1947 Tech 🇮🇳 : 67
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Millennials make India an attractive market: Adobe
India is an attractive market because it has the world’s largest population of millennials and is quickly turning into a mobile-only country where digital experiences matter : Kulmeet Bawa, MD, Adobe India.
Millennials in India are tech-savvy, culturally diverse, well-traveled and open to new concepts and ideas.
India has 400 million millennials, making up a third of the population and 46% of the country’s workforce. Their income contributes to 70% of India’s total household income.
Consumer spending is on the rise in India, expected to grow to $3.6 trillion, It is 4x of what it was a decade ago.
2. TikTok’s parent ByteDance plans USD 1 billion investment in India in next 3 years
Bytedance rules Indian App store ecosystem.
Unfazed by the ban on TikTokin India, the popular Chinese short video app’s parent ByteDance remains “very optimistic” and plans to invest USD 1 billion in the country over the next three years.
ByteDance — touted to be among the world’s most valuable startups with investors like SoftBank, General Atlantic, KKR and Sequoia on board — also offers platforms like Helo and Vigo Video in India.
India is a critical market for social media platforms given the large population of 1.3 billion people.
With the increasing availability of affordable smartphones and cheap data plans, the country is also the largest mobile data consumer market globally — an opportunity that global tech companies are vying to tap into.
3. With rising swipes, RuPay cards on par with retail in e-shopping
India is about to reach its tipping point, it is right there. To build companies at massive scale, you would have to tap the next 200 million users that live in tier 2 and tier 3 cities in India.
With the rise in internet penetration and a changed mindset towards embracing digital payments, the account holders in Tier 2 and 3 cities have also started transacting digitally.
This changed mindset is helping e-commerce companies to go beyond the metros and larger cities.
P.s. Hans Tung is an early investor in companies like Xiaomi, Airbnb, TikTok, Wish and many more.
4. Bullish: India poised for best decade in growth, says Rakesh Jhunjhunwala
An Indian Billionaire Investor and Trade, Rakesh Jhunjhunwala says India will outpace the growth record past decade over the next 10 years, powered by the fruits of GST, demonetization and other big economic reforms.
He also expects huge growth in capital expenditure and foreign investment in the coming decade.
“We have reached a situation where discretionary expenditure is going to hit the roof”