“There Is No Tech in India”: Shark Tank India’s Anupam Mittal Drops Truth Bomb
India’s booming startup ecosystem is facing a reality check from Anupam Mittal, founder of Shaadi.com and judge on Shark Tank India. Speaking at an event hosted by Grip Invest, Anupam Mittal sharply criticized the country’s tech landscape, stating that many companies are merely “tech-enabled” rather than true tech innovators.
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Anupam Mittal emphasized that while startups in India often chase lofty tech valuations, they lack the genuine technological innovation and profitability seen in U.S. tech giants like Apple, Meta, and Google. “We have companies posing as tech,” he said bluntly. “Everyone wants the tag—it unlocks higher valuations.”
Highlighting the growing trend of misleading branding, Mittal recalled an instance where a real estate company advertised itself as a “consumer tech company.” “It’s absurd,” he remarked. “This is the kind of branding that misleads investors.”
Drawing a crucial distinction, Anupam Mittal said true tech companies are those driven by proprietary technology and capable of generating strong margins. In contrast, many Indian startups simply use digital tools to operate their businesses. “Be extremely careful,” he warned investors. “If you’re going to give it a 5–7x revenue multiple, ask whether it’s really tech or just using tech.”
Citing companies like Zomato and Uber, which rely heavily on technology but do not fully meet the criteria for pure tech valuations, Anupam Mittal underscored that real tech companies remain a rarity in India.
His comments come at a time when India’s investor community, especially retail investors, is increasingly navigating a crowded market where startups compete to claim the “tech” label—sometimes without merit.
Anupam Mittal’s insights shed light on the challenges faced by India’s startup ecosystem in building authentic technology-driven businesses that can sustain long-term growth and justify high valuations.
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