New Delhi: Start-ups will continue to be small in the Indian economy, Kishore Biyani, group chief executive, Future Group.
“It has become too sexy...,” Biyani said at The Economist India Summit on Wednesday.
Biyani’s future Group has bought online furniture seller FabFurnish.com in April, his first acquisition of an Internet store. But Biyani is unsure how much e-commerce will contribute to his business. His listed retail companies, Future Retail Ltd, Future Lifestyle Fashions Ltd and Future Consumer Enterprise Ltd, come under the Future Group umbrella.
“Let us take Ola, Uber. The revenues won’t be more than 3.5k crore. They are not creating any new economy. They just meet people’s need to commute from point A to point B,” he said.
“I doubt India will be able to meet this consumption demand without manufacturing. We are not matching that with manufacturing but that will pick up,” he said.