Shaadi.com owner and Shark Tank India judge Anupam Mittal has reacted forcefully to criticism levelled by businessman and columnist Suhel Seth against Indian startup founders.
Seth had criticized most startup founders of being interested only in getting themselves richer while their firms accumulate humongous losses.
Mittal, who was upset, turned to X (ex-Twitter) to come to the defense of startup founders, stating, "Aren't we harassed enough that we need this crab mentality egging the bureaucracy on by calling founders and VCs frauds? Ye deshdroh bandh karo (stop this anti-nationalism)." He pointed out that Seth's blanket criticism was unwarranted and detrimental to the entrepreneurial culture in the nation.
The trouble started when Seth spoke on Republic TV, calling about 80% of Indian startups "nothing but a racket." He said founders are more concerned with their own luxuries, such as Lamborghinis and luxury apartments, while their businesses continue to post heavy losses. Seth's statement came in response to Union Commerce Minister Piyush Goyal's earlier remarks about India's startup culture, wherein Goyal encouraged startups to think more innovatively rather than thinking about spaces like food and grocery delivery.
Responding to a criticism regarding the focus on "exits" over long-term value creation on Shark Tank India, Mittal said, "It's a TV show man. Get real." He admitted that though the show may be centered on more entertainment-friendly industries, his own investments extend much beyond it. Mittal stressed that he and other angel investors have invested in all types of companies, including deep tech and other innovative categories, frequently investing in ventures that other investors would not finance.
Mittal's rebuttal follows Goyal's April 3 statement, which was criticized when he bemoaned that India's startup ecosystem is too concentrated on "food delivery" and software companies, without the type of earth-shattering global innovation represented by companies like Facebook or Google.
Mittal's counterargument points to a widening rift on the vision for India's startup ecosystem, as some of its leading lights demand a transition to more indigenous innovation, while others come to the defense of the existing wave of entrepreneurship that has thrived in more consumer-oriented industries.
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