The nature and extent of the under-representation of marginalised caste groups in enterprise ownership in India are examined. It is found that exclusion takes place in three distinct stages. First, the share of Scheduled Caste (SC), Scheduled Tribe (ST) or Other Backward Class (OBC) individuals in ownership of any enterprise is less than their share in the workforce. Second, among those who do engage in entrepreneurial activities, a disproportionately higher share of entrepreneurs from the marginalised identity groups are engaged in enterprises, which are not purely commercial and are likely to be subsistence-oriented. And finally, even within the owners of purely commercial enterprises, those from marginalised groups tend to be concentrated in the smaller enterprises and are severely under-represented in the larger and more productive ones.