In a recent discussion with NDTV Profit, Anupam Mittal, Shark Tank India judge and founder of Shaadi.com, coined the term “great Indian tech ghar wapsi” to describe the notable trend of startups relocating back to India. Mittal highlighted this shift as a reflection of the burgeoning confidence and opportunities within India’s domestic markets.

Mittal elaborated that the return of startups to India was anticipated and inevitable. “The great Indian tech ghar wapsi was bound to happen sooner or later,” he remarked. Historically, Indian startups were encouraged to establish their operations abroad due to regulatory challenges and hesitancy from foreign investors to fund Indian-domiciled companies. However, the landscape has evolved significantly.

He acknowledged past concerns about regulatory hurdles and foreign investor reluctance but noted that these issues have diminished. “While there were regulatory concerns and foreign investors were initially wary, the landscape has changed. When Indian markets start offering better valuations, the regulatory environment becomes less of a barrier,” Mittal said.

Mittal explained that the real reason behind the exodus of startups was not just regulatory issues but the lack of depth and breadth in the Indian market to support substantial growth. Now, with the Indian market showing strong momentum and resilience, many companies are reversing their decision and moving back to India.

“This shift is encouraging,” Mittal added. “I hope it signifies the end of the era where companies felt the need to be based outside India. The influx of companies returning demonstrates the significant evolution of the market landscape.”

The shift reflects a growing trend among startups to leverage the expanding opportunities within India, signaling a new phase of growth and development in the country’s tech ecosystem.