Why Indian Startups Need to Look Beyond Home Market ? Reaching international market has its own set of challenges like culture barrier, local competitors and finding the right talent

By Nidhi Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India

Gone are the days when Indian startups limited themselves to the home country. Wide exposure and thirst for growth have turned catalysts to Indian startups eyeing overseas markets.

An aim at consumers globally soon after building a loyal customer base in the Indian market is working well for companies. Many Indian startups like Zomato, Practo, and Wittyfeed have ventured into the foreign land to expand their companies globally and have seen significant success.

Taking cue from Indian startups' success in the international markets, mobile applications-based OnDemand Services Marketplace OkSir launched itself in Hong Kong, which is its second market after India.

Founded by tech entrepreneur Arun Kapoor in 2015, the real-time, on-demand app provides individual, companies, and households with access to a diverse range of need of the hour services ranging from elderly care to beauty, housekeeping, automotive and more.

Since it has finished beta testing in August this year, the app has now enlisted more than 6,000 vendors in Hong Kong alone, lined up to fulfill almost hundreds of daily orders. It's primary objective is to enhance the quality of life in Hong Kong and will be available worldwide by giving customers a real-time, one-stop platform to connect with vendors of virtually any type of service from anywhere in the city, at any time.

With its global debut, Kapoor believes the company can bring about the significant positive impact to the collective lifestyle in the fast-paced global metropolis, in not only uplifting the services economy but also affecting change culturally for both customers and vendors.

Challenges

Reaching international market has its own set of challenges like culture barrier, local competitors and finding the right talent. But on the other hand, it also promises a massive customer base.

"Getting Hong Kong vendors to share their personal and banking information was the most challenging part of setting up the business here," said Kapoor at the launch of OkSir's Hong Kong office.

In 2016, 89 per cent of smartphone users researched a product or service online, with 70 per cent preferring to shop online due to convenience.

OkSir hopes to tap into this market segment. In India, the company is present in five major cities and as many as 3000 services are completed daily through their Android and iOS app.

Kapoor aspires to have up to 25,000 vendors available within the next six months.

Deepinder Goyal's, Founder of Zomato, biggest learning after years of running a multi-country business has been identifying the real market size.

"Nobody knows your business as well as you do, so don't believe the press, the VCs, or market research companies. Listen to everyone, but then decide for yourself," Goyal wrote in a blog post.

All said OkSir's launch is a step in the right direction for Indian startups to be seen on the global stage.

Nidhi Singh

Former Correspondent, Entrepreneur Asia-Pacific

A self confessed Bollywood Lover, Travel junkie and Food Evangelist.I like travelling and I believe it is very important to take ones mind off the daily monotony .

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Union Budget 2025: Will FM Finally Offer Tax Relief to India's Crypto Ecosystem?

Among the demands and suggestions posed by the ecosystem players, the reduction of tax on virtual digital assets (VDA) and Tax Deducted at Source (TDS) remain a prime concern. The previous interim budget and union budget failed to provide any relief for domestic crypto investors.

News and Trends

Zetwerk Appoints Banks for Maiden Listing: Eyes $500 Million in Funds Through IPO

Zetwerk has opted to partner with Axis Capital Ltd., Goldman Sachs Group Inc., Jefferies Financial Group Inc., JM Financial Ltd., JPMorgan Chase & Co., and Kotak Mahindra Bank Ltd. as the book-running lead managers (BRLMs) for the IPO.

News and Trends

India has the Potential to Host over 620 New Large GCCs by 2030: ANSR

The BFSI sector dominates GCCs in India, followed by Manufacturing and Retail/CPG. There is also a strong focus on digital technologies, with 85 per cent of GCCs engaged in digital commerce initiatives.

News and Trends

D2C Skincare Brand Foxtale Raised USD 30 Mn Series C Funding

Last year, the Mumbai-based brand raised USD 18 million (around INR 150 crore) in its Series B funding round, led by Panthera Growth Partners from Singapore.