'We’re not there yet': Saurabh Mukherjea on why India doesn’t create original tech giants
Mukherjea argues that it’s not a lack of innovation or talent, but structural economics
- Sep 13, 2025,
- Updated Sep 13, 2025 9:29 AM IST
Why can’t India build a Microsoft or Google? “Because we’re not there yet,” says Marcellus Investment founder Saurabh Mukherjea. And it has little to do with talent—and everything to do with money.
Speaking on a podcast hosted by finance creator Kushal Lodha, Mukherjea tackled a question often asked in India’s tech circles: Why don’t we build global tech giants from scratch?
His answer: India’s still in an early phase of its economic evolution—and original intellectual property (IP) is expensive.
“We’re one-twentieth the size of America. It takes ₹10, ₹20, and ₹30 billion to build foundational IP,” he said. “People in India ask—why don’t we make new drugs? Why not foundational AI models like China? But they don’t realise how much capital that takes. Indian companies just don’t have that kind of money.”
Mukherjea argues that it’s not a lack of innovation or talent—but structural economics.
Where India excels, he says, is in adapting existing Western technology to local use cases. “Bajaj Finance doesn’t need to invent new tech. It can use Microsoft’s AI and apply it through a strong sales force to Indian lending, insurance, asset management, and create serious value.”
That’s India’s sweet spot right now: taking global IP, applying it smartly to desi problems, and scaling fast.
“We don’t need to reinvent the wheel. Not yet,” he said. “If we use established IP properly, we’ll still make a lot of money—and build great companies.”
Mukherjea’s message to Indian entrepreneurs: the future isn’t in forcing a unicorn narrative. It’s in solving hard local problems with the best tools already out there.
Why can’t India build a Microsoft or Google? “Because we’re not there yet,” says Marcellus Investment founder Saurabh Mukherjea. And it has little to do with talent—and everything to do with money.
Speaking on a podcast hosted by finance creator Kushal Lodha, Mukherjea tackled a question often asked in India’s tech circles: Why don’t we build global tech giants from scratch?
His answer: India’s still in an early phase of its economic evolution—and original intellectual property (IP) is expensive.
“We’re one-twentieth the size of America. It takes ₹10, ₹20, and ₹30 billion to build foundational IP,” he said. “People in India ask—why don’t we make new drugs? Why not foundational AI models like China? But they don’t realise how much capital that takes. Indian companies just don’t have that kind of money.”
Mukherjea argues that it’s not a lack of innovation or talent—but structural economics.
Where India excels, he says, is in adapting existing Western technology to local use cases. “Bajaj Finance doesn’t need to invent new tech. It can use Microsoft’s AI and apply it through a strong sales force to Indian lending, insurance, asset management, and create serious value.”
That’s India’s sweet spot right now: taking global IP, applying it smartly to desi problems, and scaling fast.
“We don’t need to reinvent the wheel. Not yet,” he said. “If we use established IP properly, we’ll still make a lot of money—and build great companies.”
Mukherjea’s message to Indian entrepreneurs: the future isn’t in forcing a unicorn narrative. It’s in solving hard local problems with the best tools already out there.