Homegrown ecommerce and Internet companies such as Flipkart, Ola, MakeMyTrip, Quikr, and Hike Messenger are grouping together and launching industry body - Indiatech.org - to lobby or battle against ‘deep pocketed’ global competitors for ‘fair market’ in the country, reports The Economic Times. The lobby group is said to be led by Flipkart’s co-founder Sachin Bansal, and the publication said that as founding president and chairman he will appoint an ex-IAS officer as CEO for the group by next month. The body will push government to make policies favoring domestic startups as the club of these Indian startup wants local companies to dominate in the country. The publication also reports that the companies have also invited investors such as SoftBank, Tiger Global Management, Steadview Capital, Accel India and Matrix Partners India to join the group. No that some of these investors are also backers of some of the going-to-be-member-companies of Indiatech.org. The group will also work on issues like job creation, skills training and other business scaling issues, according to ET. The group believes that if India’s local firms do not succeed, the country is likely lose $10 billion of foreign direct investment and over $1 billion of tax revenues per year, as reported by the publication. Why? Some of these companies are struggling to fight competition from global players. Flipkart Vs Amazon: Softbank-backed Flipkart, which raised investment from SoftBank’s $100 billion Vision Fund last month, believed to be around $2.5 billion is having a tough fight against Amazon. Amazon is bullish on India in…
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