India is an economic firecracker; for those who have lived here, you might also know that it’s a wildly diverse place with over 1,500 languages spoken and a surprising array of cultures and tastes. So the fact that the country is about to go through it’s “e-commerce 1.0 revolution” about 10 years after the Western world should not be a surprise, but it should be a reason to start considering how you might want to expand internationally.
Riding the wave of eastern hemisphere e-commerce is Homeshop18, which recently closed a $30 million funding round led by hedge fund manager OCP Asia and mass media company Network 18, according to VentureBeat.
The company claims to be the largest e-commerce business in India with 52 million active users, and is also prepping for a potential $100 million public offering.
A few humble tips you should know about Indian commerce, from a current expat living in Mumbai:
a) Companies like Amazon ship to India, but they’ll typically have higher rates due to certain risk factors inherent in a developing economy
b) There a number of competing e-commerce companies — including Snapdeal — but the market is still very much expanding.
c) There are over 1 billion people in India, but about 37% are below the national poverty line.
Market’s still open, guys, get to goin’!