Uday Kotak: The country's leading businessman Uday Kotak has expressed concern about the possible political impact of the growing influence of quick commerce companies on traditional retailers in India. Kotak's comments come at a time when Swiggy, a major company in the Indian quick commerce market, has recently made a spectacular entry into the stock market. 

Speaking on a TV program, Kotak said the growing influence of quick commerce companies compared to traditional retailers in India could become a political issue.

$40 billion turnover by 2030

Quick commerce companies refer to the delivery of consumer goods in 10-30 minutes. Blinkit, Zepto, Swiggy Instamart, and Flipkart Minutes are the major quick commerce companies in India. According to a report by Datum Intelligence, the quick commerce market in India is expected to reach $40 billion by 2030. Currently, it is more than $6.1 billion in the year 2024.

Uday Kotak, founder and non-executive director of Kotak Mahindra Bank, said that India is the only country in the world where quick commerce companies have been successful. Whereas this model has not been as effective in most countries of the world. 

Warning against excessive protection for domestic businesses

While acknowledging the positive impact of India's innovation, Kotak stressed the need for Indian businesses to develop strong consumer brands like Apple, Meta, and Unilever. He also warned against excessive protectionism for domestic businesses, arguing that it hinders long-term growth.

He advocated a more open trade environment that would allow Indian businesses to flourish in the global marketplace.