80% Startups In India Nothing But A Racket: Suhel Seth Backs Piyush Goyal's Take On Startup Debate

Suhel Seth, Founder & Managing Partner, Counselage India, on Friday said that 80 per cent of Indian startups are a 'racket'. Backing the argument stirred by Union Minister Piyush Goyal, Seth said that he was in agreement with the minister and added that Indian startups have become a 'game of valuation'. Seth's observations came a day after Union Minister Piyush Goyal highlighted that the Indian startup ecosystem needs to create innovations that have the potential to create a global impact.

Piyush Goyal's Startup Debate: What Suhel Seth Said

"It might be hurtful, but I don't care. 80 per cent of startups in India are nothing but a racket... The first thing that startup founders do is buy themselves Lamborghinis and homes in Amrita Shergill Marg and big apartments," Seth told Arnab Goswami, Editor-in-Chief, Republic TV.

"I am in total agreement with Piyush Goyal," Seth said, adding that if India has to make a meaningful contribution, it has to be innovative. "Where are our innovations? We keep talking about our software prowess... Have we produced a Facebook? No. Have we produced a Google? No. Have we produced anything which is innovative, which is a global brand? The answer is no," he said.

Highlighting that Indian startups are not changing the world, Seth said that Indian startups need to provide incremental value.

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"And let me tell you, this is all a game of valuation. Which person in the world starts a business with a view to get out of it? That's what most of our startup founders do. 
Paisa itni jaldi benein aur hum log kab bahar nikle? The VC guys and the startup guys are equally intelligent or crafty," he added.