Info Edge founder Sanjeev Bikhchandani has backed India's startup ecosystem and called out fellow founder and columnist Suhel Seth for his comment that 80 percent of the startups in the country are "nothing but a racket".
Info Edge founder backs Indian startups
Taking to X, the billionaire entrepreneur remarked that Seth's allegations against startups and founders were "completely untrue, unfounded, and non-specific".
"Suhel has also called out Masa and SoftBank specifically. Perplexity informs me that Masa and SoftBank have invested over $15 billion in India. They are great believers in our country. We should be grateful - India is a capital-short country. This is particularly useful when Chinese capital is not permitted," Bikhchandani added.
Defending startup founders, he added, "Startup founders take a risk with their careers and their future to do what they do. And they struggle and they tighten their belts and they don’t give up. They are heroes and they should be respected and lionised not abused."
Minister Piyush Goyal's remarks
The debate on startups started on April 3 when the Union Commerce Minister Piyush Goyal remarked that the founders in our country should focus on building deep-tech startups instead of “grocery delivery and ice cream making.”
At Startup Mahakumbh 2025 in New Delhi, the Minister condemned the startup economy, questioning whether India was settling for low-paying gig jobs while China raced ahead in deep-tech innovation.
He said, “What are India startups of today—we are focused on food delivery apps, turning unemployed youth into cheap labour so the rich can get their meals without moving out of their house.”
Suhel Seth bashes Indian startups
While the Minister was severely criticised for his remarks, Suhel Seth appeared on Republic TV recently, where he not only backed Goyal's views, but also accused founders of filling their pockets even as their company ran losses.
"Eighty percent startups in India are nothing but a racket," Seth said. "When was the last time you paid yourself Rs 100 crore when your company was losing Rs 3,000 crore? These guys are doing it."
Also read: “Indian Entrepreneurs Can Build Smart Cities But Are Busy Building Brain-Dead Startups": Vionix Biosciences CEO (startuppedia.in)
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