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Piyush Goyal Scoops Controversy With ‘Ice Cream or Chips’ Comment on Startups

April 4, 2025, 3:36 pm

Union Minister Piyush Goyal recently raised questions about the direction and direction of India’s startup environment, triggering a big controversy in the sector. Addressing a public forum, Goyal had stated that Indian startups were more interested in food delivery, betting, and fantasy sports, whereas Chinese startups were leading the way in electric vehicles, battery technology, semiconductors, and artificial intelligence.

“Do we have to produce ice cream or chips? Dukaandari hi karna hai (Do we just want to do shopkeeping?),” Piyush Goyal asked, underlining the imperative for innovation in core technologies rather than gig economy models.

Mohandas Pai Slams Remarks of Piyush Goyal

Responding quickly, Mohandas Pai, former CFO of Infosys and a prominent investor, labelled Goyal’s remarks as useless. “These are poor comparisons. India has startups in all those areas, too, but they are small. Minister @PiyushGoyal should not demean our start-ups but reflect on what he has done as our Minister to enable deep tech start-ups to scale up in India.” Pai wrote on X.

Minister @PiyushGoyal there are very many small deep tech start ups in Chip design , IOT, Robotics, EV charging,BMS in India, growing rapidly but where is the capital? Indian start ups got 160b $ from 2014/24, China 845b$, US 2.3Tr$. Long term investors like endowments ,… https://t.co/SdLKHMlRuf

— Mohandas Pai (@TVMohandasPai) April 3, 2025

He additionally criticised the financial and regulatory structures of India. “We have an aggressive @FinMinIndia @nsitharaman who bullied start-ups on Angel tax for decades. Do not let endowments invest; insurance cos still do not invest while doing so overseas. @RBI intimidates foreign investors on remittances and AIFs again and again, mistreats them, cos FE rules. China invested 845 billion dollars between 2014 and 2024. India, just 160 billion dollars! Why is Minister @PiyushGoyal @AshwiniVaishnaw not working to address these problems?” he demanded.

Politicians Should Get a Reality Check, Ashneer Grover Demands

Ashneer Grover, who is the co-founder of BharatPe, didn’t have kind words for the politicians either. “The only individuals in India who require a ‘reality check’ are its politicians. Everybody else is staying in the definitive reality of India,” he commented on social media.

Grover has come in defense of the natural evolution of the Indian startup ecosystem, saying, “China also had food delivery first and then evolved to deep tech. It’s great to aspire for what they’ve done – maybe time for politicians to aspire for 10% plus economic growth rate for 20 years flat before chiding today’s job creators. Maybe time to change ‘public discourse from history to science!

The only people in India who need a ‘reality check’ are it’s politicians. Everyone else is living in the absolute reality of India.

China also had food delivery first and then evolved to deep tech. It’s great to aspire for what they’ve done – maybe time for politicians to aspire… pic.twitter.com/6WT8moviAz

— Ashneer Grover (@Ashneer_Grover) April 4, 2025

Zepto Founder Defends Consumer Startups in India

Aadit Palicha, Zepto’s co-founder and CEO, also reacted vehemently. He accepted the criticism but pointed out how consumer internet startups are vital to the economy.

It’s easy to snap at Indian consumer internet startups, particularly if you contrast them with the profound technical distinction being established in the US/China. The truth is this: there are nearly 1.5 lakh actual human beings earning livelihoods on Zepto today,” Palicha said.

It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China. Using our example, the reality is this: there are almost 1.5 Lakh real people who are earning livelihoods on Zepto today – a…

— Aadit Palicha (@aadit_palicha) April 3, 2025

He referred to Zepto’s key contributions—paying more than ₹1,000 crore in tax each year, drawing more than a billion dollars of FDI, and deeply investing in India’s supply chain, particularly for fresh produce.

“If that’s not a miracle in Indian innovation, I sincerely don’t know what is,” he said.

Why Consumer Internet Startups Matter for Deep Tech

Palicha argued that large internet companies often pave the way for deeper tech innovations. “Most technology-led innovation over the past two decades has originated from consumer internet companies. Who scaled cloud computing? Amazon. Who are the big players in AI today? Facebook, Google, Alibaba, Tencent – all started as consumer internet companies,” he explained.

He added that businesses such as Zepto can be the foundation for the future generation of Indian innovation if supported accordingly.

“Zepto is still a long way from being a great Internet company that can hold a candle to the world’s best. But we are working day in and day out to get there,” Palicha said.

Startup India: Growth, Unicorns, and Hurdles Ahead

India has close to 20,000 startups, of which there are approximately 4,750 tech-based startups, as per the Startup India platform. The nation has 110 unicorns, but the pace of new unicorn formation has significantly decreased. MoneyView was the last startup to join the unicorn club in September 2024, with a mere five new unicorns in that year.

As the sector keeps expanding, recent remarks by Piyush Goyal have once again sparked a critical debate regarding the future trajectory, policy backing, and promise of India’s dynamic startup ecosystem.

