Anupam Mittal, founder of People Group and Shaadi.com, said Union Commerce Minister Piyush Goyal’s criticism of e-commerce platforms was not aimed at Indian or foreign companies but at monopolies.
Monopolies are taking jobs away from people and this is happening in the US too, an angel investor told NDTV Profit.
Mittal expressed concern that monopolistic practices by companies such as Google, Amazon and Apple were costing small and medium-sized businesses jobs and stifling Indian businesses.
“More than 80% of the profits made in the digital space go to Google, Amazon and Apple, leaving only 15-20% for Indian companies.”
This imposes restrictive policies on local entrepreneurs, said Mittal, who praised Goyal for his focus on predatory pricing, calling it a “step in the right direction.”
Mittal hopes the Indian market will attract more homegrown unicorns in the future.
“The market in India wasn’t deep and broad enough but now it is showing momentum and strength and they (unicorns) are coming back. Hopefully the market in India will continue to remain strong,” he said.
