In a bold and refreshing moment for India’s entrepreneurial scene, boAt co-founder Aman Gupta has thrown his weight behind Commerce and Industry Minister Piyush Goyal’s recent push for Indian startups to chase deep-tech innovation over conventional consumer-focused models. Gupta’s remarks hit social media shortly after Goyal’s powerful speech at the inaugural event of Startup Mahakumbh, where the minister urged Indian startups to shift gears and pursue high-impact, frontier technologies.
This public support from a prominent founder like Gupta comes at a crucial time. As India emerges as the world’s third-largest startup ecosystem, a crucial debate rages: should we keep building more food delivery apps, or should we now shoot for quantum computing, AI, robotics, and machine learning?
Gupta Responds with Conviction
Taking to X (formerly Twitter), Gupta didn’t mince words. He stood firmly with the minister, saying, “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.”
Gupta highlighted that the message wasn’t about criticizing startup founders but about challenging them to aim higher. As a judge on Shark Tank India, he constantly encourages entrepreneurs to think globally. In his post, he added, “If you want to build a world-class product, you must know your competition. That applies to India too.”
Piyush Goyal’s Strong Message to the Startup Ecosystem
During his keynote at Startup Mahakumbh, Goyal sent a clear and provocative message. He asked the startup community to move beyond grocery delivery, ice cream brands, and fantasy sports, and instead direct their energy toward deep-tech sectors. He pointed at India’s current reality with sharp honesty: out of 1.57 lakh recognized startups in India, only around 1,000 operate in deep-tech domains.
His comments challenged the existing narrative. “Are we going to be happy being delivery boys and girls?” he asked. “Is that the destiny of India?”
Goyal made a strong comparison between Indian and Chinese startups, displaying a slide titled “India vs China: The Startup Reality Check.” He emphasized that while Indian startups remain stuck in consumer delivery and e-commerce, Chinese startups are diving deep into machine learning, 3D manufacturing, robotics, and AI.
He urged founders to think beyond short-term convenience-based models and instead look toward building scalable, transformational technologies that can put India at the forefront of global innovation by 2047 — the year India aims to become a developed nation.
A Divided House: Not All Founders Agree
While Gupta echoed the minister’s vision, not everyone in the startup world felt the same way. A few high-profile founders, including Zepto CEO Aadit Palicha, Zoho founder Sridhar Vembu, and Paytm’s Vijay Shekhar Sharma, took a more defensive stance. They argued that consumer tech still plays a critical role in India’s digital and economic story.
They highlighted how delivery-based startups create jobs, improve convenience, and make local commerce more efficient. From their perspective, Goyal’s comments seemed dismissive of the impact these businesses generate, especially for the gig economy.
However, Gupta chose a different lens. He didn’t negate the value of food delivery or consumer apps. Instead, he focused on the strategic need to evolve.
“It’s About Strategy, Not Criticism”: Gupta on Benchmarking Against China
In his post, Aman Gupta said that benchmarking India’s startup ecosystem against China or the United States doesn’t signal weakness — it reveals ambition. He wrote, “Benchmarking against China, the US, or anyone else — isn’t weakness. It’s a smart strategy.”
He emphasized that if India wants to become the No.1 startup hub, it must go beyond surface-level innovation and build core capabilities in areas like AI, mobility, climate tech, infrastructure, and scientific research.
India already enjoys the tag of being the fastest-growing major economy. But Gupta believes we cannot stop at growth — we must compete with the best in innovation quality too. He called for the development of LLMs (large language models) and deep-tech stacks that can rival international giants.
Key Ingredients for a Deep-Tech Ecosystem
Gupta also listed four pillars that can unlock India’s deep-tech future:
- Scientific Risk
Founders must embrace high-risk, high-reward innovation. We need to move past app cloning and enter uncharted territories like quantum computing, neurotech, space tech, and AI governance. - More Patient Capital
Deep-tech startups require longer gestation periods and higher capital. India needs VCs and government funds that understand this and are ready to back bold ideas with a 10–15 year horizon. - Founder–Policymaker Collaboration
Entrepreneurs and the government must work together. Policies should encourage R&D, talent development, and easy access to testing labs and data. - A National Long-Term Vision
Gupta insisted that India needs a unified vision that brings together academia, startups, industry, and government. The goal? To create a self-sustaining innovation ecosystem capable of global leadership.
What This Means for the Indian Stock Market
While this debate plays out within the startup world, it also holds weight in the Indian stock market. Investors in the Sensex and Nifty will closely watch how startup dynamics shift. Companies that move toward deep-tech might attract higher long-term valuations and institutional capital. Venture-backed startups looking to go public could benefit from this pivot as the market increasingly values innovation-driven narratives.
At the same time, consumer-tech startups planning IPOs may face tougher scrutiny. The Indian stock market prefers firms with scalability and defensibility. Deep-tech ventures, especially in AI and automation, bring both.
A Crossroads for Indian Startups
India stands at a crossroads. On one side, we have well-oiled consumer-tech machines that generate revenue, jobs, and convenience. On the other, there lies the path of scientific invention, global patents, and futuristic technology.
Aman Gupta’s stance makes one thing clear: the time has come to dream bigger, to go deeper, and to build with purpose. Founders must balance business viability with long-term ambition. While not everyone may agree with Goyal’s tone, the message holds weight — India must aim to become a deep-tech powerhouse, not just a consumer market.
The next decade could define whether India’s startup story becomes one of convenience or one of cutting-edge innovation.