StartUps

Why Piyush Goyal’s Note Strikes a Chord with Many

In a fast-paced economy where entrepreneurship is often glamorized and unicorn status is considered the ultimate goal, Union Minister Piyush Goyal’s recent cautionary note to start-ups has sparked conversation across boardrooms, social media feeds, and co-working spaces alike. At a time when headlines celebrate billion-dollar valuations and multi-million funding rounds, Goyal’s reminder to prioritize sustainability over vanity metrics comes as both a wake-up call and a much-needed dose of realism.

What Did Piyush Goyal Say?

While addressing a forum of young entrepreneurs and start-up founders, the Commerce and Industry Minister highlighted the growing trend of start-ups focusing more on valuation than value creation. He advised founders to stay grounded, reminding them that real impact lies in solving problems, building sustainable models, and creating employment — not just in raising capital or reaching the next funding milestone.

Why It Resonates

1. The Valuation Bubble

India has witnessed a boom in the start-up ecosystem over the last decade, becoming the third-largest start-up hub in the world. However, this rapid rise has also led to the emergence of overvalued unicorns, many of which struggle to generate profits or even break even. Goyal’s words hit home because several start-ups that once shone brightly have now either shut down or drastically downsized.

2. Funding Winter & Layoffs

In the past year, a noticeable funding winter has taken a toll on many start-ups. With VC purse strings tightening, companies have been forced to lay off thousands of employees, scale back operations, and rethink their business models. Goyal’s comment serves as a timely reminder that blind growth can be dangerous without a stable foundation.

3. Founders Facing Burnout

The hustle culture in start-up circles often glorifies 20-hour workdays and constant “grind” mentality. However, a growing number of founders are speaking out about mental health challenges, anxiety, and burnout. Goyal’s emphasis on sustainable growth also indirectly supports a healthier entrepreneurial mindset — one that doesn’t chase short-term highs at the expense of long-term wellbeing.

Case Studies That Echo the Message

Byju’s, once hailed as India’s edtech juggernaut, has faced mounting losses, layoffs, and credibility issues. Critics argue that aggressive expansion without stabilizing core operations led to its current troubles.
Zilingo, a fashion-tech start-up with promising potential, ended in turmoil due to financial discrepancies and internal mismanagement.
On the flip side, companies like Zoho and Zerodha, which have grown organically with minimal external funding, are now celebrated for their profitability, culture, and stability.

Reactions from the Ecosystem

Start-up mentors, investors, and founders have largely welcomed Goyal’s remarks.

Anand Mahindra tweeted in agreement, stating, “Sustainable, grounded growth always wins in the long run.”
Kunal Shah, founder of CRED, commented during a podcast that, “While valuations are important, the ability to generate real cash flow is the true test of any business.”
Several first-time founders posted on LinkedIn, thanking the Minister for “speaking the truth” and reminding them to focus on what truly matters.

So, What Should Start-Ups Do Differently?

Focus on Profitability

Even in early stages, unit economics should make sense. Start-ups must resist the urge to burn capital indiscriminately just to acquire users or expand fast.

Build Value, Not Just Valuation

Founders should focus on solving real problems, providing measurable outcomes for customers, and earning trust before chasing funding.

Be Transparent with Investors

Clear communication and honest projections go a long way. Fudging numbers for the next round can lead to deeper trouble later.

Invest in Team Culture

A resilient, motivated team can withstand tough phases. Emphasizing employee wellbeing, fair pay, and open culture is critical for long-term stability.

Embrace Slow, Steady Growth

Rather than fearing slower growth, start-ups can reframe this as a strength — ensuring they are agile, frugal, and strategic.

Conclusion

Piyush Goyal’s advice may sound like a warning — but it’s also a vision for a more mature start-up ecosystem. One where entrepreneurship is celebrated not for flashy numbers, but for real impact, purpose, and resilience.

As India continues to rise as a global innovation hub, his message urges the ecosystem to ask itself a fundamental question: Are we building for the long haul, or just the next funding headline?

April 10, 2025

Top 6 Startups Of 2025: The New Architects of India’s Future

From sustainable farming to EV mobility, discover six Indian startups shaping a cleaner, smarter, and more connected tomorrow. Every generation finds its dreamers, the ones who don’t just talk about change, but build it. In 2025, India’s startup scene feels less like a rush for valuation and more like a movement with a purpose. These founders aren’t chasing unicorn tags; they are chasing impact. They are solving what truly matters. This is the India that rolls up its sleeves and says ‘Let’s make it ourselves.’ Dhanush Kumar writes about the Top 6 Startups of 2025, born from soil, steel, and software, each shaping tomorrow with courage and conscience. 1.Handpickd: Fresh from Farm to Table When freshness becomes a luxury, Handpickd restores it to the everyday plate. This Bengaluru-based agritech startup has built a direct bridge between local farmers and urban consumers ensuring every tomato, mango, and millet travels fewer miles and earns farmers more smiles. Using tech-driven logistics and transparent sourcing, Handpickd doesn’t just deliver produce; it delivers trust. In an era of overprocessed everything, this is simplicity redefined clean food, honest pricing, and a system where farmers finally get their due.It’s not a brand. It’s a return to our roots literally. 2.Bambrew: Building a Plastic-free Future At a time when the planet gasps under plastic, Bambrew breathes innovation. The Bengaluru-based packaging pioneer crafts biodegradable, compostable alternatives made from bamboo, sugarcane, and cornstarch materials that love the earth back. Their vision isn’t just green, it’s bold. Bambrew’s eco-packaging now wraps products for top FMCG and e-commerce giants, proving sustainability doesn’t have to look boring or cost a fortune.This isn’t rebellion it’s reinvention. A reminder that small choices, multiplied by millions, can rewrite the story of our planet. 3.Eeki Foods: Vertical Farming for a Greener Tomorrow In the deserts of Rajasthan, where

