01 Dec YuuZoo Enters Huge and Fast-Growing India Market By Selling Franchise License to Leading Apple Distributor
FOR IMMEDIATE RELEASE
YuuZoo Enters Huge and Fast-Growing India Market
By Selling Franchise License to Leading Apple Distributor
- Sale of franchise license gives YuuZoo access to India’s 1.2 billion population and US$16 billion e-commerce market
- License is sold to iComp Digital Media, part of iComp Solutions Group, leading distributor and largest partner of Apple India
Singapore, December 1st 2016: Singapore Exchange listed YuuZoo Corporation Limited (“YuuZoo” SGX:AFC) one of the world’s fastest growing third generation social e-commerce networks, today announced that the Company has penetrated the Indian market by selling a regional franchise license to iComp Digital Media. iComp Digital Media is part of iComp Solutions Group, the leading distributor and largest partner of Apple India. IComp Digital Media has a strong track record in helping businesses in India transform into the digital age. Through the sale of the franchise license, YuuZoo will gain a strong foothold in through a well-established big partner in the world’s second largest country and the world’s fastest growing online market.
As of 2016, only 26 percent of the local population was using the internet. This is projected to grow to 37.36 percent of the population in 2021, representing a huge potential in terms of digital and mobile buyer audience. According to Statista, the average annual e-commerce sales per digital buyer in India is projected to reach USD 424 and sales of physical goods via digital channels amount to over USD 16 Billion1.
India’s government has a strong focus on the digitalization of the entire country, targeting not just the major cities but also the remote villages. This is well in line with YuuZoo’s strength and capabilities. YuuZoo and its new franchisee is working on major new projects that focus on opening up new services to the hundreds of millions who live in villages and in the countryside.
On-going developments in India, where the government has called to embrace new payment technologies in order to go cashless, present perfect opportunities for YuuZoo’s payment platform YuuPay and its new YuuWallet product.
Says Uma Mahesh, Managing Director iComp Digital Media: “I am excited and proud to bring YuuZoo to India, aligning with the Government’s Digital India initiative. I believe that YuuZoo’s unique combination of targeted social networks, local and global marketplace, mobile games and payment platform forms a powerful ecosystem which will support Prime Ministers Modi’s vision to transform India into a digitally empowered society and a knowledge economy. The timing could not be better. We are entering Phase 2 of the Digital India initiative, which focuses on the delivery of services digitally. YuuPay’s YuuWallet platform is perfectly positioned in the initiative towards a cashless society. YuuZoo has the “power to empower” India in bridging the digital literacy gap” he concludes.
Says Mohan Das, Head of Global Operations, YuuZoo: “ India is one of the fastest-growing e-commerce markets worldwide, with hundreds of millions of new internet users taking advantage of cheap mobile and data connections for social media connectivity, online shopping and mobile games. This synchronicity with YuuZoo’s mantra of MEET, SHOP and PLAY is a “match made in heaven”. I am excited to be working with iComp Digital Media who are perfectly positioned to, leveraging its vast Indian business network and channels, grow the franchise in a profitable manner quickly and effectively. For YuuZoo, this is not only about making money but also about the ability to be part of larger scheme by which we can help to bridge the internet literacy gap in a great nation, India” he concludes.
Headquartered in Singapore and listed on the SGX mainboard (SGX: AFC), YuuZoo has built a partly patented mobile and online technology platform on which several in-house developed products in a unique, and for each market fully localized manner, offer targeted social networking, e-commerce and games to hundreds of millions of consumers across all continents. Its revenues grew in the 1st half of 2016 with 242% year-on-year to 81.5 million SGD (USD 58.6 million).
With franchisees and partners covering 69 countries with more than 4 billion consumers, YuuZoo reaches a huge global audience through smartphones, computers and TV sets, and through its recent investment into one of the world’s largest independent movie studios Relativity Media soon also through the movie screen.
ABOUT ICOMP DIGITAL MEDIA:
iComp Digital Media Pte Ltd is a technology company focused on implementing digital solutions throughout India. They work with businesses to transition their brands and products from traditional to digital. Leveraging on the potential of the web, they have been giving companies the added edge to stand apart and stay ahead of their competition. iComp Digital is part of the iComp Solutions Group whom are the leading distributor and the largest partner for Apple India. The iComp group has won many awards in the industry, including Outstanding Performance and Most Number of Apple Products sold in India for 2015 and 2016. Their primary clients include most of the top Fortune 500 companies, the Government of India (Federal and State), major media companies and startups. The iComp group is headquartered in Bangalore and maintains strategic offices in Chennai, Mumbai, Delhi, Hydrebad and Kerala. They also have commercial relationships with more than 200 resellers in India.
For more information, please contact:
Manoj Chamanlal, Director, Communications & Business Development
DID: +65 6577 0667
Mobile: +65 8368 6033
Source: 1. https://www.statista.com/statistics/289770/india-retail-e-commerce-sales/