India vs. China: The Startup Reality Check – Are We Chasing the Wrong Goals? | TDG Explainer

April 3, 2025, 12:30 am

Startups are the backbone of innovation and economic growth. However, the difference in how India and China approach their startup ecosystems is glaring. While India focuses on consumer-driven conveniences, China is setting the stage for global dominance in deep tech, manufacturing, and infrastructure. The question is—are Indian startups chasing the right priorities, or are we getting left behind?

What Indian Startups Are Doing

1. Food & Grocery Delivery Apps – Convenience or Exploitation?

From Zomato to Swiggy, India’s startup boom has fueled a hyper-fast food and grocery delivery culture. While this has made life easier, critics argue that it turns unemployed youth into low-wage delivery workers, with companies prioritizing profits over worker welfare. The rise of 10-minute grocery delivery has further led to concerns about inefficiency and unnecessary logistical burdens.

2. Fancy Ice Creams & Snacks – Selling ‘Health’ at a Cost

Brands are flooding the market with ‘healthy’ ice creams, cookies, and sugar-free treats. But do they really add value to India’s economic landscape? Unlike China, which is innovating in core industries, India’s startups are more focused on marketing fads rather than meaningful progress.

3. Betting & Fantasy Sports Apps – Gambling or Growth?

Dream11 and MPL have turned fantasy sports into a multi-billion-dollar industry, but at what cost? Many argue that these platforms promote gambling addiction rather than fostering real economic productivity.

4. The Reels & Influencer Economy – Mindless Entertainment or Innovation?

With Instagram Reels and YouTube Shorts driving a wave of influencers, India’s youth is increasingly drawn toward content creation rather than core skill-building. While China and the US focus on technological advancements, India is busy creating viral trends.

5. Lack of Government Support for Deep-Tech Startups

Unlike China’s government, which aggressively funds AI, semiconductors, and EVs, India’s startup policies largely focus on digital payments and consumer services. Without strong governmental backing, India’s deep-tech sector struggles to take off.

What China (and Other Countries) Are Doing Right

1. Electric Vehicles (EVs) & Battery Tech – Leading the Green Revolution

Companies like BYD and CATL are pioneering global EV production, pushing China to the forefront of the sustainable energy revolution. In contrast, India is still working on setting up a viable EV manufacturing ecosystem.

2. Semiconductors & AI – Self-Reliance for the Future

China has been aggressively investing in semiconductor manufacturing and artificial intelligence (AI), reducing reliance on Western technology. Meanwhile, India is still struggling to establish a robust semiconductor industry, despite recent government incentives.

3. Robotics & Automation – The Future of Manufacturing

China’s next-gen factories use robotics and AI to improve production efficiency, making them the global leader in manufacturing. Meanwhile, India remains dependent on traditional labor-intensive methods, slowing its industrial progress.

4. Global Logistics & Trade – Building Giants Like Shein & Alibaba

Chinese companies like Shein, DJI, and Alibaba are not just local brands but global giants shaping international commerce. In contrast, India has yet to create a company of similar influence in global markets.

5. Deep Tech & Infrastructure – Beyond Short-Term Gains

China is investing heavily in space technology, high-speed rail, and renewable energy. Their startups are focusing on deep-tech innovations that will shape the next century, unlike India’s fixation on short-term consumer conveniences.

6. US & Germany: Other Nations Focusing on Innovation

United States: Silicon Valley leads in AI, biotech, and space technology, with companies like Tesla, Google, and SpaceX setting the global standard.
Germany: Known for its precision engineering, Germany dominates the automotive and industrial tech sector, ensuring long-term economic resilience.
South Korea & Japan: These countries invest heavily in robotics and semiconductor production, securing their place in the global innovation race.

Where Does India Go From Here?

The difference in startup priorities between India and China is clear. While India is focused on services that offer immediate consumer convenience, China is preparing for global leadership in industries that define the future. If Indian startups want to compete on the world stage, the focus must shift from reels and quick deliveries to deep tech, infrastructure, and manufacturing.

How Can India Catch Up?

Increase Government Support for Deep-Tech Startups – More funding and incentives for semiconductor, AI, and EV sectors.
Encourage STEM & Innovation in Education – Schools and universities should emphasize research and engineering over influencer culture.
Build Global-Scale Companies – Indian startups should aim to create world-class brands that compete in international markets.
Reduce Dependence on Foreign Tech – Strengthening domestic R&D in deep-tech industries.

The Big Question: Are we ready to rethink our startup culture and prioritize long-term innovation over short-term trends?

Let’s start the conversation. What do you think India needs to do to match China’s startup success?

Budget 2025: Sitharaman Unveils Rs. 10,000 Crore Fund of Funds to Boost Startup

February 1, 2025, 2:03 pm

Fresh funds for start-ups: Finance minister Nirmala Sitharaman promised a new crop of the scheme Fund of Funds for Start-ups (FFS) with a corpus of ₹10,000 crore on Saturday, reiterating the Modi government’s position on the start-up sector and innovation. The count of start-ups recognised by the department for promotion of industry and internal trade (DPIIT) has already crossed 1.5 lakh.

