The research aimed to validate the methodology used for the previously conducted work on the Dutch PV startup sector by applying it to Indian PV startups and providing insights into how external factors influence their Business Model Dynamics (BMD). It revealed some similarities and differences between the Dutch and Indian technology-based PV startups, offering valuable information for investors, industry players, entrepreneurs and policymakers to formulate effective policies and support sustainable PV industry growth. The comparative analysis identified different external triggers and their consequences across various periods and growth stages in developing technology-based PV startups in the two regions. The results concluded with a focus on political and economic factors being the most impacting external agents for the growth of a startup.