Well, the Indian ecosystem needs to wake up and realize that even after raising billions of billions of dollars, we:

• Haven’t produced a single global consumer tech company (forget about consumer platform like FB/Google) from India. In fact, the only one that deserves a mention is..UPI (which is a govt product).
• Are playing too safe and only building SAAS products (because sales can dwarf everything else). Ofcourse, SAAS is great, but most of made-in-India products are sales driven and not product-led (unlike their western counterparts). Go and buy a Martech product subscription from an India startup vs. their global counterpart – you will be surprised to see the lack of platform thinking in many such companies.
• Are majorly building transactional companies (lending, delivery etc etc) for the local economy
• Still aren’t producing a lot of hacky AI products (the ones that are sexy and serves as a seed for bigger things)

Why do you think this is the case?

Is it just about risk-averse VCs? What about the founders? Are founders pushing the envelope? Or the ones pushing are leaving the country?

Is Vinod right?