Launched originally in 2016, the FFS scheme has played an important role by making capital available to startups of various types, that is, early-stage, seed as well as growth-stage, without leaning too much on foreign investment. This scheme, which is administered by DPIIT and implemented by SIDBI, was earlier funded under the 14th and 15th Finance Commission cycles based on the performance and availability of funds.

Boosting Domestic Investments

According to her, this fund would also provide aid not just to small beginners but promote investments domestically into the industry.“This has led to several indigenous venture capital funds in the country that has made India a better stakeholder of the world startup hub,” Sitharaman said.

Ten years for Startup India

The renewed funding is in accordance with the action plan for Startup India, which was first announced on January 16, 2016, and has added much to the rising contours of startups in India. Increased domestic investments and innovation-led enterprises have been a result of this initiative, thus fueling entrepreneurial growth in the country.

By providing financial support and easing capital constraints, the government is pushing Indian startups to expand further and solidify its position as a global innovation leader.

Man Leaves Rs 50 LPA Job: ‘Obsessed With the Idea, Not the Reality’ Of His Own Startup

November 28, 2024, 9:46 am

A man who left an ₹50 LPA corporate job behind to pursue theentrepreneurial route recently opened up about reasons that forcedhim to wind up his two-year old startup. In an honest and candid social media post, the entrepreneur admits to being a “failed founder”. Hehas had seed money of ₹8.44 crore in place and seen operational profitability.

Writing under the pseudonym “GrizzledTrillion“ within the “Indian Startups“ community on Grapevine, the ex-founder revealed that his entrepreneurial journey started way back in 2021. Feeling unfulfilled by his stable job as a Vice President of Operations, he was inspired to start building “the next big thing” after the success stories of LinkedIn posts and podcast interviews.

Success on Paper, Stress in Reality

The founder recounted how his startup gained traction, attracted funding, and even turned a profit. Yet, beneath the surface, he struggled to find fulfillment. While his team was enthusiastic about solving real-world problems, he admitted he lacked the same passion.

“Every morning, I woke up wondering, ‘Is this it?’ The constant grind and weight of decisions drained me,” he revealed. Despite the outward success, the mounting stress culminated in panic attacks, sleepless nights, and strained personal relationships.

The Harsh Realisation

The entrepreneur ultimately concluded that he wasn’t cut out for the intense demands of startup life. “I wasn’t obsessed with solving the problem; I was obsessed with the idea of being a founder,” he admitted. With his mental health deteriorating, he decided to shut down the venture and move on.

A Cautionary Tale for Aspiring Founders

His post serves as a reflection on the glamorisation of entrepreneurship and a reminder that success requires more than funding or operational wins. Passion, resilience, and alignment with personal values are critical to enduring the challenges of building a startup.

As he steps away from his entrepreneurial dream, his story offers valuable lessons to others considering the same path: not every dream is meant to be pursued, and it’s okay to prioritise well-being over ambition.

‘I’m a graduate…’: Auto Driver Makes Startup Pitch to Passengers in Classic Bengaluru Moment

November 18, 2024, 5:02 pm

Samuel Christy, a Bengaluru-based graduate and auto driver, has captured attention online with his innovative approach to funding his startup. Known as India’s startup hub, Bengaluru often sees entrepreneurial creativity, but Samuel’s initiative has been called a “Peak Bengaluru” moment.

In a poster displayed behind his auto’s passenger seat, Samuel introduced himself: “Hi passenger, my name is Samuel Christy. I’m a graduate who is looking to raise funds for my startup business idea. If you’re interested, please talk to me.” This unique effort was shared by a passenger on Reddit, sparking widespread interest.

Yet another Peak Bengaluru moment!
byu/EconomyUpbeat6876 inBengaluru

Social Media Reactions

The post garnered a mix of reactions. Some users admired his determination. One commented, “I think it’s a great effort. Hope he is doing something good and hope he succeeds!” Another offered assistance, saying, “If he’s interested, I could help him for a price.”

However, skepticism also surfaced. While some comments like “May god bless him” wished Samuel well, others expressed caution, with one warning, “This could be a scam too, the auto drivers are the biggest scamsters in Bengaluru.”

Another Innovative Bengaluru Auto Driver

Bengaluru’s auto drivers are known for their ingenuity. Recently, another driver gained attention for addressing the city’s ongoing language debates. He distributed a leaflet titled “Learn Kannada With Auto Kannadiga,” featuring common Kannada phrases translated into English.

The initiative aimed to help non-Kannada speakers learn the local language during their commute. A photo of the leaflet went viral on X (formerly Twitter), drawing praise for its thoughtful and practical approach to fostering linguistic harmony in the city.

Bengaluru continues to prove that its entrepreneurial and innovative spirit isn’t limited to boardrooms—it thrives on its streets too.

Know How 400 Employees Into Millionaires: Indian-Origin Founder Now Regrets

October 17, 2024, 4:49 pm

An Indian-origin entrepreneur, Jyoti Bansal, has made headlines after selling his startup, AppDynamics, for a staggering $3.7 billion in 2017. This deal not only made Bansal a wealthy businessman but also turned around 400 of his employees into millionaires. However, despite the success, Bansal described the day of the sale as the “saddest day of his life.”

