Recent strike by driver-cum-owners of Uber and Ola taxi hailing app companies throws up many questions. Who are the investors of these startup companies which don’t own even a single car? Why are the foreign private equity (PE) investors pumping millions of dollars in India in these two start-ups while they are yet to make profits? Why are these two taxi companies presently making losses? What is the game-plan of these apps?

It is Indians who hire the taxis and Indians’ money is paid for the ride; it is Indians who own and drive the taxis and bear the expenses related to repairs and maintenance; it is Indian cities that are bearing the pollution and traffic jams caused by the taxis of these companies; But these foreign-funded companies are becoming monopolies at the expense of Indian peoples' interests.

Both state and central governments are paving red carpet to them. Democratic values like sovereignty and equality are at stake. The speaker will explain how democracy is taken for a ride by these companies.

About the speaker: P. Maharshi is a researcher in Economy and is an author. In the past he worked as a consultant in the USA and Europe.