Kishore Biyani doesn’t like startups. Late last year, he previously said that none of the existing grocery store delivery services would survive. But it works out that Biyani doesn’t merely not like e-commerce – he thinks that 90% of startups are “ absurdity.”
“90 percent of startups whom I see have no meaning in the slightest. They may be non-sense”, he said while talking at The Economist India Summit. Most startups don't have any long-term plan, and just want to sell themselves, he added. He advised startup creators to focus on a larger canvas and large ideas.
Biyani has a great reason. These newfangled businesses have attempted to disrupt his biggest business – retail – with varying amount of success.
But Biyani doesn’t despise all startups – FabFurnish was recently got by the Future Group, and also tied up to become the biggest seller on their platform.
And it’s potential he has a purpose. Startups happen to be falling like nine pins this year, with layoffs and cost cutting across the board. Barring several exceptions, perhaps India’s startups aren’t creating value that is enough to become, big, sustainable businesses.