A Moment of Triumph and Change

Bansal, who founded AppDynamics in 2008 and served as its chairman and largest shareholder, found himself at a crossroads when he received an acquisition offer from Cisco just days before the company was set to go public. In an interview with CNBC Make It, he recounted the excitement and joy that permeated the office as employees realized their shares had skyrocketed in value, with many gaining over $5 million each from the sale.

ALSO READ: ‘Nude Photos’ Generated By AI Bots On Telegram: ‘Alarming Deepfake’

The sale proved life-changing for many staff members. “People in the company were ecstatic; they had never imagined so much money. Many were buying new houses, new cars. I know one person who took six months off, rented an RV, and traveled around the country,” Bansal said, highlighting the newfound freedom many employees enjoyed after the sale.

A Lavish Celebration Turned Reflective

To celebrate this milestone, Bansal hosted a lavish party for both AppDynamics employees and Cisco staff, marking the end of an era. However, amidst the celebrations, he couldn’t shake off the feeling of loss. “I was sad and depressed. I spent nine years of my life fully dedicated to what we were building there. Suddenly, it’s the end of a chapter,” he admitted. Bansal expressed regret about selling the company, often pondering how much larger it could have grown had he held onto it.

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Moving Forward: New Ventures

Despite the bittersweet emotions tied to the sale of AppDynamics, Bansal didn’t let that hold him back. In the seven years following the acquisition, he co-founded two new software startups—Traceable and Harness, the latter now boasting a market value of $3.7 billion, the same amount for which he sold AppDynamics.

Bansal’s journey reflects both the potential for transformative success in the tech industry and the emotional complexities that accompany significant milestones. While he has achieved remarkable success, the memories and reflections on the sale of AppDynamics continue to shape his entrepreneurial spirit.

‘Firing Is Fun!’: Tech CEO Trains Managers To Let Employees Go

October 1, 2024, 2:28 pm

In a recent LinkedIn post, Andreas Roettl, CEO of the tech company Journi, sparked a significant conversation by asserting that companies should equip their managers and team leaders with the skills necessary to effectively fire employees. Roettl’s provocative claim drew mixed reactions, as he emphasized that the ability to lay off or firing of staff is just as crucial as the hiring process itself.

“Firing Is as Important as Hiring”

Roettl’s post opened with the statement, “I am really good at firing people… says no one ever. But we should!” He elaborated that, while many shy away from the topic, being adept at firing employees is essential for maintaining a happy and robust team environment. “Firing will save your team spirit and culture,” he stated, advocating for a more proactive approach to employee management.

HAVE A LOOK AT THE VIRAL POST:

The CEO explained that at Journi, a tech firm specializing in using artificial intelligence to print photos, formal training is provided to team leaders and managers on how to navigate the difficult task of letting employees go. During this training, leaders practice the firing process and utilize early warning systems to evaluate employee performance.

Emphasizing Support and Improvement

Roettl stressed the importance of providing employees with opportunities for improvement before resorting to termination. He likened this process to a soccer game, where players receive a yellow card as a warning. He encouraged managers to have clear conversations with underperforming employees, outlining expectations and offering support to help them improve.

“Just like in soccer, there must be a clear first warning: the yellow card, so to speak,” he noted. However, he cautioned that if an employee fails to show progress within a reasonable timeframe, it might be time to part ways. “I vividly remember the first time I had to let someone go—I felt awful. But the team felt better afterward, and the replacement helped us reach the next level,” Roettl reflected.

Mixed Reactions from the Online Community

After sharing his thoughts, Roettl received feedback from concerned colleagues who warned him that his post could negatively impact the company’s hiring efforts. In a follow-up message, he apologized for any hurt feelings, affirming that his intention was to recognize and protect the contributions of his team.

The post, however, drew criticism from various LinkedIn users who perceived it as tone-deaf. One user remarked, “I don’t think this completely tone-deaf post is anywhere near the flex you think it is.” In response, Roettl acknowledged the feedback and expressed a willingness to learn from the criticism, stating, “You are right; if you get such feedback, I probably didn’t find the right setting and tone to bring my message across. Fair enough.”

Roettl’s bold stance on firing employees has ignited a debate about the role of termination in the workplace and how it can be approached with sensitivity and care. While his views highlight a challenging aspect of management, the reaction from the public underscores the need for a balanced approach that considers the well-being of employees alongside organizational goals.

How One Indian Woman’s Tweet Helped A Driver Launch His Startup

September 30, 2024, 3:11 pm

An Indian woman employed at Meta in San Francisco recently found herself involved in an inspiring entrepreneurial journey during an ordinary Uber ride. While traveling with a friend who had arranged the ride, she was taken aback to find a poster in the car requesting support for a startup.

Uber Driver’s Unique Plea for Help

The poster, placed on one of the car’s seats, was a heartfelt appeal from the driver, Frederico Coutrim. He was looking to gain 1,000 downloads for his app to attract potential investors. Intrigued by this initiative, the Meta employee, Resham Khanna, initiated a conversation with Coutrim. He shared that he was developing an innovative app designed to translate messages in real-time.

