Q3 saw many Indian companies take their business beyond the shores of India, expanding into foreign markets. While some foreign partnerships are bringing social changes in rural areas of developing nations, others are proving their might by breaking into tough developed markets.
For instance, eMudhra Limited, a digital trust, digital security and paperless transformation solution provider, reported a quarter of consistent performance with revenue growth of 39.1% % y-o-y. Its key project wins include the acquisition of a significant customer in the Indonesian market for driving eSignature and eStamping use cases via mobile based digital signatures.
Read more: Is Hyderabad the next Bengaluru?
It also launched trust services in Kenya with a focus on driving adoption of digital signatures in initial set of use cases in eGovernance and BFSI. The company expanded its sales teams including leadership hire in North American market and on-ground teams in select countries in Middle East and African markets.
Bringing Social Change in Developing Markets
Some companies are bringing new technologies to rural areas in developing nations, paving for social upliftment. In October, TraceX Technologies, a blockchain-powered traceability platform that enhances food and supply chain transparency, forayed into Africa by partnering with Ghana-based AgTech consulting firm Univision to offer end-to-end traceability in the agriculture supply chain.
This partnership plans to bring Ghana’s entire agriculture ecosystem under one platform. From smallholder farmers to financial institutions that provide loans to farmers, all members of the agri supply chain will be able to interact and transact under one platform.
One of the main reasons we chose to work with TraceX is that they enable us to bring all the key stakeholders of the ecosystem together under one digital platformIsaac Ampiaw, Co-founder and Managing Director, Univision
Isaac Ampiaw, Co-founder and Managing Director, Univision, said, “One of the main reasons we chose to work with TraceX is that they enable us to bring all the key stakeholders of the ecosystem together under one digital platform. Additionally, they offer an offline and online model of communication that allows smallholder farmers to easily communicate with other members of the supply chain.”
Breaking into Developed Markets
Another foreign expansion to rejoice is when Indian companies break into tough and overwhelming developed markets like the US and Europe.
In November, Hoonartek a global data lending and analytics service provider expanded in the US market with the opening of its first US center located in New Jersey. They also set up a new dedicated Ab Initio Centre of Excellence (COE) for the US.
The COE has been launched as part of Hoonartek’s larger strategy of extending their leadership capabilities in Ab Initio delivery and forging strategic collaborations in the US market focused on metadata automation, self-service, governance, cloud deployment, legacy transformation capabilities, and turnkey solutions.
The US is the centerpiece of the growth plan we have charted for ourselves. With a dedicated and skilled talent pool, robust infrastructure, and an estimated integration software market value of US$ 19.5 billion by 2032, the US epitomizes the world’s most promising market for our servicesPeeyoosh Pandey, CEO, Hoonartek
Peeyoosh Pandey, CEO, Hoonartek, said, “The US is the centerpiece of the growth plan we have charted for ourselves. With a dedicated and skilled talent pool, robust infrastructure, and an estimated integration software market value of US$ 19.5 billion by 2032, the US epitomizes the world’s most promising market for our services. We remain committed to contributing to this vast market by expanding our presence in the region. With this launch, we are building on out over decade-long special relationship with Ab Initio in making our mutual US customers successful and replicating our success from the UK, Asia, Europe, and South Africa.”
Entering the Gulf Cooperation Council Area with HealthTech
In December, GOQii, a HealthTech company, forayed into United Arab Emirates (UAE). UAE would be the third market for GOQii, after India and the UK, to establish its presence with a comprehensive preventive health ecosystem and Web3 based digital health metaverse.
Read more: Q3 Progress: Who did well? Who didn’t? & Why?
GOQii had earlier also presented at GITEX GLOBAL the world’s largest tech show and had committed to investing and expanding its base in the Gulf Cooperation Council (GCC) area.
It has partnered with Harley International Medical Clinic to drive the health metaverse in UAE. With this partnership, UAE residents can avail the comprehensive digital diabetes care program.