Book Review: ‘Down But Not Out’ by Subrata Mitra and Pankaj Mishra

Book Title: Down But Not Out
Author(s): Subrata Mitra and Pankaj Mishra
Publisher: HarperBusiness
Number of Pages: 248
ISBN: 9373075306
Date Published: May 25, 2026

Book Review

“Down But Not Out” is a book documenting the endurance of Indian founders who faced significant challenges yet persevered to build successful companies. Authored by Subrata Mitra and Pankaj Mishra, it gathers stories from various entrepreneurs, including those behind BlueStone, Tejas Networks, and HyperVerge. The narrative focuses on hardships rather than effortless triumphs, emphasizing how these individuals navigated failures and uncertainties to create lasting impact in India’s startup ecosystem over three decades.

Sibrata Mitra illustrates how setbacks, like the 2017 layoffs of BlueStone or the challenges faced by Tejas Networks during economic turmoil, can serve as foundational lessons for growth. The book serves as both a homage to the resilience of these founders and a call to view failure as a vital component of success, suggesting that learning from failures can enhance the entrepreneurial ecosystem at large.

By sharing these less-celebrated stories, “Down But Not Out” shifts the spotlight from the traditional metrics of success, such as funding and valuations, to the grit required to sustain and innovate in the face of adversity. The illustrations and the book’s large size give it the feel of a storybook, making the reading experience not only colourful and vivid but also inspiring.

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Both authors provide reflections on their experiences, with Mitra noting the critical moments of doubt and resilience that shaped the journeys of these entrepreneurs, and Mishra comparing entrepreneurship to a trapeze act that requires courage and trust. The book ultimately offers valuable insights for founders, investors, and anyone facing uncertainty in their journeys.

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