SINGAPORE - Mainboard-listed YuuZoo Corporation has entered the Indian market by selling a regional franchise licence to iComp Digital Media, part of the largest distributing company of Apple India.
The social e-commerce network has a partly patented mobile and online technology platform on which several in-house developed products offer targeted social networking, e-commerce and gaming to millions of consumers.
IComp Digital, part of iComp Solutions Group, has a track record of helping businesses in India embrace the digital age.
Through the sale of the franchise licence, YuuZoo will gain a strong foothold in through a well-established big partner in the world's fastest growing online market, the company said in a release issued on Thursday.
India's internet usage is projected to grow to 37.36 per cent of the population in 2021. According to Statista, the average annual e-commerce sales per digital buyer in India is projected to reach US$424 billion (S$604.5 billion) and sales of physical goods via digital channels amount to over US$ 16 billion.
Headquartered in Singapore, YuuZoo is a mobile and online technology platform with franchisees and partners covering 69 countries with more than four billion consumers. Its revenues grew in the first half of 2016 with 242 per cent year-on-year to S$81.5 million.