'The great Indian tech ghar wapsi': Anupam Mittal on startups shifting base to India

Shark Tank India judge and Shaadi.com founder Anupam Mittal, in a recent interaction with NDTV Profit, highlighted a significant shift in the startup ecosystem, referring to it as the "great Indian tech ghar wapsi."

He explained that this trend reflects the growing confidence and opportunities within India's domestic markets, leading many startups to shift their base back to the country.

"Look, sooner or later, Ghar Wapsi was inevitable. Think of it as the great Indian tech ghar wapsi," Mittal said.

He noted that for years, the Indian startup community was encouraged to set up bases abroad due to concerns about regulatory hurdles and the reluctance of foreign investors to fund companies domiciled in India. However, this scenario has changed dramatically, he said.

"Yes, there were some regulatory concerns," Mittal acknowledged, "and foreign investors were hesitant to invest in Indian-domiciled companies. But that has changed. Everyone talks a big game, but at the end of the day, everyone is driven by returns. If Indian markets offer better valuations, then suddenly the regulatory environment doesn't seem to matter as much."

Mittal further pointed out that while regulatory challenges were often cited as the reason for startups moving abroad, the real issue was that Indian markets were not deep or wide enough to support significant growth.

Now, with Indian markets demonstrating strong momentum and robustness, many companies are making the move back to India, he said. 

"It's great to see this shift," Mittal added, "I hope that this marks the end of the chapter where companies feel the need to be domiciled outside of India. The fact that so many are returning shows just how much the landscape has evolved."