In a startup ecosystem known for speed, disruption, and breakneck innovation, there is a quieter force that often determines whether a company endures: governance. As India’s digital economy matures, the leaders steering this institutional backbone are becoming central to the country’s entrepreneurial story. Among them, Ajinkya Jain, Group General Counsel, Company Secretary, Compliance Officer & Investor Relations Officer at PhysicsWallah (PW), stands out as a voice of clarity, structure, and long-term vision. With over 14 years of experience across corporate law, governance, capital markets, IPO execution, restructuring, and strategic regulatory leadership, Ajinkya represents a new generation of legal leaders who understand that compliance is not a checkbox, but a strategic foundation on which enduring companies are built. His journey cuts across unicorns, high-growth environments, IPO-bound companies, and some of India’s fastest scaling digital enterprises.

In this exclusive feature, we explore his insights on India’s regulatory evolution, the shifting needs of startups, the role of government reform, and what it truly means to build organisations that are not just successful, but future-ready.

A Career Built on Law, Strategy & Institution-Building

Ajinkya’s professional story is shaped by a rare blend of academic depth and hands-on regulatory experience. With a Bachelor’s degree in Law, a Master’s in Commerce, and membership in the Institute of Company Secretaries of India, he entered the field with a strong foundation. His 14-year journey spans corporate law, governance, M&A, IPO execution, risk mitigation, investor relations, and complex commercial negotiations. Today, at PhysicsWallah, he leads legal, governance, investor communication, compliance, and regulatory strategy, a portfolio critical to any organisation preparing for long-term scale.

One of the most defining achievements of his career has been steering PW’s IPO journey, navigating everything from DRHP preparation and due diligence to exchange interactions, disclosures, and listing execution.

Before PW, he led governance and regulatory strategy across major organisations, including AceVector Group (Snapdeal) and Unicommerce eSolutions, where he also spearheaded IPO readiness. Earlier roles at PharmEasy (API Group), Future Generali, and Pantomath Group sharpened his expertise in acquisitions, restructurings, and high-stakes corporate transactions.

Across these chapters, a consistent theme emerges: Ajinkya is not just solving legal problems; he is shaping systems, strengthening institutions, and building governance frameworks that sustain organisations through scale.

Why He Chose Law, Policy & Strategic Affairs

For Ajinkya, law was never about paperwork; it was about purpose. He was drawn to the idea that strong governance frameworks can shape resilient, future-ready organisations. Over the years, this belief only deepened.

He views law as a strategic enabler, not a restrictive function. Its role, he believes, is to create clarity, accountability, and stability, qualities essential for institutions that want to grow sustainably.

What fuels his passion even today is the opportunity to translate complex regulations into practical, business-aligned solutions. In a landscape where founders move fast and markets shift even faster, he sees legal leaders as the ones who bring structure, preparedness, and foresight.

A Changing Regulatory Landscape: India Steps Into Its Next Phase

According to Ajinkya, India’s legal and regulatory environment has undergone a quiet but significant transformation. Governance norms are stronger, compliance frameworks are becoming digital-first, and investor-friendly reforms have made scaling easier, but also more accountable. For startups, this means the bar has been raised. Data protection, cybersecurity, ESG, taxation, licensing, and obligations have grown, but so have the opportunities.

He views this shift as positive. Companies that embrace governance early will build more trust, credibility, and resilience. For high-impact organisations like PW, it allows them to stay proactive rather than reactive.

In his view, India is entering an era where transparency is rewarded, compliance frameworks are clearer, and organisations that build discipline early will scale with confidence.

Government Policies: From Startup Promotion to Institution Building

Ajinkya highlights that the government’s approach to startups has matured significantly. Initiatives like Startup India, Digital India, capital market reforms, and digital public infrastructure have made entrepreneurship more accessible than ever. But what stands out to him is the shift from short-term benefits to long-term institution building. Clear IPO norms, structured disclosures, faster regulatory approvals, and digital governance tools have created an environment where startups can grow while maintaining strong foundations. Instead of adding friction, these policies now enable founders to move faster, responsibly. Startups that align themselves early with this direction, he believes, will be the ones that scale sustainably and attract strong capital.

The New Wave of Regulatory Changes: A Step Toward Maturity

India’s startup space is experiencing a phase of regulatory strengthening. Ajinkya lists data privacy, ESG disclosures, cybersecurity, financial reporting, investor communication, and capital market reforms as some of the key developments reshaping the ecosystem.

Rather than viewing them as hurdles, he sees them as mechanisms that reduce ambiguity and raise standards across the industry. These changes are preparing startups for growth, not slowing them down. Companies aiming for IPOs, acquisitions, or international expansion will especially benefit from this clarity.

India, he notes, is moving from reactive oversight to proactive governance,  and this is a sign of a maturing ecosystem.

A Closer Look at Governance Gaps in Early-Stage Startups

Drawing from years of experience advising and working with high-growth companies, Ajinkya observes that many young startups often navigate legal and compliance requirements with limited structure in their early days. This usually stems from a natural focus on product, speed, and market expansion rather than any intentional oversight.

He notes that areas such as maintaining clear governance processes, documenting founder arrangements, structuring ESOPs, or ensuring that cap tables are organised can sometimes receive less attention in the initial stages. Similarly, agreements may remain informal, and regulatory filings may not always be prioritised amidst rapid scaling.

Ajinkya also highlights that as regulations around data privacy, employment, taxation, and sector-specific norms evolve, startups may find it challenging to keep pace with these expectations. These factors can create complexities later, especially during fundraising, audits, or strategic transactions, when clarity and completeness of documentation become crucial.

According to him, startups that begin investing early in well-defined legal structures and compliance practices tend to build stronger foundations. Rather than acting as a constraint, he believes that good governance empowers companies to scale with greater confidence, credibility, and long-term stability.

Advice for India’s Founders: The 3Cs of Sustainable Growth

Ajinkya distills his advice for founders into three powerful principles:
Clarity, Consistency, and Compliance.

• Clarity in documentation and roles avoids friction.

• Consistency in processes builds trust with investors, employees, and partners.

• Compliance ensures growth does not invite hidden risks.
  

He encourages founders to build relationships with lawyers and advisors early. These experts not only prevent pitfalls but also provide strategic insights, structures, and precedents that strengthen a company through every stage, from idea to IPO.

Startups that build on disciplined foundations, he believes, don’t slow down; they scale with confidence.

Looking Ahead: A Future of Balanced Innovation and Regulation

Ajinkya is optimistic about India’s startup future. He believes regulations will continue to become more structured and predictable, while government-backed infrastructure will strengthen the ecosystem. However, expectations around transparency, accountability, and governance will also rise. Startups eyeing large-scale expansion or public markets will need to embrace this shift.

He sees the ecosystem moving toward a phase where innovation and regulation will no longer be seen as opposites, but as partners in sustainable growth.

Conclusion

Ajinkya Jain’s career and perspectives reflect a broader truth about India’s entrepreneurial journey: the next decade belongs not just to startups that move fast, but to those that build responsibly. His insights underline a fundamental shift; Indian companies are no longer simply chasing scale; they are building institutions. In an environment shaped by evolving regulations, stronger governance, and rising global expectations, leaders like Ajinkya are helping define what it means to grow with integrity, discipline, and strategic foresight.

As India steps into its next phase of innovation, one thing becomes clear:
The startups that will thrive are the ones that treat governance not as an obligation, but as their strongest competitive advantage.

-Interview Conducted By: Shivani Solanki