Info Edge India founder Sanjeev Bikchandani has said that the ever-increasing occupation of foreign companies over Indian start-ups is a big bell of danger. He said that many foreign companies are using Indian investments cleverly to take Indian start-ups to their country. With this, these start-ups in their country i.e. India become a subsidiary unit of foreign companies.
In this way, foreign start-ups are also captured by foreign companies and they also avoid coming under the influence of Indian law. Bikchandani says that the game has been going very fast for the past few years. The number of such startups is said to be up to one thousand. With these start-ups, the capital of 17 lakh crore rupees which became part of the Indian economy, went to other countries.
Bikchandani, ornamented with the Padma Award, is counted among the successful entrepreneurs of India. Expressing his fears through a tweet, he said that it can be seen in history on the lines of the British East India Company occupation of the Indian market. He made it clear that the way of working of many foreign funds is very simple, but clever.
They take a stake in an Indian startup, then transfers that stake to her overseas subsidiary. This subsidiary branch is created for this purpose. They then become a wholly-owned foreign company of the Indian company, over which the government has no control. This work is being done on a large scale.
Info Edge India currently has major subsidiaries like Naukri.com, Jeevansathi.com, and 99acres.com. Apart from this, Bikchandani has also invested in start-ups like Zomato and PolicyBazaar.com.