HAVE A LOOK AT THE VIRAL POST:

Chatting with our Uber driver who is building startup and looking for feedback. If anyone works in adjacent fields please hit him up pic.twitter.com/PS4NMSJSBY

— resham khanna ☻ (@Reshusaur) September 28, 2024

Introducing TransChatMe

The app, named TransChatMe, aims to revolutionize the way people communicate across language barriers by eliminating the need to copy and paste text into translation tools. Instead, users can simply type their messages, and the app automatically translates them. The poster boldly declared: “Please, help me build my startup. It is called TransChatMe – the revolutionary free mobile app that translates your messages automatically! No more copying and pasting – just write your message, and TransChatMe handles the rest. I need 1,000 users so I can share it with investors.” Coutrim even included QR codes for both Android and iOS users to facilitate downloads.

HAVE A LOOK AT THE VIRAL POST:

in the arena fr fr

— Frank ☼ Bach (@zendadddy) September 30, 2024

Going Viral and Gaining Support

Moved by the driver’s determination, Khanna took to social media, sharing a picture of the poster on X (formerly Twitter) to rally support for his endeavor. In her post, she wrote: “Chatting with our Uber driver who is building a startup and looking for feedback. If anyone works in adjacent fields, please hit him up.” The post quickly gained traction, leading to significant attention and support for Coutrim’s app.

Remarkable Growth After Publicity

Shortly after her post went viral, Khanna received an email from Coutrim expressing his gratitude for her support. He shared that his app had attracted over 200 new users in just 24 hours, highlighting the impact of her outreach. “Your help has given us strength to keep moving forward,” he wrote, adding that her post had come at a crucial time for him.

Coutrim expressed hope that he would one day have the opportunity to meet Khanna in person, reflecting the bond formed through this unexpected encounter. The story serves as a testament to the power of community and social media in helping entrepreneurs realize their dreams.

‘CEO Seduced My Wife’: Ex-Amazon VP’s Shocking Claim

August 23, 2024, 10:05 am

A former Amazon Vice President, Ethan Evans, has made a startling claim that a CEO of a startup where he once worked seduced his wife, ultimately leading to his divorce. Evans, who is based in Seattle, shared this personal story in a recent LinkedIn post where he offered advice on handling “unethical leaders” and navigating “political snake pits” in the workplace.

Sensational Allegation Against Startup CEO

In his LinkedIn post, Evans revealed, “A CEO that I worked for seduced my wife in direct retaliation for my pushback on him at work. He won. I got divorced and left the company.” He further urged others to “learn from my pain,” emphasizing that he truly understands the challenges of dealing with manipulative executives.

Career at Amazon and Beyond

Evans, who spent over 15 years at Amazon, joined the company as a senior manager and worked his way up to become the Vice President of Prime Gaming in 2019. He retired from Amazon in September 2020 and has since focused on providing career growth advice through his newsletter, “Level Up.”

Detailed Account in ‘Level Up’ Newsletter

In a more detailed account shared in his newsletter, Evans described the situation as the “worst example” of unethical leadership he encountered during his career. He explained that the CEO’s actions were a direct response to his resistance at work, which led to his eventual departure from the startup and his divorce.

Acknowledgment of Marital Issues

Evans acknowledged that his marriage was already troubled, noting in a LinkedIn comment, “What this CEO did would not have worked if my then-wife had not been open to his proposition. This in turn reflects that our marriage had problems.” He also emphasized that while his wife ultimately made her own choices, the CEO’s actions played a significant role in the breakdown of their relationship.

Internet Speculation and Clarification

Despite not naming the CEO, some social media users speculated that Evans might be referring to Jeff Bezos. However, Evans clarified that the CEO in question led a startup, not a company as large as Amazon. He further stated that he managed to leave the startup and eventually became a VP at Amazon before retiring.

Evans explained his reasons for sharing this personal story, stating that his mission is to help others avoid similar mistakes in their careers. Through his experience, he hopes to guide others in recognizing and dealing with unethical leadership in the workplace.

‘Selling Orgasms For A Living’: Goa-Based Founder Reveals Startup’s ₹12 Crore Value, Watch

August 22, 2024, 11:01 am

Ritesh D Ritelin, the founder of Manzuri, has candidly discussed his unique approach to business on the YouTube show 1% Club. Describing his role as “selling orgasms for a living,” Ritelin sheds light on his efforts to challenge India’s taboos around sexual wellness.

Breaking Taboos in Sexual Wellness

Manzuri, a Goa-based startup, focuses on providing pleasure products tailored for women. Ritelin aims to redefine the conversation about sexual health, highlighting the lack of reliable sources for sex toys in India when he launched the company in 2019-2020. He points out that despite significant progress, societal and governmental attitudes toward sex toys remain outdated.

WATCH THE VIDEO:

View this post on Instagram

A post shared by 1% Club (@onepercentclub)

Navigating Societal Norms

Due to regulatory and societal constraints, Ritelin describes Manzuri as a “wellness startup” rather than a sex toy company. This terminology reflects the broader challenge of destigmatizing discussions about pleasure and sexual health in India. Ritelin’s mission through Manzuri is to make sexual wellness more accessible and acceptable.

