India\u2019s biggest startup showcase just got bigger. But behind the buzz, founders are chasing attention, not just capital\u2014and discovering that even ambition has limits.<\/p>\n
At this year\u2019s Startup Mahakumbh, more than 3,000 startups<\/a> officially registered to pitch their ideas across 11 sectors. But the real number may be higher. Many aspiring founders opted not to sign up under the startup category, instead entering as general visitors\u2014circulating through the halls in the hope of an impromptu pitch or a casual conversation with an investor.<\/p>\n Read this | Data dive: Have startups really missed the innovation bus?<\/a><\/p>\n While the sectors on display ranged from AgriTech to D2C, it was clear that tech-led innovation dominated the narrative. Artificial intelligence, fintech, climate tech, and deep tech drew the largest crowds\u2014and the bulk of investor attention.<\/p>\n The event, touted as one of the largest of its kind in India, served as a microcosm of the country\u2019s entrepreneurial energy and growing policy focus on innovation.<\/p>\n But beneath the optimism lay a more sobering reality: tens of thousands of founders competing for increasingly limited investor interest, in an ecosystem where scale and survival are diverging paths. India\u2019s startup scene is expanding fast\u2014but not without growing pains.<\/p>\n \u201cThrow a rock around here and you’ll hit a startup founder,\u201d said a 31-year-old entrepreneur from Bangalore.<\/p>\n Yet many founders felt the event’s scale worked against the kind of focused networking they had hoped for.<\/p>\n \u201cLast year, it was far less crowded\u2014maybe around 1,000 to 1,500 startups,\u201d said a Delhi-based founder. \u201cThis time, it\u2019s overwhelming. You\u2019re constantly chasing people, hoping for a conversation that might lead somewhere, but there\u2019s no way to know if it\u2019ll be worth it.\u201d<\/p>\n \u201cIt would be more helpful if events like this happened more often, but with smaller, focused groups of startups,\u201d said a Hyderabad-based founder. \u201cWith this kind of density, all you really get is an exchange of cards\u2014not meaningful conversations with investors.\u201d<\/p>\n Some founders chose to showcase their work at exhibitor pods; others found it easier to move around freely, hoping to strike up spontaneous conversations.<\/p>\n “With pods, you can get restricted, I personally feel. You have to stick to it or assign someone there. Like this, I can walk and talk, catching someone in the brief minutes of them leaving a venue or entering one,\u201d said a startup founder, based out of Gujarat.<\/p>\n \u201cSince AI is the supposedly next big thing, other startups\u2014even promising ones\u2014struggle to get the support we need,\u201d says a handicrafts startup founder from Assam. They added that metro cities dominate the market with visibility, making it even harder for startups from smaller regions to gain traction.<\/p>\n Fewer bets, higher stakes<\/p>\n In the backdrop, the government has been signalling a stronger commitment to supporting deep tech ventures.<\/p>\n The Centre is reportedly considering a dedicated Fund of Funds for the sector in the upcoming Union Budget 2025. This follows the September 2024 launch of the BHASKAR portal, aimed at centralising support for startups and complementing the broader Startup India initiative. <\/p>\n As of now, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 152,000 startups under the programme\u2014though more than 5,000 have shut down, according to data shared in the Lok Sabha.<\/p>\n On the ground, founders continue to face significant challenges around funding<\/a> and market readiness. The uncertainty is especially acute for SaaS startups<\/a>.<\/p>\n Flipkart\u2019s recent decision to shut down ANS Commerce, the D2C-focused SaaS platform it acquired in 2022, has rattled the ecosystem. The platform ceased operations by 31 March 2025, affecting over 200 employees\u2014though severance packages and internal job opportunities have reportedly been offered.<\/p>\n The development underscores a growing sentiment: the path to profitability or acquisition is narrowing. For many founders, raising funds is no longer the primary goal\u2014survival and strategic exits are becoming increasingly central to the startup journey.<\/p>\n \u201cWe got a pod last year too. Raising funds is tough, but we hope to meet someone willing to listen. We are a SaaS platform, but the industry is changing. Honestly, even acquisition also sounds good to me,\u201d said a software-as-a-service (SaaS) platform startup founder based out of Hyderabad.<\/p>\n \u201cBanks hesitate to take risks on us. Events like these at least put us in the same room as investors,\u201d explained an ed-tech founder from Delhi.<\/p>\n Investors, too, are becoming more selective.<\/p>\n \u201cEveryone here believes they are the next big thing\u2014the disruptor. But out of 3,000, only one or two will be. That\u2019s why we are here,\u201d said an investor from a venture capital firm.<\/p>\n \u201cNot everybody is doing something unique. Most platforms are identical to each other, we can understand who is worth investing in, in the first 30 seconds of their pitch,” said another investor.<\/p>\n Fatigue with fads<\/p>\n Pattern fatigue is setting in.<\/p>\n \u201cAfter a while, trends start to repeat themselves. We\u2019re less excited by what\u2019s hot and more by what still matters five years from now,\u201d said a partner at a multi-stage fund.<\/p>\n The sentiment found unexpected reinforcement during the event, when commerce and industry minister Piyush Goyal<\/a> called on Indian startups to shift their focus beyond food delivery and gig economy models, urging a greater emphasis on deep tech. Drawing a pointed contrast with China, Goyal urged Indian entrepreneurs to \u201caim higher.\u201d<\/p>\n Sharing an image he had once forwarded to a friend, Goyal remarked that many Indian startups still rely on converting unemployed youth into low-cost gig workers, while Chinese firms are building global tech muscle in areas like battery innovation and electric mobility.<\/p>\n He acknowledged India\u2019s entrepreneurial vibrancy, but warned that the country must go beyond being known for producing \u201cdelivery boys and girls.\u201d<\/p>\n He also took a swipe at the growing quick commerce boom, suggesting that capital is being misallocated toward hyper-fast logistics with limited long-term payoff.<\/p>\n Read this | Are startups really failing India? Let\u2019s look at the big picture<\/a><\/p>\n