By buld_online 
India’s startup world is chasing tech valuations without the tech to back it up, said Shark Tank India judge and Shaadi.com founder Anupam Mittal, calling out what he sees as a growing illusion at the heart of the ecosystem.
Speaking at an event hosted by Grip Invest, Mittal said India lacks companies that can match the innovation and profitability of U.S. tech giants like Apple, Meta, and Google. “We have companies posing as tech,” he said. “Everyone wants the tag—it unlocks higher valuations.”
He recalled spotting a real estate firm branding itself as a “consumer tech company” in a newspaper ad. “It’s absurd,” he said. “This is the kind of branding that misleads investors.”
Mittal drew a line between true tech companies—those driven by proprietary technology and strong margins—and what he called “tech-enabled” businesses that merely use digital tools to operate. “Be extremely careful,” he warned. “If you’re going to give it a 5–7x revenue multiple, ask whether it’s really tech or just using tech.”
Companies like Zomato or Uber, he noted, depend on tech but don’t meet the benchmark for pure tech valuation. “Mostly in India, it’s tech-enabled or posing as tech. Real tech is rare,” he said.
Mittal’s remarks land at a time when investors, especially retail ones, are navigating a landscape crowded with startups eager to wear the tech badge—whether or not they’ve earned it.