Financial Insights

During his interview, Ritelin shared details about his financial status. His liquid net worth stands at ₹1.5 crore, while his non-liquid assets are valued between ₹8.5 to ₹9.5 crore. He holds a 70% stake in Manzuri, which is valued at ₹12 crore, bringing his total net worth to an estimated ₹10 to ₹12 crore. Additionally, he spends approximately ₹40 lakh annually.

Future Aspirations

Ritelin, who is also the founder and CEO of Porcellia, a direct-to-consumer wellness company, envisions Manzuri as a tool to address issues like the orgasm gap, gender pay disparity, and societal patriarchy. He is committed to transforming how pleasure and sexual health are perceived and discussed in India.

German Startup Charges ₹1.8 Crore To Preserve Bodies For Future Revival

August 7, 2024, 1:04 pm

Tomorrow Bio, a German startup, is making headlines with its groundbreaking cryopreservation services, promising the possibility of future revival of preserved bodies when technology allows. The company offers a unique service where entire bodies or just brains can be cryogenically frozen at extremely low temperatures for a price. The cost for whole-body preservation is approximately ₹1.8 crore, while brain-only preservation is priced at around ₹67.2 lakh.

The cryopreservation process involves cooling the body to a staggering minus 198 degrees Celsius, placing it into a state known as ‘biostasis’. In this state, all biological processes are halted indefinitely. According to Tomorrow Bio, this method provides the potential for future reanimation once advanced technology becomes available. The company envisions a world where people have the option to choose the duration of their lives, regardless of their location, identity, or financial status.

Since its inception, Tomorrow Bio, the German Startup has successfully cryopreserved six people and five pets. The company currently has over 650 individuals who have paid for the service and are awaiting their preservation. Co-founder Fernando Azevedo Pinheir expressed optimism about the future of cryopreservation, stating, “During our lifetime, we may witness the safe cryopreservation and reanimation of complex organisms.”

The process begins immediately after death, with specialized ambulances stationed across various European cities to transport the body to Tomorrow Bio’s main facility in Switzerland. In Berlin, Amsterdam, and Zurich, standby teams are prepared to assist. Upon arrival at the facility, the body is placed in an isolated steel container filled with liquid nitrogen. It is then maintained at minus 198 degrees Celsius for ten days to ensure the body reaches the required preservation temperature.

Tomorrow Bio’s innovative approach to cryopreservation aims to push the boundaries of medical science and offer new possibilities for the future.

Bengaluru Startup Promises 10-Minute Food Delivery: Who Asked For This?

August 6, 2024, 9:26 am

A Bengaluru-based startup, Swish, has launched a rapid food delivery service promising to deliver meals in just 10 minutes, sparking a heated debate on social media. The service, currently available in HSR Layout, aims to tackle the city’s notorious traffic and long wait times for food delivery.

Ujjwal Sukheja, co-founder of Swish, explained the inspiration behind the 10-minute delivery app. He noticed that while it’s easy to get a dosa from a local darshini quickly, online food delivery often involves long waiting times. “In HSR, you can get anything quickly—a dosa from a darshini in minutes.. But when it comes to online food delivery, the wait can be painfully long,” Sukheja wrote in a post on X, announcing Swish’s launch on August 4. “We realized that this problem is common to many young people like us. So, for them (and us), we are building Swish,” he added.

Much awaited life update ?

After months of building in Stealth, Excited to announce that we are building Swish: 10-min food delivery app (@justswishin)

Many of you might be asking how did a bunch of crypto enthusiasts end up launching a food delivery app?

thread ? pic.twitter.com/iQhdT0pW2v

— Ujjwal Sukheja (@ujjwal_sukheja) August 4, 2024

The concept of rapid food delivery has divided opinions online. While quick commerce platforms delivering groceries and household essentials in 10 minutes have gained popularity, the idea of delivering freshly cooked food in such a short time has raised concerns.

Convenience or Exploitation?

Critics question the necessity of 10-minute food delivery and doubt the freshness of food prepared so quickly. Concerns about the safety of delivery agents potentially driving rashly to meet the tight deadlines have also been raised.

“Very cool to see how quickly this has gone from idea to execution – sadly have already had my dinner tonight / not in HSR – otherwise would have given it a shot,” wrote Rahul Mathur on X. Conversely, X user Aditya Pasumarthi commented, “I would never order from such a facility knowing nothing healthy can be cooked in 2-3 minutes.”

With all due respect, the last thing this country needs is yet another oppressive food delivery service. What it does need is… oh well, that is a long unsexy list indeed which won’t attract exploitative VC funds. https://t.co/mpDPl8OilM

— Ritesh Uttamchandani (@photowallah) August 5, 2024

Others labeled the concept as labor exploitation. “Are there any other countries (with strong labor laws) where people do this 10 min thing? When was the last time you wished you could have food delivered in 10 mins?” questioned one user. Another user added, “If you need food delivered in 10 minutes just cook it yourself, this is literally just labor exploitation.”

