A country of unicorns but not enough women CXOs to run them?

India’s tech-fuelled unicorn boom may be a symbol of economic vitality and entrepreneurial spirit. But beneath the surface of sky-high valuations and headline-grabbing growth lies a troubling truth: the C-suite executives (CXOs) of India’s unicorns remain overwhelmingly male.

A new report by talent solutions firm Xpheno reveals that women occupy just 10 per cent of top executive roles across 117 Indian-born unicorns, Times of India reported.

The study analysed 400 CXOs and found that the gender imbalance is particularly acute in core business and product-facing positions. While women make up more than half of all Chief Human Resource Officers (CHROs), they represent a mere 2 per cent of Chief Executive Officers (CEOs), and fewer than 1 per cent hold Chief Technology Officer (CTO) or Chief Information Officer (CIO) titles.

Marketing is slightly more diverse— women account for 18 per cent of Chief Marketing Officers (CMOs)— but the broader picture remains grim. The report paints a clear image of gender-role clustering: 62 per cent of female CXOs are concentrated in HR, whereas 45 per cent of male CXOs occupy the more strategically influential roles of CEO, CTO or Chief Financial Officer (CFO).

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“Diversity has clearly made inroads into HR but remains marginal in roles historically associated with core business and product functions,” the report concludes. And it is not for lack of experience— women CXOs average 24 years in the workforce, slightly higher than their male counterparts at 22 years.

A slow climb to the top

One of the more striking findings of the report is the age distribution of women in leadership. Among CXOs aged 33 to 37, only 7 per cent are women. This number climbs to 16 per cent in the 48 to 52 age group, suggesting that women take longer to ascend to the highest ranks. The reasons are both systemic and personal, according to Siddharth Verma, head of executive search at Xpheno.

“The relative time taken for women leaders to move up the ranks does display a lag in comparison to their male counterparts,” Times of India quoted Verma as saying. “Apart from the enterprise contexts of lower supply, challenges with dynamics of acceptance and in many cases the personal context of planned career breaks, do collectively play spoilsport and impact velocity of movement.”

Women executives also demonstrate greater organisational loyalty, with longer tenures in their current roles.

Pedigree matters

In both genders, elite educational backgrounds play a decisive role. A full 58 per cent of CXOs completed undergraduate studies at premier institutions, and 90 per cent hold postgraduate degrees from such institutes. The figures only go to show how important pedigree remains in gaining access to India’s narrow leadership pipeline.