New Delhi:
Aman Gupta, co-founder of boAT, has stepped into the debate over India’s startups with a message of solidarity for Union Commerce Minister Piyush Goyal, whose recent remarks drew both criticism and concern from across the startup ecosystem.
“It’s not every day that the government asks founders to dream bigger,” Mr Gupta said in a statement, following Mr Goyal’s comments. “I was there. I heard the full speech. Piyush Goyal ji isn’t against founders. He believes in us. His point was simple: India has come far, but to lead the world…we need to aim higher.”
It’s not every day that the government asks founders to dream bigger.
But at Startup Mahakumbh, that’s exactly what happened. I was there. I heard the full speech. Hon. Minister @PiyushGoyal Ji isn’t against founders. He believes in us.His point was simple: India has come far,… pic.twitter.com/bA4ontAz1M
— Aman Gupta (@amangupta0303) April 6, 2025
Mr Gupta’s statement comes in the wake of Mr Goyal’s remarks at the event Startup Mahakumbh. The minister had questioned whether India should be content with developing apps that deliver groceries or ice cream, especially when Chinese startups are investing in semiconductors, EVs, and AI.
“We are making food/hyper delivery apps; creating cheap labour so the rich can have a meal without stepping out, while the Chinese are working on AI (artificial intelligence), EVs (electric vehicles), and semiconductors. Should we make ice cream (delivery apps) or make chips (i.e., semiconductors)? Dukaandari hi karna hai (Do we just want to sell things)? Mr Goyal asked at the event.
While several prominent entrepreneurs responded with defensive or critical takes on Mr Goyal’s comments, the boAT chief interpreted the minister’s address as a motivational call for ambition. Drawing a parallel from his own experience on the reality show Shark Tank India, he said, “If you want to build a world-class product, you must know your competition. That applies to India too.”
His statement stood in sharp contrast to reactions from others in the startup community who took issue with Mr Goyal’s remarks.
The comments drew fire from Zepto co-founder Aadit Palicha, who launched into a detailed defence of consumer internet startups like his own. In a LinkedIn post, Mr Palicha cited job creation, tax contributions, and foreign investment as proof of real economic value. “Almost 1.5 lakh real people are earning livelihoods on Zepto today,” he said. “If that isn’t a miracle in Indian innovation, I honestly don’t know what is.”
Mr Palicha also argued that many of the world’s largest technology companies – Amazon, Facebook, Tencent – began as consumer internet platforms before evolving into deeper tech ventures. “Most technology-led innovation over the past two decades has originated from consumer internet companies,” he wrote. “We need to build great local champions… not pull down teams that are trying hard to get there.”
Former Infosys CFO Mohandas Pai urged the government to support startups rather than cast doubt. “India has startups in all those areas [deep tech] too, but they are small. Minister Piyush Goyal should not belittle our startups but ask himself what he has done to help them,” he said, adding that the startup ecosystem had been historically hampered by policy hurdles like the Angel Tax and regulatory constraints from institutions like the Reserve Bank of India.
Others, like Shaadi.com founder Anupam Mittal, acknowledged the potential of Indian startups but pointed to the need for greater support. “In the last few months, I’ve met a few deep-tech companies that have absolutely blown me away,” he said. “But capital and the ecosystem for growth and commercialisation are severely lacking.”
In a more pointed response, former BharatPe managing director Ashneer Grover noted that even China began with consumer services before building out its deep-tech industry. “China also had food delivery first and then evolved to deep tech. It’s great to aspire to what they’ve done-but maybe time for politicians to aspire for 10%+ economic growth for 20 years flat before chiding today’s job creators,” he posted.
Despite the pushback, Mr Goyal defended his remarks, arguing that they had been misinterpreted-particularly by the Opposition.
“My message for startups has been received positively except by some Congress party social media handles who are hell-bent on manufacturing a controversy. The young Indians are ready to capture the world,” he said.
The Congress accused the minister of contradicting the government’s pro-startup narrative, claiming on social media that Mr Goyal had “admitted India’s startup struggles” and exposed “the lies of Prime Minister Narendra Modi on startups.”
