On April 7, 2025, Anupam Mittal, the founder of Shaadi.com and a prominent investor on Shark Tank India, took to X to express his frustration with the ongoing narrative surrounding the Indian startup ecosystem. His post, which garnered significant attention, was a direct response to a Republic TV debate hosted by Arnab Goswami, titled “Are Indian Startups Overhyped? Is Piyush Goyal Right?” Mittal’s sharp critique highlighted what he perceives as a damaging “crab mentality” that undermines the entrepreneurial spirit in India, urging for a shift in perspective to foster a more supportive environment for startups and venture capitalists (VCs).
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🙏 https://t.co/cE4DsRE00L
— Anupam Mittal (@AnupamMittal) April 7, 2025
The debate in question, aired on April 4, 2025, at 8 PM IST, was part of Republic TV’s “SuperprimetimeMax” segment, featuring a panel discussion moderated by Arnab Goswami. The focal point was Commerce Minister Piyush Goyal’s recent comments at the Startup Maha Kumbh, where he urged Indian startups to shift focus from consumer-facing sectors like grocery delivery, food delivery apps, and fantasy gaming to deep tech areas such as semiconductors, machine learning, robotics, and AI. Goyal presented a slide titled “India vs China: The Startup Reality Check,” highlighting how Chinese startups are advancing in electric mobility and AI, while Indian startups are “busy making food delivery apps, fancy ice creams & cookies, instant grocery delivery, betting & fantasy sport apps, and reels & influencer economy.”
The Republic TV debate, tagged with #StartupDebate, featured Suhel Seth, Managing Partner of Counselage India and a brand guru, among other panelists. Seth supported Goyal’s view, emphasizing the need for Indian startups to prioritize innovation over what he and Goyal see as low-value, consumption-driven ventures. However, the debate’s framing—questioning whether startups are “overhyped” and labeling some founders and VCs as “frauds”—struck a nerve with Mittal and others in the startup community.
Mittal’s X post, on April 7, 2025, reads:
“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🙏”
The post directly quotes the Republic TV debate, signaling Mittal’s frustration with the narrative that he believes unfairly vilifies entrepreneurs and investors.
Breaking Down Mittal’s Critique
- “Crab Mentality”: Mittal uses this metaphor to describe a mindset where individuals or groups pull down those trying to succeed, akin to crabs in a bucket dragging each other back. He suggests that the debate’s tone reflects a broader cultural tendency in India to criticize rather than support its startup ecosystem, which is the world’s third-largest, with over 100,000 startups and 110 unicorns as of 2024.
- “Egging the Bureaucracy On”: Mittal points to the potential consequences of such narratives, implying that they fuel bureaucratic overreach. By labeling founders and VCs as “frauds,” the debate risks encouraging regulatory bodies to impose stricter oversight, which could stifle innovation and growth in an already challenging environment.
- “Ye Deshdroh Bandh Karo”: The phrase “deshdroh” (treason) is a strong accusation, suggesting that this negative rhetoric is not just unhelpful but actively harmful to India’s progress. Mittal argues that instead of fostering a supportive ecosystem, such debates undermine the nation’s entrepreneurial potential at a time when India needs innovation to compete globally.
Piyush Goyal’s remarks, as reported by India TV and The Indian Express, were intended to encourage innovation in high-tech sectors. He argued that while startups create jobs for millions, particularly from economically weaker sections, their focus on delivery and gaming does little for India’s economy, infrastructure, or exports. Goyal contrasted India’s startup landscape with China’s, where companies like BYD and Li Auto lead in electric mobility, and Deepseek has made strides in AI at a fraction of global costs.
However, Goyal’s comments, while well-intentioned, have stirred debate. Critics like Mohandas Pai (quoted in India TV) argue that India’s innovation ecosystem is robust but hampered by government policies and underinvestment. The Republic TV debate amplified this tension by framing the discussion in a way that some, like Mittal, found accusatory and counterproductive.
Anupam Mittal’s critique of the Republic TV debate highlights a critical tension in India’s startup ecosystem: the need for constructive dialogue versus the risk of divisive narratives. While Piyush Goyal’s call for deep tech innovation aligns with India’s long-term aspirations, framing startups as “overhyped” or fraudulent, as the debate did, risks alienating the very entrepreneurs driving growth. Mittal’s plea to end this “deshdroh” is a call for a more supportive ecosystem—one that celebrates innovation, addresses systemic challenges, and fosters collaboration between policymakers, media, and founders.
