Anmol Maini of Untitled Ventures stirred controversy by calling much of deeptech a 'grift' and emphasizing quick commerce as the true driver of India’s economic growth, reigniting debate over investment priorities between deep technology and consumer-focused startups.
- VCs debate allocation of capital between deeptech and quick commerce sectors.
- Deeptech startups face funding challenges despite higher revenue efficiency.
- Industry voices call for balanced investment to support India’s future innovation.
What happened
Anmol Maini, general partner at Untitled Ventures, sparked debate on social media by suggesting that most deeptech startups in India will turn out to be a 'grift' over the next decade. He stated that quick services and quick commerce companies will have a greater impact on the Indian economy. His comment was a response to Neosapien CEO Dhananjay Yadav, who criticized the ecosystem for heavily funding consumer startups while deeptech firms with better revenue metrics struggle to attract investment.
The exchange triggered widespread reactions and further discussions among VCs and startup founders. Another investor, Deedy Das, explained that the difficulty in funding deeptech comes from investors’ challenges in underwriting technical and regulatory risks, as well as the longer revenue timelines and capital-intensive nature of such startups. Other participants in the debate defended deeptech’s critical importance and urged for a more balanced approach to funding.
Why it matters
The debate highlights a fundamental tension in India’s venture capital ecosystem: the allure of fast-growing, consumer-facing startups versus the strategic importance of deep technology ventures that push technological frontiers but require more patience and capital. While quick commerce startups can generate rapid returns and economic activity, deeptech companies lay the groundwork for transformative innovation across sectors like semiconductors, energy, and advanced materials.
This conversation is crucial as it reflects on the maturity of India’s startup ecosystem and its ability to support a diverse innovation portfolio. Overemphasis on short-term economic contributors risks neglecting foundational technologies that could enable larger long-term socio-economic shifts. Balancing these priorities affects not only investors but the trajectory of India’s global technological competitiveness.
What to watch next
Industry observers will be watching how venture capital firms adjust their strategies in response to this debate. A key metric will be the availability of patient capital and specialized expertise to support deeptech startups through long development cycles, regulatory challenges, and capital-intensive stages beyond seed funding. The growth of funds specifically targeting deeptech innovations could signal a shift.
Additionally, governments and ecosystem builders may play a role in incentivizing investments across both sectors to ensure comprehensive growth. Monitoring startup funding trends, policy interventions, and outcomes from leading deeptech ventures will provide insight into whether India can cultivate a balanced innovation ecosystem that leverages both quick commerce’s economic momentum and deeptech’s technological advancements.