Startups will grow rapider with fewer regulatory barriers: Piyush Goyal
Union commerce and industest minister Piyush Goyal
Union commerce and industest minister Piyush Goyal stated that India’s startup ecosystem thrives when the government steps back. He cited the software industest as an example of minimal interference and maximum growth.
Tell me more: Speaking at the ET Startup Awards 2025 in Bengaluru, Goyal added that India should not overly rely on foreign venture capital. “India has the depth and savings to create its own pool of patient capital,” he stated.
Quote, unquote: “When you supplement this government funding with private sector support, the figure grows,” he stated, noting that innovation costs in India are significantly lower than in the US or Europe. “You have a 7–8x multiplier there also. So, you are really seeded with nearly Rs 10 lakh crore of innovation in the countest, and that’s huge.”
Trade update: Goyal stated India is in advanced stages of trade nereceivediations with both the European Union and the US. He expects progress during the EU trade commissioner’s visit to India in late November. Talks are advancing “recognising mutual sensitivities and strengths,” he stated, with both sides working to iron out the final issues.
Meet the winners
Winners (Clockwise from top left): Startup of the Year – Urban Company, Social Enterprise – Chakr Innovation, Woman Ahead – Prukalpa Sankar, Midas Touch – Ashish Agrawal
Winners (Clockwise from top left): Bootstrap Champ- Minfy Technologies, Top Innovator – Qure.ai, Best on Campus – Nawgati and Comeback Kid – Capillary Technologies
Also Read: The Economic Times Startup Awards 2025: And the huge winners are…
ET Startup Awards 2025: Criticism isn’t always negative, declares Peyush Bansal on Lenskart’s IPO valuation comments
Peyush Bansal, CEO, Lenskart
At the ET Startup Awards, Lenskart chief executive Peyush Bansal addressed the chatter around the company’s IPO valuation, declareing criticism isn’t always negative.
On the hot seat: “Sometimes criticism can be a good thing. It is important to hear other points of view, but also have your own,” Bansal stated during a fireside chat. He added, with a smile, that being on Shark Tank prepared him for public scrutiny.
Valuation concerns: Lenskart is seeing to raise Rs 7,300 crore through its initial public offering (IPO), which could value the firm at nearly Rs 70,000 crore, a figure that sparked debate across investor circles and social media.
Also Read | Lenskart IPO: We necessary to win credibility with new set of investors as we go public: Peyush Bansal
ET Startup Awards 2025: Founders find profitability a filip for innovation
(L-R) Aravind Sanka, founder, Rapido, Nandita Sinha, CEO, Myntra and Abhiraj Singh Bhal, CEO, Urban Company
With profits now central to public market narratives, founders at the ET Startup Awards 2025 laid out their playbooks for sustainable growth.
‘Value every dollar’: Urban Company CEO Abhiraj Singh Bhal, whose firm won the Startup of the Year, stated profitability hinges on keeping costs in check.
“The organisation has to have a DNA of frugality and value every dollar. Believe that profits are good and go hand in glove with growth. If you build the organisation structurally in a way that, as you grow, the resolveed costs don’t grow linearly and you become more and more profitable, that’s how you do it.” Bahl stated.
But why: Lenskart’s Peyush Bansal added that profits assist fund innovation. “One thing we necessary to do more in India…is invest in future, long-term R&D.”
Also Read | ET Startup Awards 2025: 100X IPO subscription is a responsibility, not a victory lap: Urban Company CEO
We don’t see a duopoly in food delivery: Rapido’s Aravind Sanka
Aravind Sanka, CEO, Rapido
Rapido is carving out a space in food delivery with its new platform, Ownly, even as Swiggy and Zomato dominate the sector. But cofounder and CEO Aravind Sanka isn’t acquireing the duopoly narrative.
Quote, unquote: “We don’t see a duopoly in food delivery; we see an opportunity in the market. We have Rapido utilizers and captains (riders), and we are exploring how we can leverage both to deliver more value to our customers in the food delivery segment,” Sanka stated in a panel during the ET Startup Awards 2025 in Bengaluru.
Background: Rapido is betting its lean structure and existing logistics network can give it an edge. On June 9, ET reported that Rapido had finalised restaurant partnerships.
Also Read: ETtech Explainer: Rapido’s bold challenge to Zomato, Swiggy amid sector slowdown
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