Aman Gupta, the co-founder of boAt, has backed union commerce and industry minister Piyush Goyal’s recent remarks urging Indian startups to move beyond consumer-centric businesses and focus on deep-tech sectors instead of “grocery delivery and ice cream making.”
Goyal also highlighted the need for increased domestic investment in the startup ecosystem.
Gupta’s endorsement comes amid a larger conversation in the startup space, where some founders have pushed back against Goyal’s critique of businesses centered around food delivery and luxury products. In response, Gupta shared his views on the social media platform X, supporting the minister’s vision.
“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. 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 posted.
Goyal, while addressing Startup Mahakumbh, had said: “Are we going to be happy being delivery boys and girls… Is that the destiny of India? This is not a startup, this is entrepreneurship… What the other side is doing — robotics, machine learning, 3D manufacturing and next generation factories,” presenting a slide titled “India vs China. The Startup Reality Check”.
Responding to that comparison, Gupta said: “Benchmarking against China, the US, or anyone else — isn’t a weakness. It’s a smart strategy. We’re already the 3rd largest startup ecosystem in the world and the fastest-growing major economy. But if we want to be No.1, we need to also go deep into AI, deep tech, climate, mobility, and infra. We need LLMs and innovation stacks that compete on global standards.
And to make that happen, we also need Scientific risk, More patient capital, founder–policymaker collaboration and a long-term national vision,” he added.
What did minister Piyush Goyal say?
During the Startup Mahakumbh on Thursday, Piyush Goyal urged Indian startups to shift focus from low-tech ventures like grocery and ice cream delivery to cutting-edge sectors such as semiconductors, AI, machine learning, and robotics.
“Are we going to be happy being delivery boys and girls… Is that the destiny of India? This is not a startup; this is entrepreneurship… What other side is doing — robotics, machine learning, 3D manufacturing and next generation factories,” he said, drawing comparisons between Indian and Chinese startups.
He also questioned, “Do we have to make ice cream or chips?” and encouraged the startup community to align with India’s future needs.
Goyal stressed the need for more domestic investment in startups to reduce reliance on foreign capital and ensure long-term resilience. “A strong foundation of indigenous investment is crucial,” he added.
He assured government support for entrepreneurs facing hurdles in their journey and encouraged them to try again if they fail.
The minister also criticised food delivery startups for turning unemployed youth into cheap labour and flagged that out of 1.57 lakh recognised Indian startups, only 1,000 are in deep-tech sectors—a situation he called “disturbing” in light of India’s goal to become a developed nation by 2047.
His remarks drew responses from several startup founders, including Zepto CEO Aadit Palicha, Zoho’s Sridhar Vembu, and Paytm’s Vijay Shekhar Sharma.
(With ANI, PTI inputs)