To understand and explain why some firms outperform others on a sustained basis has been the core objective driving the strategy discipline (Barney, 1991; Coff, 1999; Rumelt et al., 1994). Yet, the related research has seldom delved into the question: why do some firms overcome any crisis better than the others (Wenzel et al., 2021; Williams et al., 2017)? Recently, some focus has been put in studying organizational resilience, which is the ability to bounce back from a crisis (DesJardine et al., 2019; Hillmann & Guenther, 2021; Munoz et al., 2022). An even more strategic capability of an organization is what is called “antifragility” – the ability to bounce forward from a crisis i.e. gaining a stronger position than in the pre–crisis period. Ironically, research on antifragility is even rarer than that of resilience in the field of strategic management (Munoz et al., 2022). However, the Covid-19 experience suggests that many firms were able to not only survive but also expand their scope of operations by finding new business opportunities. For instance, many companies adopted digital technologies in an accelerated manner and some companies found collaboration opportunities for new business models (Bhadra & Ray, 2022; Boland et al., 2020; D’Auria & De Smet, 2020; Sapana Agrawal et al., 2020). In this study, we explore some sources of antifragility with the empirical evidence from Indian firms.