 10 technology-led startups from each graduating batch with non-dilutive prototype funding and mentorship from ixigo's leadership team.