Indian entrepreneur Aman Gupta, co-founder of audio-centric product making company boAt, has backed the statement of Union Minister Piyush Goyal on startups which drew mixed reactions from experts, founders and netizens.
Last week, Goyal urged aspiring entrepreneurs to work on business ideas related to Artificial Intelligence, semiconductor, robotics, etc during Startup Mahakumbh event.
He subtly took a jibe at ecommerce and quick commerce firms like Zomato, Swiggy, Blinkit, Zepto, saying, that Indian startups are focusing on “turning unemployed youth into cheap labour so that the rich can get their meals without moving out of their house”.
He compared Indian startups with Chinese businesses and expressed his disappointment.
Goyal emphasized, “Selling fancy ice cream with attractive packaging is not a startup, but rather an entrepreneurship and business”.
Additionally, Goyal took a jab at Gupta as well wherein he said, “Please change your perspective on Shark Tank’.
Notably, Gupta has taken Goyal’s statement positively. The Shark Tank India judge took to the X platform saying that Goyal is not against founders but he dreams for India are bigger.
“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, but to lead the world…we need to aim higher,” Gupta wrote.
He added, “It reminded me of something I say often on Shark Tank India, If you want to build a world-class product, you must know your competition. That applies to India too”.
Gupta emphasized that benchmarking India against China or the US is not a ‘weakness’ but rather a ‘smart strategy’.
Piyush Goyal slams Indian startups for focusing on ‘fancy ice-cream’ while China develops chips
“We’re already the 3rd largest startup ecosystem in the world and the fastest-growing major economy”.
He acknowledged that India needs more AI, deeptech and infra businesses among others to achieve the top spot in the startump ecosystem.
“If we want to be No.1 — We need to also go deep into AI, deeptech, climate, mobility, infra. We need LLMs and innovation stacks that compete on global standards,” Gupta added, “To make that happen, we also need Scientific risk, More patient capital, Founder–policymaker collaboration, and a long-term national vision.”
Gupta has joined RPG Group chairman Harsh Goenka in backing Piyush Goyal.
Goenka, on the X platform, wrote, “If India wants to compete with the US or China, we can’t just focus on comfort, convenience, and brands. We need to build with ambition—AI, deep tech, robotics, clean energy—sectors that move the needle”.
The billionaire added that the minister was “simply asking” what India is really building through their remarks.
In contrast, BharatPe co-founder Ashneer Grover, Zepto co-founder Aadit Palicha, and former Infosys CFO and investor Mohandas Pai hoit back at Goyal. Palicha wrote on X, “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.”
He highlighted that Zepto employs nearly 1.5 lakh people, generates over Rs 1,000 crore in taxes annually, and attracts more than a billion dollars in foreign direct investment (FDI). Pai argued that comparing Indian startups to Chinese counterparts is unfair given the stark differences in investment and infrastructure between the two nations. He challenged Goyal’s leadership in fostering deep-tech startups, asking, “What has Goyal done to support these startups? Why isn’t the government doing more to address these issues?” Whereas Goyal said that just like Chinese startups, which began with food delivery before shifting focus to technology, India’s startups are also evolving. Anupam Mittal, founder of Shaadi.com, wrote, “Indian entrepreneurs are ready to take on the world. However, the capital and ecosystem needed for growth and commercialization are severely lacking. Founders can do a lot, but they can’t do everything”.