Venture capital firm Peak XV (formerly the Indian arm of Sequoia) has opposed a set of resolutions adopted by Internet and Mobile Association of India (IAMAI) through which domestic members of the lobby group seek to control its stance on important technology policy issues.
IAMAI counts global tech giants like Amazon, Apple and Meta as members. Indian tech unicorns such as Paytm, Tata 1mg, Shiprocket, Razorpay and Sharechat are a part of the industry body as well.
Earlier this week, IAMAI adopted three resolutions viz., (a) chairperson, vice-chairperson and treasurer should be from Indian companies, (b) only founders, CEOs, COOs and a few other top executives of companies can be a part of the governing council and (c) 50 percent of the governing council seats are to be reserved for representatives of Indian companies.
Sources said that Peak XV, represented by Chief Public Policy Officer Shweta Rajpal Kohli, voiced opposition to the resolutions at the extraordinary general meeting of the industry body where the resolutions were adopted. Peak XV is one of the biggest investors in Indian startups
According to sources, Kohli said that any such quotas would undermine Indian founders and the Indian startup ecosystem. She argued that Indian founders and startups are capable of competing against global big tech firms on merit, and they should win elections not because of any reservations but because they deserve it on capability, competence and merit.
Several other members raised objections to the resolution that restricts only a few titles like founders, chairman, executive directors, CEOs and COOs, being permitted as part of the governing council, saying that would be limiting and too prescriptive.
However, Moneycontrol couldn't independently verify names of other companies who joined Peak XV's opposition to the resolutions.
We have asked Peak XV and IAMAI for comments on the matter and the story will be updated when they respond.
Currently, Dream11's Harsh Jain is the IAMAI chairperson, MakeMyTrip’s Rajesh Magow is the vice chairperson, and Times Internet’s Satyan Gajwani its Treasurer.
In May, Indian entrepreneurs voted out Big Tech members from the industry body as it sought to wrest control of policy-making in the fast-evolving and growing technology sector.
The change in guard at IAMAI came after worries that the industry body was allegedly echoing the demands of Big Tech companies. A particular bone of contention was IAMAI's stance on the need for a digital competition law and its way of dealing with Google's Play Store and billing policies.
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