What are prospects of doing business in technology and other related fields?
The prospects of doing business in India are generally good and favourable for growth of IT and ITeS sector. India is the world's largest sourcing destination for the information technology (IT) industry, accounting for approximately 52 per cent of the US$ 124-130 billion market. The IT industry has transformed India's image on the global platform and has fuelled economic growth by focusing on the higher education sectors like engineering and computer science. India's cost competitiveness in providing IT services is a unique selling proposition (USP) in the global sourcing market. There are many tech start ups in the country and their base is set to increase to 11,500 tech start-ups by 2020, as per a report by Nasscom and Zinnov Management Consulting Pvt Ltd. India’s internet economy is also doing good and is expected to touch Rs 10 trillion (US$ 161.26 billion) by 2018, accounting for 5 per cent of the country’s gross domestic product (GDP), according to a report by the Boston Consulting Group (BCG) and Internet and Mobile Association of India (IAMAI). The rising Indian e-commerce business offers a slew of opportunities and scope for innovation thereby attracting the young entrepreneurs. The private equity (PE) deals increased the number of mergers and acquisitions (M&A) especially in the e-commerce space in 2014. The industry contributes significantly to the social and economic transformation in the country.
What are your suggestions for the promotion of technology-related business in the country?
The tax structures are not suitable for the startups and there are bureaucracy hurdles. These need to be addressed for promotion of technology-related business. Government should provide tax incentives to encourage SMEs and budding entrepreneurs. In the past, STPI was one such initiative in this direction but it did succeed due to bureaucracy hurdles.
What is the experience of your own company with regard to business in India?
Our experience was generally good, though we did face some hurdles. As an e-commerce platform, StoreHippo faced the issue of providing a reliable and fast logistics partner for our clients. It takes a long time for goods to reach across various parts of India. Even the services of the payment gateways need to be more speedy and streamlined.
What were the factors which prompted you to launch your own business concern?
While working with numerous mobile and e-commerce platforms, I felt a void in the existing e-commerce platforms and was unable to find a reliable and fast E-Commerce platform that was designed for mobile devices. Thus I felt the need for providing a mobile commerce platform that could tap the potential of booming industry. Utilising all my experience in building platforms and frameworks, I focussed on providing a future ready yet an affordable m-commerce solution that took advantage of the recent technological innovations.
What is the future of technology-related business in India?
The future for IT and ITeS sector is bright and industry is likely to see a positive growth trajectory. The adoption of key technologies across sectors spurred by the 'Digital India Initiative' will help to boost India's tech sector. Emerging technologies (Social, mobility, analytics and cloud (SMAC) collectively) present an entire new gamut of opportunities for IT firms in India.