Apple launches its online store in India

For the first time in more than 20 years since Apple began its operations in India, the iPhone-maker has started selling its products directly to consumers in the world’s second largest smartphone market.

Apple launched its online store in India on Wednesday, which in addition to offering nearly the entire line-up of its products, also brings a range of services for the first time to consumers in the country. India is the 38th market for Apple where it has launched its online store.

Consumers in India can now purchase AppleCare+, which extends warranty on products, and access the trade-in program to get a discount on new hardware purchases. The company said it will also offer customers support through chat or telephone, and let users consult its team of specialists before they make a purchase. The company is also letting customers order customized versions of iMac, MacBook Air, Mac Mini and other Mac computers — something it started offline through its authorized partners only in late May in India.

The company is also offering customers the ability to pay for their purchases in monthly instalments. TechCrunch reported in January that the company was planning to open its online store in India in the quarter that ends in September. The company plans to open its first physical retail store in the country next year, it has said.

Jayanth Kolla, chief analyst at consultancy firm Convergence Catalyst, argued that the launch of the Apple’s online store in India is a bigger deal for the company than consumers in the country.

Apple typically starts investing in marketing, brand building and other investments in a market only after it launches a store there, he told TechCrunch.

Apple does oversee billboards and ads of iPhones and other products that are displayed in India, but it’s the third-party partners that are running and bankrolling them, said Kolla. “Apple might provide some marketing dollars, but those efforts are always led by their partners,” he said.

In recent years, Apple has visibly grown more interested in India, one of the world’s fastest growing smartphones markets. The company’s contract manufacturers today locally assemble the latest generation of iPhone models and some accessories — an effort the company kickstarted two years ago.

The move has allowed Apple to lower prices of some iPhone models in India, where for years the company has passed custom duty charges to customers. The starting price of iPhone 11 Pro Max is $1,487 in India, compared to $1,099 in the U.S. (It started to assemble some iPhone 11 models in India only recently.) The AirPods Pro, which sells at $249 in the U.S., was made available in India at $341 at the time of launch.

Unlike most foreign firms that offer their products and services for free in India or at some of the world’s cheapest prices, Apple has focused entirely on a small fraction of the population that can afford to pay big bucks, Kolla said. And that strategy has worked fine for the company, Kolla argued.

That’s not to say that Apple has not made some changes to its price strategy for India. The monthly cost of Apple Music is $1.35 in India, compared to $9.99 in the U.S. Its Apple One bundle, which includes Apple Music, TV+, Arcade, and iCloud, costs $2.65 a month in India.

Some Apple customers say that even as they prefer the iPhone-maker’s ecosystem of products over Android makers’ offerings, they wish Apple made more of its services available in the country. A range of Apple services including Apple News and Apple Pay are still not available in India.

More to follow…

China says it won’t approve TikTok sale, calls it ‘extortion’

The September 20 deadline for a purported TikTok sale has already passed, but the parties involved have yet to settle terms on the deal. ByteDance and TikTok’s bidders Oracle and Walmart presented conflicting messages on the future ownership of the app, confusing investors and users. Meanwhile, Beijing’s discontent with the TikTok sale is increasingly obvious.

China has no reason to approve the “dirty” and “unfair” deal that allows Oracle and Walmart to effectively take over TikTok based on “bullying and extortion,” slammed an editorial published Wednesday in China Daily, an official English-language newspaper of the Chinese Communist Party.

The editorial argued that TikTok’s success — a projected revenue of about a billion dollars by the end of 2020 — “has apparently made Washington feel uneasy” and prompted the U.S. to use “national security as the pretext to ban the short video sharing app.”

The official message might stir mixed feelings within ByteDance, which has along the way tried to prove its disassociation from the Chinese authority, a precondition for the companies’ products to operate freely in Western countries.

Beijing has already modified a set of export rules to complicate the potential TikTok deal, restricting the sale of certain AI-technologies to foreign companies. Both ByteDance and China’s state media have said the agreement won’t involve technological transfers.

The Trump Administration said it would ban downloads of TikTok, which boasts 100 million users in the country, if an acceptable deal was not reached. It also planned to shut down Tencent’s WeChat, a decision just got blocked by a district court in San Francisco.

