Indian Market Opens... Qoo10 Supports SME Entry into India with KOTRA

At the KOTRA New Delhi Trade Center, Kim Moon-young, Head of KOTRA South Asia Regional Headquarters, Sanjay Setty, CEO of ShopClues·Momo?, and Radhika Gai, CBO (from left), are posing for a commemorative photo of the MOU signing on the 29th. Photo by Qoo10

[Asia Economy Reporter Cha Min-young] Global shopping platform Qoo10 announced on the 31st that its platform ShopClues, logistics company MomoE, and the Korea Trade-Investment Promotion Agency (KOTRA) South Asia Regional Headquarters have signed a tripartite memorandum of understanding (MOU) to support Korean consumer goods companies' entry into the Indian market.

Qoo10's Indian e-commerce platform ShopClues and logistics company MomoE signed this agreement with KOTRA South Asia Regional Headquarters on the 29th, agreeing to expand the base of the Indian online market for Korean consumer goods companies.

India's investment environment is improving centered on Prime Minister Modi's infrastructure expansion and pro-business policies, with the spread of internet and mobile usage and online payments. Accordingly, the retail market is expected to expand to $1.3 trillion in 2020, and the online market to $103.1 billion.

ShopClues plans to build K-Avenue to promote the sales of Korean products in India and introduce excellent Korean products locally, while jointly conducting promotional activities with KOTRA. MomoE will provide comprehensive logistics services necessary for Korean products' entry into India, such as transportation and customs clearance, linked with the IT logistics platform Qxpress.

ShopClues, acquired by Qoo10 in November last year, is one of the top three online platform companies in India, with 60 million purchasing members, 700,000 registered sellers, and handling 60,000 deliveries daily. MomoE is a logistics subsidiary operated by ShopClues. Singapore's industry leader Qoo10 plans to apply its accumulated advanced logistics systems and know-how to India to create a leading online platform across Asia.

KOTRA will utilize domestic consumer goods company data to discover promising companies for entry into India and support smooth operation by opening the Korean product exhibition hall K-Avenue within ShopClues. They plan to expand categories not only in well-known K-beauty and K-food but also kitchenware and sports goods locally.

Kim Moon-young, head of KOTRA South Asia Regional Headquarters, said, "This MOU signing is expected to facilitate the entry of Korean consumer goods into India," adding, "We will do our best to help our companies by building a one-stop pipeline including buyer matching, logistics, and CEPA (Comprehensive Economic Partnership Agreement) certification."

ShopClues CEO Sanjay Setty said, "Interest in Korean products is high in India due to the influence of the Korean Wave," and added, "We hope this agreement will be an opportunity to activate trade between the two countries."

This content was produced with the assistance of AI translation services.