Union Commerce Minister Piyush Goyal’s recent sharp critique of Indian startup trends, especially targeting the popular reality TV show Shark Tank India, has ignited a heated debate across the entrepreneurial ecosystem. Speaking candidly at Startup Mahakumbh 2025, Goyal questioned the direction and priorities of Indian startups, calling out the excessive focus on luxury consumer products like “fancy gluten-free ice creams” and niche food delivery services, and stressing the urgent need for deeper innovation in frontier technologies such as AI, semiconductors, and deep tech.
Without naming the show explicitly, Goyal directed his criticism at the Shark Tank format, urging its judges to “rethink their perspective” and align their investment choices with national developmental goals. He singled out Aman Gupta, CEO of Boat and a prominent Shark Tank judge, saying, “Aman Gupta, change your perspective in Shark Tank.” This pointed remark appeared to reference Gupta’s high-profile investment in Go Zero, a startup offering no-sugar, gluten-free ice creams, which secured a Rs 1 crore investment on the show for a 1.5% equity stake.
The comment was not without precedent—Goyal’s broader concern reflected what he called the growing tendency among India’s elite and privileged startup founders, particularly “children of billionaires,” to launch businesses catering to lifestyle luxury and health trends, rather than addressing fundamental national challenges. “I have no complaint about that,” Goyal said, “but is that the destiny of India—to become a land of boutique ice creams and vegan cookies?” He compared India’s startup landscape to China’s deep push into AI, quantum computing, and semiconductors, suggesting that India risked falling behind in the global innovation race unless its entrepreneurs recalibrated their goals.
The reaction from the startup community was swift and sharply divided.
Anupam Mittal, founder of Shaadi.com and a fellow Shark Tank judge, offered a more nuanced rebuttal. He acknowledged the potential of India’s deep-tech entrepreneurs, stating that he had encountered "mind-blowing" startups working in space-tech, AI, and material science. However, he emphasized a lack of sufficient capital and infrastructure to nurture such ventures. “Founders can do most things but not everything,” Mittal said, highlighting how policy support and private sector investment must go hand in hand.
Ashneer Grover, former Shark Tank judge and co-founder of BharatPe, took a much more confrontational stance. Known for his blunt opinions, Grover slammed Goyal’s remarks, saying, “The only people in India who need a reality check are its politicians.” He defended the diversity of India's startup landscape and urged the government to focus on economic growth before criticizing job creators. “China also had food delivery before deep tech. Let’s not rewrite history. Maybe our politicians should aspire for 10% GDP growth for 20 years before giving sermons to entrepreneurs,” Grover added.
The controversy also roped in Namita Thapar, executive director at Emcure Pharmaceuticals and another Shark on the show, who had previously praised Go Zero on social media, calling it a “daily staple” and expressing admiration for its founder, Kiran Shah. She had even attempted to secure her own investment in the brand after missing its original pitch on the show. However, Go Zero’s rising popularity has also attracted skepticism, with some users raising alarms on social media over the product’s ingredient transparency and concerns about it being “unnaturally resistant” to melting—leading to wider public discourse about health claims in startup products.
The entire episode underscores a deepening divide in India’s startup narrative. On one side are the creators and consumers of lifestyle-oriented D2C (direct-to-consumer) brands that generate quick traction, social media buzz, and steady returns. On the other, policymakers like Goyal argue that startups should strive for transformative innovation that aligns with national goals—solving for energy, defense, healthcare, or agriculture.
At its core, Goyal’s criticism reflects the government’s vision for India to become a global technology hub, not just a marketplace for consumer indulgence. But critics argue that consumer-facing startups, too, generate employment, promote health awareness, and build brand value. Moreover, many point out that successful startup ecosystems around the world, including in China and the U.S., evolved through phases—starting with e-commerce and consumer tech before scaling into deep-tech investments.
As the debate rages on, the controversy has cast a spotlight on the role of shows like Shark Tank in shaping public perception of entrepreneurship and on the broader question: Should India’s startup boom prioritize solving the country’s most complex problems—or is there still room to scoop out a share of the premium dessert market?