TikTok has collected nearly 198 million App Store and Google Play installs in the U.S. while WeChat has been installed by nearly 22 million users in the U.S. since 2014, according to market research firm Sensor Tower. Unlike TikTok, which has a far-reaching user base in the U.S., WeChat is mainly used by Chinese-speaking communities or those with connections in China, where the messenger is the dominant chat app and most Western alternatives are blocked.

Right before the proposed September 20 deadline for the app bans, China’s Commerce Ministry called on the U.S. to “give up its bullying acts” towards the video app and messenger or face Beijing’s countermeasures to “safeguard the legitimate rights and interests of Chinese companies.”

After the U.S. announced a series of detrimental curbs on telecoms equipment giant Huawei last year, China vowed to publish an “unreliable entity list” targeting foreign companies and individuals that “do not comply with market rules” and “seriously damage the legitimate rights and interests of Chinese enterprises,” but it has yet to reveal the list.

Singapore-based Syfe, a robo-advisor with a human touch, raises $18.6 million led by Valar Ventures

Dhruv Arora, the founder and CEO of Singapore-based investment platform Syfe

Dhruv Arora, the founder and CEO of Singapore-based investment platform Syfe

Syfe, a Singapore-based startup that wants to make investing more accessible in Asia, announced today that it has closed a SGD $25.2 million (USD $18.6 million) Series A led by Valar Ventures, a fintech-focused investment firm.

The round also included participation from Presight Capital and returning investor Unbound, which led Syfe’s seed funding last year.

Founded in 2017 by chief executive officer Dhruv Arora, Syfe launched in July 2019. Like “robo-advisors” Robinhood, Acorns and Stash, Syfe’s goal is to make investing more accessible. There is no minimum amount required to start investing and its all-inclusive pricing structure ranges from .4% to .65% per year.

Syfe serves customers based in 23 countries, but currently only actively markets it services in Singapore, where it is licensed under the Monetary Authority of Singapore. Part of its new funding will be used to expand into new Asian countries. The startup hasn’t disclosed its exact user numbers, but says the number of its customers and assets under management have increased tenfold since the beginning of the year, and almost half of its new clients were referred by existing users.

Other Valar Ventures portfolio companies include TransferWise, Xero and digital bank N26. In a statement about Syfe, founding partner Andrew McCormack said, “The potential of Asia as a region, with a fast-growing number of mass-affluent consumers aiming to grow their wealth, combined with the pedigree of the team and strong traction, makes Syfe a very compelling opportunity.”

Before starting Syfe, Arora was an investment banker at UBS Investment Bank in Hong Kong before serving as vice president of product and growth at Grofers, one of India’s largest online grocery delivery services. While at UBS, Arora worked with exchange-traded funds, or ETFs.

“I could see how a lot of institutions and some ultra-high-net worth individuals who are clients of the bank were using the product, and I thought it was a great tool for individuals, too,” Arora told TechCrunch. “But what I realized was that people are actually not very aware of how to use ETFs.”

In many Asian countries, people prefer to put their money away in bank accounts or invest in real estate. As interest rates and property prices stagnate, however, consumers are looking for other ways to invest. Syfe currently offers three investment products. The first is a global diversified portfolio with a mix of stocks, bonds and ETFs that is automatically managed according to each investor’s chosen risk level. The second is a REIT portfolio based on the Singapore Exchange’s iEdge S-REIT Leaders Index. Finally, Syfe’s Equity100 portfolio consists of ETFs that include stocks from more than 1,500 companies around the world.

Other Asia-focused “robo-advisor” services include Stashaway and Kristal.ai, and Grab Financial also recently announced a “micro-investment” product. Arora acknowledges that in the future, there may be more entrants to the space. Right now, however, Syfe’s main competitor is the mindset that banks are still the best way to save money, he added. Part of Syfe’s work is consumer education, because “it was culturally ingrained in a lot of us, myself included, to keep your money in the bank.”

