It seems clear to everyone that India is going to be one of the largest markets for startups and technological companies in the coming years. Large companies such as Facebook and Amazon have already invested billions of dollars to try to get a good position in that market in the future.
This vision is not only reserved to large conpanies. We have seen couple of interesting startups in the last couple of months which are targeting and making India their first market for business. Some companies are coming with new concepts and others are simply trying to take existing and successful models elsewhere and apply them to the Indian market.
Still, what seems important for companies to understand is that India is not only a very large market but a very different one. The culture, language and intrinsic specificities vary greatly based on where you are located in the country. To really be successful in India, a company needs to have a deep understanding of these nuances and acknowledge that consumers taste and behavior can be significantly different than in many other markets. Purchasing power is also an important variable as they are great disparities among the population and regions.
India is not an easy place to do business and entrepreneurs shouldn’t simply choose an idea and think that they will be able to navigate the Indian waters easily. It is much harder that what one could think from abroad. Still, India offers an unlimited number of opportunities and many companies are already dsuccessful doing business there. For example, Dil Mil offers a match making app that focus on that particular industry in South Asia. The company took an existing and successful model (e.g. Match) and intelligently focused on making it appealing to this specific region only. We are going to see a ton of companies taking the same approach in the future.
Easy or hard, companies won’t be able to forget India for much longer if they want to become truly global.
India might also be one of the only engines of growth in the coming years as the Western world is experiencing important economic difficulties.