StartUps

The Fresh Faces of India’s Clean Eating Revolution

Eat Right Clean eating is no longer a fad but a necessity in the times we live in, and several startups are making sure this is a choice that is easy to make. As people take charge of their health and well-being, eating clean is one of the most important priorities. BINDU GOPAL RAO features seven startups that are helping make this change, one plate at a time. Nutreat Hyderabad-based Nutreat was born in 2014 out of a personal need to provide clean, wholesome food for the founder’s son. Over time, this evolved into a deeper mission: to craft handmade, customised nutrition rooted in ancestral Indian food wisdom. “We handcraft each product using our signature four-step process sprouting, sun-drying, slow roasting, and stone grinding and tailor it to the individual’s age, health condition, and dietary needs. Nutreat promotes clean eating not just by avoiding processed ingredients, but by ensuring every spoonful is mindfully made and consciously consumed. In 2023, when our business was at its peak with franchise opportunities, foreign collaborations, and incubation offers we made a bold decision. We stepped back. We refused to bulk produce because it was creating false demand, pressuring both our team and consumers to buy more than they needed. That turning point reaffirmed our belief in nooverbuying and consciousconsumerism. Clean eating, we believe, must also be mindful free of waste, hype, or excess. While the wellness industry grows, we often see food wastage even in the name of healthy eating. Our model of customisation ensures that we make only what’s needed, drastically reducing waste while offering personalised nutrition,” says Jyothi Sri Pappu, Founder & CEO, Nutreat. Moving forward, their goal is to scale impact, not volume, by nurturing conscious consumers, supporting women artisans, and creating a food culture rooted in purpose. The Kenko Life

StartUps

House of Creativity: Sinha Brothers Redefine India’s Art Scene with a Legacy-Fuelled Vision

In a world where creativity often competes with commerce, LUV and KUSSH SINHA are merging both purpose and passion. Drawing from their rich cinematic heritage and a lifelong connection to the arts, the Sinha twins have launched The House of Creativity (HOC) a platform dedicated to showcasing and supporting contemporary Indian artists. Their goal is to democratize access to visual art, giving emerging talents a space to thrive while also expanding the reach of Indian artistry on a global stage. In conversation with SINDURI VUPPALA, the duo shares how their entrepreneurial journey is not just about art, but about creating a movement that celebrates originality, honours legacy, and nurtures the future of India’s creative community. 1. Can you take us back to when your relationship with visual art truly began? Luv: My relationship with visual art began at a very young age. I was deeply influenced by Hindi cinema the films my father acted in, those of Mr. Bachchan, and other legends. As I grew older, Japanese animation, video games, and comic books also left a huge impression on me. Each artist, every inker, has their own style those differences fascinated me. Film too, being a moving image, played a huge role. Pause it, and it becomes a photograph. That connection influenced me tremendously. 2. What led to the birth of the House of Creativity? Was there a defining moment or conversation? Luv: It started with conversations at home during the lockdown. I kept thinking about the number of immensely talented artists who just don’t have a platform. Art can be an exclusive world, but coming from the film industry, I felt we could help expand its reach. The idea of starting digital-first made sense due to restrictions, but our long-term vision is definitely to open physical galleries and make

StartUps

Water Warriors

The harsh summer of 2024 is a stark reminder that there is an urgent need to conserve the elixir of life: water. So, what is causing the water crisis, and how does one mitigate its impact? Climate change, high contamination of water, over-exploitation of groundwater, deforestation, reduced rainfall, and increased agricultural demand are some of the main reasons for water shortage. However, while the water situation seems stark, there is a silver lining on the cloud as many water-saving ventures seek to make a difference. Bindu Gopal Rao highlights several of these impactful initiatives. Water Warriors Bala Vikasa, Telangana Bala Vikasa is an NGO pioneering community-driven sustainable development activities in seven states, impacting about eight million people. A significant initiative they have is to provide access to safe drinking water at an affordable price of Rs 3-5 per 20 litres to rural communities suffering from high fluoride content in the available groundwater. Most small and marginal farmers rely heavily on natural freshwater resources for irrigation. However, groundwater depletion and low rainfall in urban and suburban areas have led to severe water scarcity, pushing farmers into a vicious cycle of debt due to reduced crop quality and yield. “In response to the struggles of farmers in rural Telangana, Bala Vikasa, founded by André Gingras (90) and Bala T. Singareddy (83), launched a pioneering farm pond construction program in 2015. This initiative, supported by CSR partners, aims to help farmers conserve rainwater, meet their irrigation needs, and replenish groundwater,” says Shoury Reddy Singareddy, Executive Director, Bala Vikasa. The program began in Ontimamidipally village, Warangal District, in 2015. In 2019, Bala Vikasa extended support to farmers in the suburbs of Hyderabad, following requests from the farmers of Upplingapur village, Medchal. This expansion underscores the program’s success and vital role in promoting sustainable agricultural