Syfe differentiates with a team of financial advisors, including former employees of Goldman Sachs, Citibank and Morgan Stanley, who are on hand for user consultations. Arora said most Syfe users talk to advisors when they first join the platform, and about 20% of them continue using the service. Questions have included if people should use a credit card to invest, which Arora said advisors dissuade them from doing because of high interest rates.

“We definitely want to be a tech-first platform, but we understand there is a value, especially as you deal with some of the older audiences who are in their 50s and 60s, who are still adapting to these technologies,” he said. “They need to know that you know there is somebody out there to look after their products.”

While Syfe’s average user is aged between 30 to 45, one growing bracket is people in their 50s who are motivated to save for retirement, or want to create a supplement to their pension plan. Users typically start with an initial investment of about SGD $10,000 (about USD $7,340), and about four out of five users regularly top up that amount.

Some users have tried other investment products, like investment-linked insurance plans, but for many, Arora says Syfe is their first introduction to investing in stocks, bonds and ETFs.

“We’ve realized that a fair number of them are quite well-to-do professionals in their field, in their mid- to late 30s, who amassed a significant amount of wealth but never really had a chance to invest, or the right advice on how to invest,” said Arora. “I think this has been one of the biggest revelations for us and it made us realize we should have a human touch in our platform.”

The platform manages its products with a mix of an investment team and algorithms that help avoid human bias, said Arora. Syfe’s algorithms take into account growth versus value, the market cap of a stock, volatility and sector momentum. To balance risk, it also analyzes how individual assets correlate with other assets in the same portfolio.

Arora said Syfe is currently in advanced talks with regulators in several countries and expects to be in at least two new markets by the end of next year. It also plans to double the size of its team and create more consumer financial products.

During COVID-19, Arora said Syfe’s portfolios experienced significantly lower corrections than indexes like the S&P, so only a few users withdrew their money. In fact, many invested more.

“I feel people have been rethinking their finances and the future,” he said. “As banks cut interest rates across the world, including in Singapore, many of them have started looking at other options.”

Amazon adds support for Kannada, Malayalam, Tamil and Telugu in local Indian languages push ahead of Diwali

More than seven years after Amazon began its e-commerce operations in India, and two years after its shopping service added support for Hindi, the most popular language in the country, the American giant is embracing more local languages to court hundreds of millions of new users.

Amazon announced on Tuesday its website and apps now support Kannada, Malayalam, Tamil, and Telugu in a move that it said would help it reach an additional 200-300 million users in the country.

Localization is one of the most crucial — and popular — steps for companies to expand their potential reach in India. Netflix added support for Hindi last month, and Amazon’s Alexa started conversing in the Indian language last year. (Amazon’s on-demand video streaming service, Prime Video, also supports Hindi, in addition to Tamil and Telugu.)

The company said the usage of Hindi, which it rolled out on its website and apps in India in 2018, has grown by three times in the past five months, and “hundreds of thousands” of Amazon customers have switched to Hindi shopping experience.

Amazon’s further language push comes months after its chief rival in India, Walmart -owned Flipkart, added support for Tamil, Telugu and Kannada, three languages that are spoken by roughly 200 million people in India.

Like Flipkart, Amazon worked with expert linguists to develop an accurate and comprehensible experience in each of the languages, the American e-commerce firm said.

But simple translation is not enough to make inroads with users in India. YouTube and YouTube Music, for instance, understand when Bollywood fans in India search for music by the name of the movie character or actor who played the part instead of the actual musician or song title — a phenomenon unique among Indian users.

Amazon appears to have incorporated similar learnings into its shopping experience. The company said for translations it preferred using commonly used terms from daily life over perfectly translated words.

Kishore Thota, Director of Customer Experience and Marketing at Amazon India, termed the availability of Amazon India shopping experience in four new languages a “major milestone.”

The move comes weeks ahead of Diwali, the biggest festival in India that sees hundreds of millions of Indians spend lavishly. “We are super excited to do this ahead of the upcoming festive season,” said Thota.

