Piyush Goyal at Startup Mahakumbh 2025: Stop selling India's best ideas to foreign firms, build domestic unicorns

Union Commerce Minister Piyush Goyal inaugurated the second edition of Startup Mahakumbh 2025 in New Delhi today, emphasising India’s rising global prominence and urging private-sector collaboration to fuel growth. The commerce minister asked the investor community to rope in the private companies in a big way. "Let’s bring the private sector in a big way, and believe me, we need to think big. Once we decide [to act], your success isn’t measured by ARPU, i.e. average revenue per user, but by the accelerated rise per unit," says the Union minister.

The Union minister also spoke on the exponential rise of India's quick commerce platforms, saying that it would have been better if India had Indian investors in startups. "I need more Indian investors in the game," Goyal said, adding that the Indian government is doing its bit by signing agreements with countries like Australia, the EU, Peru and Chile. "It had been better if we had more Indian investors in startups; Can't take the world to grocery stores and say these are India’s startups," says Goyal.

He talked about the Rs 10,000 crore Startup Fund of Funds, saying if India's emerging startups would benefit from it, they have every right to maintain "ownership and grow." Notably, the Indian startup ecosystem had received a prominent mention in the Union Budget 2024-25, wherein the Centre announced further Rs 10,000 crore support to its Fund of Funds programme for the emerging startups in India.

Goyal said there is a need to attract more VC capital into the ecosystem and exhorted the Indian business industry to step up and fill these gaps. "I was disheartened when I heard that some top Indian startup ideas were acquired by foreign firms. Let’s attract more venture capital into our ecosystem. I want to meet all unicorns and appeal to Indian industry leaders to create a pool of domestic capital. Indian investors must step up."

Goyal said their respect hinges on "supporting this mission". "My appeal to every investor here and across the startup ecosystem: Aim higher. These young innovators can work wonders. Their hard work, coupled with your ability to spot potential, will rewrite the rules of the game. Together, we’ll create future unicorns and accelerate India’s journey toward Viksit Bharat 2047."

The highly anticipated second edition of Startup Mahakumbh is taking place at Bharat Mandapam from April 3-5. The event aims to provide a platform for entrepreneurs, investors, and thought leaders to come together, share ideas, and create lasting connections.

The 3-day mega will see entrepreneurs, investors, policymakers, and industry leaders in one place for a unique experience. The platform also offers opportunities for networking, mentorship, and knowledge-sharing, making it an essential event for anyone looking to shape the future of business and technology.

It will also host events like "Startup Maharathi Challenge", a national initiative to accelerate India’s top startups across AI, HealthTech, and Fintech, which will be held with a ₹30-50 crore funding pool. Around 1,000 student innovators from 100 colleges will also compete in AI-driven solutions for a ₹1 crore prize pool. Around 95 mentors are expected to guide 780 mentees through hands-on sessions, workshops, and networking. In terms of scale, around 3,000+ exhibitors, 1,000+ investors, 50+ country delegations, and 50,000+ business visitors are expected.