Monday, folks. Vedica with the update here today.
1. https://bit.ly/2Flqwmh: Startup founders take row with Google to CCI doors
➡️ Start-up discontent with Google seems to be getting more serious. The Competition Commission of India, the country's antitrust regulator, on Friday met with a group of startup founders including Paytm CEO, Vijay Shekhar Sharma, to understand the concerns raised by them over Google’s alleged misuse of market dominance in the country.
➡️ Founders of BharatMatrimony, MapMyIndia, TrulyMadly and nCore Games were also among the 13-15 entrepreneurs who attended the meeting. They highlighted instances where the US-based tech giant could be posing a monopoly risk to the country’s burgeoning app ecosystem, the people said. Indian startup founders have already raised concerns over Google’s Play Store practices with electronics and IT secretary Ajay Sawhney
➡️ The recent anti-Google sentiment started with company's temporary delisting of Paytm from Play Store on September 18 and a later announcement of a 30% commission on in-app purchases of digital goods, has led to an outcry in the ecosystem. Android is the dominant smartphone OS in India, which is why the ecosystem outcry.
➡️ The CCI is already conducting an antitrust probe against Google in India over its alleged abuse of its dominant position in the smart TV market by blocking companies wanting to develop new solutions on its Android system. It's not yet clear if the regulator will expand its probe, but its clear that Indian start-ups aren't letting things go when it comes to Google.
2. https://bit.ly/3lCYAtC: E-commerce companies are offering new credit products to make purchases easier
➡️ E-commerce companies like Flipkart and Amazon are offering a slew of fintech and credit products to boost purchases in the coming festive sales. These include partnerships with banks for broader coverage of debit card EMIs, alliances with digital non-banking financial companies (NBFCs) for no-cost EMIs and boosting buy-now-pay-later offers.
➡️ Walmart-owned Flipkart, which has partnered with more than 20 banks and financial institutions, will be targeting nearly 70 million customers this festive season with its credit products. Amazon aims to reach more than 50 million buyers through its credit schemes.
➡️ Flipkart has expanded partnerships and is testing ways to make availing credit simpler for first-time and tier- II shoppers. The company has partnered with Bajaj Finserv so customers can try availing credit through their phone numbers instead of putting their debit card number, which is a complicated process for first-time digital users
➡️ Flipkart rival Amazon has also been ramping up its affordability and EMI offerings and has partnered with more than 25 banks and financial institutions to provide no-cost credit to tier-II customers.
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