China’s electric carmaker WM Motor pulls in $1.47 billion Series D

Chinese electric vehicle startup WM Motor just pocketed an outsize investment to fuel growth in a competitive landscape increasingly coveted by foreign rival Tesla. The five-year-old company raised 10 billion yuan ($1.47 billion) in a Series D round, it announced on Tuesday, which will pay for research and development, branding, marketing and expansion of sales channel.

WM Motor, backed by Baidu and Tencent, is one of the highest funded EV startups in China alongside NIO, Xpeng and Li Auto, all of which have gone public in New York. With its latest capital boost, WM Motor could be gearing up for an initial public offering. As Bloomberg’s sources in July said, the company was weighing a listing on China’s Nasdaq-style STAR board as soon as this year.

Days before its funding news, WM Motor unveiled its key partners and suppliers: Qualcomm Snapdragon’s cockpit chips will power the startup’s in-cabin experience; Baidu’s Apollo autonomous driving system will give WM vehicles self-parking capability; Unisplendour, rooted in China’s Tsinghua University, will take care of the hardware side of autonomous driving; and lastly, integrated circuit company Sino IC Leasing will work on “car connectivity” for WM Motor, whatever that term entails.

It’s not uncommon to see the new generation of EV makers seeking external partnerships given their limited experience in manufacturing. WM Motor’s rival Xpeng similarly works with Blackberry, Desay EV and Nvidia to deliver its smart EVs.

WM Motor was founded by automotive veteran Freeman Shen, who previously held executive positions at Volvo, Fiat and Geely in China.

The startup recently announced an ambitious plan for the next 3-5 years to allocate 20 billion yuan ($2.95 billion) and 3,000 engineers to work on 5G-powered smart cockpits, Level-4 driving and other futuristic auto technologies. That’s a big chunk of the startup’s total raise, which is estimated to be north of $3 billion, based on Crunchbase data and its latest funding figure.

Regional governments are often seen rooting for companies partaking in China’s strategic industries such as semiconductors and electric cars. WM Motor’s latest round, for instance, is led by a state-owned investment platform and state-owned carmaker SAIC Motor, both based in Shanghai where the startup’s headquarters resides. The city is also home to Tesla’s Gigafactory where the American giant churns out made-in-China vehicles.

In July, the EV upstart delivered its 30,000th EX5 SUV vehicle, which comes at about $22,000 with state subsidy and features the likes of in-car video streaming and air purification. The company claimed that parents of young children account for nearly 70% of its customers.

Impossible Foods nabs some Canadian fast food franchises as it expands in North America

After rolling out in some of Canada’s most high-falutin burger bistros, Impossible Foods is hitting Canada’s fast casual market with new menu items at national chains like White Spot and Triple O’s, Cactus Club Cafe and Burger Priest.

While none of those names mean anything to yours truly, they may mean something to our friendly readers to the North. However, I have heard of Qdoba, Wahlburgers and Red Robin. And Canadian customers can also pick up Impossible Foods -based menu items at those chains too.

Since its debut at Momofuku Nishi in New York in 2016, the Impossible Burger is now served in 30,000 restaurants across the U.S. and is available in 11,000 grocery stores across America.

The Silicon Valley manufacturer of meat substitutes expects that Canada, the company’s first market outside of Asia, may become its largest market — second only to the U.S.

Despite slowdowns, pandemic accelerates shifts in hardware manufacturing

The COVID-19 pandemic didn’t hit every factory in China at once.

The initial impact to China’s electronics industry arrived around the time the nation was celebrating its new year. Two weeks after announcing 59 known cases of a new form of coronavirus, the national government put Wuhan — a city of 11 million — under strict lockdown.

As with most of the rest of the word, the manufacturing sector was caught somewhat flat-footed. according to Anker founder and CEO Steven Yang .

“Nobody had a great reaction,” said Yang, whose electronics company is based in Shenzhen. “I think this all caught us by surprise. In our China office, everybody was prepared to go on vacation for the Chinese New Year. I think the first reaction was that vacation was prolonged the first week and then another several days.

People were just off work. There wasn’t a determined date for when they could come back to work. That period was the most concerning because we didn’t have an outlook. They had to find certainties. People had to work from home and contact supplies and so forth. That first three to four weeks was the most chaotic.”

