While the lobby group Indiatech is busy snapping up biggies like SoftBank on its side to advocate for the interests of Indian startups against issues such as capital dumping by foreign firms, Amazon India does not believe in the ‘unfair play’ argument being propagated by it. Amit Agarwal, Amazon India Head, in a media interview hit back at the group which is advocating a protectionist approach in the Indian startup ecosystem.
Talking to ET Now, Amit Agarwal shrugged off whether he considered the Indiatech lobby as a threat stating, “I am as much as an Indian as anyone else out there and Amazon India is as much an Indian company as other startups. Other startups are as foreign in their investment profile as any other company. So I really don’t understand this. But our focus is very much on serving customers and we are committed to the long term.”
Countering the fears of capital dumping by foreign players – a major philosophy being mooted by Indiatech, Amit stated that the opportunity that exists for India pertains to how investments can be made in technology, infrastructure, and innovation so that more and more customers can come online.
He added, “And capital coming in India, whether it’s VC capital or other companies bringing in that capital, is good for the country. It’s just building more infrastructure and solving so many more problems. So free flow of capital is good for the country.”
Amit’s remarks are significant given that now SoftBank, which has become an aggressive investor in India and has fuelled Indian companies such as Flipkart, Ola, OYO and Paytm with billions of dollars this year, has also now agreed to back the lobby group Indiatech.
Other VCs such as Matrix Partners and Kalaari capital are also supporting Indiatech, led by Flipkart and Ola. Reportedly, SoftBank will provide its financial and strategic expertise to the Indiatech member companies to help them fight against foreign rivals namely Amazon, Alibaba, and Uber.