Kotak Mahindra Bank founder Uday Kotak has sounded a warning that the rapid growth of quick commerce trade poses a significant challenge to traditional retailers and may become a political issue.
India is where quick service retail has succeeded – Uday
Speaking at a CNBC TV18 event, Kotak noted, “The successful rise of quick commerce trade is a challenge to retailers and will become a political issue.”
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Kotak acknowledged India’s uniqueness in embracing quick service retail, unlike most other countries. “India is a unique country in the world where quick service retail has succeeded… This is a positive sign of Indian innovation and value creation that is real and sustainable.” He cited Swiggy’s successful public debut as an example.
Kotak push for global recognition of India businesses
However, Kotak emphasised the need for Indian businesses to focus on product innovation and creativity to join the ranks of globally recognized consumer brands like Apple, Meta, or Unilever.
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“We need to focus on product and creativity to make a mark globally.” He also stressed the importance of fair trade practices, saying Indian businesses must become more competitive in a “free and fair trade” environment.
On cryptocurrency, Kotak expressed scepticism, stating, “I’m not excited by Bitcoin.” This comes despite Bitcoin’s recent surge to fresh highs, with a market capitalization exceeding $1.7 trillion, following Donald Trump’s US presidential election victory.
