At a recent industry event hosted by an investment platform, entrepreneur and Shaadi.com founder Anupam Mittal shared strong views about the Indian startup space, suggesting that what many call “tech companies” are far from being truly tech-driven. His message was as clear as it was bold: “There is no tech in India.”
According to Mittal, what dominates the ecosystem are not true technology firms, but businesses that merely use technology—he calls them tech-enabled, not tech-first. He warned that this misrepresentation is misleading investors and distorting the funding landscape.
He pointed to a personal observation that sparked his concern: seeing a real estate company in a newspaper ad claiming to be a “consumer tech company.” “It’s absurd,” he said, adding that such branding only creates confusion and inflates valuation expectations without solid innovation to back them up.
Mittal went on to draw a sharp distinction between true technology companies—those building proprietary platforms, earning strong profit margins, and leading innovation—and others simply adopting digital tools to stay operational. He emphasized, “If you’re giving a company a 5 to 7 times revenue multiple, ask yourself—are they creating tech or just using it?”
Citing examples like Zomato and Uber, Mittal noted that while these businesses run on digital platforms, they do not represent the kind of deep tech models seen in global giants like Apple, Google, or Meta. According to him, India’s startup ecosystem is heavy on tech posturing but light on actual invention.
His comments arrive at a time when retail investors and the public are eagerly investing in startups chasing the “tech” label. But as Mittal cautions, tags can be deceptive: “Everyone wants the tech tag because it unlocks higher valuations—but very few are actually building real technology.”
As India’s startup landscape continues to evolve, Mittal’s words serve as a timely reminder to look beyond the surface—and question what lies beneath the glowing pitch decks.
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