Ola founder Bhavish Aggarwal has backed commerce and industry minister Piyush Goyal’s remarks on the state of India’s consumer startups, calling for greater focus on innovation-led entrepreneurship.
Taking to the social media platform X, Aggarwal said, “Fully agree with Minister @PiyushGoyal statement. Our startup community needs to introspect as to why we’re just building consumer tech companies. Entrepreneurs need to reflect and instead of building lifestyle apps, build innovation and future tech.”
He added, “Rockets, AI drugs, EUV machines, new mineral refining tech, new materials etc so much to build!!”
Aggarwal’s comments come a day after Goyal triggered controversy with a sharp critique of India’s startup ecosystem during the Startup Mahakumbh 2025.
The remarks drew strong reactions from the startup community, with several founders and investors taking to social media to defend the sector.
Zepto cofounder and chief executive officer Aadit Palicha said more than 1.5 lakh people earn their livelihoods through the quick commerce platform, which has paid over Rs 1,000 crore in taxes in just three and a half years.
“If that isn't a miracle in Indian innovation, I honestly don't know what is,” he said.
Palicha also argued that India’s absence from the global race to build large AI models stemmed from a lack of “great” internet companies and urged the government and investors not to stifle them.
Former Infosys chief financial officer (CFO) and investor Mohandas Pai expressed a similar sentiment, asking Goyal not to “belittle” startups. He pointed out that China invested $845 billion in startups between 2014 and 2024, compared to $160 billion in India during the same period.
“Why is Minister @PiyushGoyal @AshwiniVaishnaw not helping solve these issues?” Pai asked.
Taking to the social media platform X, Aggarwal said, “Fully agree with Minister @PiyushGoyal statement. Our startup community needs to introspect as to why we’re just building consumer tech companies. Entrepreneurs need to reflect and instead of building lifestyle apps, build innovation and future tech.”
Fully agree with Minister @PiyushGoyal statement. Our startup community needs to introspect as to why we’re just building consumer tech companies. Entrepreneurs need to reflect and instead of building lifestyle apps, build innovation and future tech.
— Bhavish Aggarwal (@bhash) April 4, 2025
Rockets, AI drugs, EUV…
He added, “Rockets, AI drugs, EUV machines, new mineral refining tech, new materials etc so much to build!!”
Aggarwal’s comments come a day after Goyal triggered controversy with a sharp critique of India’s startup ecosystem during the Startup Mahakumbh 2025.
The remarks drew strong reactions from the startup community, with several founders and investors taking to social media to defend the sector.
Zepto cofounder and chief executive officer Aadit Palicha said more than 1.5 lakh people earn their livelihoods through the quick commerce platform, which has paid over Rs 1,000 crore in taxes in just three and a half years.
“If that isn't a miracle in Indian innovation, I honestly don't know what is,” he said.
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…
— Aadit Palicha (@aadit_palicha) April 3, 2025
Palicha also argued that India’s absence from the global race to build large AI models stemmed from a lack of “great” internet companies and urged the government and investors not to stifle them.
Former Infosys chief financial officer (CFO) and investor Mohandas Pai expressed a similar sentiment, asking Goyal not to “belittle” startups. He pointed out that China invested $845 billion in startups between 2014 and 2024, compared to $160 billion in India during the same period.
“Why is Minister @PiyushGoyal @AshwiniVaishnaw not helping solve these issues?” Pai asked.
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