Numbers from early 2020 certainly reflect the accompanying slowdown in the manufacturing sector. In February, the Purchasing Manager’s Index (PMI) — a metric used to gauge the health of manufacturing and service sectors — hit a record low.

These bottlenecks resulted in product shortages — a fact that was rendered relatively moot in some sectors as demand for nonessentials dropped, many small businesses shuttered and COVID-19-related layoffs began. The U.S. lost 20.5 million jobs in April alone, hitting a record high 14.7% unemployment. (When you suddenly find yourself indefinitely unemployed, a smartphone upgrade seems much less pressing.) Such events only served to compound existing mobile trends and has delayed the adoption of 5G and other technologies.

It seems likely, too, that COVID-19 will accelerate other trends within manufacturing — notably, the shift toward diversifying manufacturing sites. China continues to be the dominant global force in electronics manufacturing, but the price of labor and political uncertainty has led many companies to begin looking beyond the world’s largest workforce.

TikTok fact-checks: US IPO, Chinese ownership, $5B in taxes

There is no shortage of speculations and reports around TikTok’s future in the U.S. Amid a swirl of rumors, TikTok’s Chinese parent ByteDance issued a statement (in Chinese) on Monday morning, bringing clarity to its ongoing deal that has captured global attention over the past few weeks.

ByteDance is still the owner

China’s ByteDance confirms it will retain an 80% stake in TikTok after selling a total of 20% to Oracle, its “trusted technology partner,” and Walmart, its “commercial partner.”

But the arrangement doesn’t address the core of many observers’ worries, as my colleague Jonathan Shieber argued: “The deal benefits everyone except U.S. consumers and people who have actual security concerns about TikTok’s algorithms and the ways they can be used to influence opinion in the U.S.”

Sitting on TikTok’s board are ByteDance’s current members, all non-Chinese except ByteDance founder Zhang Yiming. Walmart CEO Doug McMillon is the latest addition to the board.

TikTok seeks US IPO

TikTok confirms it’s seeking an initial public offering in the U.S. in an effort to “further enhance corporate governance and transparency.”

Clearly, the video app hopes an IPO, which will expose it to more public scrutiny, could ally fears over the alleged national security threat attached to its Chinese origin.

Notably, ByteDance refers to the video app as “TikTok Global” in the statement, suggesting the app won’t be split into a U.S. unit and the rest of the world. TikTok claims nearly 700 million monthly users around the globe, as revealed in a court document. 100 million of the users are based in the U.S., where its current headquarters is.

No algorithm transfer

In line with previous reports, ByteDance won’t be handing over TikTok’s algorithms or technologies to Oracle. Instead, the American database giant will gain the authority to perform security checks on “TikTok’s U.S. source codes.”

“Revealing source codes is a universal solution to data security challenges posed to multinational corporations,” ByteDance said, attempting to equate its decision to Microsoft’s Transparency Center in China as well as a similar facility Cisco set up in Bonn, Germany.

It’s still unclear how Oracle’s role as a code inspector and user data host will resolve concerns around Beijing’s possible tinkering of TikTok’s content black box.

$5 billion tax dollars

ByteDance estimates that TikTok will pay a total of $5 billion in income tax and other tax dollars incurred in business to the U.S. Treasury in the coming years. Nonetheless, the final figure is contingent on TikTok’s “actual business performance and the U.S. tax structure,” the parent said, stressing that the tax money has “nothing to do with the ongoing deal.”

Educational commitment

In response to reports claiming TikTok will be setting up a $5 billion education fund in the U.S., ByteDance said it was not aware of such a plan but has consistently devoted effort to education, including working with its “partners and shareholders” to design online classes powered by artificial intelligence and videos.

In China, ByteDance’s incursion into education has been widely reported. Asides from proprietary products like the English-learning platform Gogokid, the company also invested in a range of outside players including Minerva, the venture-backed institution challenging traditional higher education.

Indian mobile gaming platform Mobile Premier League raises $90 million

Mobile Premier League (MPL) has raised $90 million in a new financing round as the two-year-old Bangalore-based esports and mobile gaming platform grows its user base and looks to expand outside of India.

