Union Commerce Minister Piyush Goyal 's recent remarks at the Startup Mahakumbh 2025 have ignited a debate within India's entrepreneurial community. Speaking at the event, Goyal said that the Indian startups are focusing heavily on services like quick commerce and food delivery, contrasting this with China's advancements in deep-tech sectors such as electric vehicles, battery technology, and robotics. He questioned, “Are we going to be happy being delivery boys and girls? Is that the destiny of India... this is not startup, this is entrepreneurship.”
In response, Anupam Mittal , founder of Shaadi.com and a judge on Shark Tank India , took to X to highlight the challenges faced by deep-tech startups in India. He expressed that while Indian entrepreneurs are prepared to compete globally in areas like AI, space technology, and material science, they are hindered by a lack of capital and a supportive ecosystem for growth and commercialization.
Mittal wrote:
In the last few months I have met a few deep-tech cos that have absolutely blown me away. From AI & space-tech to material science, Indian entrepreneurs are ready to take on the world. But capital & the eco-system for growth & commercialization are severely lacking. Founders can do most things but not EVERYTHING 🤷🏻
Other industry leaders also voiced their concerns. Aadit Palicha , co-founder and CEO of Zepto , defended consumer internet companies, stating that it's easy to critique them but challenging to build successful ventures without substantial support. He pointed out that the absence of significant internet companies in India contributes to the country's lag in AI developments.
“It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China. Using our example, the reality is this: there are almost 1.5 Lakh real people who are earning livelihoods on Zepto today - a company that did not exist 3.5 years ago. ₹1,000+ Crores of tax contribution to the government per year, over a billion dollars of FDI brought into the country and hundreds of crores invested in organizing India's backend supply chains (especially for fresh fruits and vegetables). If that isn't a miracle in Indian innovation, I honestly don't know what is,” Palicha wrote on X.
In response, Anupam Mittal , founder of Shaadi.com and a judge on Shark Tank India , took to X to highlight the challenges faced by deep-tech startups in India. He expressed that while Indian entrepreneurs are prepared to compete globally in areas like AI, space technology, and material science, they are hindered by a lack of capital and a supportive ecosystem for growth and commercialization.
In the last few months I have met a few deep-tech cos that have absolutely blown me away. From AI & space-tech to material science, Indian entrepreneurs are ready to take on the world. But capital & the eco-system for growth & commercialization are severely lacking. Founders can…
— Anupam Mittal (@AnupamMittal) April 4, 2025
Mittal wrote:
In the last few months I have met a few deep-tech cos that have absolutely blown me away. From AI & space-tech to material science, Indian entrepreneurs are ready to take on the world. But capital & the eco-system for growth & commercialization are severely lacking. Founders can do most things but not EVERYTHING 🤷🏻
Other industry leaders also voiced their concerns. Aadit Palicha , co-founder and CEO of Zepto , defended consumer internet companies, stating that it's easy to critique them but challenging to build successful ventures without substantial support. He pointed out that the absence of significant internet companies in India contributes to the country's lag in AI developments.
“It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China. Using our example, the reality is this: there are almost 1.5 Lakh real people who are earning livelihoods on Zepto today - a company that did not exist 3.5 years ago. ₹1,000+ Crores of tax contribution to the government per year, over a billion dollars of FDI brought into the country and hundreds of crores invested in organizing India's backend supply chains (especially for fresh fruits and vegetables). If that isn't a miracle in Indian innovation, I honestly don't know what is,” Palicha wrote on X.
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