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Explore other editions The ET Startup Awards 2025 Special Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mail Thank you for subscribing to Morning DispatchWe'll soon meet in your inbox. Happy Monday! The Economic Times Startup Awards (ETSA) 2025 ceremony brought together the country’s top founders, investors, and policymakers in Bengaluru for a Friday evening of sharp insights and spirited conversations.More than 350 leaders from across the startup and technology sectors gathered to discuss hot-button issues on the sidelines of the event. From a fireside chat with Lenskart CEO Peyush Bansal to a candid exchange with the guest of honour, Union minister Piyush Goyal, the evening was both a celebration and a signal.In this special edition of ETtech Morning Dispatch, we put together the standout moments from India’s most prestigious awards for entrepreneurship.ET Startup Awards 2025: Maturing startups celebrate being the stock of the townThe 11th edition of ETSA celebrated the remarkable journey of Indian startups over the past decade, with this year’s event held against the backdrop of eagerly anticipated public listings by new-age companies. Guest of honour: Union minister Piyush Goyal was the chief guest at the star-studded ceremony. In his address, he underlined the growing influence of India’s tech ecosystem in shaping global trade discussions. Also in attendance were Flipkart group CEO Kalyan Krishnamurthy, serial entrepreneur and Upgrad founder Ronnie Screwvala, Swiggy’s food delivery CEO Rohit Kapoor, Unacademy’s Gaurav Munjal, Peak XV Partners’ Rajan Anandan, and several other founders and investors from across the startup spectrum. Meet the winners: Urban Company, which went public in September, was named ET Startup of the Year 2025, joining the elite list that includes Lenskart, Razorpay, Zomato, Zerodha, Delhivery, Swiggy, OfBusiness, Freshworks, Oyo Hotels & Homes and Ola.Honours list:Ashish Agrawal (Peak XV) — Midas TouchMinfy Technologies — Bootstrap ChampNawgati — Best on CampusQure.AI — Top InnovatorCapillary Technologies — Comeback KidPrukalpa Sankar (Atlan) — Woman AheadChakr Innovation — Social EnterpriseET Startup Awards 2025: Piyush Goyal on trade deals, domestic capital pool, AI and more In a freewheeling conversation with ET at ETSA 2025, Union Minister Piyush Goyal discussed trade talks with the US and other countries, the importance of building domestic capital, IPOs in the Indian startup ecosystem, and more.Edited excerpts:On trade talks: There is a huge appetite for entering into trading arrangements with India. We are in discussions with the European Union, the US, and New Zealand, and are in talks with Australia for the second tranche. Negotiations are underway with Chile, Peru, and Eurasia. I believe talks with both the EU and the US are at an advanced stage.India markets’ pull: I meet many people who say they want to return to India simply because of the demand generated by 1.4 billion Indians. It is an ecosystem that’s maturing rapidly. Today, listing in India is far more profitable and exciting than listing anywhere else — except perhaps in the US. Piyush Goyal, Satyan Gajwani, Peyush Bansal and Ronnie ScrewvalaDomestic capital: I’ve been urging large family offices in India and Indian investors to pool much larger sums into the startup ecosystem. Also Read: Lesser the regulation, the more successful the industry: Union minister Piyush GoyalET Startup Awards 2025: Shark Tank trained me for public scrutiny: Lenskart's Peyush Bansal on valuation backlash During a fireside chat with ETtech editor Samidha Sharma, Lenskart CEO Peyush Bansal reflected on the eyewear company’s public listing journey, handling valuation chatter, and the burden of expectations.On going public: It feels like a full-circle moment. Last year, we celebrated the story; today, we’re taking it to the world. An IPO is an important milestone in any company’s journey, but it still feels like day one. There’s so much more to do.On valuation backlash: Backlash means people care. As a consumer brand, we’ve received immense love, so criticism is part of the journey. It’s also a learning experience, and the fact that it is coming early is a blessing in disguise. I see it as a positive. This is what being a public company is about. Shark Tank gave me some training for public scrutiny.On profitability pressure: When I asked Abhiraj (of Urban Company) how it feels after the IPO, he said everything stays the same; you just keep working. The real pressure is moral and aspirational. I’m always a little discontent, and that’s what keeps us going. Mukul Arora of Elevation, Amit Chaudhary of Lenskart and Gaurav Munjal of UnacademyET Startup Awards 2025: Eventually, true worth of a firm is millions voting with their money (L-R) Rapido CEO Aravind Sanka, Myntra CEO Nandita Sinha and Urban Company CEO Abhiraj Singh BhalAt the ET Startup Awards, a panel of founders and CEOs weighed in on building sustainable businesses in an era where profitability is back in focus.The panel featured Rapido cofounder and CEO Aravind Sanka, Myntra CEO Nandita Sinha, and Urban Company’s Abhiraj Singh Bhal.Value for investors: “In the long run, the execution defines how a company is valued. As a founder of a publicly-listed company, the solace I draw is that eventually there is wisdom of the crowds voting with their money,” Bhal said.Profitability tick: “For us, profitability is tied to scale. We charge a minimal amount from each driver,” Sanka said, adding that Rapido’s priority is delivering value to users.Sinha emphasised the value of focus. “It starts with building and strengthening the core, which then allows you to create self-reinforcing networks or moats around your core consumer.”Also Read: We don’t see a duopoly in food delivery — Rapido's Aravind SankaFrom deeptech to deep connections stitched seamlessly by Bengaluru cool Rohit Bansal of Tital CapitalThe day started warm but wound down to a classic Bengaluru evening — linen jackets replacing hoodies as India’s top startup minds gathered to reflect, reconnect, and raise a toast to the decade that was.In too deep: The 11th edition of ETSA was part high-decibel celebration, part reckoning, with deeptech firmly in the spotlight. Whether it was quantum computing, genetic engineering or space tech, the evening’s buzz belonged to those working on the edge of science.One investor was heard commenting that deals in deeptech have become tougher to pull off since the elite VCs like PeakXV and Accel have pivoted into investing in these companies. Explore other editions Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mailThank you for subscribing to Morning DispatchWe'll soon meet in your inbox.