SIG, early-stage tech investor RTP Global, and MDI Ventures led MPL’s $90 million Series C financing round, with participation from existing investors Sequoia India, Go-Ventures, and Base Partners. The new investment brings MPL’s to-date raise to $130.5 million.

MPL operates a pure-play gaming platform that hosts a range of tournaments. The app, which has amassed over 60 million users and hosts about 70 games, also serves as a publishing platform for other gaming firms.

The Bangalore-based startup also offers fantasy sports, a segment that has taken off in many parts of India in recent years.

Because fantasy sports is only one part of the business, the coronavirus outbreak that has shut most real-world matches has not impeded the startup’s growth in recent months. The startup claimed it has grown four times since March this year and more than 2 billion cash transactions have been recorded on the app to date.

“Even in an environment as challenging as the current one, we are impressed with the success and accessibility of the platform concept – giving users a unique variety of experiences and social interaction. MPL’s track record speaks for itself, so we’re excited to support the team as they grow and expand,” said Galina Chifina, Managing Partner at RTP Global, in a statement.

But since an aspect of MPL is about fantasy sports, its app is not available on the Google Play Store. Google Play Store prohibits online casino, and other kinds of betting, a guideline Google reiterated last week as it pulled Indian financial services platform Paytm from the app store for eight hours. Sai Srinivas, co-founder and chief executive of Mobile Premier League, declined to comment on Google and Paytm’s episode. 

In an interview with TechCrunch, he said the startup plans to expand outside of India in the following months. He did not name the new markets, but suggested that India’s neighboring countries will likely be part of it. 

More to follow…

Thanks to Google, app store monopoly concerns have now reached India

Last week, as Epic Games, Facebook, and Microsoft continued to express concerns about Apple’s “monopolistic” hold over what a billion people can download on their iPhones, a similar story unfolded in India, the world’s second largest internet market, between a giant developer and the operator of the only other large mobile app store.

Google pulled Paytm, the app from India’s most valuable startup, off of the Play Store on Friday. The app returned to the store eight hours later, but the controversy and acrimony Google has stirred up in the country will linger for years.

TechCrunch reported on Friday that Google pulled Paytm app from its app store after a repeat pattern of violations of Google Play Store guidelines by the Indian firm.

Paytm, which is locked in a battle against Google to win India’s payments market, has been frustrated at Google’s policies — which it argues gives Google an unfair advantage — for several past quarters over how the Android-maker is limiting its marketing campaigns to acquire new users, sources familiar with the matter told TechCrunch.

The explanation provided by Google to Paytm for why it pulled the Indian firm’s app this week from its app store is the latest attempt by the company to thwart the Noida-headquartered firm’s ability to acquire new users, Paytm executives said.

In a blog post Paytm posted Sunday evening (local India time), the Indian firm said Google took issue with the company for giving customers cashbacks and scratch cards for initiating transactions over UPI, a government-backed payments infrastructure in India that has become the most popular way for people to exchange money digitally in the country.

Paytm said it rolled out this new version of scratch cards that are linked to cricket on September 11. Users collected these cricket-themed stickers for sending money to others, or making transactions such as topping up credit on their phone or paying their broadband or electricity bill.

In a statement on Sunday evening, a Google spokesperson said, “offering cashbacks and vouchers alone do not constitute a violation of our Google Play gambling policies” and that Play Store “policies are applied and enforced on all developers consistently.”

But it’s arguably anything but consistent.

On September 18, Google told Paytm that it had pulled its app for not complying with Play Store’s “gambling policy” as it offered games with “loyalty points.” Paytm said that Google had not expressed any concerns over Paytm’s new marketing campaign prior to its notice on Friday, in which it revealed that Paytm app had been temporarily removed from the Play Store.

But Google itself is running a similar campaign linked to cricket in India, Paytm argues. (Why cricket? Cricket is immensely popular in India and one of the biggest cricket tournaments globally, Indian Premier League, kicked off its latest season on Saturday.)

Cricket-themed cashback offered by Paytm (left) and Google Pay (right) in India

Google Play Store in India has long prohibited apps that promote gambling such as betting on sporting events, and Google has raised concerns about Paytm’s marquee app promoting Paytm First Games, a fantasy sports app run by Paytm, in the past.