Additional comments highlighted the likely reliance on pre-made, stored, or frozen food and the pressure on delivery drivers. “From what I understand, this means a lot of pre-made/stored food/frozen food and exploitation of delivery drivers. No, thank you. If I am SO hungry that I need food in 10 minutes, I’ll either cook or just go to a nearby convenience store/street-food stall/takeout,” said a third user.

Some users questioned the priority of such innovations, stating, “You are inventing problems for your business ideas at this point! We need ambulances in ten mins not this.”

Despite the criticism, some users tried the service and were impressed by the speed. Meanwhile, Swish’s official X handle has been apologizing to customers who received their orders in 15 minutes instead of the promised 10.

Tried this out of curiosity!
Delivered on time!!
Me & my friends really liked the samosa & packaging ?

Kudos to @ujjwal_sukheja & team Swish! https://t.co/QayLjYD9V4 pic.twitter.com/NOT0DFplRJ

— Anurag Agrawal (@anurag0__0) August 5, 2024

The food delivery market in India is currently dominated by Swiggy and Zomato, both of which have ventured into quick commerce with Swiggy Instamart and Zomato Blinkit, respectively. Swish’s entry into the market with its unique 10-minute delivery promise is sure to keep the competition interesting.

Analysing Startup Investments in India in 2023

December 28, 2023, 6:09 am

In 2023, India’s startup ecosystem firmly established itself as a formidable global player, ranking third in the world. This dynamic and diverse landscape boasts over 99,000 recognized startups, including an impressive 108 unicorns, collectively valued at a staggering US$340.80 billion. This remarkable growth is largely attributed to the government’s updated startup-friendly policies, particularly the DPIIT’s revised definition from 2019, which focuses on key factors such as incorporation, turnover, innovation, and scalability. These startups are widespread, not only in major urban centers but also across various regions, demonstrating the extensive reach and diversity of India’s entrepreneurial spirit and its capability to innovate and thrive across different sectors.

In 2023, several startups in domains where Prateek Toshniwal invests, such as Ed-tech, fintech, SAAS, and agritech, made significant strides. Companies like Byju’s in Ed-tech, Paytm in fintech, Zoho in SAAS, and CropIn in agritech continued to flourish, reflecting the robustness and innovation in these sectors. These startups not only attracted substantial investment but also contributed significantly to India’s growing global reputation as a startup hub.

Despite these achievements, the year 2023 has not been without its challenges. The global economic scenario, characterized by inflation and complex tax regulations, has created a somewhat uncertain environment for startups in India. This has resulted in a phenomenon described as a ‘funding winter’, wherein there has been a notable decrease in investment inflows towards the end of 2022.

In terms of investment trends, the first half of 2023 saw a decline in both the number and the amount of funding deals. There were 332 deals worth US$17.6 billion, a decrease from the previous year’s US$21.7 billion. This decline was also evident in Foreign Direct Investment (FDI) inflows, which stood at US$70.97 billion, a drop from the previous year’s US$84.83 billion. The overall funding for startups in the first half of 2023 amounted to US$5.5 billion, which was a significant decrease compared to both the second half of 2022 and the first half of that year.

This downturn was not confined to any specific stage of startup funding; late-stage, early-stage, and seed-stage rounds all experienced significant decreases. Additionally, the emergence of new unicorns was scarce, indicating a shift in the dynamics of the startup ecosystem. Despite these trends, there are still considerable funds – over US$20 billion – dedicated to startup investments in India, awaiting opportunities for deployment.
Several factors have contributed to these investment challenges:

Global Inflation: The increase in global inflation rates led central banks around the world to raise interest rates, impacting the cost of borrowing for startups and businesses in India.
Tax Implications of Headquarters Shifting: Many Indian startups are considering moving their headquarters back to India, which has financial implications, especially in terms of taxes.
Startup Valuation by the Indian Government: The rapid growth and valuation increases of startups can sometimes be disproportionate to their revenue generation, leading to scrutiny from tax authorities.

Tax Parity Demand: There is a call for equal tax treatment between listed and unlisted shares to ensure startups do not face disadvantages compared to established companies.
Complex Capital Flow Challenges: Startups face challenges due to restrictions on foreign capital inflow and outflow and the complexities of the Angel Tax.

Lack of Single-Window Clearance: Startups involved in syndicated funding rounds face operational inefficiencies due to the requirement for individual filings by investors.
Convertible Notes Issuance: Industry executives are urging the government to expand the issuance of convertible notes beyond the top 100 startups recognized by the DPIIT.

Escrow Account Duration: There’s a call for extending the duration for funds held in escrow accounts to align with global standards and support startups raising capital incrementally.
Despite these challenges, certain sectors have shown remarkable resilience and growth.

Space technology startups, AI-focused enterprises, and electric vehicle startups have been at the forefront, attracting significant investments and achieving milestones. For example, Google’s investment in Bengaluru-based space-tech startup Pixxel is a testament to the potential of these sectors. The Indian government is actively addressing these challenges, engaging with various stakeholders to comprehend the factors contributing to the funding decline and fostering the startup ecosystem.

