Piyush Goyal Assures Deeptech Support to Start-Ups, OYO's Ritesh Agarwal Says 'Time for Bold Bets'

Weeks after criticising the Indian start-up ecosystem amid the global AI race, Union Commerce Minister Piyush Goyal held a meeting with founders, including OYO's Ritesh Agarwal, Cars24's Vikram Chopra, PhysicsWallah's Prateek Maheshwari, and others. The Startup Policy Forum (SPF) in New Delhi organised the closed-door roundtable meeting.

During the meeting, Goyal underscored the government’s commitment to nurturing deeptech start-ups through dedicated fund-of-funds initiatives, the SPF said in an official statement on April 28.

He also emphasised efforts to support entrepreneurs from tier 2 and tier 3 cities, encouraging them to build impactful solutions while staying connected to their roots and contributing meaningfully to India’s growth story.

"It is time for us to challenge and disrupt ourselves — and the opportunity is now. As we build consumer tech, brands, deeptech, robotics, and space innovation, India must show the world that 'Made in India' means exceptional quality," said Agarwal.

The OYO founder added, "In our first innings, we often build with scarcity; in the second, we build with staying power giving us the courage to pursue bold, long-term bets".

The discussion resulted in an exchange of ideas and startup founders highlighted key points, including manufacturing, global expansion, IPO journeys, R&D, policy frameworks, and enabling tier 2, 3 and 4 cities. 

What Do Start-Up Founders Say?

Start-up leaders remain optimistic after a recent roundtable with Goyal as they appreciated the minister's openness to dialogue. Founders across sectors—ranging from early-stage ventures to listed companies—highlighted the minister’s willingness to engage deeply with their concerns, particularly around ease of doing business, policy evolution, and funding support.

"The minister listened to all the suggestions and shared what he expects from the ecosystem and what the government is looking to do in terms of ease of doing business and the new fund of funds. We were enlightened with a lot of new initiatives the government is taking, and we came up with some action items for both sides, which made a lot of sense," said Aloke Bajpai, Group CEO, ixigo.

On the other hand, CarsDekho founder Amit Jain said he looks forwards for a task force formation for each industry so that entrepreneurs can move India forward together.

"There were a lot of issues we, as startup founders, are facing when it comes to reverse flipping, M&A, etc., which were very well addressed, and I'm happy that some steps will be taken towards it," said Fampay founder Sambhav Jain.

Indian Start-ups Vs Piyush Goyal

A few weeks ago, Goyal made fiery critical comments about about Indian start-ups at ‘Startup Mahakumbh 2025’ which created buzz across the entrepreneurial ecosystem. He drew a sharp comparison between Indian and Chinese businesses, while giving a wake-up call to entrepreneurs to change their perspective.

“Are we happy about being delivery girls and boys? Food delivery apps are turning unemployed youth into cheap labour so rich can get their meals without moving out of the house. Kids of billionaires are making fancy ice cream/cookies and calling it a start-up,” said Goyal while addressing the event on April 3.

He also expressed his disappointed over Indian start-ups being acquired by foreign players, emphasising that new ventures should focus on preparing the nation for the future. “When I come to know that a bright idea of a young start-up got sold to a foreign company for Rs 25 lakh or Rs 50 lakh, I feel sad about it,” the minister added.