Paytm executives argued that PhonePe, a Walmart-owned payments app in India, also promoted Dream11, the most popular fantasy sports app in the country, and got away without any action.

Google also permits fantasy sports app operators — including Paytm — to advertise on Search in India.

“This is bullshit of a different degree,” Paytm chief executive Vijay Shekhar Sharma said of Google’s objection to Paytm offering cashback in a televised interview Friday. The removal of Paytm app was only on the grounds of Paytm offering cricket-themed cashback, he claimed. “Google is not allowing us to acquire new customers right now. That’s all what this is,” he added.

Google’s payments app, Google Pay, competes with Paytm in India. In fact, Google Pay is the largest payments app for peer-to-peer transaction between users in India and holds the largest market share in UPI.

Without identifying any names, Sharma, the poster child of Indian startup ecosystem, claimed that many founders in India have just accepted that it is Google that has the final say on any matter in India — and not the country’s regulatory agencies.

For Google, which reaches more users than any other company in India and whose Android operating system commands 99% of the local smartphone market, this kind of accusation is exactly what it needs to avoid in the country. The Silicon Valley search and advertising giant has launched a charm offensive in India, including a recently commitment to invest $10 billion — more than any other American or Chinese technology firm.

The timing for Google’s parent company, Alphabet, couldn’t be worse. Google is currently the subject of an antitrust complaint in India over an allegation that it has abused its market position to unfairly promote its mobile payments app in the country; and in the U.S., Congress has intimidated that it may pursue antitrust regulatory action against Alphabet and Apple over app store concerns.

In India, Google’s moves could have a devastating impact on businesses and everyday consumers.

Paytm is not just a payments app. It is also a fully licensed digital bank. And just an eight-hour of absence from the Play Store created a panic among a portion of its users. A source familiar with the matter told TechCrunch that Paytm saw several people withdraw their fixed deposit in Paytm Payments Bank on Friday.

Anecdotally, TechCrunch heard of instances where vendors who previously preferred Paytm for accepting money digitally asked their customers to use a different payments method as they had heard that Paytm was “banned” in India.

Sharma said Google’s monopoly on Indian app ecosystem is of a magnitude unparalleled elsewhere in the world.

“If paying someone and getting a cashback is gambling, then the same rule should be applied to everyone,” said Sharma. “It’s disgraceful that we are standing here at the cusp of an internet revolution in India and we are being sanctioned by companies that are not governed by the law of this country.”

If this sentiment gained traction in India it could create challenges for Google’s future in the world’s second largest internet market.

Meanwhile, the U.S. is forcing a Chinese company to sell stakes to local firms to continue operations in the country. In a recent episode of Dithering podcast, Ben Thompson cautioned that Trump administration’s move — which some have argued is a long due tit for tat against Chinese companies (as China has long prevented U.S. firms from meaningfully operating in the world’s largest  internet market) — might encourage other open markets to do to American firms what it is doing to TikTok.

Several U.S. tech executives share these concerns.

“I’ve said this before, but a US TikTok ban would be quite bad for Instagram, Facebook, and the internet more broadly,” Instagram chief executive Adam Mosseri tweeted earlier this week. “If you’re skeptical keep in mind that most of the people who use Instagram are outside the US, as is most of our potential growth. The long term costs of moods countries making aggressive demands and banning us over the next decade outweigh slowing down one competitor today.”

India, which Google, Facebook, and many other tech giants count as their biggest market by users, has made several proposals in the past three years — including mandates that foreign firms store payments information of users locally in India and companies help local enforcement agencies identify the originator of questionable messages circulating on their platforms — that are widely seen as protectionist moves.

And India is not even that open anymore. New Delhi has also banned more than 200 Chinese apps including TikTok, UC Browser, and PUBG Mobile citing cybersecurity concerns in recent months. India has not made public what those cybersecurity concerns are and in its orders acknowledged that users had expressed concerns.

Enough noise against a foreign firm might just be enough to face an avalanche of serious troubles in India.