The year 2023 has been a mix of trials and triumphs for India’s startup ecosystem. Despite facing a funding slowdown and navigating through economic complexities like global inflation and tax implications, the ecosystem demonstrates resilience and immense potential. The proactive role of the government in addressing these challenges, coupled with the strong interest of investors, especially in promising sectors like space technology, AI, and electric vehicles, suggests a bright future ahead. With a vibrant entrepreneurial spirit and an array of innovative startups, India’s startup scene is well-positioned to overcome current hurdles and continue its trajectory of growth and global influence.

Prateek Toshniwal is a Chartered Accountant, Investor, Networker, Financial Advisor and Mentor

Zerodha to allocate additional Rs 1000 cr to Rainmatter

August 11, 2023, 1:18 pm

On 9 August, Zerodha increased its allocation to its startup accelerator fund, Rainmatter. The announcement of additional investment was made by the CEO of Zerodha Nithin Kamath.

He said that Zerodha raised the allocation by an additional Rs 1,000 crore. He added that the fund had invested nearly Rs 400 crore over the last seven years.

CEO Kamath said that when Zerodha was steadily growing, they observed that one issue to solve was to help expand capital markets, along with increasing access. He said that with a view to achieving the ultimate goal, an entire ecosystem had to exist. Then, the Rainmatter Fintech was made out of that idea to support startups.

With the expansion of Zerodha, their allocation to Rainmatter grew as well. According to Kamanth, Zerodha has now partnered with over 80 startups and has invested close to Rs 400 crores over the last 7 years. He said, “While we started out by backing tech entrepreneurs who were helping people do better with their money, it has now extended to those helping people make healthier choices, getting educated, and those who are working on the much harder problems of climate change and creating livelihoods.”

“We are now increasing our commitment by increasing the allocation by an additional Rs 1,000 crore in a perennial structure or with the ability to stay invested forever,” he stated adding that patient capital with no exit regulations that founders can gain an advantage especially when it takes a long time for a startup in India to become strong, steady and sustainable.

Indian unicorn firms have nearly doubled since 2021, says PM Modi

October 11, 2022, 1:24 pm

Prime Minister Narendra Modi on Tuesday emphasised the importance of talent by stating that India is a young country with a strong sense of innovation and the number of unicorn startups has nearly doubled since 2021.

“India is a young nation with a great innovative spirit,” the Prime Minister said while addressing the United Nations World Geospatial International Congress virtually. “India is one of the top startup hubs in the world with the number of unicorn startups having almost doubled since 2021—a testimony to India’s young talent,” he added.

“Geo Enabling the Global Village—No One Must Be Left Behind” is the topic of the second UNWGIC.

Welcoming international delegates, the Prime Minister said, “The people of India are happy to host you on this historic occasion as we build our future together.”

The city is famed for its culture, gastronomy, hospitality, and hi-tech vision, the prime minister remarked in expressing his satisfaction that the conference is taking place there.

“We have been working on a vision of Antyodaya, which means empowering the last person at the last mile, in a mission mode,” he said.

The actions India has taken over the past few years show that no one should be left behind.

He continued by stating that “India is ensuring that no one is left behind” by providing sanitation services to 110 million people and tap water connections to more than 60 million families.

The two pillars that are essential to India’s development are talent and technology. The Prime Minister asserted that technology brings about transformation, mentioning the flawless delivery of welfare benefits to 800 million people by JAM Trinity and the tech platform that drove the greatest immunisation campaign in history as examples.

“In India, technology is not an agent of exclusion. It is an agent of inclusion,” PM Modi said.

The prime minister emphasised how geospatial technology promotes inclusivity and development. The Prime Minister stressed that the UN’s Sustainable Development Goals on poverty and gender equality are directly impacted by the role of technology in programmes like SVAMITVA and housing, as well as the results in terms of property ownership and women’s empowerment.

He continued that geospatial technology also powers the Digital Ocean platform and the PM GatiShakti Master Plan. The South Asia Satellite, which facilitated communication in India’s neighbourhood, was cited by the Prime Minister as evidence that India has already set an example in terms of sharing the advantages of geospatial technology.

According to the prime minister, the freedom to innovate is one of the most crucial liberties, and it has been secured for the geospatial industry. Geospatial data development, digitization, and collection have all become more accessible, he continued. These reforms have been accompanied by the growth of the drone industry, the opening of the space industry to private investment, and the launch of 5G in India.

The COVID-19 outbreak, according to Prime Minister Modi, ought to have served as a reminder of the importance of bringing everyone along. He underlined that the world community needs an institutional strategy to assist one another in times of hardship.

“Global organisations like the United Nations can lead the way in taking resources to the last mile in every region,” he highlighted.

The Prime Minister continued by saying that providing support and sharing technologies are also essential in the battle against climate change and that the greatest strategies might be shared in an effort to save the earth.

The geospatial technology’s limitless potential was emphasised by the prime minister. Sustainable urban development, disaster management and mitigation, tracking the effects of climate change, forest and water management, halting desertification, and food security are a few of these. He expressed the hope that this conference would serve as a forum for the discussion of advancements in such crucial areas.

PM Modi also expressed his confidence during the event, saying, “I am optimistic that this conference will help steer the global community into a new future with the stakeholders of the global geospatial industry coming together, with the policymakers and academic world communicating with one another.”