This month, one of India's biggest start-ups Paytm, challenged the dominance of global internet giant Google – by launching its own mini app store.
The homegrown FinTech took the ultimate step after it was temporarily removed from Google's Android app store, accused of a policy violation.
“App developers are effectively dependent on a very giant monopoly, namely Google,” Paytm’s founder and chief executive Vijay Shekhar Sharma said during an online conference announcing its "mini app store". He likened Google to “a toll collector”.
App developers are effectively dependent on a very giant monopoly, namely Google
Mr Sharma is not the only one feeling the need to stand up to a bigger rival.
More than 95 per cent of smartphones in India use Google's Android operating system, and tech start-ups have been angered by the internet company's plans to charge a 30 per cent commission on purchases made in its app system, which was due to come into effect this month.
In reaction, dozens of Indian start-ups are banding together to set up a collective to lobby against the dominance of Big Tech. In at least a temporary victory for these firms, Google has delayed its deadline by six months for Indian companies to comply with its new billing policy.
In a statement on October 5, the search engine giant said it was “mindful of local needs and concerns” and subsequently it had decided to set up “listening sessions with leading Indian start-ups to understand their concerns more deeply”.
The tussle between local start-ups and digital giants comes as the country of 1.3 billion people offers a lucrative opportunity for companies targeting its large, growing base of internet users.
Analysts say that local start-ups, backed up global investors, are in a strong position to fight back.
“India as a country has long used western civilisation as a frame of reference,” says Suraj Ravi, the founder of Mumbai-based technology star-tup QWR. “But when it comes to being a digital society, we're actually giving them a tough fight.
“We have enough technology that take away the entire requirement of a middleman. We need to have our own system that is run by us, with an Indian solution.”
Nikhil Kamath, the co-founder and chief investment officer of asset management firm True Beacon and FinTech fund and incubator Rainmatter, says India was long seen as a back office for the world's IT needs. However, “since 2010, the prominence of Indian tech companies which aim to create consumer-centric products like Paytm, Flipkart, Zomato is on the rise”, he explains. “They are competing with multinational companies in the largest consumer market.”
Bangalore-based Flipkart is one of the major success stories out of India that took on a global giant. Like its American rival Amazon, it started out as an online bookseller and was launched by two young Indian entrepreneurs Binny Bansal and Sachin Bansal in 2007. The company, which was set up out of an apartment in Bangalore with just a few thousand dollars, went from strength to strength to compete as an alternative online marketplace to Amazon.
In 2018, Walmart acquired a 77 per cent stake in Flipkart for $16bn. As of 2019, Flipkart was the largest online retailer in India, with a market share of 31.9 per cent, ahead of Amazon's 31.2 per cent share, according to data from market research firm Forrester.
“In any consumer segment, a company which can be transparent, customer aligned and make lives easier will definitely succeed,” says Mr Kamath.
This is true of the ride-hailing app Ola. Also emerging out of Bangalore – a city in south India often described as the country's answer to Silicon Valley – Ola has gone head-to-head with Uber. The two rivals claim they have the lead in India’s ride hailing market. Uber said in February that it had more than 50 per cent market share, while Softbank-backed Ola said at the time that it was the largest platform, with more than 200 million customers.
However, experts point out that most major start-ups in India are inspired by their Silicon Valley rivals, raising concerns about innovation.
The presence of Silicon Valley giants in India has served as the nucleus to create Indian innovators
“In some ways, that can prove to be a hindrance,” says Utkarsh Sinha, the managing director of Bexley Advisors, a Mumbai-based advisory firm that supports tech and media companies and investors in early funding rounds. “However, paradoxically I feel that has been good for India. The growth of global platforms in India helped seed the community of creators that are going on to generate 'unicorns' [start-ups with $1bn plus valuations] today. The presence of Silicon Valley giants in India has served as the nucleus to create Indian innovators.”
Praveen Tyagi, the founder of Indian education technology start-up STEP app, says: “Global companies have offered a base for growing individuals and Indian companies to come forward and explore these opportunities for growth and success.”
Many have seen immense success as well. Paytm, for example, has managed to fend off competition from Google Pay to become the largest operator in the 2,000tn rupee digital payments space in India, according to a report released in August by consultancy RedSeer. The FinTech has nearly 50 per cent of the local payment market share while Google Pay commands just 10 per cent, the report says.
RedSeer explains that Paytm's extensive growth has been helped by its presence in India's small towns as well as big cities, which has allowed it to add millions of shopkeepers to its platform.
"Paytm has the highest top-of-mind recall and unaided awareness among merchants,” according to RedSeer. It is the “most used app” among the merchants, with 68 per cent of those cited in RedSeer’s study using Paytm to accept payments.
Like all of India's major tech start-ups, Paytm has attracted substantial funding from abroad to help fuel its growth and it is backed by investors including Softbank, Berkshire Hathaway, and Ant Financial.
“These are not small start-ups – they have huge investments from [foreign] private equity investors,” says N Raja Sujith, the partner and south India head of law firm Majmudar and Partners.
He explains that if companies like Paytm lobby against Big Tech, the government will have to listen to them.
But Google is also an important investor in India's tech space, having committed to inject $10 billion into the sector over the next five to seven years. This includes its investment of $4.5bn in July into Indian conglomerate Reliance Industries' digital arm, Jio Platforms, for a 7.73 per cent stake. Facebook has invested in Jio Platforms also.
India's tech and Big Tech are heavily intertwined and this is why, Mr Sujith explains, the government and the major players are likely to want to “find a middle path solution” to the current dispute that has flared up over Google's new app billing system.
“In certain areas, like Google and Apple apps store, you don't have a competitor at all,” says Mr Sujith. “There is a real dominance due to their technological advancement.”
Paytm’s mini-app store is no comparison to Google’s mammoth app store, according to experts. But the fact that a local start-up ventured to challenge a competitor with their own home-grown alternative shows how Indian tech start-ups are challenging their bigger rivals.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
UAE currency: the story behind the money in your pockets
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
