India is attracting attention as an attractive market with a population of 1.37 billion people. In addition, the middle class consumer class with purchasing power is also growing rapidly.
India, which has a lot of science and technology talents, is producing many unicorn start-ups and professional managers of global IT companies because of these characteristics. The government of India is continuously easing regulations on foreign investment and start-up in order to sustain economic growth and job creation. Leading global funds are investing in India.
Mr. Poornima Shenoy, CEO of The Gain, was a representative of India at Next Rise 2019 held on 23rd and 24th at COEX in Seoul, Korea.
Speaking to the speaker, Mr. Fujimashehnoi introduced the local entrepreneurial ecosystem in India and how to attract and advance investment.
"There are more than 10,000 Indian start-ups, but there are not many Korean start-ups in the local market yet. The reason is that although India is an attractive market, the 29 states that make up India have different institutions, cultures and languages, "he said." It is not a matter of entering the entire Indian market, It is important to precede ".
Mr. Fujima Shnoyi heard Uber's entry into India.
"It was a trial and error when Uber first came to India. In mobility services, universal automatic payments have been turned away from the Indians. So Uber transformed the payment system in India by paying the driver in cash. It is important to localize services and products in India. "
Mr. Fujimashehnoi also mentioned the possibility of a Korean start-up.
"We have conducted a batch program to enter the Indian market with six Korean start-ups. In the process, I was impressed by the bold determination of Korean entrepreneurs and their ability to make quick decisions. It will be a strength in entering the Indian market. "
"India is an attractive market for start-ups to start a global business, but it is unfamiliar," said Kim Jin-ah, managing director of The Gain's Korea operations. We need a local partner in India. "