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Union Minister Piyush Goyal urges Indian startups to dream bigger, seek deeptech ambitions

YourStory

YourStory · 4m ago

Union Minister Piyush Goyal urges Indian startups to dream bigger, seek deeptech ambitions

Union Minister Piyush Goyal encouraged startups to focus beyond quick commerce and food delivery, urging them to innovate in sectors like EVs, semiconductors, and robotics. Speaking at the Startup Mahakumbh in New Delhi, he emphasized that startups should aim for global scale and not settle for short-term conveniences. While appreciating instant grocery delivery successes, he expressed disappointment over the limited number of deeptech startups. His remarks sparked criticism from the startup community, highlighting regulatory challenges.

Related News

Don't discount consumer tech: Startup founders react to Piyush Goyal's remarks

YourStory

YourStory · 4m ago

Don't discount consumer tech: Startup founders react to Piyush Goyal's remarks

Indian startup founders emphasize the critical role of consumer tech in innovation and economic growth, responding to Union Minister Piyush Goyal's call for deeper tech ambitions. Aadit Palicha highlights consumer internet startups' role in tech innovation. While Goyal encourages broader aspirations beyond quick commerce, founders stress consumer tech’s contributions to job creation and investment. They urge government support rather than criticism, highlighting challenges in fostering deeptech entrepreneurship and the need for supportive policies.

Piyush Goyal’s reality check at Startup Mahakumbh sparks debate

Inshorts · 4m ago

Piyush Goyal’s reality check at Startup Mahakumbh sparks debate

At Startup Mahakumbh, Union Minister Piyush Goyal critiqued India's startup ecosystem, urging a shift from low-risk retail models to innovation-driven ventures. Comparing India to China, he highlighted the need for breakthroughs in deeptech sectors. His remarks sparked mixed reactions, with some entrepreneurs criticizing the oversimplification of challenges faced by Indian startups.

From Critique to Collaboration: Piyush Goyal Engages Founders on India's Startup Future

OutlookIndia

OutlookIndia · 4m ago

From Critique to Collaboration: Piyush Goyal Engages Founders on India's Startup Future

Union Commerce Minister Piyush Goyal engaged with startup founders, including OYO’s Ritesh Agarwal, to discuss India’s startup ecosystem, focusing on deeptech, policy frameworks, and expanding to smaller cities. This follows his earlier criticisms of Indian startups. Goyal emphasized government support through funds of funds and easing business operations for startups in Tier 2 and 3 cities. The Startup Policy Forum’s initiative, Startup Baithak, aims to create a roadmap for India’s startup growth, featuring prominent startup founders.

Indian Family Offices Are Taking Interest In Deeptech: Piyush Goyal

OutlookIndia

OutlookIndia · 6m ago

Indian Family Offices Are Taking Interest In Deeptech: Piyush Goyal

Indian family offices are increasingly investing in deeptech startups, following the example of foreign investors, according to Union Minister Piyush Goyal. These family offices bring patient capital to technology ventures, contributing significantly to venture capital investments in India. In 2022, they accounted for $9.6 billion of the $23.7 billion invested in Indian startups. While the government encourages investment in technology, it avoids directing how pension funds or insurance capital should be utilized.

Govt commits 2nd tranche of Rs 10,000 Cr Fund of Funds for deeptech startups: Piyush Goyal

YourStory

YourStory · 1m ago

Govt commits 2nd tranche of Rs 10,000 Cr Fund of Funds for deeptech startups: Piyush Goyal

Union Minister Piyush Goyal announced a Rs 10,000 crore second tranche under the government's Fund of Funds initiative to accelerate India's deeptech startup sector. Speaking at IIT Madras's Sangam 2025 summit, Goyal highlighted the initiative's focus on promoting innovation, and technology absorption and development. The fund offers flexible support through equity and grants. The summit showcased emerging startups and featured AI leaders, underlining India’s technology and economic growth trajectory.

Zomato CEO Deepinder Goyal urges established businesses to fund startups without seeking ownership

Money Control

Money Control · 1y ago

Zomato CEO Deepinder Goyal urges established businesses to fund startups without seeking ownership

Zomato's CEO, Deepinder Goyal, has encouraged established businesses to fund startups to help them grow without the intention of owning them. He made the statement during the announcement of the Startup Mahakumbh event. Union minister Piyush Goyal also spoke at the event, praising startups as the backbone of a "New India." He urged entrepreneurs to seize opportunities as India aims to become a $32-trillion economy by 2047. The event featured participation from various stakeholders in the startup ecosystem.

Not literal, directional: Goenka on Murthy's 70-hr workweek, Goyal's startup remarks

Inshorts · 4m ago

Not literal, directional: Goenka on Murthy's 70-hr workweek, Goyal's startup remarks

Billionaire Harsh Goenka posted on X, "When Murthy and Subrahmanyan spoke of 70-90 hour work weeks and Piyush Goyal questioned startups making vegan ice creams...they weren't being literal—they were directional." He added, "If India wants to compete with US or China, we can't just focus on comfort, convenience & brands." Goenka's remarks came after Union Minister Goyal criticised Indian startups.

Mohandas Pai Defends Indian Startups Against Minister Goyal’s Criticism

OutlookIndia

OutlookIndia · 4m ago

Mohandas Pai Defends Indian Startups Against Minister Goyal’s Criticism

Former Infosys CFO Mohandas Pai defended the Indian startup ecosystem against criticism from Union Minister Piyush Goyal. Goyal had commented on the focus of many Indian startups on areas like food delivery, instead of tech advancements like AI, prompting Pai to highlight the lack of government support for deep-tech startups. He emphasized the funding gap compared to global peers, stressing that government policies and capital constraints hinder the growth of Indian startups in sectors like IoT and robotics.

Indian startups no longer need yearly fund allocation, not many have lost unicorn status: Piyush Goyal | Company Business News

Livemint

Livemint · 7m ago

Indian startups no longer need yearly fund allocation, not many have lost unicorn status: Piyush Goyal | Company Business News

Union Minister Piyush Goyal stated that Indian startups no longer require annual fund allocations, as SIDBI has begun receiving returns, boosting its fund corpus. Despite some startups losing unicorn status due to global financial issues, Goyal emphasized that the government doesn’t influence company valuations. The removal of the angel tax has been praised by startups. With over 1.5 lakh startups, India holds the world’s third-largest startup ecosystem and is favored for deep tech investment.

Piyush Goyal hails startups, says many nations want to adopt India's development model

Economic Times

Economic Times · 5m ago

Piyush Goyal hails startups, says many nations want to adopt India's development model

Union Minister Piyush Goyal praised India's development model for inspiring other nations, highlighting initiatives like Startup India which foster innovation and job creation. Addressing the Vejalpur Startup Festival, he expressed ambitions to increase India's unicorns from 118 to 1,000 and 5,000. He emphasized support from the government through funds and resources for startups and encouraged youth to embrace innovation even after failures. Gujarat was recognized as a leading state in the startup ecosystem.

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