'We have companies posing as tech': Anupam Mittal says India has no real tech firm

Shark Tank India judge Anupam Mittal has remarked that India still lacks startups that can match the innovation and profitability of U.S. tech giants like Apple, Meta, and Google. 

Indian startups posing as tech firms?

As reported by Business Today, the CEO of Shaadi.com stated that India’s startup ecosystem is chasing tech valuations without the technology to back it up.

At an event hosted by Grip Invest, Mittal said, “We have companies posing as tech,” he said. “Everyone wants the tag—it unlocks higher valuations.”

The entrepreneur shared spotting a real estate firm branding itself as a “consumer tech company” in a newspaper ad. “It’s absurd,” he said. “This is the kind of branding that misleads investors.”

Mittal explained that true tech companies are driven by proprietary technology and strong margins, while “tech-enabled” businesses merely use digital tools to operate. 

“Be extremely careful,” he warned. “If you're going to give it a 5–7x revenue multiple, ask whether it's really tech or just using tech.”

Companies like Zomato or Uber, he noted, depend on tech but don’t meet the benchmark for pure tech valuation. “Mostly in India, it’s tech-enabled or posing as tech. Real tech is rare,” he said.

His remarks come at a moment when startups are quickly wearing the tech badge to attract investors.

Anupam Mittal warns how scrolling is affecting young Indians

Recently, the Shaadi.com founder said that technology, social media, and artificial intelligence-driven content are reshaping our daily lives, often in ways we don’t even notice.

The Shark Tank India judge warned that India is building “the largest army of thumb warriors - overstimulated, under-inspired people, who're weirdly okay with it”.

In a recent LinkedIn post, Mittal said as a "concerned father", he feels worried that "We're raising a generation that doesn’t play. Teens that don’t talk. Adults that don’t think – just scroll.”

He even claimed that India’s biggest brain drain isn’t to Silicon Valley, but it is to scrolling.

“TikTok, Insta & YT did their job — they captured attention and monetized it,” he added. “But what did we lose in the process?”

Anupam Mittal specifically asked parents, professionals, educators, and entrepreneurs to think about this matter.

Also read: Noida-based restaurant owner ditches Zomato for hidden fees and 'zero payout' - Viral post! (startuppedia.in)