Easy to criticize us, but Google, Amazon is also a “consumer startup”: Zepto’s Aadit Palicha in Piyush Goyal’s speech
“Why doesn’t India have its own large-scale basic AI model? It’s because we still haven’t built great internet companies. Consumer internet companies drive this innovation because they have the best data, talent and capital to throw it away.”
Alliance Commerce Minister Piyush Goyal conducted a realistic check on India’s startup ecosystem at startup Maha Kumbh on Thursday and compared it with its Chinese counterparts. “We are making food/super delivery apps to create cheap labor so that the wealthy can eat without going out, while the Chinese work on electric cars, artificial intelligence and semiconductors,” he said.
Goyal shows a comparison slideshow that Indian startups focus on food delivery, instant groceries, fantasy movement and influencer-driven applications. Meanwhile, Chinese startups develop electric vehicles, battery technology, semiconductors, AI, robotics and deep technologies. He urged Indian startups to retain ownership, criticizing the idea of selling promising to foreign companies. “India produces the most graduates, but we create delivery jobs. We have to focus on research and future technologies,” he said. He slams betting applications while praising China’s dominance in global supply chains such as Shein, DJI and Alibaba.
What does the CEO of Zepto say?
He said: “We need to build great local champions on the internet, build great local champions on the internet, and if we want to get a great technological revolution, it will first generate hundreds of millions of dollars of FCF. The entrepreneurial ecosystem, government, government and large fund owners of Indian capital need to actively support these teams, not to work hard to create them, work hard to work hard.
“It’s easy to criticize consumer internet startups in India, especially when you compare them to the deep technological excellence we/China has built. Using our example, nearly 1.5 million real people are: Earn livelihoods on Zepto today, which does not have a tax range from 3.5 years ago. Each year’s tax year is Rs 1,000. Honestly, I don’t know that this is not the supply chain of India (especially for fresh fruits and vegetables).
“I can guarantee that any capital we generate from this business (and honestly, it looks like we will) is invested in the long-term innovation and value creation in India. This is what I have been committed to trying to do for the next few decades of my life: Creating vitality in the Indian economy: Creating dynamics in the Indian economy, our capital markets, and for decades, our capital. We just need talent.
